BitPanda may be your best option if you live in Europe and want to buy bitcoins with a credit card. Considered by many to be the best altcoin exchange, BitPanda caters to EU and UK residents, boasting an easy ID process, a large variety of payment options, and faster than average delivery.
While this exchange isn’t perfect and there’s definitely room for improvement, many traders and investors feel that this exchange is easy to use, legit, safe, and the perfect choice for beginners new to the world of cryptocurrency.
Exchange Overview and Top Features
Coinimal GmbH is the parent company that oversees BitPanda. This exchange has been around for four years, which makes it one of the older, well-trusted exchanges on the market. Recently, a lot of new exchanges have been popping up, and since they lack any real trading history they pose some concerns.
How Easy is it to Create a BitPanda Account?
Creating an account with BitPanda is very simple. All you need is a password and an email address. On average, it’ll take just fifteen minutes to create a new account, including the time it takes to receive a confirmation email.
This service currently supports a two-step authentication process referred to as know your computer. Once you have created an account you’ll be prompted to enter your phone number, after which you’ll receive a six-digit pin number via text.
This exchange offers several account levels, each of which features their own verification requirements.
Click the below image to start your Bitpanda account today !!
Buying Bitcoins
When you’re ready to purchase bitcoins, all you have to do it log into your account and hit the buy now button. Next, you’ll be prompted to choose from four types of cryptocurrency including litecoin, Ethereum, dash, and bitcoin. Once you choose the currency type, you’ll need to select a payment method.
Payment methods include: redeem vouchers, SEPA, GIROPAY, SOFORT transfer, Skrill, Neteller, Mastercard, or Visa. Using a credit card is probably the most convenient option.
Bitcoins must be purchased in euros. Each transaction comes with several fees.
The main issue we had with this exchange is the fact that it doesn’t show the exact percentage you have to pay per transaction. The fees are simply included in the transaction price. Keep in mind that the fees are partly based on the type of payment method you choose. Despite this lack of transparency, it’s not difficult to figure out the fee percentage. All you need to do is take a look at the BTC-EUR exchange rate on Bitstamp, comparing it to the BTC-EUR rate you’ll pay at the exchange.
Depending on the type of payment method you use, you can expect to pay around five percent per transaction.
After purchase, your bitcoins will be placed in your digital BitPanda wallet once your payment has been confirmed. If you use a voucher or Neteller, your coin will show up within seconds. If you pay using SEPA then it can take up to one business day. Using a credit card can take much longer.
Verification Level Options
As we’ve mentioned, this exchange offers a few different levels of verification, which is based on how much info you provide.
The first is email verification, which is the standard for anyone who wants to open up an account on the site. With just this level of verification, you cannot purchase bitcoins, but you can sell approximately one thousand EUR worth of bitcoins daily.
With phone verification, you can purchase bitcoins with any type of payment method aside from a credit card. With the other payment methods, you can purchase up to fifty EUR daily.
With a verified identification card, you can purchase bitcoins with a credit card, up to three hundred and fifty EUR a day and up to ten thousand a month.
Storing Your Bitcoins on BitPanda
The exchange stores your bitcoins for you, so you can use it just like any other type of digital wallet and transfer your coins when you want. However, we don’t recommend storing your coins on the site. This is because you don’t have control over the private keys. In the event the site is hacked, the hacker can get their hands on your funds with no hope of retrieving them.
Withdrawing Your Coins
You can withdraw your funds whenever you want. Every withdrawal will be processed in EUR. The site currently offers a total of four payout options:
• Neteller: Ten to thirty minutes
• SEPA: Same day
• Amazon. De voucher: Thirty minutes
• Skrill: Ten to twenty minutes
Country Support
Currently, this exchange operates throughout Europe and supports almost every country in Europe. Unfortunately, this exchange doesn’t operate in Japan, India, Canada, or the US.
Limits
There isn’t much known about the minimum deposit limit for this exchange. However, the site does have a max limit, but this will be based on your verification level. By just confirming your phone number and email address you can get a daily limit of fifteen thousand EUR.
Trading
This site doesn’t allow trading on leverage. Instead, it’s more like a platform that allows currency conversion as opposed to a trading venue. With that being said, you can still easily exchange your digital currency for another, which will allow for margin trading, such as Kraken.
Pros
- Lower fees for purchasing bitcoins with a debit card or credit card
- A variety of payment options
- Easy to use interface
- Great site security
- Excellent customer service
- Four altcoin options
Cons
- Transaction fees are not clearly displayed
- Not available in the US, Japan, Canada, or India.
Crypto Exchange Focus.com Product Rating:
The biggest issue we had with BitPanda was its lack of transparency in terms of transaction fees. If these fees were easily accessible, it would help users to prepare for the additional costs and could even help them to determine what type of verification level to sign up for. Overall, it’s a reliable site that’s user-friendly, trustworthy, and one that offers several transfer and withdrawal options, which is a huge plus for anyone in the cryptocurrency market. We gave this exchange a rating of four and a half out of five stars, making it one of the best altcoin exchanges around.
To learn more about BitPanda’s top competitor, take a look at our HitBTC exchange review.
Checkout BitPanda Now!
