Bitpanda Review
- Very fast and efficient exchange platform.
- Low commissions compared to other competitors.
- Multiple payment methods available, including fiat currencies.
- Restriction for traders from USA and many other countries.
- There is no support over the phone which is usually the fastest way of getting support.
Bitpanda is a cryptocurrency brokerage firm based in Austria. They offer low fees for buying and selling bitcoins and other cryptocurrencies with a variety of payment options. The company was founded in 2014 as Coinimal GmbH and the headquarters is in Vienna, Austria. Their service is mainly for the UK and residents within Europe. Their service delivery is very fast and efficient. Though only a few years old, Bitpanda has about 850,000 clients from 21 countries.
No licensing or regulatory information is provided on their official website. But, they presented their full office address which is located at Burggasse 116/3+3A, 1070 Vienna, Austria.They also presented the names, pictures and details of the key officers of the company. Though not regulated, but with thousands of clients within a few years? We need to take a closer look at Bitpanda to find out what attracted that huge customer base. Then, we can deduce if this broker is reliable or not.
Trading Platforms
Bitpanda is not a regular forex broker that provides platforms for trading. They are basically a cryptocurrency exchange firm. So, they do not utilize a trading platform, but an online interface with a Bitpanda wallet. Once a client registers and creates an account, he can create as many wallets as needed for keeping his cryptocurrencies in different currencies. Once the account creation is complete and verified, the client can deposit money into the account. From there, he can buy any cryptocurrency of choice into his wallets. The client can sell his cryptocurrency anytime and make withdrawals from his Bitpanda account. Also, different Bitpanda clients can transfer cryptocurrencies between Bitpanda wallets at no cost.
Exchange Markets
Bitpanda connects to the networks of the various cryptocurrencies in order to buy the coins for clients. The cryptocurrencies available for buying and selling are: Bitcoin, Ethereum, Dashcoin, Litecoin and Ripple and Bitcoin cash.
Customers from all over the world can sell Cryptocurrencies to Bitpanda, but only customers from Europe can buy same from Bitpanda.
Fees and Commissions
Bitpanda charges are included in the offered prices and it varies according to the payment method chosen by the client. Trading of cryptocurrencies is offered in EUR, USD, GBP and CHF. Bitpanda offers multiple payment methods of payment and withdrawal. Credit cards and e-wallet vendors also include their own charges. There is a network fee charged per withdrawal and it is based on fees charged by the cryptocurrency network. Transfer of cryptocurrencies between Bitpanda customers is free. All you need is the email address of the receiver and the cryptocurrency will be transferred to the user’s Bitpanda wallet.
Security and Fairness
To ensure adequate security, a number of tools are utilized by Bitpanda. Two-factor Authentication (2FA) which works as an app on smartphones is used by Bitpanda. To login, you need the correct email, password and captcha, then, 2FA code which is sent to authenticate the login. The code changes every 30 seconds.
Bitpanda states that “almost the entire crypto reserve is stored offline, so, we can ensure security.” So, the reserve is not on the internet or on a web server. This is very important as some buyer just buys the cryptocurrencies and wait for a long time for its value to appreciate before they are ready to sell.
The Bitpanda website is protected by a 128bit encryption layer. This is to ensure that sensitive information (such as user password, bank details etc) entered into the website is encrypted during transmission over the internet. This is done in order to prevent hackers from identity theft and stealing of credit card details.
Support
Bitpanda helpdesk features a series of questions and answers very useful for a first time visitor to the website.
“Submit a Request” form is available on the website. This form enables the enquirer to fill a form requesting for more info or a service. Response is through email.
No phone support is available but email support is available.
The social media support available is on Facebook, Twitter, LinkedIn and Google+
Conclusion
Bitpanda is basically a company that specializes in selling and buying of Bitcoin and other cryptocurrencies. They are not a forex or CFD broker and offer no online real time trading activities. They provide no licensing or regulatory information.
However, there are no reports of scam or fraudulent allegations against them. An internet research about them shows that they provide a very fast, efficient and reliable service. Their major strength is in the area of multiple payment options, swiftness of operations and quality customer service. Their website is adequately fortified with modern web security softwares.
From all indications, we can deduce that when it comes to buying and selling of cryptocurrencies across Europe, Bitpanda is reliable.
Bitpanda Q&A
Some common questions many customers asked about Bitpanda Operations.
Is Bitpanda regulated?
No, they are not a regular forex or CFD broker. Bitpanda is just a cryptocurrency exchange platform, in an unregulated market.
Is Bitpand a a scam?
No, they have been trusted by 850,000 clients and have quality service and support.
Where is Bitpanda based?
They are based in Austria. Their address is Burggasse 116/3+3A, 1070 Vienna, Austria.
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