The Bitpanda review analysis the Bitcoin wallet and exchange service Bitpanda. Bitpanda is one Europe's most popular service to buy and sell bitcoin and Ethereum. The storage is online, thus comes with its own set of advantages and disadvantages that you should be aware of. Bitpanda is compared to other similar services throughout this review.
Wallets like Jaxx and Exodus offer storage services only and thus have many more cryptocurrencies than BitPanda.
Platforms and Features
BitPanda operate as a web browser platform only, with other platforms currently being unavailable for traders to use. Compared to Jaxx, CoinCorner, and Exodus, who offer desktop and phone extensions, BitPanda stands at a disadvantage where platform variety is concerned.
The features coming with wallet are regular in the industry, as you can send, receive and maintain cryptocurrency balance at BitPanda. You also have complete transaction history as to keep the record of your activities. In this aspect, all other wallets are in line with BitPanda, as they offer similar wallet services.
Comparing apples to apples, wallet services hold only miner costs, same as in many other wallets. Sending and receiving them, carry a small miner cost, with each currency having its own fee structure. In this aspect, BitPanda is in line with other platforms in terms of expenses level.
Purchasing and selling bitcoins carry their own fees, while depositing money depends on the option used. To upload the currency to your balance at BitPanda does not cost a thing. Read more about how to buy cryptocurrency with a credit card at Bitpanda in our blog post.
Since the platform is oriented towards purchase and sale of cryptos, the platform has done little to implement effective security system when compared to some other exchanges. The two-factor authentication (2FA) is a plus when compared to Jaxx but it is also standard in the industry.
Since the wallet is based online only, offline balance inquiries are not possible and are vulnerable to hackers. CoinCorner, even though it is an exchange, offers downloadable desktop wallet, which can function as cold storage. The hacking incidents at other web platforms have taught many a lesson when security is in question. Thus, BitPanda could develop more features concerning security.
The support section of the marketplace is also lacking in features, as BitPanda does not offer request or ticket system or users to post their issues. Instead, you have FAQ section and direct email address with which customers can reach the support representatives.
Other platforms use the ticket system alongside the direct contacts as to speed up the service support provides. The emails can be ignored or lost if the traffic increases over the daily average.
The reputation of BitPanda is average, with most traders commenting that service works, coins are regularly transferred around without major issues. Only a few customers have serious problems but in general sense, the platform is a legitimate business working with cryptocurrencies.
BitPanda does not have the Jaxx’s issues, as the platform was not hacked as of yet. Smaller thefts have been recorded in past and usually due to the lack of attention from trader’s side.
BitPanda was founded in 2014 by an Austrian company called Coinimal GbmH, based in Austria. The founder was also involved in Ethereum, bringing with him an experienced financial team t propel the platform forward. The wallet services have been added in 2016, with bitcoin being the first supported currency. In the same year, the startup won Alpbach award from Bank of Austria as one of the most promising Austrian businesses of the year.
Pros and Cons
+ wallet services directly connected with the exchange marketplace
+ maintains fiat currency (EUR) as well apart from cryptos
- only four cryptocurrencies supported at the moment
- no ticket or request support system
- only 2FA offered as a security measure
Overall, BitPanda is a place where you can purchase and sell cryptos while maintaining a small balance needed for trade. Larger quantities should be transferred the cold storage locations, such as desktop or hardware devices. Although no major hacking incidents happened in the past, the lack of security features is a cause for concern. Beginners would find the wallet attractive for them, while more experienced users would use other, more enhanced platforms, as to stash their coins.