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Exchange Review

Bitpanda

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Exchange Fees

Bitcoin Logo 0.00047 Withdrawal Fee • 1.49% (buyer) Taker Fee • 1.29% (seller) Maker Fee

Deposit Methods

Yes Wire transfer Yes Credit Card No Cryptocurrency

Bitpanda Review

A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of Bitpanda consists of four parts: general information, fees, deposit methods and security.

General Information

Bitpanda’s domicile country is Austria.

This exchange prides itself with having strong API-applications, high-end servers and a real-time, fully automated order system, which makes them able to provide you with 24/7 service and a secure environment to make your first steps into the crypto world in the best way possible. Two other main advantages they emphasize on its website are that the platform is “easy and convenient” and that you have many different payment methods to use when depositing money to the exchange.

Bitpanda Advantages

Unfortunately for US-investors, Bitpanda prohibits US-investors from trading on its exchange. So if you are a US-investor and want to trade at Bitpanda, you’ll have to look elsewhere for one of the other top crypto exchanges.

Bitpanda Trading View

Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. As we have not deposited any assets to our Bitpanda-account, we have not been able to access the trading view. This is however the home screen (so you get a sense of the general layout of the platform):

Bitpanda Home Screen

Bitpanda Fees

Bitpanda Trading fees

Always check the trading fees of an exchange you are interested in trading at.

This exchange is different from most top crypto exchanges in the way that it does not offer trading between cryptocurrencies. The only service offered is buying and selling BTC. Buyers pay 1.49% and sellers pay 1.29%. Compared to ordinary centralized exchanges, these fees would be high, but seeing as BitPanda is a bit of another creature (more focused on its fiat-to-crypto channels), such comparisons might be perceived as unfair.

Bitpanda Withdrawal fees

Another fee to consider before choosing which exchange to trade at is the withdrawal fee. The withdrawal fee is usually fixed (regardless of the amount of cryptocurrency units withdrawn), and varies from cryptocurrency to cryptocurrency. The global industry average withdrawal fee is arguably around 0.0008 BTC when you withdraw BTC, but we see more and more changes that have started charging 0.0005 BTC per withdrawal. 0.0005 BTC is thus establishing itself as the new industry average.

Here, at BitPanda, you only have to pay the network fees, meaning the fees that miners receive to confirm transactions. Only charging network fees is competitive.

Deposit Methods

Bitpanda accepts deposits through both wire transfer and credit cards. Many crypto investors of course view this as very positive. You can use SOFORT Überweisung, VISA, MasterCard, Skrill, Neteller, Online-Überweisung, SEPA-payments etc. You can, however, not deposit cryptocurrencies, so the service is more focused on people taking their first steps into the cryptocurrency world.

Bitpanda Security

One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:

  • Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
  • Exchanges also handle a lot of cash or coin deposits and withdrawals.

Bitpanda’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges.

***

Finally, as mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include:

  1. Changelly
  2. CEX.io
  3. Crex24
  4. Bitstamp
  5. QBTC
  6. Binance
  7. BTC Direct
  8. Coinsuper
  9. MBAEX