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Bitpanda Exchange Review Bitpanda is one of the most trustworthy cryptocurrency exchanges in the EU as it allows users to buy, sell and trade cryptos using fiat currencies. Originally founded in 2014 in Vienna, Austria under the name of Coinimal GmbH, it was later rebranded to Bitpanda becoming the chief broker in the EU to buy/sell top cryptocurrencies like BTC, LTC, ETH. Even though Bitpanda is not complaint with any regulatory standard or organization, it is a reputable exchange, as it has gained the trust of almost one million users worldwide. This Bitpanda review will analyse several aspects to provide you with an all rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide accurate and relevant information, we strongly recommend for you to visit bitpanda.com for any updates which might occur after the time of writing. Is Bitpanda Exchange Safe? To provide better security for users’ digital assets, Bitpanda stores them on offline cold storage which is not connected to the internet. It also offers two-factor authentication to protect users’ accounts from unauthorized access. It provides DDOS protection and SSL encryption. If a user would like to update email address, phone number or 2FA, then the Bitpanda team might contact the user personally by phone to validate the changes. Bitpanda Exchange This document is copyright protected. (View Only) Since Bitpanda is a brokerage service, it directly supplies the coins to users so they needn’t interact with other traders to exchange cryptocurrencies. For residents of Austria, it offers a special feature called "Bitpanda go to service" where users can buy coupon codes from post offices. Later, the coupon codes can be redeemed on the exchange to buy any of the listed cryptocurrencies. Bitpanda Wallet Bitpanda exchange offers an integrated wallet for its members to securely store their digital assets. Even though the exchange has not been involved in any kind of hacks to date, it is highly recommended to use hardware wallets like Trezor or Ledger to store a large number of cryptocurrencies. The integrated web wallet is good to store a small number of cryptocurrencies. Bitpanda Exchange Account Any individual can create an account on Bitpanda by providing their personal information like name, email, etc. If the account is not verified, then the user can only deposit or send cryptos to other wallets. In order to buy, sell or trade cryptocurrencies, the account must be verified. How to Sign Up Follow the below steps to create an account: 1. Visit their site and click 'Sign up' found on the right. 2. Enter your First name, Surname, Email and a strong password. 3. Then, select your country of residence from the drop-down box. 4. Agree to the Terms &Conditions and Privacy policy after reading them. 5. Click 'Create account' button. You should then receive a confirmation email from Bitpanda. Click the link on that email to activate your account. This document is copyright protected. (View Only) Congratulations! You have successfully created your account on the Bitpanda exchange. How to Log in To Log in, follow the below steps: 1. Visit their site and click the 'Log in' button. 2. Enter your email address, password and log in. Now, you will be redirected to your account Dashboard. Enabling 2FA Protection To protect your account from unauthorized access, you need to enable two-factor authentication. You can set up 2FA protection for your account via Google Authenticator, Authy, or other apps. Follow the below procedure to enable 2FA protection for your account. 1. Click 'Enable Two Factor Authentication (2FA)' on the right. 2. Select the 'Set up' button, enter your password and click 'Continue' button. 3. Take note of the recovery code displayed on the screen. This code is needed to connect new devices to your Bitpanda account. 4. Click 'Continue'. 5. Scan the QR code displayed on the screen from your desired authenticator phone app. 6. Get the 6-digit code from the app and enter the same on the provided box. Great, your account is now protected with 2FA and it will not be possible to log in or process any transaction without said authentication code. This document is copyright protected. (View Only) Verification Requirements Users must verify their identity by uploading relevant documents to buy/sell/trade cryptocurrencies. The documents required to verify the identity vary, depending on the user's jurisdiction. While most countries accept a passport or any government issued ID, check out https://support.bitpanda.com/hc/en-us/articles/- to know the documents needed to verify your account. Once documents are ready, users can choose any of the two providers (IdentityTM, IDNow) to complete their video-based identification. Before starting, users should make sure they have the following: - Good internet connection with good speed - A functioning Webcam or smartphone camera - A Photo ID Once completed successfully, users must make a verification deposit of an amount between 25 and 2500 EUR using SEPA, SOFORT, GIROPAY or EPS. Then the limits will be increased based on the payment method. How to Deposit Funds In the Bitpanda exchange, users can deposit 4 different fiat currencies and 20+ cryptocurrencies. Follow the below steps to deposit funds. Depositing Fiat Currency Bitpanda allows users to deposit any of the fiat currencies namely EUR, GBP, USD, and CHF. In this example, let's see how to deposit EUR on Bitpanda. (It is assumed that the user had already verified the account.) This document is copyright protected. (View Only) 1. Login to your Bitpanda account and click the Deposit button 2. Select Fiat Wallets tab. 3. Select the Fiat wallet (eg. EUR) to which you wish to make a deposit. 4. Select the payment provider. 5. Then, select the deposit amount and click Go to Summary. 6. Click Make deposit. Then, you will be redirected to the website of your payment provider. Follow the on-screen instructions to complete the transfer. Depending on your payment provider, you will be required to provide the authentication code received via SMS or a phone call, to authorize the transaction. Once your transaction has been processed by the payment provider, the funds will be credited on your Bitpanda wallet. Depositing Coins Depositing cryptocurrency on Bitpanda is simple, as there is no need for users to verify their account. In this example, let's see how to deposit BTC on Bitpanda. 1. Login to your account and click the Deposit button. 2. Select Crypto Wallets tab. 3. Then, select the wallet of the cryptocurrency (eg. BTC), you need to deposit. 4. The deposit address and the corresponding QR code of the cryptocurrency will be displayed on the screen. You can either copy the address or scan the QR code to share the address to the sender. Before starting to make the deposit, just make sure that the deposit amount is greater than or equal to the minimum deposit amount. Also, you should ensure you are using only the right wallet to deposit coins. For example, you cannot deposit ETH on a BTC wallet. How to Buy Digital Currency This document is copyright protected. (View Only) Bitpanda allows users to buy cryptocurrencies by using a fiat payment method like a credit card, bank transfer or exchanging other cryptocurrencies. In order to buy cryptos, users must first verify their account. How to Buy Bitcoin (BTC) Follow the below steps to buy BTC from Bitpanda. It is assumed that the user had already deposited the fiat currency on Bitpanda. 1. Login to your account and click Trade. 2. Click Buy and select the cryptocurrency (BTC) 3. Next, select the fiat wallet and the amount of crypto you would like to buy. 4. After going through the summary displayed on the screen, click Buy now to place your order. Once your transaction has been processed, the Bitcoins will be credited to your BTC wallet. How to Buy Ethereum (ETH) Instead of using fiat currency, the user can also swap one cryptocurrency to another. Follow the below steps to buy ETH using BTC. It is assumed you would have already deposited BTC in your account. 1. Login to your account and select Wallets. 2. Choose the cryptocurrency wallet (BTC) from which you wish to swap and click Swap button. 3. Next, select the crypto (eg. ETH) to which you want to swap and enter the amount. 4. Click Swap now. Once the transaction gets completed, ETH will be credited to the corresponding wallet. How to Buy Ethereum Classic (ETC) Repeat all the steps mentioned in the section How to Buy Bitcoin but select ETC rather than BTC in Step 2. How to Buy Litecoin (LTC) This document is copyright protected. (View Only) Repeat all the steps mentioned in the section How to Buy Bitcoin but select LTC rather than BTC in Step 2. How to Buy Bitcoin Cash (BCH) Repeat all the steps mentioned in the section How to Buy Ethereum but select BCH rather than ETC in Step 3. How to Cash Out on Bitpanda First, users must sell the cryptocurrency and withdraw the equivalent fiat currency to their payment provider. 1. Login to your account and click Trade. 2. Click Sell and select the cryptocurrency you would like to sell. 3. Select the fiat wallet and enter the amount. 4. Click Sell now and follow the on-screen instructions to complete the transaction. 5. Next, click Wallets under your dashboard. 6. Select the fiat wallet and click Withdraw. 7. Select the payout account and follow the on-screen instructions to place the withdrawal request. Then, check your inbox and click the Confirm transaction button to authorize the transaction. Congratulations! Your funds have been successfully withdrawn to your payment account. Supported Cryptocurrencies Even though Bitpanda doesn't list 100+ altcoins or ERC20 tokens on its platform, it allows the users to buy/sell/trade the top cryptocurrencies which are given below: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Tether (USDT), Dash (DASH), Ripple (XRP), Bitcoin Cash (BCH), IOTA (MIOTA), EOS (EOS), Stellar (XLM), 0x (ZRX), Tron (TRX), Zcash (ZEC). For the full list of cryptocurrencies supported https://support.bitpanda.com/hc/en-us/articles/- This document is copyright protected. (View Only) by Bitpanda, check out Supported Countries Since Bitpanda is based out of Austria, it accepts users from all the 28 countries of the EU. Supported Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Italy, Ireland, Hungary, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom of Great Britain and Northern Ireland. Excluded At the time of writing, Bitpanda is not available to the residents or citizens of the US. Exchange Fees & Limits Every cryptocurrency exchange will have its own fee structure and limits, and Bitpanda is no exception to that. Trading Fees As the trading fee is also included in the real-time price of the cryptocurrencies, it will be invisible to users. Based on the information given on Bitpanda’s official website, the fees to buy and sell cryptocurrencies is 1.49% and 1.29% respectively. Deposit/Withdrawal Fees The Bitpanda website has not stated any fee to deposit/withdraw funds using fiat payment methods. However, your bank or card provider might deduct a transaction fee or an exchange rate fee, if the deposit is made using a currency other than EUR, GBP, USD, and CHF. For cryptocurrencies, the deposit will be free, if the amount is greater than the minimum deposit amount. However, the withdrawals always come with a fee, depending on the type of the cryptocurrency and amount of withdrawal. This document is copyright protected. (View Only) Limits The deposit/withdrawal limits depend on two factors: Account (Verified/Unverified) and Currency type. For fiat-based deposits/withdrawals, it offers three types of limits (Daily/Monthly/Total) which depend on the fiat currency. For more information about the exact fee and limits, check out https://www.bitpanda.com/en/limits Supported Payment Methods Bitpanda supports a wide range of payment methods, as listed hereunder: ● Bank Transfer (SEPA) ● Credit card (VISA/Mastercard) ● Zimpler ● Skrill ● Neteller ● Giropay ● Sofort ● EPS ● Bitpanda To Go Security Even though Bitpanda doesn't provide advanced security features, it offers basic features like 2FA. Users can protect their account by configuring 2FA via Google Authenticator, Authy or any of their desired authenticator app. Whenever a login attempt is made from a new device, it will be allowed only if the user authorizes the device by providing confirmation via email. Otherwise, the login will not be permitted. Customer Support This document is copyright protected. (View Only) Bitpanda exchange claims that it provides 24/7 support to its customers. If the user experiences any issue with the account or transaction, they can contact the support team by creating and submitting the ticket at https://support.bitpanda.com/hc/en-us/requests/new. For general inquiries, users may refer to the articles on the Knowledgebase section. App At the time of writing, the mobile app is available only for Android, which can be downloaded from https://play.google.com/store/apps/details?id=com.bitpanda.bitpanda&referrer=utm_source %3Dlandingpage%26utm_medium%3Dplaystorebtn Top Competitors Bitpanda vs. Coinbase While both exchanges allow users to buy cryptos using fiat currencies, Bitpanda supports more fiat payment options than Coinbase. Bitpanda deducts less fee for withdrawal when compared with Coinbase. Regarding the security, both Bitpanda and Coinbase offers 2FA and IP pinning. Both the exchanges allow users to buy, sell or trade cryptos, after verifying the account. Bitpanda vs. Bitfinex Bitfinex allows users to trade cryptocurrencies without verification whereas Bitpanda requires users to submit documents to buy, sell or trade cryptos. Both exchanges support fiat-based deposit/withdrawal options. Bitfinex provides advanced trading options and supports several more cryptocurrencies than Bitpanda. Both provide security features like 2FA, withdrawal protection and IP monitoring. Bitpanda vs. Binance Binance supports 100+ trading pairs and accepts members from almost any country. However, it doesn't accept fiat-based payments like Bitpanda. Binance doesn't set any limits or deduct any fee to deposit cryptos whereas deposits on Bitpanda is chargeable if it is less than the minimum deposit amount. This document is copyright protected. (View Only) Bitpanda Review Conclusion The good thing about Bitpanda is that it supports a wide range of payment methods using 4 different fiat currencies, to quickly buy/sell cryptocurrencies. It offers basic security features like 2FA and IP Pinning to protect the user's account from authorized access. Even though it doesn't support advanced trading methods like margin trading, still it is a good option not only for the novice traders but also for serious investors. Rating Score Pros ● Supports 4 Fiat currencies (EUR, GBP, USD, CCF) ● Multiple Fiat payment options ● Transparent Fee schedule Cons ● Supports only a limited number of cryptocurrencies ● No advanced trading options This document is copyright protected. (View Only)