Coinbase Vs Bitpanda – Which Is Better To Buy Bitcoin And Other Cryptocurrencies In 2019?

Coinbase is an American based cryptocurrency brokerages platform with a good reputation. The platform is available in several other countries. Coinbase is known to stick to regulations laid down by the US authorities making it a trusted exchange. Since its inception, the platform has not suffered any security breaches.

Elsewhere, Bitpanda is a cryptocurrency broker that specializes in buying and selling Bitcoins within the European market. The firm has been in existence since 2014 and has since grown. Coinbase and Bitpanda are seen as competitors in the cryptocurrency space. So, how do these two exchanges fair against each other?

Payment Methods

Coinbase has limited payment methods. The available methods include bank transfer, Credit/Debit Card, and PayPal (only for US clients). With Coinbase, no additional fees are charged for cryptocurrency transfers to other exchanges or wallets. On the other hand, Bitpanda offers an array of payment methods. They include bank transfer, credit card, Neteller, Skrill, PaySafe Cards, iDeal, PayU, Ukash, Yandex.

Supported Cryptocurrencies

Coinbase provides varying levels of support for different cryptocurrencies. Availability for buying, selling, depositing, and withdrawing supported digital currencies varies by the asset. Supported assets include; Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. On the other hand, Bitpanda has several supported assets. We have more than ten cryptocurrencies, including Bitcoin, Ethereum, Litecoin Stellar, Zcash, among others.

Trading Conditions

Since Coinbase has minimal coins, there are no trading tools like charts. Coinbase aims to welcome new members to the crypto world hence the lack of charts. Charts usually make a website appear cluttered something that can turn away potential customers. Furthermore, after verifying your email, telephone, ID, and credit card, at Coinbase, you can begin purchasing coins. The initial coins you buy vary depending on location. This level can be increased after you reach the maximum and some time has passed. Lastly, Coinbase does not offer margin trading. This is the more accepted practice when dealing with cryptocurrencies.

Bitpanda provides users with trading tools like charts. The platform recently launched the Bitpanda Global Exchange that has more trading tools. When it comes to Bitpanda deposit limit, there is no more public information available. However, based on your verification level, the maximum daily limit can be €1,500 after confirming your email and phone number. Lastly, Bitpanda does not offer leverage trading.

Trading fees

Coinbase fees are a bit high. The fees vary depending on your location, payment method, and whether you’re placing a “standard” order or an “instant buy/sell.” You will be charged the higher of either the flat fee or the variable fee for transactions. Coinbase has a 1% fixed trading fees while deposit fees vary. The same variation also applies to Coinbase withdrawal fees.

With Bitpanda, there is no information on the fees charged by the company. They are part of the end-price you get after purchasing your desired coins. All fees on Bitpanda for purchases and sales of cryptocurrencies are already included in the offered prices. The prices are regularly updated in real time as a way of avoiding confusion. The fees for the purchase of Bitcoin are currently at 1.49% and for sale at 1.29%. At the moment, Bitpanda offers cryptocurrency trading in EUR, USD, GBP, and CHF. If you want to transact in a not supported currency, some fees may apply. These fees are not charged by the exchange and are not included in Bitpanda prices.

Security

Coinbase reputation can be tied to its excellent security features. Since its inception, the platform has not suffered any security breaches. The exchange has incorporated the two-factor authentication feature. It is important to note that we have had attempts to hack the exchange. The exchange website includes SSL certification. Additionally, wallets and private keys are stored using AES-256 encryption. According to Coinbase, 98% of funds are saved in offline vaults. As an added security layer, the exchange stores application credentials separate from the database and code base.

Similarly, Bitpanda has not suffered any hack. However, some users have claimed that their accounts have been compromised. In response, Bitpanda notes that the compromise is due to the user’s carelessness. Bitpanda has placed several security measures in place to secure accounts alongside funds. Other features include SSL certificate, encrypted user data, Trezor for cold storage, separate web and wallet servers, and SMS verification.

User Support

Coinbase is among exchanges that are making efforts towards making the customer experience excellent for all people. The platform has established an email and phone number support. The phone numbers are for US, UK, and International users. Additionally, Coinbase has a rich resource with articles answering popular queries by customers. Everything you want to know about Coinbase is located in the support section.

Bitpanda also has a rich support base. If you want to contact the platform, you can use email or phone number. On the support section, you will find all the information you need about the exchange. We have a comprehensive FAQ that is regularly updated. You will find details on how to create an account among other things. Furthermore, Bitpanda also has a Medium account where they update all the latest information about the Austria based cryptocurrency exchange.

Mobile Application Support

Coinbase has a mobile application compatible with both Android and iOS devices. Through the application, you can create an account, verify your details, and even trade. The app has a friendly user interface that is easy to navigate for newcomers. Bitpanda also has a mobile application that is only available for Android users. Through the app, you can verify, buy and sell, swap, or create price alerts on the go. The application has a fully automated order system available 24/7.

Pros and Cons

Coinbase Pros

  • New York BitLicense
  • No major hacks yet
  • Accepts bank transfers and Credit Cards
  • Easy to use interface

Coinbase Cons

  • Few altcoins available
  • High trading fees

Bitpanda Pros

  • No major hacks yet
  • A lot of payment methods
  • Easy to use interface

Bitpanda Cons

  • Undisclosed fees
  • Few altcoins available

Conclusion

Coinbase is a prominent cryptocurrency exchange with an excellent global reputation. The company is focused on inexperienced traders to join the crypto world. As a result, the exchange is known to have a friendly interface for beginners. For advanced traders, there is the Coinbase Pro which offers sophisticated trading tools. However, the exchange needs to work on its fees as many people find it to be expensive.

On the other hand, Bitpanda is more prevalent within the European market. However, Bitpanda is not what typical traders will call a regular exchange, but more of a service for people who want to join the crypto sector. Bitpanda does not reveal its mark-up. This aspect raises suspicion among traders. The main strength of Bitpanda is the variety of payment methods available, which is not typical for companies in this sector.

 

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