Bitpanda is a leading crypto exchange serving most EU nations. The exchange offers secure access to crypto trading at any time of the day. The process is completely automated, which means that the crypto asset is sent to the user automatically as soon as the platform confirms the payment. This is one of the factors making this exchange one of the quickest in the world. Currently, Bitpanda is not available to US customers.
This quick guide will touch upon the pros and cons of Bitpanda while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose Bitpanda?
Very high liquidity
Multiple funding options
Easy to use interface
Supports fiat currency
What’s not to like?
Withdrawals require verification
Limited cryptocurrency assets
No advanced trading platform
Higher fees than the industry average
Brief Background of Bitpanda
Bitpanda GmbH is a fintech company based out of Vienna, Austria. The company specializes in the purchase and sale of crypto assets, such as Bitcoin. It has become a leading broker of crypto, like Litecoin and Ethereum in Europe, thanks to an 850,000 strong user base. Bitpanda is reserved for users within SEPA regions, including most EU member states and Liechtenstein, Iceland, Switzerland, Norway, and Monaco.
What is the Trading Fees on Bitpanda?
Bitpanda works hard to maintain a low trading fee for its customers. The spread fee is part of the price listed on the sale or purchase of the cryptocurrency. One of the best parts is that the price information remains updated in real-time. There is no additional math required. You pay what is displayed. For instance, Bitcoin prices include the 1.49% fee to buy it and a 1.29% fee to sell it. There is a separate transaction fee charged by Bitpanda, which varies as per the cryptocurrency.
How to Deposit and Withdraw Funds?
A large variety of payment options is offered by the Bitpanda exchange to its traders. This is one of the strongest points of this exchange. The following payment and withdrawal methods are available:
Fiat Currency (Euros)
Crypto funding options include:
Bitcoin Cash (BCH)
While Bitpanda doesn’t charge any fee per se for deposits and withdrawals, users may have to pay a fee charged by their bank or credit card providers. A conversion fee may be charged if you do not use EUR, GBP, USD, or CHF.
Users who use a credit card may also have to pay a fee including potential cash advance.
Is Bitpanda Versatile in Terms of Trading?
Bitpanda is simply a cryptocurrency exchange geared towards beginners. The exchange does not offer over the top crypto assets with limited order types. Some of the more noteworthy cryptocurrencies on offer are:
Bitcoin Cash (BCH)
Each of these can only be purchased using Euros. There is a secondary exchange rate that users will incur if they use any other fiat currency option.
Trade types are straightforward. You can only purchase and sell your cryptocurrency at the current mentioned price. There are no limit orders or stop losses that would execute the order at a rate of your choice.
How User-Friendly is Bitpanda?
The trading platform is simplistic and does not offer many services that would clutter the interface. It is easy to look for the crypto you need. Basically, the platform can only be used to buy and sell crypto assets. The platform is well-designed and very easy to use. The team does a great job to provide an intuitive interface for beginner crypto traders.
Bitpanda Customer Service
The customer service offered by Bitpanda is great. This is another reason why beginners should choose this platform. All you need to do is click on the “Support” button under the “Help” category to seek answers to your queries or issues. You would need to fill out a small form, which would ask for your email address, the topic area, the subject, and the description. You have the option to attach a file and specify the crypto involved. The tool would automatically generate a PID and TXID that streamlines the process.
The Bottom Line
Bitpanda is an excellent option for beginners inside the EU looking to start trading. However, this is just a launch-pad platform and cannot be used when you graduate to intermediate trading. Also, the fees are a little on the higher side even though Bitpanda tries to lower them.