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BitPanda Review 2024: Is It a Scam or Legit?
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- URL: https://www.bitpanda.com/
- Headquarter: Vienna, Austria
- Year Founded: 2014
- Platform App: Mobile, Web
- No. of Cryptos: 260+
- Fiats Available: EUR, USD, GBP, CHF
- Withdraw Method: Bitpanda Payments, Bank transfer via SEPA, Neteller, and Skrill
- Payment Method: SEPA bank transfer, Apple Pay, Skrill, Neteller, MasterCard and Visa credit/debit card, GiroPay, Sofort, and Bitpanda Payments
Bitpanda Review: Our Opinion
Bitpanda is a cryptocurrency exchange in Europe that allows users to trade cryptocurrencies, ETFs, crypto indices, commodities, and stocks.
However, it isn’t available in the United States and lacks true transparency on its fees and general service.
The crypto trading platform also offers extremely poor customer support with most users complaining about the team’s lacklustre attitude to solving major account issues.
Some users have even complained about customer support closing cases/tickets without responding or providing answers.
Beyond the customer service issues, Bitpanda exchange users have also experienced the inability to buy or sell digital assets after depositing fiat currencies without explanations from the support or even compliance team.
An Overview of Bitpanda
The Bitpanda exchange was founded in 2014 in Vienna Austria, to make investing accessible to all types of users.
At the moment, Bitpanda’s CEO is Eric Demuth and its Chief Scientist is Christian Trimmer. These are also the co-founders alongside Paul Klanschek.
Bitpanda currently supports more than 4,000,000 active users. There are also 700+ Bitpanda team members from over 50 nationalities. This team number reflects its workforce after a recent downsize, where the company had to let go of over 200 of its workforce citing its need to be well-capitalized.
Concerning its services, Bitpanda allows users to buy, sell, or swap more than 3,000 digital assets in stocks, ETFs, Bitpanda crypto index, and cryptocurrencies.
Bitpanda also has a native token called the Bitpanda Ecosystem Token (BEST).
Unfortunately, Bitpanda does not allow users to buy and sell NFTs like a lot of other leading cryptocurrency exchanges like Binance and Coinbase.
The platform supports multiple fiat currencies including EUR, CHF, GBP, USD, PLN, DKK, SEK, HUF, or CZK to make deposits or withdrawals.
That said, based on our first-hand experience and numerous TrustPilot reviews, Bitpanda sometimes places extended holds on deposits without proper explanations from the support team.
Bitpanda GmbH is regulated as a digital assets service provider with the Austrian Financial Market Authority (FMA) under FM-GwG and with the French Autorité des marchés financiers (AMF) under PACTE law.
The Bitpanda Payments service also holds a PSD2 license.
Pros
- Large selection of cryptocurrencies
- Runs a loyalty reward program
- Good security
- Supports investment in ETFs, Crypto Indices, Stocks and Precious Metals
Cons
- High fees
- Poor customer support
- Lack of transparency
- Not available in the United States
- Extended holds on deposits
- High withdrawal fees
- Withholding withdrawals
Bitpanda Review: Unique Features
Bitpanda Ecosystem Token (BEST)
The Bitpanda Ecosystem Token is the native token of the Bitpanda ecosystem.
It runs on the Ethereum blockchain and it is designed to unlock exclusive perks, benefits, and rewards for Bitpanda users.
Unlike the native tokens of most cryptocurrency exchanges that are used to reward token holders, BEST is used to reward only active Bitpanda users.
The token is part of Bitpanda’s loyalty program used to incentivize customers to own and earn the token throughout the ecosystem. It enables users to participate in the platform’s loyalty and rewards program.
As part of Bitpanda’s loyalty program, trading on Bitpanda or holding BEST qualifies you for several benefits including instant trade bonuses, weekly rewards, free tokens giveaways, premium customer support, etc.
Users who hold BEST are called VIPs. The more BEST you hold, the higher your VIP level and rewards.
Bitpanda offers 5 VIP levels (Level 1 to Level 5). The levels are determined by the number of BEST you hold.
Higher VIP levels enjoy higher benefits like higher product yields, weekly rewards, early access to new Bitpanda features, better cash-back rates, and premium customer support.
BEST VIPs get rewarded every time they trade.
Depending on the level, VIPs can collect up to 0.25% of their trading volume back in BEST. The reward is instantly credited to the trader’s account.
Active traders and BEST holders can also claim more than 15% additional BEST every year.
BEST rewards are calculated based on the amount of BEST tokens held and the trading volume of each user on the platform.
While BEST is available on other crypto exchanges, the token is primarily traded on the Bitpanda exchange.
Instead of removing BEST from you by using the token to pay for Bitpanda fees, Bitpanda gives BEST holders an additional bonus for trading. This bonus is called the instant trade bonus and it amounts to up to 0.25% of the trading volume for every trade on Bitpanda.
Below is a breakdown of the BEST VIP levels
VIP Level 1
- Minimum BEST holding: 10
- Base-Rewards: +0.10%
- VIP level bonus: N/A
- Max. trading volume bonus: +0.075%
- Instant Trade Bonus: 0.05% for crypto and metals, 0.005% for Bitpanda Stocks
- Staking Rewards: Get 2.5% more staking rewards
- Bitpanda Spotlight:1x giveaway tokens
- Bitpanda Cash Plus:+2.5%
VIP Level 2
- Minimum BEST holding: 1,000
- Base-Rewards: +0.10%
- VIP level bonus: +0.025%
- Max. trading volume bonus: +0.075%
- Instant Trade Bonus: 0.10% for crypto and metals, 0.010% for Bitpanda Stocks
- Staking Rewards: Get 5% more staking rewards
- Bitpanda Spotlight: 2x giveaway tokens
- Bitpanda Cash Plus: +5.0%
VIP Level 3
- Minimum BEST holding: 5,000
- Base-Rewards: +0.10%
- VIP level bonus: +0.05%
- Max. trading volume bonus: +0.075%
- Instant Trade Bonus: 0.15% for crypto and metals, 0.015% for Bitpanda Stocks
- Staking Rewards: Get 7.5% more staking rewards
- Bitpanda Spotlight: 3x giveaway tokens
- Bitpanda Cash Plus: +7.5%
VIP Level 4
- Minimum BEST holding: 10,000
- Base-Rewards: +0.10%
- VIP level bonus: +0.075%
- Max. trading volume bonus: +0.075%
- Instant Trade Bonus: 0.20% for crypto and metals, 0.020% for Bitpanda Stocks
- Staking Rewards: Get 10% more staking rewards
- Bitpanda Spotlight: 4x giveaway tokens
- Bitpanda Cash Plus: +10.0%
VIP Level 5
- Minimum BEST holding: 50,000
- Base-Rewards: +0.10%
- VIP level bonus: +0.10%
- Max. trading volume bonus: +0.075%
- Instant Trade Bonus: 0.25% for crypto and metals, 0.025% for Bitpanda Stocks
- Staking Rewards: Get 12.5% more staking rewards
- Bitpanda Spotlight: 5x giveaway tokens
- Bitpanda Cash Plus: +12.5%
- Bitpanda has a burn mechanism that is designed to make the BEST token scarcer over time. This will consequently make the remaining BEST tokens more valuable. Bitpanda burns BEST in the amount of up to 25% of collected trading premiums for VIP-level BEST holders. The burning process is to be repeated monthly until a maximum of 75% of the total BEST supply has been burned.
- Out of the 1 billion BEST tokens that were initially minted, 217.624.630 BEST have been burned. The current Total Supply/ Circulating Supply is 782.375.370.
Bitpanda Mobile App
The Bitpanda mobile app allows you to buy and sell supported cryptocurrencies on the go.
It has an intuitive user interface and is available on both iOS and Android devices.
Bitpanda is one of the most expensive exchanges for instantly buying and selling Bitcoin in the whole crypto market.
The Bitpanda app offers some interesting key features, Bitpanda also gives users access to Bitcoin premiums at 1.49% (buy and sell). In addition to other fees.
The app offers several payment and payout options. Users can deposit and withdraw money using bank transfers, Sofort, Neteller, Skrill, GIROPAY, etc.
The Bitpanda app has a fully automated order system that is available 24/7. You can buy and sell, create price alerts and make use of Bitpanda swaps on the go.
The app also charges you to send and receive digital assets.
Cryptocurrencies Available on Bitpanda
The Bitpanda exchange supports over 260 cryptocurrencies and three crypto index funds.
Supported crypto assets include Bitcoin Ethereum, Tether, Binance Coin, XRP, Dogecoin USD Coin, Solana, Cardano, Tron Avalanche, Polygon, Polkadot, Shiba Inu, Litecoin, Bitcoin Cash, OKB, Ethereum Classic, Stellar Lumens, Uniswap, Cosmos, Filecoin, Internet Computer, Hedera, Algorand, Aave, Quant, Optimism, Kaspa, The Graph, ApeCoin, Axie Infinity Shard, Decentraland, Aptos, etc.
Bitpanda Fees
The Bitpanda platform charges various fees depending on the activity of the user on the platform. In addition, Bitpanda does not have a transparent fee structure as it doesn’t clearly state what you’ll be paying per transaction.
For example, Bitpanda charges an approximate 1.49% premium to buy and sell cryptocurrencies, however, on Bitpanda, all premiums to buy and sell digital assets are added to the offered prices. But these prices are constantly updated in real time.
This means you cannot tell what you’re paying in trading fees.
Price-tracking websites such as CoinGecko or CoinMarketCap aren’t able to give accurate prices for purchasing crypto on Bitpanda due to the constantly changing fees.
In addition, the price on the Bitpanda dashboard chart isn’t the actual buy and sell cost. To see the latest buy and sell price you’ll need to click the Buy or Sell button. And this price is only valid for 10 to 60 seconds depending on the asset.
For the Bitpanda swap, there is no stated fee. Rather, the platform charges dynamic fees per time. But it states that this fee is less than the premium charged on trade features.
On metal assets such as Gold, Silver, and Palladium Bitpanda charges a premium in addition to storage fees. The fees depend on the assets being traded.
Buying Gold, for instance, attracts a premium of 0.5% of the amount you buy while sales cost a premium of 1%. The storage fee costs 0.0125% weekly of the amount you hold.
Just like Gold, you’ll be charged a premium when buying and selling silver. This premium costs 2.5% for purchases and 2% for sales. The storage fee is 0.025% per week and is deducted from your metals wallet weekly.
The platform charges the same fees it does for Silver on Palladium.
Exchange Fees
Bitpanda’s third-party processors charge an undisclosed exchange fee for deposits of an unsupported fiat currency.
This fee isn’t part of Bitpanda’s asset prices. So you’ll still have to pay the premium.
Deposit Fees
Bitpanda charges various fees for fiat deposits depending on the payment method used and this fee still varies per time for some deposit options:
- Credit/debit card (Visa and MasterCard): 1.5% to 1.8%
- Bank Transfer: Free however financial institution fees may apply
- Other Deposit Methods: An undisclosed set fee in addition to 3.6% of the transaction amount
It’s important to note that Bitpanda deposit fees vary depending on the fiat currency you use for payment.
Cryptocurrency Deposit Fees
Unlike most crypto exchanges, Bitpanda does not waive fees on cryptocurrency deposits and charges the below fees:
- 0x: 31.96400000 ZRX
- 1inch: 16.49800000 1INCH
- Aave: 0.06380000 AAVE
- Algorand: 1.53846000 ALGO
- ApeCoin: 2.38100000 APE
- Bitcoin: 0.00010000 BTC
Bitpanda Payment Methods
Bitpanda supports the following payment methods: SEPA bank transfers, Apple Pay, Skrill, Neteller, MasterCard and Visa credit/debit card, GiroPay, Sofort, and Bitpanda Payments.
Bitpanda Review: Security
The Bitpanda platform is a regulated cryptocurrency exchange. The exchange is subject to several European laws and regulations and it conducts its operations based on various VASP registrations as well as E-Money, MiFID II, and PSD II licenses.
Bitpanda GmbH is a registered virtual asset service provider (VASP) with the German, Spanish, Italian, Czech, Austrian, Swedish, and French Financial Authorities.
Bitpanda holds about 10 European licenses and registrations.
Bitpanda processes users’ data according to the EU’s General Data Protection Regulation (GDPR) with several security measures in place to ensure the safety of users’ data in storage.
Bitpanda also conducts strict user verification processes that are fully compliant with AML5.
Users’ crypto assets are stored in highly secure cold storage facilities that are determined by an external auditor. Users’ funds are not used for any business activities.
Bitpanda’s Operations, Security, and Engineering teams operate 24/7 to ensure prompt response to changes within the crypto market. The platform’s infrastructure and systems are secured with modern encryption technologies and supported by a dedicated security team.
Bitpanda holds an ISO 27001 certification which shows the platform’s full compliance with the international standard for information security.
The platform undergoes regular internal audits as well as external reviews conducted by KPMG. These reviews are done to confirm that Bitpanda customers’ assets are covered at all times.
Users can protect their Bitpanda accounts by activating two-factor authentication or multi-factor authentication.
Users are required to confirm every password reset via email. If the request was initiated by an unauthorized party, the account will be frozen.
To control their account access, Users also have access to see which browsers and devices they are logged in from.
Users can further boost the security of their assets by using Bitpanda Custody. This is the insured user-friendly custodial wallet platform. Bitpanda Custody offers institutional-grade security, automation, and management of crypto assets across blockchains and DeFi.
Bitpanda runs an insider threat monitoring program and conducts routine assessments of its security processes and controls. This is done through exercises like penetration tests conducted by reputable external parties and proactive internal threat hunting.
Bitpanda Staking Rewards
Bitpanda offers staking rewards of up to 25% APY with no lock-ins and weekly payments.
It also features auto-staking that automatically stakes your earned rewards for compound growth.
It supports 28 coins for staking including Solana, Polkadot, Tezos, The Graph, Kava Binance Coin BNB, Fantom, and Ethereum.
Users can get extra rewards (up to 12.5% more) for staking the Bitpanda Ecosystem Token (BEST).
Bitpanda Supported Countries
The Bitpanda exchange is available in over 40 countries across Europe and beyond.
Some supported countries include Austria, Bulgaria, Belgium, Cyprus, Croatia, France, Finland, Denmark, Estonia, Germany, Greece, Isle of Man, Hungary, Latvia, Iceland, Ireland, Monaco, Malta, Norway, Slovakia, Poland, Serbia, Turkey, Spain, Sweden, Switzerland, the United Kingdom, United Arab Emirates, etc.
Due to regulatory reasons, Bitpanda is not available to persons with US citizenship or who are located in the United States.
Opening a Bitpanda Account
To open a Bitpanda account go to https://www.bitpanda.com and then click on the Sign Up button at the upper right corner.
Input your name and email then select a password.
Next, enter your country of residence and accept the terms of conditions plus the Privacy Policy if you agree with them.
Hit the “Create Account” button.
Go to your email and click on the confirmation email from Bitpanda in your inbox.
You’ve successfully created your Bitpanda account.
Trading Experience on Bitpanda
The trading experience on Bitpanda is quite complex and limited for crypto traders.
For example, on its Pro version, it offers fewer cryptocurrencies of which most can only be traded with Euros.
It also has high fees for basic buy and sell transactions as well as crypto deposit fees, which is unexpected for crypto exchanges.
Traders in the United States will also be unable to use the platform.
Bitpanda Customer Support
Bitpanda offers customer support via email at support@bitpanda.zendesk.com.
In order to reach out to the Bitpanda team, your initial step should involve utilizing the contact form since sending a direct email to the support team is not an available option.
Besides the contact form and in-app support, there is no other information on how to contact the support team.
In addition to the limited support channels, customer service is poor to almost non-existent.
Plus, based on our first-hand experience they are also slow and unresponsive in handling customer complaints and close cases without offering any appropriate solution.
Customer Satisfaction
While Bitpanda offers good security, it fails in user-friendliness, transparency, and customer support.
The account verification process is long. Several users have complained of the terrible service offered by the support team and difficulty buying and withdrawing crypto on/from the platform.
Does Bitpanda Offer Education?
Yes, Bitpanda offers education via its Bitpanda Academy which covers topics on personal finance and specific cryptocurrencies.
Is Bitpanda Right For You?
Bitpanda is a complex platform riddled with numerous complaints from users about its high fees, poor customer support, and deposit/withdrawal problems.
That said, the platform targets both beginners and advanced crypto investors.
Bitpanda Review: Our Final Thoughts
Bitpanda in general is a secure crypto exchange but it has a lot of unsatisfied customers who are not pleased with its un-transparent fee structure, high fees, verification process, and poor customer support.
FAQ
Most frequent questions and answers
Based on our first-hand experience and user reviews on platforms like TrustPilot, Bitpanda lacks customer-client transparency.
Coinbase is easier to use and has more trust and support from the crypto community in general.
No, just like most crypto brokers, you cannot use Bitpanda in the United States.
Yes, Bitpanda charges one of the highest fees in the industry including in crypto deposits.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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