BitPanda is an online exchange, an intuitive and complete platform for buying cryptocurrencies, that is, digital currencies which, last year, rose to the forefront of financial news. Hence, why there are so many reasons to buy crypto with BitPanda exchange.
The Austrian start-up wanted to offer its users an easy and affordable Bitcoin buying and selling system, offering both the possibility of carrying out transactions on the most famous and lesser-known virtual currencies.
•Bitpanda is a reputable company. They have built a good reputation with the crypto community since it was founded in 2014.
•It has a wide variety of payment options.
•BitPanda has crypto academy that provides excellent training resources on crypto investments.
Security, reliability, and speed of transaction management complete the operator’s primary business card. Bitpanda is a fully automated trading platform. As soon as a payment is confirmed, Bitcoins and other cryptocurrencies are automatically sent to buyers.
10 Reasons To Buy Crypto With BitPanda Exchange
1. It’s suitable for beginners.
2. Vast range of services.
3. Maximum security.
4. Responsive customer service.
5. Bitpanda is a reputable company. They have built a good reputation with the crypto community since it was founded in 2014.
6. It has a wide variety of payment options.
7. Easy-to-use interface.
8. Relatively low Bitpanda fees for credit card, e-wallet, and bank wire transactions.
9. Bitpanda goes beyond a simple exchange platform.
10. BitPanda has crypto academy that provides excellent training resources on crypto investments.
Bitpanda: How Does It Work?
This cryptocurrency exchange offers a brokerage service that allows its clients to buy and sell cryptocurrency. Basically, this means that this crypto exchange provides you with coins directly, unlike a trading platform where you interact with other traders. The company charges a premium above the market price for its services.
Bitpanda offers a choice to provide its users with different accounts, each of which may have dedicated usage characteristics. The first is the basic level, which is based on an email-only verification process and offers very limited functionality: in essence, it will not allow you to withdraw cryptocurrency, but it is almost a demo account.
If you verify your account with your mobile phone number, you will have an activation code to upgrade to the Bronze profile. With this account, you will be able to carry out some additional transactions, such as making deposits into the account for a maximum of 50 euros per day. It is therefore a fairly basic account, ideal for those who are just starting out and who want to understand how the stock market works.
Note: However, you have to take into account that with the Bronze profile you can only use a few payment methods, like wire transfer, while all other payment methods can only be used with Gold accounts.
To get a Gold account, they need a few extra precautions like webcam identity verification, proof of identity and domicile.
Which Cryptocurrencies Does Bitpanda Support?
Bitpanda is an exchange that supports a growing number of cryptocurrencies including:
•Ethereum Classic (ETC)
•Bitcoin Cash (BCH)
•USD Coin (USDC)
•Basic Attention Token (BAT)
Payment Methods On Bitpanda
On Bitpanda, you’ll have a plethora of payment methods available to you, which is a plus. In addition, the platform accepts transactions in EUR, USD, GBP, TRY, and CHF.
Among the methods offered, we can count the following for deposits:
•Credit / debit card
•SEPA bank transfer
•Giropay / EPS
•Bitpanda To Go coupons (to be traded against crypto)
For deposits, on the other hand, you must choose one of the following modes:
Good to know: you will only be able to make a deposit in euros after verifying your account. This is done in compliance with the KYC (Know Your Customer) directive.
Countries Supported By Bitpanda
Bitpanda supports a large number of countries in Europe: Albania, Poland, Netherlands, Ukraine, United Kingdom, Romania, Luxembourg, Greece, Germany, France, etc.
Note: The purchase of cryptocurrency is currently only available to residents of the European Union who are part of SEPA.
You will notice that Bitpanda does not operate in the United States, Canada, India, Japan, and other major territories. The service was designed for residents of the United Kingdom and the European Union and is intended entirely for them.
Fees And Commissions For Bitpanda
Bitpanda is quite vague about the commissions it operates. Unlike many other platforms, transaction costs are not displayed publicly but are incorporated into the purchase price of the cryptocurrency.
Here are the figures communicated by the platform:
•For Bitcoin, Bitpanda’s buying commission is 1.49%
•1.29% sales commissions
You will also be charged a commission when you deposit funds into your Bitpanda account. In the interface of the purchase page, you will therefore notice the different amounts of bitcoin that you will get by clicking on the different payment options.
In any case, we can try to make Bitpanda’s (implicit) rates explicit. By doing this, we find that:
•Credit card purchase rates will cost you around 2% of the cryptocurrency’s market value
•With Skrill about 3.7%
•Neteller around 3.6%
•Transfers are the cheapest methods, with commissions around 1.8%
Regulations And Security On Bitpanda
Before trading Bitcoins and other cryptocurrencies, it is good to ensure the validity of the exchange platform you choose. Bitpanda has obtained a license from the Austrian Financial Markets Authority.
This license complies with the European Union Payment Services Directive.
Bitpanda offers good customer information security as the data is encrypted to prevent intrusion. Bitpanda uses 2FA two-factor verification to protect customer accounts. While this security measure is a good start, it is far from impenetrable. Seasoned hackers can still break into them if they show enough insight and persistence.
Bitpanda requires customers to meet more stringent identity verification requirements, before they can buy and sell larger volumes of Bitcoin. To date, there has not yet been an announcement of a hack into Bitpanda’s servers.
Everything therefore indicates that Bitpanda is a secure broker.
Does Bitpanda Have A Wallet?
Indeed. The Bitpanda wallet is actually used to store cryptocurrencies such as Bitcoins. It allows users to keep their digital currency safe, while being able to make purchases and sales.
It accepts a large number of cryptocurrencies including Bitcoin, Ethereum, Bitpanda Ecosystem Token as well as many others.
This wallet allows you to transact in Euro, US Dollar, Swiss France, and Pound Sterling.
Does Bitpanda Have An App?
Bitpanda has made available to its users a mobile platform which is compatible with Android and Apple devices. To download it, simply go to Google Play, for Android devices and the Apple Store for iOS devices. The interface of the application is a little different from that of the web version, but it offers the same facilities.
Frequently Asked Questions (FAQS)
1. How Long Does A Payment Take On Bitpanda?
Withdrawals are processed very quickly and, depending on the withdrawal method chosen, are in your account within a few minutes to 2 business days.
2. Does Bitpanda Have A Referral Program?
Bitpanda has a referral program, which entitles you to some benefits in the event of a successful referral.
3. Is It Possible To Trade Cryptocurrencies On Bitpanda?
Thanks to the “Swap” option, Bitpanda gives you the possibility of exchanging your digital currency against any cryptocurrency available on the platform.
Bitpanda is therefore a fairly solid and functioning exchange platform. Its characteristics are the interface quite simple to use, lower costs compared to other exchanges, two-factor authentication.
As we have seen, it also offers advantages and is accompanied by a crypto wallet and regulations which make it a reliable trading solution. So, don’t hesitate to invest on Bitpanda.
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