Bitpanda is a top cryptocurrency exchange platform based in Austria. The 24/7 exchange offers a secure platform for buying and selling cryptocurrencies. Bitpanda services are automated. Once a payment has been approved, the cryptocurrency gets sent to the buyer automatically.
The automated process is behind Bitpanda positive reputation in the market. In 2016, Bitpanda won the best fintech startup award just two years after it began operations. Traders on Bitpanda can trade in Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash and Ripple.
The exchange was previously called Coinimal before rebranding to Bitpanda in 2016. According to the directors, the rebranding process was to usher in a fresh start. The exchange has more than 850, 00 registered users.
Creating an account with Bitpanda takes about 30 seconds. It only requires an email address and a password. The process includes verifying your email address with the company.
Bitpanda supports the two-factor authentication system which is used in the know your customer procedure. You are then required to provide your mobile number where you receive a 6-digit pin for verification. When the registration is complete, Bitpanda allocates customers with the appropriate account level. Each level has unique verification requirements.
Bitpanda’s levels include Starter, Bronze, Silver and Gold. The levels determine transactions amounts of each account. Transaction limits are classified into daily, monthly. Total limits increase with account level.
Gold is the highest verification level. It requires a webcam interview performed through a third-party company.
Bitpanda operates in all European countries. However, other regions of the world like the United States are restricted. In Europe, we have limitations depending on the payment methods. Some countries support a specific means of payments while others don’t. The platform supports bank transfers from all European countries.
Bitpanda uses the 2FA system to secure user accounts. The system is the underlying security protocol used for low-limit transactions. However, this system can be penetrated by hackers. Furthermore, Bitpanda conducts rigorous verification checks on customers before transacting high crypto volumes.
The trading platform also boasts of additional security features like SSL Certificate, encrypted user data, Trezor for cold storage, separate web and wallet servers and SMS verification. Since the inception of the exchange in 2014, Bitpanda has not suffered security breaches.
When it comes to trading fees, Bitpanda is considered not to be transparent. The platform is changing slightly higher than the market rate when buying. When selling cryptos, the price is somewhat lower. The standard markup for buying stands at 1.5% whereas selling fees are at 1.3%. Furthermore, you can incur deposit charges when paying into the Coinmama account.
Bitpanda’s payment methods are driven by the goal to make trading of cryptos across Europe easy. The platform, therefore, offers some great options. They have credit cards (Visa, Mastercard), SOFORT transfer, EPS, Giropay, Neteller, Skrill, Online Bank Transfer, SEPA and, Bitpanda to go.
Across all the payment platform, SEPA is slowest as it takes about a day to reflect. Other payment options are much quicker. Some transactions can take five minutes to reflect. E-payment methods and credit cards can last up to 10 minutes. Bank transfers can take between a day and five business days.
Bitapanda has a default wallet for storing purchased cryptocurrencies. However, relying on this wallet can be risky. You can end up losing your digital assets if the exchange is hacked. User’s don’t have control of the private key and the person in charge can potentially steal your digital coins. If funds are stolen, retrieving them can be difficult.
Customers can use a cloud-based wallet or desktop wallet which are on a computer.
Every action on the Bitpanda website is seamless. The interface is simply intuitive. From creating an account to trading, everything is easy to navigate. Once you log in, there is a page with main features that are accessible by just one click.
The sleek interface makes it easy to buy and sell cryptocurrency First-time visitors have an easy time navigating the website since it is user-friendly.
Image Source: Bitpanda
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