Full Bitpanda Review 2021 – Legit Bitcoin Exchange and Wallet?

Bitpanda Review

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 can be viewed as the Coinbase for Europeans.

Bitpanda is compared to other similar services throughout this review.

 

Bitpanda Exchange Background Review

Bitpanda was founded in 2014 and is based in Austria, Vienna.

Bitpanda is one of the cheapest exchange for credit card purchases in Europe with a 1.49% flat fee.

Bitpanda Services Review

Bitpanda offers several different services and let´s summarize them and review them.

Biipanda acts as a brokerage service which enables its customers to buy and sell cryptocurrencies from Bitpanda.

This means Bitpanda supplies you with the cryptocurrencies directly. this is different from  a trading platform where you interact with other traders via the order book.

The company charges a premium above market price for their services.

Bitpanda Invest Service

The Bitpanda main service is their invest feature.

Here, you can invest in cryptocurrencies, crypto indices, stocks, ETFs and Metals.

In the screenshot below, you can see some different selections from each category.

Bitpanda Invest Service Feature

Bitpanda Earn Service

Bitpanda is offering an earn service feature.

 As you can see in the screenshot below, you can earn rewards by

  • Investing in their native token, BEST
  • Become an affiliate
  • Tell a friend

Bitpanda Academy Learn Service

Bitpanda is offering a learn service feature.

 As you can see in the screenshot below, you can earn 5 EUR by completing a quiz.

There are,

  • 23 lessons on personal finance
  • 25 beginner lessons
  • 24 intermediate lessons
  • Expert lessons are coming soon
Bitpanda Learn Service Feature Screenshot

Bitpanda Exchange Fees Review

Bitpanda charges fees a bit different from many other exchanges. 

When you buy cryptocurrencis at Bitpanda, you buy them from Bitpanda and not from an order book as with many other services like Coinbase, Kraken and Binance.

For this, Bitpanda charges a premium fee which is 1.49%.

You can decrease the premium fee up to 20% by paying fees in the Bitpanda native token, BEST.

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.

Read more about fees and compare with other platforms in the Binance review or Coinbase review.

Bitpanda Security Review

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.  

Furthermore, there is a device verification via email when you log in from a new device.

Bitpanda offers the following security features:

  • Cold storage:
    • This means that this reserve is not connected to the web server or stored on a computer that is connected to the internet.
  • Session management
    • Login attempts from new devices must be confirmed by email from your registered email address. See active devices and sessions, log out and close a running session via another device.
  • reCAPTCHA
    • reCAPTCHA help guard your account from unauthorized access.

Bitpanda Support Review

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.

Bitpanda General reputation Review

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 History Review

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.

Bitpanda Pros and Cons

Pros

Cons

Bitpanda Review Summary

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.

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