Bitpanda Review: Learn More About the Austrian Bitcoin Broker
Bitpanda is one of the many Bitcoin exchanges currently in the cryptosphere. The service is not exactly widely popular like Binance, for example, but that is mainly because it was built specifically to cater to the needs of EU residents.
Founded by three cryptocurrency enthusiasts by the name of Eric Demuth, Paul Klanschek, and Christian Trummer, the Vienna-based crypto broker is one of the best options for anyone looking to acquire Bitcoins with a credit card.
The service boasts a wide range of payment options, very swift deliveries, decent security features, and easy ID verification.
Before anything else, it’s worth noting that Bitpanda also supports fiat currencies such as the Swiss Franc, British Pound, Euro, and the US Dollar. As far as cryptocurrencies go, Bitpanda offers support for Bitcoin, Ethereum, Ripple, Litecoin, Dash, IOTA, Augur, OmiseGo, EOS, Stellar, 0x, NEM, Zcash, and Tezos.
As mentioned before, the service is specifically designed for Europe. However worldwide customers can sell cryptos and receive payouts on Bitpanda via various payments methods.
The service supports nearly every country in the EU including Austria, Belgium, Croatia, Czech Republic, Denmark, Finland, France, Germani, Greece, Italy, Luxembourg, Norway, Malta, Netherlands, Norway, Portugal, Spain, Sweeden, and the UK, to name most of them.
It’s also worth noting that Bitpanda is not available for citizens of the following countries: US, Canada, India, and Japan.
Supported payment methods
The list of supported payment methods includes credit card services such as Visa and Mastercard, online bank transfers, SOFORT transfer, EPS, Giropay, Neteller, Skrill, SEPA, and Bitpanda to go (innovative in-house solution) which supports only Euro.
Right off the bat, it should be noted that Bitpanda is not the cheapest exchange out there. Since it’s dependent on various third-party services and credit card integrations, the fees are higher than typical exchanges. The fees for buying from Bitpanda are 1,49% and for selling is 1,29%.
Bitpanda takes the security of its users quite seriously, hence, the service uses two-factor authentication to protect its customers’ accounts. The service also has a very rigorous ID verification system which requires every user to add various personal data before being able to purchase or sell high volumes of Bitcoins.
Just like most Bitcoin exchanges, the service offers a wallet for its users. It can be used just like any other wallet, meaning that you can manage your Bitcoins as you please. However, it’s advisable that you don’t keep large amounts of Bitcoin or even small sums of Bitcoin for long periods of time in this wallet. Since the private keys are stored on Bitpanda’s servers, it means that you don’t have full control over them, making them vulnerable.
Getting started with Bitpanda
The process of getting started with Bitpanda is fairly similar to most other cryptocurrency exchanges. To create an account, you need to provide an email address and a password. There’s also a simple KYC process involved which requires you to provide your mobile number for the two-factor authentication process. The verification also consists of a video identification procedure. You can choose between any of Bitpanda’s partner companies such as IdentityTM and IDNow.
Since Bitpanda’s interface is one of the most intuitive UIs of any exchange, most actions including registering for an account to submitting a purchase order for Bitcoins or withdrawing from BitPanda should be nothing short of seamless.
Bitpanda is a very comprehensive and professional crypto exchange with a strong focus on the European crypto market. The service and the company behind it both benefit from a good reputation, with very few complaints in the online world, which explains all the partnerships with the payment providers of all sort. The main reasons why you would want to look to use Bitpanda are because it’s easy and convenient, it boasts good security and thorough verification procedures, it’s fast and reliable, and it supports a multitude of payment options.