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.
Bitpanda’s domicile country is Austria.
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.
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.
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. When buying BTC from the exchange, the purchase price offered by the exchange is usually slightly higher than the market price. Conversely, when selling BTC to the exchange, the purchase price offered is usually slightly lower than the market price. The mark-up or mark-down is not specified anywhere. This is potentially a risk for you as an investor. Accordingly, we strongly urge you to make you own analysis of the fees and price differences at this exchange before executing any transactions there and before concluding that it is the best cryptocurrency exchange site for you.
Bitpanda Withdrawal fees
Due to the nature of Bitpanda’s operations, there is no relevant information with respect to withdrawal fees.
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.
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: