What is Bitpanda?
By the name you might think that it has something to do with China, but it is not the case because it is an Austrian broker specialized in cryptocurrency trading that was born in 2014.
The project was born in a startup format with the work of its three founders and with the collaboration of the Austrian authorities.
At the beginning it was called Coinimal and its purpose was to facilitate cryptocurrency transactions in the Eurozone.
This cryptocurrency broker claims to be the European leader in its digital transaction platform.
It provides trading of the main instruments of the cryptocurrency market, such as Bitcoin, Ethereum, Dash, Litecoin or Ripple.
Invest in the world’s leading social trading platform
However, we have to make it clear that this is not a cryptocurrency trading broker in the pure sense of the word, but rather a platform for buying and selling them, with which we can buy or sell our Bitcoins through a large variety of methods such as Skrill, cards, Neteller or Sofort.
Click here and open an account without obligation with Bitpanda
Create an account with Bitpanda
Creating an account with this cryptocurrency exchange provider is easy.
We will have to register, enter our email address, pass the “captcha” anti-spam control and then wait to receive the email, in which we can confirm our account and enter our own password.
As we see it is very easy.
However, being a service for the EU there are some restrictions to be able to negotiate with them, so the phone will have to belong to one of the European countries.
However, in order to verify the account, the question will depend on the size of the account, ranging from “starter” to “Gold”, passing through Bronze and Silver.
For example, for the Starter level we will not have to verify our mobile phone, but we will have to do it as soon as our level is the Bronze, which has a deposit limit of 50 euros, so unless you plan to open a has less than that amount and you will have to be prepared to verify the phone.
To familiarize yourself with the limits and requirements of this topic, take a good look at the limits page in Bitpanda.
How to buy cryptocurrencies with Bitpanda?
This is very easy because the Bitpanda website is very simple and intuitive and allows us to clearly see the options we have to buy any of the cryptocurrencies we want.
In this case we will have to choose what we want to buy, our payment method and hit the button, with the only requirement that the minimum must be 25 EUR.
Today’s payment methods are: Mastercard, Visa, Sofort, EPS, Giropay, Neteller, Skrill and SEPA transfer.
Therefore, the cryptocurrency buying and selling service with this broker is very easy to do and seems quite secure.
Let’s see what spreads it offers us today (these will change as the days go by) regarding its buy and sell pages.
As we can see, the spread is quite wide in most buy-sales, ranging from 4 to 8% of the underlying.
In the case of Bitcoin we are talking about 4% with what we see that it is not a broker with which we will be able to trade, as I mentioned before.
In this case, these spreads, although they may seem broad, are acceptable in today’s currency universe, as long as we do so with a view to long-term investment in them.
However, these are the conditions now. We hope that over time these buying and selling conditions will improve.
Bitpanda conclusion and opinion
The issue of buy-sell commissions does not seem entirely clear and from the looks of it we would not have to pay such commissions, but simply the mark-up (spread) that I mentioned earlier, which, by the way, is not small.
However, and in the absence of a more exhaustive comparison (which we will do later), I think that the fees to buy cryptocurrencies with this broker should not be very different from other similar exchange houses, and what some charge in commissions, others they do spread, as in the case of Bitpanda.
Apparently this company has good customer service, so it can be seen on some sites on the web.
For example, trustupilot has more than 700 reviews , with an average of 4 stars out of 5.
In general most of the opinions are positive, but I want to make a couple of points.
In one case there is an opinion that their trading platform is very good, but this is not too correct for two simple reasons:
- This is not a broker for trading, or at least not for efficient trading, as far as pure trading is concerned.
- Second, we cannot talk about a trading platform, not only because of point 1, but because it is not a classic stock market financial “platform” like Metatrader 4, but rather a web interface where we can buy and sell in an extremely simple way. Forget about stop orders, limit orders and things like that.
That said, it does not mean that it is a bad broker. Not at all. It only means that more than a trading broker, it is a cryptocurrency exchange that has a large number of payment and withdrawal methods, the latter being one of its strongest points, since it surpasses some of its competitors in this field.
Otherwise, we are talking about a company that has a good reputation and that does not seem to be a scam.
And you, what do you think of Bitpanda?