Complete Guide To BitPanda

/Complete Guide To BitPanda

Complete Guide To BitPanda 2018-02-13T15:18:12+00:00

What is BitPanda?

Bitpanda is an Exchange site and a multi-currency wallet platform. Supports Bitcoin, Ethereum Dash, and Litecoin. BitPanda, formerly Coinimal, is an exchange platform for bitcoin and other cryptos. They also offer wallet services for the currencies. The company was founded in 2014 and is based in Vienna, Austria. The platform is designed to accommodate users who want to sell or purchase bitcoin and ethereum quickly while also offering wallet-based services. BitPanda supports all European countries. Customers from the USA cannot use BitPanda. 

Bitpanda is unique because it has several payment methods. This wallet has a fully automated order system, making it possible for users to complete transactions within seconds of initiating them.

Read on for our full BitPanda review to discover more.

What payment methods BitPanda accepts?

Bitpanda exchange accepts the following payment methods for buying:

  • Credit card
  • Debit card
  • PayPal
  • Neteller
  • Bitcoin
  • Bank transfers

For selling, BitPanda accepts:

  • PayPal
  • Bitcoin
  • Neteller
  • Bank transfers)
  • Skrill

Many methods. That’s what you get form Bitpanda; flexibility. You can choose from a range of methods including fiat. Having the ability to select which method helps you to get organized and focus on the trading.  people who trade in cryptocurrency say they prefer a site that offers them a variety of payments.

What cryptocurrencies does BitPanda offer their users?

Bitpanda supports the following cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Dash

Bitpanda supports buying and selling of four cryptocurrencies that include bitcoin, litecoin, Ethereum, and Dash. These are main crypto coins and the site has an extensive and greatly simplified approach to buying and selling. There are no smaller confusing coins.

What fees BitPanda Charge?

BitPanda has low fees usually around 2-5% depending on the payment method. The fees through aren’t displayed publically on the website. Transaction fees are included in your purchase price when you checkout to buy or sell bitcoins.

One thing Bitpanda must work on is the issue of fees being displayed for customers. Keeping this away from the public only exacerbates the complaints witnessed. What the side does is to include the fee charged in your final checkout when you complete a buy or sell. Another thing to note is the slightly high fee due to the risks associated with credit cards and Skrill. Usually, the fee is around 2% above normal market rates. So, if you decide to use Bitpanda, be prepared to fork out a slightly higher fee and an additional surcharge.

Does BitPanda require kind of verification?

  • Bitpanda has three different levels of verification (Bronze, Silver, and Gold).
  • Each verification level seeks to get the following information:
  • phone number,
  • ID, webcam interview

the verification process is rather fast

Does BitPanda limit their transactions?

The site places transaction limits depending on payment methods and verification procedure used.

  • Verified Email: this account does not allow you to buy cryptocurrency. However, it allows you to sell to a limit of €1000 daily and €7,500 monthly.
  • Verified Phone Number: You can purchase crypto as long as your phone number is verified. Bitpanda also allows you to use payment methods like a credit card.
  • Verified ID: a verified ID will give you to access to the purchase of up to €350 on a day and €10,000 cryptocurrencies monthly with a credit card.

Use other payment methods to purchase up to €5,000 of crypto per day, and up to €75,000 monthly.

Bitpanda has limitations when it comes to buying and selling on its site. After you verify your email, phone number or ID, you get daily or monthly limitations that take into account the payment method.  Limits will range from a low of €350 on day one to about €75,000 per month. Placing quota on the buying and selling limits does not auger well with ambitious investors.

How to use BitPanda?

  • Open an account- The first thing you need to do is to open an account with Bitpanda. You can verify your identity using any of the three methods permitted by the platform.
  • Get a wallet- After verifying your account, proceed to get a wallet on the site.
  • Fund your wallet- You will be directed to your dashboard afterward where you will have access to your wallet and other options.
  • Buy/Sell- Access the purchase button where you can buy bitcoin, Ethereum, and the other cryptocurrency. Payments methods will be displayed for you afterward.
  • Confirm transaction- Confirm what you want to trade and click ok/confirm. The purchase would be confirmed within seconds, and your wallet would be funded.

Is BitPanda safe?

Bitpanda is one of the most trusted and reliable exchange platforms in Europe. The company aims at being a top cryptocurrency and wallet site.  Customers love it for being automated and dealing with However, there have been numerous complaints about the site. For that matter, Bitpanda gets a low score on transactions quickly. For its great work, Bitpanda was awarded in 2016 for exceptional services. reputation.

  • Can I trust Bitpanda? Absolutely. It is one of the most trusted exchanges and wallet platforms in Europe. The company won a startup award in October 2016 and has been a trusted company in the crypto industry.
  • Even though it offers its web service for free, Bitpanda is one of the most secure exchange platforms in Europe. The community has never reported any case of cyber-attacks, making it a favorite for users.
  • Their customer support is perhaps the weak link in the company. They only reply issues sent to their mail. Users have no other means of contacting them even though they have some active social media accounts.
  • Their transaction speed is one of the unique features of Bitpanda. You do not have to wait for days before your transaction is confirmed, with their transaction taking just seconds to be completed.The handling speed is quite fast when you complete your verification as required. What this means is that, if your account has a verification issue, then expect delays. For most transactions, however, there is an almost instant processing of the transactions. For instance, payments made online get handled faster compared to those via Neteller or Skrill. Depending on bank and such details, SEPA transactions can take up to 2 working days to confirm. But overall, Bitpanda has very good transaction speeds.

Who should use BitPanda?

The Bitpanda exchange site is great for crypto beginners. By only offering only four of the main coins, the site does not confuse the beginner. It is also ideal due to accepting a range of payment methods. However, poor responses and the lack of public display of charges make it unsuitable for a complete beginner who may have no idea about cryptocurrency charges. Bitpanda provides a reliable and friendly user interface. Their FAQ section is updated frequently and seemed to give plausible responses to client concerns. They also have a support ticket that allows you to lodge issues concerning your account and the related transactions. This makes it easier for users to query whatever concerns they have. Also available is an email option, though it’s not that reliable due to the slowness of offering replies. Overall, Bitpanda is quite user-friendly and therefore a good choice.

To sum things up

Pros.

  • The transaction fee is low when you buy bitcoins using a credit/debit card. (Europe)
  • It has several payment methods.
  • Transactions are completed within seconds.
  • Excellent reputation in Europe.

Cons.

  • The transaction fees aren’t displayed.
  • As a web wallet, they are prone to hack, and users can lose their crypto reserve when that happens.
  • Limited contact channels.

The exchange and wallet platform is unique as it allows you to complete transactions seconds after initiating it. The UI is user-friendly and easy to navigate which is ideal for beginners. Furthermore, they have an excellent reputation that saw them bag an award for excellence in 2017. Being able to support a variety of payment methods is also a plus to them. But their customer support department needs to be revamped going forward. Overall, Bitpanda is a great trading platform.

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