This Bitpanda review will show you why this exchange is for the people who want a good and simple interface, for those who just want to buy crypto or gold. Why this exchange is not for advanced traders.
No wonder that this exchange is one of the more famous in most of Europe, as most of the newcomers don’t want to deal with complicated UI. It is simple, easy, made for the ordinary people but yet all of this comes at a cost. One of the easy to navigate crypto exchanges is one of the most expensive in terms of its trading fees.
For those looking for exchanging monthly, this may be the exchange for you, but if you look for advanced instruments and charts this is not the exchange for you. This is one of the exchanges which you use for getting FIAT in or out from the market.
Bitpanda Features Review
|Supported countries||Majority of EU Countries|
|KYC||Available as an option|
|Deposits||20+ Cryptocurrencies, Credit/Debit cards, Wire transfer, SEPA and more|
|Max. Withdrawal Limit||Depends on the account verification level|
Bitpanda Security Review
Bitpanda was founded in 2014 and never had serious breaches or loss of user funds. It has all of the basics you would expect with 2FA Google authentication, SMS verification, Cold/Hot storage. The exchange has PSD2 payment service provider license which can assure you that the exchange is serious and can provide FIAT on its platform.
One million users are trusting the exchange with their money and this is not by chance as the exchange has very good security going on in the background. You also have KYC, a requirement if you want to deposit FIAT through one of the many options and buy Bitcoin. Of course, you can trade crypto without KYC, but with low limits. Having a KYC on the platform is a positive as if something happens to your account and you have passed this procedure you will be able to restore it.
Bitpanda Deposit and Withdraws Review
On the deposit side, Bitpanda is one of the exchanges with many options, both FIAT, and crypto. Here you will find the option to deposit and withdraw 20+ cryptocurrencies and 4 types of FIAT.
On the cryptocurrency side with over 20 cryptocurrencies, you have BTC/LTC/ETH and more. Of course, despite the wide range of crypto deposit options when you compare it to Binance or KuCoin, Bitpanda lags behind. But nevertheless, you have quite a few options here.
For FIAT deposits and withdraws, you have EUR/CHF/GBP and USD. You can deposit those currencies through many different options like Bank Transfer/EPS/Debit and Credit cards/Skrill/Neteller and more. It is always good to see so many options available. For depositing and withdrawing FIAT you need to pass a simple KYC procedure.
Bitpanda User Interface Review
Bitpanda has a modern and simplistic UI, made for those that don’t want to engage in complex interfaces and instruments. On the dashboard, you have direct access to everything that you need for depositing, portfolio view, and asset tabs.
On the bottom of the dashboard, you will find a detailed view of your portfolio and the FIAT wallet. Everything that you need is in one place. This is an easy to navigate UI that works for beginner investors, fast and easy buying/selling.
This is the page where you have the basic chart for your asset and information for your holdings. You will also find a tab for price alerts where you can set a target price or change in price in percentage and be notified through email upon reaching the target. The UI is one of the least customizable on the market, you can’t move or adjust anything here, you can only set the chart to a standard one. You will not find a customizable platform here, as the UI is almost no customization.
The only difference that you can make in the UI is the chart, as you can also have an advanced chart with many of the charting instruments. It all comes down to personal preferences for the chart as there are people who don’t like to look at candles, this is a good alternative.
Trading fees breakdown
With one of the higher fees on the market, Bitpanda put itself in a not very favorable spot. The fee of 1.5% when you buy Bitcoin is one of the highest in the market when you consider competitors like Binance or KuCoin. Of course, those are different platforms with different instruments aiming at another userbase.
Keep in mind that there is a different fee for the different methods of depositing and withdrawing. With so many options on the platform, you will need to check how much will it cost you to deposit FIAT. For example, a deposit through debit/credit cards can cost you up to 5%.
Bitpanda Options and Order types Review
Being a diversified platform Bitpanda has a lot to offer from crypto to commodities and FIAT. Here you have the opportunity to trade and exchange:
- and more
On the commodities side, you can trade Gold and Silver, a good option for those that want to have exposure to a traditional asset type. As those two have held value for thousands of years, the should not be disregarded from a well-balanced portfolio even from the hardcore crypto investors.
Here you have only the basic function of direct buying and selling. You will not find advanced order types like OCO here, as the main purpose is direct and fast access to exchanging crypto to crypto or to FIAT.
Bitpanda affiliate program is very simple, it is nothing to be wowed about it, but nevertheless, it can create a significant income. If someone sign-up through your link you will get up to 20% from his trading fees, depending on how much the total trading volume is of your refs.
Is Bitpanda a scam?
Being on the market since 2014 and never experiencing serious breaches and loss of user funds. With good security and being so long on the market, you can be sure that it is not a scam and your funds are in a safe place on the platform.
Bitpanda Review Conclusion
Bitpanda is a good FIAT gateway, especially if you prefer to have a lot of options on the table and a reliable platform. This market needs platforms like this with a good interface, user friendly for the beginners and with good investment options. The presence of Gold and Silver is a nice touch as these assets have proven themselves through history. Having exposure to them is always a good thing. With the 4 FIAT currencies for deposit, you have a really good package and options for you to choose from. Of course, this is not a pure trading platform where you can short and long, there is no leverage present here.
This exchange is a FIAT gateway for many people across Europe. Transferring in and out of a market is very significant as knowing when to enter and exit positions. Clearly, Bitpanda is a good and reliable entry point with a wide variety of cryptocurrencies and FIAT.
Pros / Cons
- 4 FIAT currency available
- UI friendly to newcomers
- Lack of advanced orders
- Lack of UI customization
- High fees