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Bitpanda review and comparison

By: Ofir Beigel | Last updated: 4/22/20

Bitpanda is one of the biggest names that come up when looking for reputable exchanges to buy cryptocurrencies. This post reviews the company’s services and compares it to other exchanges out there.

Bitpanda Review Summary

Bitpanda is a cryptocurrency broker that specializes in buying and selling Bitcoins within the Eurozone. The company was founded in late 2014 and has since grown to become one of the more popular options to purchase Bitcoins around Europe. If you leave inside the EU it’s one of the cheapest ways to buy Bitcoin with a credit card or SEPA transfer.

That’s Bitpanda in a nutshell. If you want a more detailed keep on reading, here’s what I’ll cover:

  1. Bitpanda Overview
  2. Bitpanda Services
  3. My Personal Bitpanda Experience
  4. Currencies and Payment Methods
  5. Fees
  6. Buying Limits
  7. Supported Countries
  8. Customer Support and Reviews
  9. Bitpanda vs. Other Exchanges
  10. Conclusion

Bitpanda Overview

Bitpanda GmbH (formerly known as Coinimal) is a fintech company based in Vienna, Austria specialises in selling and buying Bitcoin and other cryptocurrencies. It has quickly grown to become Europe’s leading retail broker for Bitcoin, Ethereum, Ripple and more.

With over 900K users the company has recently expanded its services to allow users to invest in precious metals (gold, silver) as well.


Bitpanda Services

Bitpanda offers a brokerage service which enables its customers to buy and sell cryptocurrencies. Basically, this means Bitpanda supplies you with the coins directly, unlike a trading platform where you interact with other traders. The company charges a premium above market price for their services.

Bitpanda To Go  offers the ability to buy cryptocurrency with cash through their “service”. This service allows you to purchase cash-equivalent coupon codes in post offices around Austria, and later redeem those codes on Bitpanda for purchasing cryptocurrencies.

Bitpanda Savings allows you to commit a certain amount each month and create a savings plan by buying Bitcoin or other cryptocurrencies.

Bitpanda Metals allows you to diversify your portfolio with physically backed and 100% insured precious metals. You can also swap gold and silver with any other digital asset on Bitpanda.

Bitpanda Swap allows you to instantly swap one cryptocurrency for another. There are no limits on the transaction size of swaps.

Bitpanda Plus allows high net worth individuals to buy large amounts of Bitcoin or other cryptos with better terms than the regular platform.

Bitpanda Pay allows you to connect your account to the traditional fiat world including paying your rent or sending money to friends.

Bitpanda Pro offers a full order book style trading exchange for advanced cryptocurrency users to trade and connect APIs.

Bitpanda Token (BEST) is a Bitpanda ecosystem token providing customers with better rates on trading and functionality across its platform, similar to Binance Coin.

Finally, the Bitpanda team has launched an ICO backed project called Pantos (PAN) which aims to be  an open-source, open-innovation driven scientific research project. However, this project is outside the scope of this review (more information can be found here).


My Personal Bitpanda
Experience

I’ve been a Bitpanda customer for around 2 years. Since I don’t live inside the EU I couldn’t verify my account but I have used it several times to deposit cryptocurrency, trade it and send it to other wallets.

I find Bitpanda’s user interface appealing and pretty easy to use. The service itself is ultra fast and transactions are processed instantly. When I withdraw money it usually arrives in the following block of confirmations.

I dealt only a little with Bitpanda’s customer support and always got a quick response. The main reason I didn’t interact with them that much is because I didn’t need to, everything worked as expected. Overall I’d say I had a good experience with Bitpanda so far.


Bitpanda Currencies and Payment Methods

Bitpanda supports the buying and selling of the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • IOTA (MIOTA)
  • EOS (EOS)
  • Dash (DASH)
  • Stellar (XLM)
  • Zcash (ZEC)
  • NEM (XEM)
  • Augur (REP)
  • 0x (ZRX)
  • Tezos (XTZ)
  • OmiseGO (OMG)
  • Komodo (KMD)
  • Pantos (PAN)
  • Cardano (ADA)
  • Neo (NEO)
  • Chainlink (LINK)
  • Waves (WAVES)
  • Tether (USDT)
  • USD Coin (USDC)
  • Lisk (LSK)
  • Tron (TRN)
  • Basic Attention Token (BAT)

Bitpanda accepts the following fiat currencies:

  • US dollar (USD)
  • Euro (EUR)
  • British Pound (GBP)
  • Swiss franc CHF

Bitpanda accepts the following payment methods:

  • Credit card
  • Debit card
  • SEPA
  • Bank transfer
  • EPS
  • GiroPay
  • Sofort
  • Neteller
  • Skrill
  • Cash (Bitpanda on the go)
  • iDEAL
  • Zimpler

Keep in mind that different payment methods have different fees incorporated within them, so make sure to double-check before completing a deposit. Usually, the chargeback methods such as credit cards and Skrill will have higher fees than non-chargeback methods such as a wire transfer.


Bitpanda Fees

Transaction Fees

Bitpanda fees for buying and selling cryptocurrencies are 1.49%. However, fees are already incorporated into the price in real time so they are somewhat invisible to the user.

This is good since you know exactly how much you’ll pay. On the other hand, it sometimes distorts the real price of the cryptocurrency.

Cryptocurrency Deposit Fees

If you deposit money in a currency that is not in the supported currencies you will be charged a conversion fee by the processing bank (this changes depending on the currency). All fees for all currencies are detailed here.

Fiat Deposit Fees

These fees were shared with us by Bitpand’s support, however this cannot be found anywhere online:

Bitpanda Fees


Bitpanda Buying Limits

Bitpanda offers very low limits for unverified users as it complies with standard AML policies. However, verified users have extremely high limits depending on their payment method. For example, verified users can withdraw over €5 million a day via a SEPA transfer.

Obviously, limits differ between deposit and withdrawal. Fiat deposits can’t be made at all for unverified users. Cryptocurrencies aren’t limited in deposit / withdrawal.

All limits for different payment methods can be found here.


Bitpanda supported countries

Bitpanda is open to all users worldwide however some operations are limited.

Buying cryptocurrencies is currently only available for EU residents that are within the SEPA. This means most of the EU members plus Iceland, Liechtenstein, Norway, Switzerland and Monaco.

Users outside the EU can use their accounts to store and send crypto. They can also sell cryptocurrency or receive payouts via Neteller. Additionally, Bitpanda Pro is now available worldwide to trade cryptocurrencies except for the USA or China.


Customer Support and Reviews

Bitpanda offers an online knowledge base for most common questions and dedicated email support for specific issues.

What’s really interesting to see is that in a space where most cryptocurrency exchanges get an average customer rating at best, Bitpanda is killing it with a 4 star average score on TrustPilot, and that’s not something to take lightly.

The main complaints about the company revolve around long waiting time for support to respond, the verification process and missing funds. However, it seems that Bitpanda’s support is making it a habit to respond to each reviewer personally so that’s a good sign.

Finally, it seems that the company has won a startup award in late 2016, however, I can’t really tell what this award was all about.


Bitpanda vs. Other Exchanges

In the following section I’ll compare Bitpanda to some of the more popular cryptocurrency exchanges out there.

Bitpanda
Fees:
1.49%
Availability:
Eurozone
Visit exchange:
Visit exchange
Coinbase
Fees:
1.49%
Availability:
103 Countries
Visit exchange:
Visit exchange
Coinmama
Fees:
5.90%
Availability:
Worldwide
Visit exchange:
Visit exchange
Bitstamp
Fees:
5%
Availability:
Worldwide
Visit exchange:
Visit exchange

Bitpanda vs. Coinbase

When it comes to fees Bitpanda and Coinbase are nearly identical – both charging 1.49% as a transaction fee. However, they take their base price from different sources. Coinbase’s price is derived from Coinbase pro + 0.5% while Bitpanda doesn’t state where their base price is taken from.

After comparing the two options in real time I got an almost identical price (Bitpanda was cheaper by $2). It seems that there isn’t much of a difference between the two.

To sum it up, the main decision point should be which of these exchanges support your country (since the supported countries don’t overlap that much between them).

Bitpanda vs. Kraken

Comparing Bitpanda to Kraken is a bit like comparing apples to oranges. Bitpanda is a brokerage service that aims to simplify the buying process by selling cryptocurrency directly to the user. Kraken, on the other hand, is a trading platform aimed at more experienced traders.

That’s also the reason why the price on Kraken will be substantially low than Bitpanda since they don’t charge the premium for the brokerage service. Kraken’s fees schedule shows a 0.26% fee at max while Bitpanda is 1.49%. Although, the introduction of Bitpanda Pro means you can now trade for a cheaper rate of between 0.10% and 0.15%.

To sum it up, if you’re an experienced trader you can get a cheaper price on Bitpanda Pro. If you’re just starting out I personally believe the simplicity of the broker service on Bitpanda is worth the extra money.

Bitpanda vs. Coinmama

Coinmama is a service very similar to Bitpanda. Coinmama’s advantage is that it caters to most countries worldwide unlike Bitpanda that is restricted to the EU. However, Coinmama’s services are more expensive than Bitpanda’s.

How much more expensive? A lot. Their processing fee is 5.9% which is almost 4 times Bitpanda’s fee. So if you have the option, it’s better to use Bitpanda.

Bitpanda vs. Bitstamp

While Bitstamp is also a trading platform (like Kraken), they also offer a brokerage service. If you compare Bitstamp’s brokerage service to Bitpanda’s you’ll find that Bitstamp charges 5% – more than 3 times of what Bitpanda charges.

On the up side, Bitstamp is available almost all around the world. So if your country is supported by Bitpanda, I believe you will get a much better deal on Bitpanda than on Bitstamp.


Conclusion – Is Bitpanda Safe?

Bitpanda is a good mix of a reputable company, fast service and a cheap alternative to other cryptocurrency exchanges out there.

The team seems to have built a good reputation within the community since the company was founded in 2014 and it’s very refreshing to find an exchange with such positive customer feedback.

Bitpanda is a very safe option for newbies and experienced bitcoiners alike. The main downside being the fact that they don’t support enough countries.

If you’ve had your own experience (good or bad) with Bitpanda, I’d love to hear about it in the comment section below.

Bitpanda

8.7

Fees

8.8/10

Ease of use

9.2/10

Support

8.3/10

Reputation

8.5/10

Pros

  • Wide variety of payment options
  • Relatively low fees
  • Beginner friendly

Cons

  • Not available Worldwide
  • Fees aren't stated explicitly

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IIonut
Guest
IIonut

Avoid bitpanda. They have issues in sending money and their support is completly missing.

pantos
Guest
pantos

Terrible experience with Bitpanda, the Pantos project to be precise. An ICO ended 6 weeks ago and since then there was only one meaningless update. They don’t communicate, they don’t answer questions, we are left in a dark and no one knows what is going on! Their road map is bullshit and they are not even sticking to it. No one knows if their coin will ever get listed on an exchange. They do NOT respect investors! One word – AVOID!

Alex
Guest
Alex

They are scam. Mostly the website owners write positive reviews about themselves (pretend that they are customers). Their website is a trap. They actually close your account when you start having profits and afterward start making stories. They even manipulate your data. They do not have any phone number for support! Never trust them. Never buy from or sell to them.

Bah!
Guest
Bah!

Bad Experience for me. Bought 0,0040 BTC (50€) but they ask me 40$ to withdraw. Crazy!
I totally agree with Rob. So high hidden costs.

Rob Moen
Guest
Rob Moen

My experience with BitPanda: Nice and smooth. I did like the verification process through a video conference call. I bought BTC and my purpose was to move this to an exchange (Poloniex) to buy other coins. What did surprise me was the huge fee they charge when transferring the BTC to another wallet. Not very transparent as I could not find it on the website. Will not use BitPanda again for this reason of hidden costs.

Babs
Guest
Babs

I am gutted by the actions of Bitpanda’s verification agent. Absolutely gutted by the agent making mokery of me simply because of my Nationality (NIGERIAN) despite the fact that I told the agent I am a UK resident. I was told that they cannot register me because I hold a Nigerian passport and a UK driving license is not allowed so I asked to speak with a superior agent but I could see from reflections of the window that both the agent and the superior was not just interested. The agent rudely terminated my call but I do not blame… Read more »

Guille
Guest
Guille

I’m happy with bitpanda, in general.
I just don’t get why ETH EUR selling rate is +646 when market price is ~624 and dropping.
Fees seem to be too high for short.
Advice? Ideas?
Thx

Stefan Smiljkovic
Guest
Stefan Smiljkovic

I got scammed by Bitpanda, don’t recommend to anyone, except wanna lose ETH.

Ghias
Guest
Ghias

I am happy with the overall service of Bitpanda. The verification process was smooth and the purchase was straightforward. I’m based in the UK and the only issue I faced while paying via Credit Card that my card issuer charged me a Cash Advance fee of 5% of the transaction and that’s on top of the non-sterling exchange fee. According to my card issuer, BitPanda is set up as a Cash Merchant (Quasi Cash Merchant) and not a Retail Merchant, hence the cash advance fee of 5%. Best to either use a Debit Card or via Bank Transfer.

David
Guest
David

Bit Panda is a scam. I was charged £315 in fees (near 9%) because apparently 3rd parties also have fees which are not visible when purchase.

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