BitPanda Review: Everything you need to know about BitPanda
If you want to step in the crypto world and invest in something profitable then you must be aware that the options are not few. BitPanda is an evolving cryptocurrency exchange platform which is currently one of the most popular exchange companies in the whole of Europe especially the UK. There are many reasons about why Bitcoin features this platform and why it is used by so many professional traders. Acquiring or selling coins was extremely insecure and the exchanging platforms were full of glitches. But, now the things have changed considerably and now the traders can be assured that they can trade in countless coins without worrying about anything. Here is a detailed BitPanda review considering all the aspects when dealing with Bitcoins and Ethereum.
What is BitPanda?
BitPanda is a popular cryptocurrency exchange platform and Bitcoin broker based in Austria where you can buy and sell Bitcoins and Ether at a low transaction fee. It is one of most reputable Bitcoin exchanges in the crypto world and is backed by dedicated and talented developers from the entire world. The BitPanda was established in October 2014 by the renowned Bitcoin enthusiasts Eric Demuth, Paul Klanschek and Christian Trummer who aspired to develop a secure platform away from technical glitches to make the crypto exchanges easy and fast. Earlier in 2010, the process of Exchanging Cryptocurrencies and coins was extremely Error- prone and it was a very difficult task to exchange coins whenever we want. But, these victims of poor and unsecured Bitcoin broker platform had a state of mind to create something which will make this exchange task effortless and reliable. This thrust made them develop the innovative and secure cryptocurrency exchange platform, BitPanda. With an excellent and user-friendly interface and challenging transaction fees, this exchange is a great choice for both advanced users and beginners. In just 3 years, this exchange achieved the milestone of one of the best platforms for trading in Bitcoins and has a brilliant customer history which is growing every day. The biggest challenge with this Austrian company is that it is limited to only the European countries and has a bit higher exchange rate. But still, every trader wants a reliable and secure chain, which can be best made possible with this exchange website. The company was developed under the name Coinimal but recently changed its name to BitPanda. With this company, it is easy for the user to monitor the cryptocurrency list and trade efficiently with its easy interface and navigation technology.
How does BitPanda cryptocurrency exchange works?
BitPanda is a renowned Bitcoin broker which is growing and finding its way to the top of the list of best cryptocurrency exchange very rapidly. It was founded in the end of 2014 but the growth was very impressive over the years. This Austrian based company allows you to acquire Bitcoins and sell it in an appreciable rate with a wide range of payment options like Skrill, Visa credit card and debit card, MasterCard credit card and debit card, SEPA Transfer, GIROPAY, NETELLER, SOFORT transfer and OBT. This trustworthy company has set a great benchmark for the newcomers in the European trading market because of its large number of payment options and fast exchanging system. However, there are few things where there is a room for improvement like their available coins which is quite less than other cryptocurrency exchange platforms. BitPanda offers you a privilege to trade only in Bitcoin, Ethereum, Dash, Litecoin and Bitcoin Cash. Apart from its currencies, it is an ultimate choice for the beginners who want to step and invest in various Cryptocurrencies. The main problem with BitPanda is that the currency which can be used for trading is only Euro so people from the USA, Canada, China, Australia, India and other Asian countries will not be able to trade with BitPanda. With BitPanda, you can create a Bitcoin wallet with various secure payment methods and is owned by a leading and reputable company named Coinimal GmbH. This is an Austrian company based in Vienna who always strives to maintain a clear transaction process for processing instant trade for clients.
Is it worth using BitPanda exchange platform?
If you can trade with Euro and want an exchange platform, you have to consider the benefits you are eligible to with BitPanda. In spite of higher transaction fee, it is a convenient option for the traders as their services can be highly relied on. It endows you the provision to trade with Euro for a variety of altcoins including the most popular Bitcoin. You can even trade for Ethereum, Litecoin, and Dash with the clear interface and speedy website architecture. But, still many people in Europe consider Coinbase, Coinmama, and BitQuick. BitQuick is one of the most user-friendly and affordable exchange options but if you want a name which you can trust then it can’t be better than BitPanda. It is an excellent platform to invest in Bitcoin and trade with it with a variety of payment options to choose from.
Available payments methods in BitPanda exchange
BitPanda is a legitimate exchange company with secure Blockchain to provide the customer with the entitlements to various payments methods. These several payment methods are indeed the best thing about this company as you are not restricted by a single source for loading funds on your Binance account. Here are the payment options available to the traders to load funds into their BitPanda wallet.
Credit and Debit cards: Bank cards are the most suitable way for payments on the BitPanda as you can aces the available coins instantly with the transaction in just 5 to 10 minutes. With a credit card, you get the opportunity to load earlier and pay later. The only problem with the bank cards is that the instant and the efficient payment will cause you higher transaction fees. The BitPanda credit card fee and BitPanda credit card limit is not much high making it difficult for big traders.
SKRILL and NETELLER: As there are many European traders with the e-payment registration on Skrill and NETELLER, this payment option is one of the most sought-after options here. Traders get a chance to trade at an ultra-fast speed as the payment option is very straightforward but has the same problem which comes with the Bank cards – high fees.
Wired Bank transfer: when it comes to saving money on transactions and paying securely, this is the best way which a trader can think of. This is the cheapest route among the BitPanda deposit methods and is extremely secure but takes a large amount of time for the payment to complete. BitPanda bank transfer usually takes up to a day for the payment and for depositing funds but is the most affordable option.
SEPA and SOFORT transfer- Similar to wire bank transfer, these options are very cost effective but take a lot of time for the payment to be reflected and transferred. If you are not a regular trader or just want the cheapest option, the SEPA or SOFORT transfer is the best mode available. Remember, this payment method can take up to 5 days for the entire processing of the payment.
Cash Deposits: Many people don’t know much about it or simply doesn’t use it because they don’t much about it. These are actually the vouchers which are licensed by BitPanda and offered by the BitPanda store there and can easily be redeemed at a high processing speed of just 10 to 20 minutes.
GIROPAY/ ETS: This is one of the fastest ways to pay for the transaction on BitPanda With a processing time of just 20 seconds; you can use this method for faster payments on the platform. But, you have to bear the high payment fees for it as well.
Security and reliability of the BitPanda exchange
With BitPanda currencies, you can be assured of top-notch security and website stability. This is the best thing about BitPanda where the users hardly face any problem of technical glitches and transaction error. With a decent support team which is working for many years and super fast processing speed, the users can work on profitable investments without worrying about anything. There has been no major hack on the platform, but you have to take care of the few things while using this cryptocurrency exchange platform. Although they offer a transaction in as less as 2 minutes, the beginners have to understand that the platform is not meant for active trading. BitPanda meets all the security guidelines and protocols to ensure absolute security with its state of art technology. Along with this, it also focuses on the 2-Factor authentication which is an important verification tool for the users. The 2-factor authentication is better than Google authenticator where the user account can be free from any hacking attacks. 2FA feature makes sure that even the hackers get your password; he will be unable to get the unique 6 digit code. But, there are few problems with BitPanda as you can’t maintain the optimum level of privacy which you can with other exchange platforms. This is because you have to submit your photo identify or have a live session with one of their executives to get started. When it comes to reliability, BitPanda never fails to meet the expectation of their clients by improving their design interface and reducing glitches each and every day. Also, BitPanda exchange has received a startup award in 2016 for being a trusted and reputable Bitcoin broker. This clearly signifies the company’s growth and expansion over the last few years and how popular it has become in Europe. To keep outbound transaction secure, they have even included multi-sig functionality and are always keen on adopting new and innovating technology which will add up to the platform security.
Why use the BitPanda exchange platform?
When it comes to European cryptocurrency traders, the options for them are definitely overwhelming but BitPanda finds its name always in the top 10. Although there are better options than BitPanda if you look at the trading fees and limits, BitPanda is no less than others due to its stable and secure platform. The over attentive and helpful support team always work in accordance with your expectation to deliver the best answer to resolve your queries. With an automated BitPanda wallet, you can make instant payment and sell Bitcoins and other altcoins at the best rate on the go. With so many payment options, there could never be a problem that you can’t find the platform where you have your money. So, with all the top payment options, you can use the ultra-fast and secure exchange to get instant profits without any glitches. The BitPanda exchange website uses both the most used languages in the world- English, and Spanish. Although it is available to only the European countries, the secure environment and easy verification will make it easy for the users to analyze the BitPanda charts for various altcoins and other aspects. The most significant feature of BitPanda is its crystal clear and easy interface which guides the Beginners to focus on trade and avoid all the headaches which come with other platforms. Easy time navigating and the basic level usage endows the beginners to plunge in the effortless crypto exchanges. Also, it is available in more than 30 countries and is a trusted Bitcoin broker with reasonable transaction fees. If you are a newcomer living in Europe and want to try your luck in digital assets, the best place to start from is BitPanda. It is a single marketplace which offers thousands of transaction to take place simultaneously making it a reliable option for daily and fruitful transactions. The exchange platform provides you different tiers according to the personal information you provide to them. Starting at the starter level you can move ahead to the Gold level where you get the entitlements to additional features and more BitPanda withdrawal limits at a lesser cost. So, you can convert with your digital assets as much as you want if you reach the Gold verification level. The speed of the website depends on the payment options you choose. With the enormous payment options, you can make instant payment if you funds loaded into your BitPanda wallet.
Additional benefits and features of BitPanda
Apart from the 2FA feature for additional security, you can monitor the Bitcoin graphs and other altcoins to invest wisely. As the number of traders and investors are growing day by day in the crypto space, it has become evident that the people know that they can become a millionaire if they choose the right coin and sell at the right time. The automated order features facilitate users to securely complete an order within seconds of clicking them. The simple platform with innovative features is the best thing which newcomers look for and this is the reason why it is so popular choice among the new traders. For selling the Bitcoin, Litecoin, Ether, and Dash, you get a dispensation of working with various payment methods like PayPal, NETELLER, Bitcoin, Skrill and wire transfer. The lack of coins other than the major Bitcoin, Ether, Dash, and Litecoin is an added advantage for the people who want to invest only in those currencies. However, now BitPanda has accepted ripple as a tradable coin in their exchange platform. As there are no small coins, the confusion with the platform is substantially less. The exchange platform also offers a bonus to you, on successful registration. BitPanda asks for a reasonable transaction fee of 2 to 5 percent according to the choice of the payment method. If you are using a credit card or a debit card, you have to pay an additional 5 percent for the complete payment to happen. On the other hand, if you can accept some delay for the transaction to process, you can choose the bank transfer option. Bank transfer usually takes around a day for the payment to complete and reflect in your BitPanda wallet but it can take more up to 3 days. Usually, for bank transfer, the fee is around the normal market rates of 2 percent. But, overall BitPanda ask for a higher payment fee compared to another exchange platform with an additional surcharge. Now as you can buy and sell ripple and Bitcoin cash as well, with the exchange platform, it is evident that the BitPanda withdrawal methods are increasing rapidly. Apart from the escalating BitPanda cryptocurrency list, the withdrawal limits is a great plus point for regular traders. However, this platform is not the best but is undoubtedly a boon for beginners who are new to crypto space and are not looking for hundreds of transaction daily.
Are there any verification levels in BitPanda?
When it comes to augmented withdrawals and impressive withdrawal limits, BitPanda takes care of you with its different tiers of verification. The verification process is of 3 level where the user after registering with BitPanda start from. To reduce the transaction cost and to increase the BitPanda Withdrawal limit, it is necessary for the traders to complete these comprehensive verification process. The difficulty and details requirement increases gradually as you level up the verification tier. There is a fourth category in BitPanda as well which endows you additional withdrawal limit while paying less. But, many people don’t feel the need for the fourth verification process as the limit for the Gold tier is nearly unreachable. The verification process starts from the starter and moves to Bronze then Silver followed by gold. To register with the BitPanda exchange platform and get the privilege which a starter trader gets is by providing the email address and verifying it. Now as you provide additional information about your identity, you level up and get the Gold status which allows you Fiat deposits and other advanced features.
How does the verification process work at BitPanda exchange?
As a soon as you register with BitPanda, you get all the benefits of a starter account level. But, the drawback of the starter level is not one but many. You are not only limited to various payment options but you will not be able to Buy or deposit funds to the BitPanda wallet with the online banking and credit card options. Also, the total withdrawal or transaction limit is only up to 30,000 EUR. However, it is a good deal for beginners but as you cross the limit of 30,000, you will have to provide additional information to level up the process and continue the trading process.For moving from Starter to bronze, you need to provide and verify your mobile number. If you are at the Bronze level, you will be permitted to Buy/ deposit funds to your BitPanda wallet with Euro. But, the limit is significantly less than what you can get with the Gold or VIP pack. However, you are entitled to various other payment options like wire bank transfer and the total withdrawal limit are extended to 50,000 EUR. At bronze level, you can make buy coins up to 50 EUR daily which goes up to 600 EUR per month. But still, at bronze tier, you can’t pay with your credit card. The best thing about BitPanda is that it takes care of the newcomers in the crypto world by providing free deposit fee to people if the transaction amount is greater than the specified amount. There is a silver tier which is going to launch soon on the platform where the prerogative will be far more than the bronze tier. After the tow step mobile verification process, you need to enter your personal details along with the residential address to move to the silver tier. Although Silver tier will provide you with more features and provision bit the exact number and the features are not officially discovered. The last comprehensive verification process on the BitPanda exchange is the Gold tier where the withdrawal limits and the features are at the optimum level for the users. For reaching the gold tier, it will require you to exhibit some efforts. You need to provide a scanned photo ID along with indulging in a live chat with their representative. There, you will be expected to provide the residential proof along with answering few questions. The limits are almost impossible to achieve as you are allowed to Buy and deposit 10,000 EUR worth of Bitcoin, Ether, Litecoin, Ripple, Dash, etc. Also, you can sell and exchange up to 50,000 EUR worth of cryptocurrency. The allowance of the total withdraw is up to 10,000,000 EUR making it a great platform for professional investors to glean lucrative results. Also with the Gold status, you get the chance to trade with a Credit card with up to 300,000 of monthly limit.
Is there any BitPanda official app?
There are many cryptocurrency exchange networks which have their own official Android or iOS app. But unfortunately, there is no official app for BitPanda in either of the two Operating systems. However, you can expect them to release an Android or iOS app as all its major competitors have already started with the mobile platform.
Does BitPanda support any payment wallet?
The feature which made BitPanda so popular among European is its instant payment completion after initiating the transaction. This can be made possible with the BitPanda wallet. When you load funds from your EURO wallet, wire transfer or banks cards, the money gets added to your BitPanda wallet. Now, you can buy any number of coins according to the wallet capacity within few seconds. With the wallet, you can deposit money in that and use it for buying Bitcoins or other altcoins some other day. So, this feature provides you the flexibility to make instant payment and trade in Cryptocurrencies whenever you desire. But, it is still highly recommended that you move the extra money to the BTC wallet for the digital transaction or to your bank account.
Countries where BitPanda is available
When it comes to BitPanda jurisdiction and service, it will be restricted only to the European users. A person sitting in the USA will not be able to trade on BitPanda and have to look for alternatives. BitPanda operates and provides service throughout the continent and supports many countries whose official currency is EURO. BitPanda offers exclusive exchange privileges for EU residents and always strives to add more countries in its jurisdiction. Today, it supports more than 30 countries which include United Kingdom, Austria, Italy, Belgium, Germany, Spain, Switzerland, Sweden, Poland, Portugal, Hungary, Greece, France, Lithuania, Finland, Croatia, Bulgaria, Czech Republic, Cyprus, Luxembourg, Latvia, Monaco, Malta, Netherlands, Norway, Slovenia, Liechtenstein, Ireland, Estonia, Denmark, Romania and Slovakia.
What are the Exchange fees at BitPanda?
BitPanda has a big issue where the trading fees are not disclosed anywhere publicly. Due to implicit broker fees structure, it is difficult to state an exact amount of transaction fees for the platform. But, overall the BitPanda fees for Bank cards are considerably higher as compared to its competitors like Coinbase and CEX.IO. BitPanda asks for about 5 percent of the payment fees while a 3.74% of the total payment amount will suffice for Coinbase. This is the reason why many people still prefer Coinbase over BitPanda. However, the best way for payment is the wire bank transfer or SOFORT transfer, where the payment fee is just around 2 percent. If you are about to sell cryptocurrency then you will have to add a small surcharge for the BitPanda to execute the complete payment operation. The payment fees are added to the desired transaction amount after you reach the final payment stage. This is the worst part of this platform as the traders are unaware of the exact payment amount until they the final transaction process. But, the interface is best for looking at the different amount of Bitcoins and getting an idea of the cost by selecting the desired purchasing option. NETELLER takes around 3.6% of the total amount while the Vouchers and Euro wallets take only 1.8%-1.9% payment fee making it the cheapest payment method. In these BitPanda withdrawal methods, The BitPanda credit card fee and the SKRILL payment fee are the maximum but they assure you instant payment or funds deposit to your wallet.
How to open an account and get started on the BitPanda platform?
Creating an account on the BitPanda exchange will not take more than 2 minutes. For registering on BitPanda, you have to sign up by visiting its website portal (www.bitpanda.com). Here is a step by step process for staring with a trading account on this exchange platform.
- Click on the BitPanda “sign up” tab on the website and write your email address along with the required captcha code.
- After this, you need to verify the email address by clicking on the link which you receive from BitPanda.
- After clicking on the verification link, you will be redirected to a page where you have to set your password and finish the registration process. Make sure that the password is strong and is a combination of uppercase, lowercase, and numbers.
- Login into the exchange platform by entering the same credentials and you will be able to see the BitPanda dashboard. Easy peasy, very easy!
BitPanda also supports the 2-factor authentication where the team can know their customer and protect their account from any hacking attempts. You are highly suggested to enroll and complete this process by providing your mobile number. You will receive a 6 digit unique Pin number from their side and you will be good to go.
How to use the BitPanda wallet and get verified?
BitPanda provides a wallet to store all your coins which you have added or bought. The foremost thing about the platform is the BitPanda wallet which allows you instant deposit and withdrawal within seconds. Here is how you can use the BitPanda wallet and make transactions on a regular basis.
- As soon as you are done with the BitPanda login, you will be able to see the wallet with all the tradable coins BitPanda supports.
- As a starter, you cannot buy Cryptocurrencies until you reach her verification status of Gold or the upcoming silver.
- For moving up the tiers, you need to make to click on the verification button which is placed on the left sidebar.
- After that enter the mobile number and verify it to move to the bronze verification tier. For this, you will get a 6 digit verification code and by entering that, you will get the Bronze verification status. Make sure to write the phone number by adding the country code by pressing + followed by the country code.
- After pressing submit for verifying the phone number, you will get a page for silver where you have to enter your personal details. However, silver verification is enough to buy Cryptocurrencies and increase your limit; but still, the limit will not be very high for regular traders.
- The biggest drawback of silver and advantage of Gold verification status is that you can pay with your bank cards. For Gold verification, you will have to upload the scanned copy of original photo identity.
By completing the Gold verification tier, you can access the ultimate features and impeccable BitPanda withdrawal limits.
How to receive funds in your BitPanda wallet?
After selecting the mode of payment for adding funds to your BitPanda wallet, here is the process of receiving it in your wallet.
- Click on the wallet tab at the top right and select the currency which you want to add to your wallet. For that, choose the coin name and then click on “Create Deposit address”.
- You will see a deposit address which will be respective to the selected coin only; If you want deposit address of another coin then you have to choose the other coin and click on the create deposit address button.
How to send funds on BitPanda?
After that you have something in your wallet, you can check for the respective coins by clicking on the tabs for different cryptocurrencies. You can send the funds by choosing the desired currency and the corresponding receiver name followed by pressing the Send button. A window will pop up where you have to fill the address of where you want to send and the amount in EURO or the amount in cryptocurrency. Make sure that the address you fill to send the funds matches with where you want to send it. Otherwise, it will be a big problem where you have to contact the customer service and explain everything to them.
Can we send and receive fiat currencies on BitPanda?
One of the best things about BitPanda over other cryptocurrency exchange platform is that you can send and receive fiat wired currencies. For this, you have to click on the Euro wallet which is there on the sidebar to the left of the page. After you click on that wallet, you have to choose one of the two options; Deposit or withdraw. With these buttons, you can either deposit the funds or with withdraw you can send fiat currencies.
How to buy or sell Cryptocurrencies on BitPanda?
Once you know how to receive and send funds and transact with your wallet, next comes the process of monitor the Cryptocurrencies list and the charts for doing regular transactions. If you want to become a millionaire and bring a lucrative result, you have to take the risk of trading with Cryptocurrencies daily and wisely. For buying or selling your favorite crypto coins, you need to first go to the Euro wallet and click on either the buy or sell button. If you want to buy Cryptocurrencies, click on the buy button. There you will get a list of Cryptocurrencies which BitPanda supports and you can select the coin, the payment provider followed by the number of crypto coins you want to buy. After putting all the values, cross-check the amount and the coin and click on Next Step button. Now, you will be redirected for the payment as per your Payment provider and you can easily complete the payment for receiving the desired cryptocurrency.
How easy is to purchase Bitcoins on BitPanda?
Due to the emerging growth of Bitcoin, you might find it profitable to invest in Bitcoins. But, there are few things which you should know while buying Bitcoins on this exchange platform. You can do a lot of things like Buying Cryptocurrencies, selling Cryptocurrencies, depositing funds to your wallet, sending funds, getting Amazon.de vouchers, Fiat currencies transactions, verification, looking at the referral bonus, promotions and contacting the customer service for any grievances or query. Everything with the sidebar on the left. So, the interface is the best-looking deal for Beginners as the UI/UX design can’t be more straightforward and simple than this. Once you have loaded money into your BitPanda wallet, you can buy Bitcoins and even sell it. For buying Bitcoins, you have to do with a minimum fund of 25 EUR accompanied by some payment fees. Although the platform doesn’t show the exact percentage, you can expect it to be somewhere between 2-6%. For credit card, it is around 5 percent while for bank transfer it is merely 2 percent. So, choose the payment option properly as with Bank transfer, it is possible that the funds may arrive after a day. However, there has not been a major Hack taken place on the website, but if it happens in future and hacker has stolen your coins and funds, it will be difficult to retrieve them. Nevertheless, the chances for such attacks are very low with high-security protocols of the website. You can even buy Ripple and Ethereum easily within minutes of initiating the transaction process.
Biggest competitors of BitPanda
Although there is no competition of BitPanda when it comes to interface, when it comes to other factors, the list of competitors increases as they endow additional features and security over BitPanda. These major cryptocurrency exchange platforms like Coinbase, Coinmama, Kraken, etc. are raising daily due to exceptional features and other factors. However, this Austrian company has achieved a great reputation as a reliable and fast exchange platform, there are still many other cryptocurrency platforms which are growing rapidly and are a big threat to this company. Mostly, the reliability and features of Coinbase and Kraken are proving to be a disaster on the growth of BitPanda. Here, we will look at all the aspects of BitPanda and Coinbase to get an insight about which one is better among the two.
BitPanda vs. Coinbase: which one is a better choice?
Coinbase is a cryptocurrency exchange which was established in June 2012 in San Francisco, California and has a large database of users and merchants. It is known for its secure platform which is growing every day by satisfying their customer and endowing challenging transaction rates. BitPanda, on the other hand, is a startup which was launched late in 2014 and has drawn the Coinbase customers to their side. There are many customers who support BitPanda over Coinbase but the latter still has a better reputation over the former. Here, is a detailed comparison between the two to help you decide for the best exchange network.
Company background and security
Coinbase is one of the leading exchange companies in the US and has its headquarters in San Francisco, California. It is an old and reliable company which has over 2,800,000 traders with more than 4,300,000 wallets. With over 7000 developer app and 41,000 merchants, this is a company which has nurtured its name each and every day by satisfying its customers. Now, everyone in the crypto space knows about Coinbase as a trustworthy and spectacular exchange platform. Due to its consistent work and secure network, it has been awarded as the third company for the New York Bit license. With immense competition at that time, it was extremely difficult to get the Bit license. But, after a lot of time and effort, Coinbase finally achieved it and made its name in the crypto world due to the unparallel expertise of its developer and support team. Apart from its unambiguous name, it is also known for its low transaction fees and incredible features. BitPanda is a newcomer as compared to Coinbase, but has accomplished a colossal status due to its diverse payment method and ultra-fast transaction system. Being found in October 2014, it drove ahead of many competitors by adhering to the safety guidelines and standards. There have never been any cases challenging the honesty of this platform and has always proven its significance and security in the crypto space. It is indeed one of the top exchange platforms for EU residents not just because of overwhelming payment options but also because of its secure and reliable service. Coinbase serves the whole world and is one of the top networks for buying and selling various crypto coins. But, BitPanda is reaching close to the most reputed and favorable exchange websites in the world. Although Coinbase is the winner here in terms of security and reputation, BitPanda is not much far away.
Verification and trading fees
At Coinbase, the users are expected to give a lot of personal details and full identity verification to get started with buying and selling of cryptocurrency. You can upload the picture of your driver’s license, Social security card if any or your passport. You have to connect your Bank account after signing up on the website and complete the 2- factor authentication. This can be done by verifying your phone number and enjoying the privileges offered by Coinbase. The 2FA is mandatory for the users and they can enjoy exchanges in trading pairs and there are many bonuses offered by the website. For example, you get a $10 bonus if you spend more than $100 in buying or sending cryptocurrency. However, the trading fee is a bit higher than other websites with up to 1% of the total transaction. It also has an Android and iOS app making it a great choice for professional traders. BitPanda is much better than Coinbase in terms of verification. This is because you are not required to give many personal details even if you want the Gold verification status. Also, it requires just 10 minutes getting you register for the maximum tier to get maximum benefits. However, the biggest disappointment from BitPanda is that the trading fee is not explicitly given on the website. So, the users don’t get an idea about the total transaction amount. The lack of an Android or iOS app and trading pairs make Coinbase a better alternative for professional users. But, you can maintain a high level of privacy with BitPanda and trade much anonymously while paying a low trading fee. It is difficult to conclude anything on this part as both of them have some drawbacks and some additional benefits.
Interface, processing speed and modes of payment
With many advanced features for trading pairs and the upcoming feature of margin trading, Coinbase is an exceptional choice for professional traders. But, due to a lack of a user-friendly interface, it becomes difficult for newcomers to trade on the website. The good processing speed makes sure that your transaction of trading in Bitcoins reflects fast on your wallet. Coinbase has a backup of a lot of customers due to its reasonable payment fee and advanced features. As you can trade in a number of trading pairs with the major altcoins like Bitcoin, Ether, and Litecoin, you can expect a good result from this platform. BitPanda, on the other hand, is relatively basic and is aimed at people who are new to the crypto world. With its sleek and intuitive interface, it is extremely easy for beginners to understand the exchange network and trade in various Cryptocurrencies. Also, the wide range of payment options makes it simple to trade according to your need. You can also buy Bitcoin, Ethereum, Litecoin, Dash, Ripple and Bitcoin cash with instant payment options like Bank cards, GIROPAY/ETS or with reasonable payment options like Bank transfer and EURO wallet/ vouchers. Also, you get a wallet for fiat currencies transaction and trading in Cryptocurrencies. With bank transfer or Euro wallet, you just have to pay around 1.9% of transaction fee which is much less than the options available with Coinbase. But, the Credit card payment fee with Coinbase is much more affordable than on BitPanda. So clearly, BitPanda has an edge over Coinbase when it comes to interface, speed and payment options.
Trading platform and customer support
As Coinbase is a major player in the crypto world, everyone expects it to have advanced features with no glitches. But, there are some glitches on which the company is working. The best thing about Coinbase is their customer support which is always there you help you out of any annoying situation. You can expect a reply from an expert within few hours of asking any question. But, with BitPanda, the situation is not so favorable when it comes to coordinating with the customer support team. There are many mixed reviews online where the complaints about late and improper reply by customer support have been reported. Although both the websites don’t have advanced features like margin trading and spot trading, Coinbase is working vigorously to achieve all these things. BitPanda is also trying to incorporate such things, but it will take more time for this company to accomplish these milestones. Both these company don’t allow you to trade on leverage which is one of their biggest drawbacks. However, better customer support and reliability makes Coinbase a winner in this section.
If you want transparency and absolute secure website for monitoring Bitcoin charts and making instant payments then you can choose Coinbase. Even, working on Coinbase is easy as you can download the Android or iOS app and make the decision wisely. But, this comes at a rate of higher transaction fees and less payment flexibility. If you are new to any exchange platform and want something with a simple interface and basic features to carry out regular trades at a great price then you should choose BitPanda.
Is BitPanda Scam?
If you just have a look at BitPanda discussion board or any review site, you will find that this website is completely legit. Working since 2014 and growing its customer base, it has contented the European traders with its several payment options and fast transaction processing. It is one of the best platforms for small Bitcoin transactions and is aimed at newcomers who are less convenient with an extremely strict verification process. Also, the sleek interface makes it lucid for them to navigate through the website and deposit or receive funds and cryptocurrency. As in Europe, it is easy to deal with Credit card and BitPanda takes care of it with many other flexible options as well. As the platform has received the award for the best cryptocurrency startup, it is evident that the company is extremely reliable and focuses on the need of its clients. With some improvement in its fee transparency and some additional features, it has high chances of rising to the top of the list of exchanges. Many of its competitors are more popular as their regional coverage is more than that of BitPanda. It is not necessary to give all your personal details while working on this website, as with the Starter verification status, you can sell coins and deal with it. But, it is recommended to share some of your information and move to the Gold status which has various benefits and enormous withdrawal limits. There have been few technical glitches on the website, but the dedicated developers always strive to deliver the best with enhanced results. So, if you ever dreamt of trading in millions with the help of Cryptocurrencies, you can totally trust on this exchange platform and convert your thousand Euros to millions.
What are Major Problems with BitPanda?
The problems with BitPanda are not few when it comes as it has to improve on many factors to draw the attention of regular and professional traders. Although it is one of the best in the European market, it still has to emphasize on additional and innovative features which will turn the interest of many crypto users. Although it has a user-friendly interface, the high payment fee and poor customer support made it became a reason for them to worry. People want to buy and sell in trading pairs and have leverage for making more profits. There is also a requirement for spot trading where the user can buy one cryptocurrency and sell another coin for higher profit. The stop loss and improve profit feature is also gaining fame because of its automated and advantageous trading system. However, there has been no major hack; the platform can be made more secure by removing vulnerability and technical glitches. There have been few cases where the traders have lost their funds or a certain amount of coins but the developer teams have and are always working to resolve all such issues. Many of such fraudulent cases have been due to lack of care from the user’s side. As problems like Phishing and pharming are spreading its root, it is necessary to check the website integrity where you are giving your credentials. For avoiding Phishing attacks, you need to avoid any email which redirects to a similar looking website to hijack your account. This problem is widely increasing as it is very easy to copy the HTML, CSS code and create a lookalike of the original website. Check for the complete URL and the https protocol to ensure that the website is original. For avoiding pharming attacks, you need to have an antivirus as it attacks your DNS server and unknowingly, you end up compromising your personal details including passwords. The best thing you can do to avoid such online fraud is by downloading all your software, music, videos from a genuine and secure website. With a more spontaneous and devoted support team and some advanced features, the company can reach many miles further towards their goal. Also, they should provide transparency with the deposit and payment fee so that more customers can trade encouragingly on their website.
What’s next for BitPanda?
BitPanda has proved its website integrity and is moving towards its goal energetically of integrating additional features and diminishing other problems. The main thing where the company will focus is their Android App or iOS app as it is a basic need nowadays. Creating a decentralized platform to trade with cryptocurrency will be an ultimate goal for them and by looking at the statistics we can see some significant improvement in the platform in the near future. By looking the current market trends, it is necessary to incorporate advanced features like trading on leverages and spot trading. The concept of margin trading has become a boon for traders as you are entitled to trade for more than you actually have. The customer support is also a problem because everyone is happy to get an instant and helpful reply instead of showing passiveness and reluctance. As Ripple is added to the list of available coins, we can expect the company to bring more tradable coins for the users. Many professional traders who are using other exchanges don’t prefer to move to BitPanda due to lack of advanced features. But the addition of new and innovative technologies like trading in pairs, margin trading, multi-factor authentication, and private API key, etc. will definitely change their mind. Also, we can expect a better regional coverage other than only the European countries but it will take some time. Furthermore, the addition of more languages like French, German, Dutch, Polish, etc. will give a new impetus to the growth of the website.
Pros and Cons of BitPanda
With BitPanda working for many years for its customer, it always endeavors to bestow the best and obliging features. Here are the benefits of this exchange platform.
- Legitimate company with reliable exchange service
- Fully automated system with speedy and instant transactions
- Intuitive and user-friendly interface. Excellent for beginners
- An extensive range of payment options with include bank transfer and Bank cards
- Secure and stable exchange network
- Easy verification process and high withdrawal limits
Apart from all these benefits and features, there are few points on which BitPanda have to improve drastically.
- Regional coverage limited to European countries
- Lack of advanced features like margin trading, spot trading and trading pairs.
- Poor customer support
- Deposit and trading fees are not displayed on the website explicitly.
- Requires a hierarchical deterministic (HD) capability and better security protocols.
BitPanda is not the best exchange platform in the crypto space but it is something which is fostering trade for beginners and assisting them with the smooth interface and easy navigation. It is on the verge of adding more features with more tradable coins to make it simpler for everyone to buy and sell cryptocurrency. With tons of payment options and challenging trading fees, it is definitely one of the most reliable and plausible exchange platforms for European. With no question on its legitimacy and credibility, you can be assured to get impeccable gains with astute and proactive decisions.