Bitpanda is a cryptoasset exchange located in Austria. Their volume over the last 24 hours is $3.67M. The exchange is rated “C” which means “Fair.” They allow trading with the following fiat currencies: CHF and EUR.
Founded in 2014 by a team of cryptocurrency enthusiasts, Bitpanda (formerly known as Coinimal) is an Austria-based trading platform specialized in buying and selling BTC and other cryptocurrencies. Its key goal is to make the process of crypto trading as simple as possible. In order to achieve it, Bitpanda implements an intuitive interface and a simple verification procedure so as not to create additional obstacles for cryptocurrency investors.
With more than 1 million users, it has gained a good reputation throughout the years of its existence and offers its customers fully automated services for exchanging their digital assets. Apart from cryptocurrencies, Bitpanda also makes it possible to invest in precious metals such as gold and silver. The project’s team is constantly working on improving the platform and diversifies the range of the services they offer.
Apart from an automated trading platform, Bitpanda also offers traders the brokerage services helping its clients buy and sell digital assets. This means that users can buy cryptos from the platform directly without having to interact with other traders.
Bitpanda To Go is a tool aiming to facilitate the process of purchasing cryptocurrencies for cash. Users can purchase coupon codes in Austrian post offices and later upload these codes on Bitpanda to exchange them for cryptocurrencies. To diversify investing portfolio with other elements, one can also make use of Bitpanda Metals to purchase precious metals which are physically backed and safely stored in Switzerland. Moreover, these metals can be instantly swapped to cryptocurrencies on the same platform with no limits on transaction size.
Bitpanda Savings aims to help users set up their personal savings plan and increase their investment portfolio with Bitcoin and other cryptos safely every month. Also, there is Bitpanda Plus that is designed specifically for customers who trade large volumes and want to increase their limits beyond verified borders at better terms.
Bitpanda has conducted its own Initial Exchange Offering (IEO) and introduced its own token BEST which stands for Bitpanda EcoSystem Token. Just like with other native utility tokens issued by exchanges, BEST gives its holders a number of benefits such as discounts on trading fees and access to premium services. At the time of writing, BEST can only be traded on Bitpanda itself.
Finally, Bitpanda has launched its own service Bitpanda Pay which helps its users pay their bills with cryptocurrencies directly from the platform. Users can send funds quickly to any IBAN and send funds directly to their friends and family members.
Bitpanda’s user experience and other perks
Bitpanda’s interface is rather simple and convenient to use as it provides traders with full control over their portfolios. All supported assets can be stored on fully integrated wallets right on the platform. Traders can access the platform 24/7 and make use of an automated order system with instant transactions.
Bitpanda’s open API can be used by developers who want to integrate some features offered by the platform into their own products. In addition, Bitpanda runs an everlasting affiliate program helping users earn 10 EUR for every newly registered user who has deposited and traded at least 25 EUR.
Bitpanda’s geographical limitations
Bitpanda accepts traders from all over the world and provides them with a possibility to exchange cryptocurrencies via its interface. However, the only European citizens that are part of the SEPA region have an option to buy digital assets for fiat. That includes all EU members plus Norway, Switzerland, Iceland, Liechtenstein, and Monaco. The residents of other regions can only upload and withdraw cryptocurrencies to their digital wallets with no possibility to cash out.
In order to get full access to the platform, users have to pass the verification procedure. For that, users have to provide their personal information such as names, mobile numbers and email addresses. After that, they have to follow the procedure of video identification that is conducted by Bitpanda’s partners IdentityTM and IDNow. A photo ID (a scan of a passport), a smartphone or a webcam and a stable internet connection are required for that.
Once SEPA-based users pass the verification, they are able to buy cryptocurrencies via a wide range of options including Giro Pay, EPS, SOFORT, Visa, Mastercard, SEPA and much more. As for withdrawals, they can cash out their digital assets in USD, EUR, SBP or CHF.
Bitpanda’s trading limits and fees
Bitpanda imposes daily and monthly trading limits for verified accounts. The limits vary depending on the fiat currency you upload. At the time of writing, traders of the European zone have a daily limit of 10,000 EUR, a monthly limit of 300,000 EUR and a total limit of 10 million EUR for deposits. As for withdrawals, these numbers are equal to 100,000 EUR, 2 million EUR and 10 million EUR correspondingly.
As for the fees, they are relatively low, but their structure is rather complicated on Bitpanda. The price of cryptocurrencies listed for the purchase already includes the fees. In order to buy or sell Bitcoin or any other cryptocurrency, one has to pay 1.49% and 1.29% fees correspondingly. Other fees may not be related to the platform itself as they are charged by users’ banks depending on the fiat currency that they use.
At the time of writing, Bitpanda’s team lists over 140 employees on Linkedin. In addition to that, the company is constantly hiring new professionals with the list of the open position being available on a dedicated page on their website.
The top management team of Bitpanda includes Eric Demuth and Paul Klanschek as CEO and Christina Trummer as CTO. All three of them have been a part of the project ever since its launch in 2014. The idea of launching their own service came to them one year earlier as they were striving to facilitate the process of buying cryptocurrencies in Europe.Read More