Bitpanda – Is It Good?
Bitpanda (formerly known as Coinimal) is one of the largest European cryptocurrency exchanges available today. It’s popular, easy-to-use and has enough variety to satisfy lots of alt-coin lovers. And you don’t have to use it only for crypto. Bitpanda recently introduced the possibility to invest in gold and silver too! It’s very similar to Coinbase, down to their fees, although Bitpanda does offer a few interesting extra features.
But how good is Bitpanda? Is Bitpanda trustworthy? How’s the buying experience? And, most importantly, how does it stack up against other platforms?
What Does Bitpanda provide?
Based in Viena, Bitpanda is designed to be a simple platform, accessible to most users, regardless of experience. With almost a million users at the time of writing, Bitpanda is one of the leading cryptocurrency exchanges in Europe.
It achieved this status by offering multiple ways for users to invest their money. It offers a decent amount of alt-coins to add to your portfolio. Besides the populars, like Ethereum, Ripple, Bitcoin Cash and Litecoin, you can also purchase smaller alts like Tron, Neo, Komodo and Lisk. And while some crypto exchanges usually offer nothing but cryptocurrencies, Bitpanda offers several options for all of their users.
Bitpanda Savings helps you save money by programming what to buy and how often to buy it. You create a savings plan and it automatically buys Bitcoin, Ethereum or even precious metals at the time and frequency of your choosing. You can pause it or cancel it anytime and it allows you to be less dependent on fluctuations and focusing on reaching to a savings goal and investing it at the same time.
Bitpanda allows you to expand your portfolio in multiple ways. Bitpanda Metals lets you invest in gold and silver as well as crypto in the same platform! Their precious metal fees are also quite low, with low, duty-free, 100% insured storage. It’s not every day when you see a Bitcoin exchange that allows you to trade crypto for gold!
Bitpanda also offers a few interesting cryptocurrency trading options, with Bitpanda To Go to purchase crypto with cash by purchasing coupons redeemable for crypto. They also offer Bitpanda Swap for unlimited instant exchanges of a cryptocurrency for another. And for the big sharks out there, there’s Bitpanda Plus, which allows you to buy large amounts of crypto at lower fees.
You can also invest in Bitpanda by purchasing their token called BEST (a little on the nose we know) which stands for Bitpanda EcoSystem Token. This token will also give you certain discounts and other benefits.
All of these options may sound like a lot to take in, but that’s why Bitpanda is so popular: it’s all incredibly intuitive and easy to use. It has an intuitive and appealing interface with instant transactions in a fully automated system. Buying crypto or precious metals is also easy with credit card options as well as Amazon, NETELLER, GIROPAY, Skrill and many more.
Bitpanda is available to users worldwide. However, operations may be limited depending on your location. Since it’s a European exchange, their main focus is Europe. Only EU residents within the SEPA can buy cryptocurrencies.
If you’re outside the EU you can still use it to store and send crypto, and even receive payouts via Neteller. However we don’t particularly recommend storing your crypto in an exchange due to their liability. Using a wallet is usually the safest way to store your crypto.
Bitpanda Rates and Buying Limits
Bitpanda’s fees aren’t their most attractive feature, with somewhat higher than average fees. They are however incorporated into the real price so you what you see is what you get.
Bitpanda fee: 1.49% buying, 1.29% selling
Bitpanda recently increased the daily credit card purchase limit from €2500 to a whopping €10,000. 10k euros is definitely more than enough for the majority of users out there. However you’ll find that depositing with a card is one of the most expensive ways of topping your account. They charge +1.5% when using Visa and MasterCard. Your best bet to fund your account is definitely via bank transfer, which is free.
- Safe: With state-of-the-art security and cold storage from their side as well as 2FA and browser, and device management, you’ll always feel safe and in control.
- Customer support: Reviewers usually make a point of mentioning how good and fast their customer support is.
- Multiple investing options: They may not have the largest amount of alt-coins out there, however, they compensate it by letting you invest in gold and silver, which have been solid investments for centuries.
- Credit Card purchase option: Although expensive, Bitpanda is one of the very few exchanges that lets you purchase crypto with your credit card.
- Lack of support: If you want to use Bitpanda outside the EU, you’ll have to buy your Bitcoin elsewhere and transfer it to Bitpanda, increasing fees along the way.
- High fees: Supporting a large exchange, great interface and multiple buying and selling options comes at a cost, at least with Bitpanda since their fees are higher than the industry’s average.
- “Hidden” fees: Since they integrate their fees into the price of the coin you’re purchasing, you never get to see their real prices, only the final price after fees.
Go to Bitpanda
Is Bitpanda Good For Bitcoin?
Bitpanda is a trustworthy site, perfect for anyone looking to buy crypto –as long as they’re European and don’t mind paying slightly larger fees. Their strengths are definitely their friendly and fast interface and the multitude of investing options. If you aren’t a European, you may still want to transfer some of your crypto over to buy some gold, although the fees may not work very well for you.
Still their Metal and Savings options are pretty great for anyone in Europe and we hope they keep expanding so we can all enjoy their services, regardless of the country.