Bitpanda is an easy to use exchange that offers many deposit and withdrawal methods for UK and EU residents but is not available in USA, Canada or Australia and has strict verification to enforce this
Bitpanda Exchange Review
Overview and Reputation
Bitpanda is a reputable exchange. It has over 1 million users throughout the world and does over $700,000 per day in Bitcoin volume.
Bitpanda’s headquarters is located in Vienna, Austria. It holds a payment services provider license (PSD2) from the Austria Financial Market Authority, in accordance with EU regulations.
For new users, Bitpanda charges 0.15% trading fee per market order. If you add liquidity to the exchange by making a limit order, the rate is instead only 0.1%.
Traders who have used the exchange for 30 days or more may be able to get a discount based on their trading volume.
|30 day trading volume (in BTC)||Market orders (taker)||Limit orders (maker)|
|Less than 100||0.15%||0.1%|
|100 or more, but less than 250||0.13%||0.1%|
|250 or more, but less than 1,000||0.13%||0.09%|
|1,000 or more, but less than 5,000||0.1%||0.075%|
|5,000 or more, but less than 10,000||0.09%||0.06%|
|10,000 or more, but less than 20,000||0.075%||0.05%|
|20,000 or more||0.065%||0.05%|
Bitpanda Ecosystem Token (BEST)
The Bitpanda exchange has its own token that can be used to gain further discounts on trading fees. This token is called the Bitpanda Ecosystem Token (BEST).
Holders of this token gain an automatic 25% discount on trading fees when using BEST to pay the fee.
In contrast to other exchanges, Bitpanda does not require users to stake a certain amount of its token in order to get these discounts. The 25% discount applies to all holders who use the token to pay fees, regardless of the amount held.
The table below shows the fee for users who pay it with BEST.
|30 day trading volume (in BTC)||Market orders (taker)||Limit orders (maker)|
|Less than 100||0.1125%||0.075%|
|100 or more, but less than 250||0.0975%||0.075%|
|250 or more, but less than 1,000||0.0975%||0.0675%|
|1,000 or more, but less than 5,000||0.075%||0.05625%|
|5,000 or more, but less than 10,000||0.0675%||0.0450%|
|10,000 or more, but less than 20,000||0.05625%||0.0375%|
|20,000 or more||0.04875%||0.0375%|
Bitpanda carries over 30 cryptocurrencies, including 0x, Augur, Basic Attention Token, Bitcoin, Cardano, Cosmos, Ethereum, and more.
Bitpanda is available in the UK and most of the EU. It is also available in the UAE.
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Bitpanda offers a variety of fiat deposit methods based on the particular currency being deposited.
Users can also deposit cryptocurrency to Bitpanda if desired.
There are five national currencies accepted by Bitpanda:
- US dollar (USD),
- Euro (EUR),
- British pound sterling (GBP),
- Swiss franc (CHF), and
- Turkish lira (TRY).
Here are the deposit methods for each fiat currency.
US Dollar (USD) deposit methods
If you want to deposit US dollars, you have the option to use Skrill, VISA, or Mastercard.
Euro (EUR) deposit methods
Users who wish to deposit Euros can do so via Skrill, VISA, Mastercard, SEPA or Neteller. Residents of certain EU countries have additional options available to them.
Austrian residents can use Bitpanda to go, eps, or SOFORT. German residents can deposit using giropay or SOFORT if desired. And residents of Sweden and Finland can deposit using Zimpler in addition to other methods.
Users in the Netherlands have the additional options of ideal and SOFORT. SOFORT deposits can also be made by Residents of Poland, Italy, Spain, and Belgium.
British Pound Sterling (GBP) deposit methods
If you want to deposit GBP, you have the option to use SEPA, Skrill, VISA, Mastercard, or Neteller.
Swiss franc (CHF) deposit methods
The Swiss franc can be deposited to Bitpanda via VISA, Mastercard, SEPA, SOFORT, Skrill, or Neteller.
Turkish Lira (TRY) deposit methods
Users who want to deposit the Turkish Lira have the following options: VISA, Mastercard, or papara.
Fiat deposit methods table
To summarize the information provided above, here is a table showing the deposit methods available for each currency.
|Bitpanda to go||N||Y||N||N||N|
Fiat deposit fees?
Most cryptocurrency exchanges charge deposit fees for credit cards and other third-party payment options. However, Bitpanda does not disclose its deposit fees, and we were unable to determine these fees while using the exchange.
We’ve reached out to Bitpanda staff to find out what their deposit fees are, and we’ll update this article once we get the answer.
Any cryptocurrency offered by Bitpanda can be deposited to the exchange. Each crypto has its own minimum deposit amount and deposit fee.
The minimum deposit amount for Bitcoin is 0.001 BTC, and the deposit fee is 0.0001 BTC.
If you need to dip into your crypto savings or take profit from trades, Bitpanda offers several options to withdraw fiat currencies.
You can also withdraw your crypto from the exchange to a private wallet if desired.
Here are the withdrawal methods for each fiat currency accepted at Bitpanda.
USD withdrawal methods
If you want to withdraw US dollars, you can do so via Skrill.
EUR withdrawal methods
Withdrawing Euros can be done with a Bank transfer, Skrill, or Neteller. You also have the option of getting an Amazon.de gift card as a payout.
GBP & CHF withdrawal methods
British Pounds and Swiss francs can be withdrawn via Bank transfer, Skrill, or Neteller.
TRY withdrawal methods
If you want to withdraw Turkish Lira, papara can be used to receive the cash.
Withdrawal methods table
Here is a table summarizing the withdrawal methods for each fiat currency.
Before attempting to use any cryptocurrency exchange, it’s always a good idea to learn what limits there are on deposits and withdrawals, especially for unverified accounts. So here is an explanation of verification levels and limits at Bitpanda.
There is currently only one verification level at Bitpanda: full verification. In the past, there was another level called “light verification,” but this level is no longer available to new users.
To gain full verification, you’ll need to first fill out a web form with your name, address, and other personal details. Once you’ve filled out this form, Bitpanda will transfer you to a partner website such as Onfido, Youniqx, IDNow or eID.
The partner website will do a video verification to confirm your identity.
The amount that full verified users can deposit or withdraw varies based on the currency chosen and the exchange rate for the currency. But in general, verified users can deposit up to US$11,000 per day and withdraw up to $116,000 per day.
Monthly limits are approximately US$350,000 for deposits and $2 million for withdrawals. Lifetime limits are around $11 million for deposits and withdrawals.
If a user needs to exceed these limits, he can contact support to find out what further KYC paperwork needs to be completed.
There have been many notorious cryptocurrency exchange hacks in the past. So you may want to know what security practices Bitpanda employs to protect user funds. Here is an explanation of Bitpanda security.
2 Factor Authentication (2FA)
Bitpanda offers 2 Factor Authentication (2FA) for users that want to enable it. Enabling 2FA should prevent hackers from gaining access to your account unless they have access to both your email address and phone.
To enable 2FA, click the Panda icon in the upper-right, and select security from the drop-down menu. Push the blue set up button to begin setting it up.
Next, save the recovery code and store it somewhere safe. Finally, download Google Authenticator and scan the QR code to enable 2FA.
Bitpanda holds most of users’ cryptocurrency in “cold storage,” on devices not connected to the Internet. If a user wishes to withdraw crypto, Bitpanda sends its own cryptocurrency to the user, which it then debits from the user's account once the transaction goes through.
The vast majority of users’ funds are held in cold storage, where hackers cannot get a hold of it.
To prevent users from being the victim of phishing sites, Bitpanda uses SSL encryption. Users can verify they are interacting with Bitpanda by hovering over security information to the left of the url.
Bitpanda provides email confirmation for all important actions you take on the site, including for transfers of crypto to another wallet. This should help to alert you if an unauthorized user gets access to your account.
We have searched for evidence of a Bitpanda hack. We found no evidence that a successful hack has ever been performed against Bitpanda.
We’ve taken a look at the Bitpanda interface to see if it is simple and easy to use. Here is how to do some basic functions using the interface, including registering, making a deposit, and placing a trade.
Registering at Bitpanda
To register, the user first clicks the blue get started button in the upper-right corner of the homepage. Next, he chooses whether he wants a personal or business account.
On the next screen, the user enters his name, email address, a password, and his country of residence. He then agrees to the terms and conditions and clicks create account.
The next step is for the user to confirm his email address by clicking a button within the Bitpanda message sent to his inbox
Clicking this button sends the user to a series of pages that ask about his source of funds, employment status, income, net worth, and planned total investment.
Once these questions are answered, the user is taken to the main menu.
Although the user can access the menu after completing registration, he still can’t make deposits or trades until he verifies his identity.
To get verified, the user begins by clicking on the panda icon in the upper-right and pushing the verify now button.
The next two screens ask for basic information such as name, date of birth, address, preferred language, and ID type. The user then clicks on start verification to be transferred to a verification partner.
In most cases, a successful verification takes no more than a few minutes to be recognized by the platform - and the user is immediately able to deposit funds.
Making a deposit
To begin the process of making a fiat deposit, the user clicks the blue deposit button at the top of the screen (just to the right of the trade button). He then selects a payment provider, enters the amount of the deposit, and clicks make deposit.
The user then receives a text SMS pin, which he must enter into the field provided. If a bank transfer method was chosen, the PIN will not be sent and is not required.
If a third party payment provider was chosen, the user is redirected to the third party site to approve the transfer. If a bank transfer method was chosen, a field appears on the Bitpanda site that allows payment details to be entered.
After this final step, the user is redirected back to the Bitpanda exchange to use the funds that have been deposited.
To make a trade, the user first clicks on the blue trade button at the top of the screen. He then clicks buy.
On the next screen, the user selects a cryptocurrency and fiat wallet, enters the amount of the purchase, and clicks buy now to finalize the transaction.
The steps to selling cryptocurrency at Bitpanda are nearly identical to the steps for buying. The user clicks trade → sell, selects a currency and wallet, enters an amount, and clicks sell now to finalize the sale.
The proceeds from the sale go directly into the user’s Bitpanda fiat wallet, where they can immediately be withdrawn.
To withdraw fiat, the user first clicks the wallets link in the upper-left. This produces a list of wallets, including both fiat and cryptocurrency ones.
Next, the user clicks the particular fiat wallet that contains the currency he wants to withdraw.
He then selects a withdrawal method, enters an amount, and clicks Go to Summary. A summary page displays. If everything checks out, the user clicks confirm.
The last step of a withdrawal is for the user to check his email for a message from Bitpanda. Inside the email is a button that says confirm transaction. Pushing this button finalizes the withdrawal.
Depositing and withdrawing cryptocurrency
The process for depositing and withdrawing currency is similar to the process for depositing or withdrawing fiat. The only difference is that the user selects assets when making a deposit or selects a cryptocurrency wallet when making a withdrawal.
In the case of a deposit, the platform displays a cryptocurrency deposit address and QR code at the end of the process. In the case of a withdrawal, it displays a field where the user can enter his address.
Converting one crypto to another
To convert one crypto to another, the user selects trade → swap from the main menu. From there, he can select a cryptocurrency and wallet to make the swap.
Bitpanda does not offer telephone or chat support. But it does seem to respond to tickets quickly. And by most reports, the staff at Bitpanda are very helpful at solving technical problems.
Most tickets are responded to within 24 hours. If a user doesn’t receive a reply within 24 hours, he can ask on the Bitpanda Telegram Channel for it to be reviewed.
However, Bitpanda has warned that there are scammers on this channel who pretend to be staff in order to get user’s login info. So users need to only trust representatives that have “admin” listed to the right of their names.
In addition, the Telegram admins can’t help unless the user knows his ticket number.
Bitpanda does not provide customer support via chat or telephone.
Bitpanda has a 4.5 out of rating on Trustpilot for customer service. Over 80% of reviews rate the service as “excellent.”
Positive reviews praise the speed of customer service responses.
Here is an example of a positive review:
“Best exchange ever! Just in case, that there are problems - the bitpanda support team reacts super-quick and solves any problem :)”
Negative reviews generally complain of problems with identity verification, slow withdrawals, or issues with getting help on Telegram. Here is an example of a negative review:
“Worst service ever, my account was hacked and their prices are too expensive (i recommand Kraken or Binance for sure) ! When i asked to Bitpanda to help me on messenger they just watched my message but without answer... I will never come back…”
Bitpanda did respond to the above review with the following:
“...Please understand that we can never discuss support-related issues via social media or any other public forums...We would kindly ask you to tell us your ticket-ID so that we can follow up on your case and provide you with an answer...if you lose access to your email related to your account, please submit a ticket with another email and mention any helpful information (e.g. email address or phone number of the compromised account) to process your case...Thank you for reaching out to us and sharing your feedback.” - Milan, Team Bitpanda
Bitpanda Savings allows users to automatically buy a certain amount of crypto on a regular basis. For example, users can set up Bitpanda to buy £100 per week of Bitcoin. The amount is automatically debited from the user’s bank account via SEPA or from his debit or credit card.
This allows users to “dollar cost average” into a coin, helping to avoid emotional trading.
For users that want to hedge their crypto investments with precious metals, Bitpanda offers a gold, silver, platinum, and palladium vaulting service called Bitpanda Metals.
The metals are held in a secure vault within Switzerland and are free of value added tax (VAT).
Users can convert their precious metals to cryptocurrency or fiat at any time and withdraw the proceeds into a crypto wallet or bank account.
Bitpanda Pay allows users to send money to any bank account that has an IBAN, including accounts in the EU and beyond. The receiving account does not need to be in the user’s name.
This means that Bitpanda Pay can be used to pay household bills or the paychecks of employees in a small business.
Bitpanda to go
Bitpanda to go is a service that allows users to pay cash at over 1,000 locations in Austria and receive vouchers for cryptocurrency in return.
These vouchers can be redeemed online immediately, converted into crypto, and withdrawn into a wallet, making remittances for the unbanked simple and easy.
Bitpanda Pro is a full-service crypto exchange for the serious trader. It has advanced features such as candlestick charts, indicators, and a trading API for bot developers.
Bitpanda has an easy to use, intuitive app, and the team seems to be constantly updating the app to fix bugs and introduce new features.
Bitpanda mobile main menu
When the Bitpanda mobile app first loads, it opens to a main menu with five tabs: portfolio, wallets, trade, prices, and account.
Portfolio shows a list of coins held by the user and calculates gains or losses for the entire portfolio. Wallets is used to make deposits or withdrawals. Trade is for making crypto trades. Prices shows a list of coins, their prices, and gains or losses for the day.
Account allows the user to change his password, enable 2FA, and make other account changes.
Depositing with the mobile app
To deposit, the user first taps wallet, then selects the particular fiat wallet he wants to deposit to. Next, he enters the amount of the deposit, and selects continue. Finally, he clicks deposit now to be sent an SMS code for confirmation.
After entering the code, he is redirected to the payment provider website via his phone’s browser to finalize the deposit. If the user chose to make a deposit using a bank account, then he is instead sent to a page where he can enter bank details.
Making a trade
To buy cryptocurrency using fiat, the user begins by tapping trade → buy. This opens a list of coins. The user can then select a coin, wallet, and enter an amount to finish the trade.
Swapping one crypto for another works similarly, except that the user chooses a crypto wallet instead of a fiat one.
To sell crypto for cash, the user taps trade → sell, chooses a wallet, and enters the amount.
Withdrawing cash or crypto
Both cash and crypto can be withdrawn using the mobile app.
To withdraw crypto, the user selects a cryptocurrency from the wallets menu, selects withdraw, enters the address and amount, and taps continue. This produces a summary of the transaction. The user clicks send now to get a confirmation email from Bitpanda.
From within this email, the user can click confirm transaction to complete the withdrawal.
Withdrawing fiat works similarly. The user taps wallets and selects the currency he wants to withdraw. He then selects a payment provider, enters the amount, and clicks continue → withdraw now.
He then clicks confirm transaction from within the confirmation email to finalize the withdrawal.
Bitpanda mobile reviews
The Bitpanda mobile app has a 4.3 rating on the Google Play Store and a 4.6 rating on the Apple App Store.
Positive reviews generally describe the app as having a “clear” and “simple” UI. Some users have also stated that they find the custom alerts function on the app to be useful.
Negative reviews tend to mention specific bugs, and these bugs tend to be different for each user. One user has complained that ideal payments do not work on the mobile app, another that the app keeps asking him to change his PIN, and yet another that he is having trouble logging in.
Bitpanda has responded to most of the negative reviews by apologizing and stating that they are either working on a solution or that a recent patch has fixed the problem and to please try again.
Bitpanda is an easy to use cryptocurrency broker that offers many deposit and withdrawal methods for UK and EU residents. It’s an excellent exchange for beginners and small investors who reside in these areas.
For serious day traders and scalpers, Bitpanda offers Bitpanda Pro as an alternative to the regular service.
Users should be aware that Bitpanda does not disclose its deposit and withdrawal fees publicly. So if you want to use Bitpanda, you’ll need to get verified before you can see these fees.
This shouldn’t be a problem for most users, since the verification process is fairly quick and hassle free. But we mention it here just to make sure you aren’t surprised.
Users who reside in the US, Canada, Australia, or New Zealand will want to stay away from Bitpanda, since these users cannot obtain identity verification on the platform.
Is Bitpanda a wallet?
Yes and no. Bitpanda is a cryptocurrency exchange. And since exchanges allow you to send and receive cryptocurrency, they are sometimes referred to as containing “wallets.” But these cloud wallets do not give you full control over your cryptocurrency the way a desktop or mobile wallet does. If you want to own the private keys to your crypto, you need to transfer it from Bitpanda into your own desktop or mobile wallet.
Where is Bitpanda located?
Bitpanda headquarters is located at Jakov-Lind-Straße 2, 1020 in Vienna, Austria.
What is Bitpanda Pro?
Bitpanda Pro is a professional cryptocurrency trading platform from the makers of Bitpanda. It features candlestick charts, indicators, and an API that allows for custom trading software to interface with it. Bitpanda Pro is a separate service from Bitpanda, and is intended for serious traders instead of casual crypto users.
How do I verify my Bitpanda account?
Click the panda icon in the upper-right, then select verify now. Enter your name, birthdate, address, preferred language, and ID type. Click start verification. You’ll be sent to a partner website where you can record a video of yourself to verify your identity.
Is Bitpanda safe?
Yes. Bitpanda is safe. It holds a payment services provider license (PSD2) from the Austria Financial Market Authority. So it complies with EU regulations and is a trustworthy institution. It also has over 1 million users throughout the world.
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