Is Bitpanda Safe? This information is detailed in our Bitpanda Review
BitPanda Review 2021: What You Should Know
Bitpanda is a digital currency investment service launched in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer. They are now part of the Bitpanda GmbH directorate. Users are offered more than 30 assets: Bitcoin, Ethereum, digitized gold, etc. More than a million people visit the official website of the exchange every day.
So, what is hidden behind the beautiful "shell" of the company? Is Bitpanda a scam or a profitable resource? We will try to find out.
Why Bitpanda: Perks
Bitpanda has a wide range of tools for buying and trading bitcoins and other assets, which is known as Bitpanda Global Exchange. A digital asset exchange for professional traders, market experts, and organizations from 54 countries of the world (not available for residents of the United States and China). The platform suggests access to market data in the real market via API, setting up trading bots, direct transfers through the global network, and many more.
- Bitpanda Ecosystem Token (BEST). Investing in digital asset trading with the ability to receive rewards based on achievements (a kind of loyalty program).
- Bitpanda Pay. Exchange euro into digital currency via IBAN (International Bank Account Number). Register, add a currency wallet, fill out a standard form, confirm the operation, and the funds are received fast. Confirmation using one-time passwords sent to you via SMS.
- Bitpanda Savings. Another investment project that includes the so-called "savings plan", according to which you can still buy Bitcoins being able to pick one or another strategy for the day, week, or month.
- Bitpanda Metals. Purchase of shares of gold, silver, platinum, and palladium (precious metals are in the Swiss vault).
- Bitpanda Swap. Instant transfer from one cryptocurrency to another without restrictions on the size of the transaction. Made between wallets registered in the system.
- Bitpanda To Go. Paper wallets for digital currency exchange at Austrian post offices.
Bitpanda Plus. Direct over-the-counter buy/sell services for an amount equivalent to EUR 1,000,000 or more. Program for exclusive clients.
The service is highly secure. It is registered in the EU and complies with the PSD2 directive. All client assets are placed in "cold" storage facilities (offline), which minimizes the risk of their loss/theft. The site bitpanda.com introduced two-factor authentication (one-time passwords in addition to the standard login and password, reCAPTCHA).
The same applies to support: to ask a specialist, you will either need to know English or use an online translator. In most cases, this is not critical, but translation is not always of high quality. It is especially important for policies, as ignorance of the rules can lead to financial losses. Support is provided via email (feedback form), Telegram chatbot, and social networks like Facebook, LinkedIn, Twitter, and Reddit. In addition, you can evaluate the quality of the service by rating it from 1 to 5 stars in the online module of the bitpanda.com website.
How to Buy Cryptocurrency on the Bitpanda.com Platform
To buy cryptocurrency on the Bitpanda platform, you first need to register at bitpanda.com or in the mobile app. Click on the "Get started now" button on any of the pages and get to the form in which you need to specify your First name, Last name, email address in English and country of residence, as well as come up with a password and accept the terms of the policies. A letter will be sent to your email to confirm your registration.
Now you only need to enter your account under the specified username (email address) and password, and you can replenish your account.
Bitpanda Account Login
Sign in to your account. Once you do that, remember that the minimum deposit is €25 (0.0010 BTC and equivalents). You deposit funds to a fiat wallet by choosing a cryptocurrency. The key is copied in line or using a QR code scanner. Trading is carried out using the buttons "Buy" and "Sell" of the top menu of the account. In addition to currency, you can use Amazon vouchers (coupons).
Verification on the Bitpanda platform is the next step. After registering a profile with a confirmation email, you must also go through the verification process. A notification will appear in your personal account.
To pass the procedure successfully, you must indicate the date of birth, the actual address of residence with a zip code, and phone number. Each country has its own order. For example, for Russia, there is no confirmation at all, while for Spain, users should send scans of a passport or ID-card. Given the amount of information you are willing to provide, you will be allowed to use a certain set of platform capabilities.
In the first case, these are screenshots of documents and biometric data; in the second, video chat (you will need to install the IDnow application). In doing so, you agree to all required policies and conditions.
Cryptocurrency Purchase Conditions
Any adult user can buy/sell digital assets on the Bitpanda platform. However, it is forbidden for residents of the United States and China. Only one account is registered per person. In most cases, you have to wait for the verification results in order to use the exchange. The only exception is Bitpanda To Go, but the program only works in Austria. Cold storage of cryptocurrency is used, which means that the wallet is not connected to the web server and is protected from fraudsters. Market execution model.
Deposit and Withdrawal Limits
Bitpanda does not set trading limits, so you can set any amount you want. To replenish the wallet, the restrictions are set with respect to the payment method, currency, and verification method. The maximum amount you can deposit is up to €10,000 per day, €300,000 per month, and no more than €100,000,000 for the entire period that you use the platform. The equivalents of the monetary unit in another currency are US dollars, British pounds sterling, and Swiss francs. The following payment methods are used: SEPA, GIROPAY / EPS, iDEAL, SOFORT, NETELLER, Skrill, Zimpler, Visa, and MasterCard.
The service's trading commission is set with respect to the type of currency and the nature of the transaction. So, when buying bitcoins, you give away 1.49%, while when selling it’s 1.29%. For gold and silver with a bar weight of less than 20 grams, the exchange premium is 0.5%; for over 20 grams it’s 0.0125%. The interest for replenishment and withdrawal is fixed for each asset and is debited from the balance (including currency): 0.20000000 ZRX, 0.05000000 BTC, 0.01000000 BCH, etc. (cryptocurrency trading strategies).
Each user of the service can earn up to 20% cashback from new Bitpanda clients. For this, it is necessary that they come by your recommendation. Members of the company's affiliate program receive unique (referral) links that are posted on the website, blog, or page on a social network. Tracking the service customers who joined with your help is carried out through the account. The minimum percentage that will be returned to you depends on your status in the loyalty program and ranges from 14-18%.
Cryptocurrency trading has the highest risks due to the irreversibility of transactions. That is why it is so important to carefully study the documentation on the website of the exchanger and check the list of licenses and regulators. Let's see how the activities of Bitpanda GmbH, the owner of the Bitpanda trademark, are regulated.
The service is designed in accordance with the European Payment Services Directive PSD2 and is governed by the corresponding policy. Bitpanda GmbH is regulated by Austrian law with a trade register number FN 423018 k. All legal issues are spelled out in the user agreement known as "Terms and Conditions."
Is Bitpanda a Scam? Verdict
Bipanda offers really favorable terms of cooperation: small fees, support for all 4 major fiat currencies and almost 30 cryptocurrencies, a wide range of services and programs, an incentive system, etc. At the same time, the service is regulated by the EU and operates in accordance with the PSD2 directive, which makes the user feel more secure. Cold storage of assets reduces the likelihood of losing funds.
Bitpanda combines the capabilities of an exchange and a digital asset exchanger with the ability to instantly transfer one cryptocurrency to another (for example, from BTC to ETH) within one account. It opens up ample opportunities for both professional traders and beginners. Of course, the system cannot be called perfect, especially if you read the comments on the network (albeit a few of them) and carefully study the user agreement. The provider disclaims any responsibility and puts it on you. Yet, in general, this is a good resource for making money.