Bitpanda Exchange Review

Visit

Introducing Bitpanda Crypto Exchange

Bitpanda is a well-known Austrian exchange and trading platform that makes cryptocurrency investments simple and affordable for everyone. Previously known as Coinimal, the unicorn company began as a pure digital coin exchange but later evolved into a multi-asset platform. It provides a hot wallet where you can store and trade your cryptocurrency as well as other assets such as stocks, commodities, and ETFs. It is one of the best brokers in the European Economic Area (EEA), providing customers access to all major financial markets. You can also benefit from diverse income-generating opportunities, such as staking and fractional trading. The exchange has grown into a multi-billion dollar company in less than a decade, with a team of 700+ members and at least 3.5 million users from over 50 countries. This and much more is what dappGambl brings you in this review. Stick with us to learn about its features, reliability, pros and & cons, reputation, license, owners, and how to get started. Let’s get moving.

Company Overview

Founding Team

The company was founded in 2014, only four years after Bitcoin, the cryptocurrency’s founding father. It was established by Eric Demuth, Paul Klanschek, and Christian Trummer to democratize cryptocurrency investments, which had previously seemed out of reach for the average person. The website is available in the following languages: English, German, Spanish, French, Italian, Polish, and Turkish. The fintech firm has received over a dozen European licenses and registrations. Let’s dissect it.

Reputation

There is no doubt about the reputation of a financial company with over 3.5 million users in less than a decade. It is one of the top crypto investment platforms in Europe and one of the most transparent and regulated companies. It has never been hacked, hence considered safe by both experts and traders. The high ratings and positive reviews from users clearly depict this. The wallet’s app has a rating of 4.7/5, or 94%, on the iOS AppStore, from over 12,000 members. On Google Play, it has received more than 34,000 reviews with a rating of 3.5/5 or 70%. Trust pilot users give it a rating of 4/5 or 80% with more than 7,000 reviews. This adds up to an average of 4.1/5. Looking at the significant number of reviews on all AppStore, Google Play, and Trustpilot, there is no doubt that this platform is highly reputable.

Bitpanda License

The company boasts multiple licenses and registrations across Europe. Information on the website shows it complies with different licensing requirements of the Austrian Financial Market Authority (FMA), including Payment Services Directive 2 (PSD2) of the European.

Reputation

The three Bitpanda’s founding partners are all respected crypto and fintech community members. They have gained a reputation as staunch leaders, persistent and creative leaders based on how they have led the company within the short time it has existed. The CEO, Eric Demuth, is a former naval engineer who quit his career and returned to school. He completed economics studies at the Vienna University of Economics and Business and the London School of Economics and Political Science. He then delves into the world of crypto, a journey that would see him establish Bitpanda. Paul Klanschek is the co-CEO of the company. He’s a former professional poker player, which he believes gave him skills to run a company. Unfortunately, very little information is known about the third co-founder and Chief Technology Officer of the exchange. He’s less vocal than his two partners. Before co-founding the company, he worked as the lead software engineer of MRM Systems GmbH from 2006 to 2010.

Security Features

• User data protection: The exchange keeps users’ data secured in an encrypted form. It only retrieves it for purposes permitted by General Data Protection Regulation (GDPR) law. Your personal information will never be used for profiling or automated decision-making.

• Multiple regulations: Bitpanda Group is regulated and licensed by numerous authorities. This puts it under strict scrutiny that can assure you of safety. In addition, the company adheres to all the European laws regarding crypto and investment, including the Markets in Financial Instruments Directive 2014.

• 24/7 Availability: The platform’s security and engineering team operates round the clock. This puts it in a position to respond to attacks and system errors promptly without affecting your operations.

• Asset protection: The exchange is big on security. It deploys multiple security measures to keep your funds safe from threats. All client’s digital coin assets are stored in safeguarded cold storage facilities that are subjected to regular external audits.

• Encryption: The platform deploys some of the latest encryption technologies recommended by its security team. The website is also SSL-secured to protect user data from unscrupulous persons.

• Continuous Audit: The trading terminal and company in general undergo regular internal and external audits to seal any security loopholes and ensure user funds are secure. KPMG, a highly reputable auditing firm, is its primary external auditor. Previous audit reports are availed to all clients.

• Session management: The platform gives users more control over their accounts by allowing them to view which browsers and devices they are logged in from. With this feature, you can sign out from suspicious devices.

• Account Lock: You will be asked to verify your email every time you reset your password. If the request wasn’t yours, or in case you sense strange activity, you can freeze your account.

• Multi-factor Authentication (MFA): This feature adds an extra layer of security to your platform requiring at least two unique signatures when signing into your account. You can activate 2FA, where you’ll receive a verification code with every log in, or use the Google Authenticator app.

Complaints Received

Despite the multiple positive reviews about the wallet, some customers are unhappy with it. Like most crypto platforms, the highest number of complaints received is about the unresponsiveness of the support team. A Trustpilot member identified as “SY Music” claims the customer support team responds to emails slowly. There are also multiple complaints about funds being frozen and users not being able to cash out when needed. We found out that the platform can freeze one’s withdrawals and request additional KYC details where there is suspicious activity. The exchange’s support responded to most complaints and tried to offer a solution. We found that to be impressive.

Reliability & User Experience

Reliability

At a valuation of over $4 billion and a team of at least 700, Bitpanda crypto exchange leaves no gaps in delivering quality and reliable services. Our experts found out during this review that the platform has had zero outages since it was launched. So, you can expect seamless and uninterrupted trading using this platform. In terms of security, we have already covered multiple security features deployed to safeguard your assets. Besides, the company is multi-regulated, so it’s highly reliable.

User Experience

Users of all skill levels will enjoy using the platform to invest in crypto. It has a tremendously intuitive interface. The UI is clean and elegantly designed, with a white background for the standard account and a dark theme for the pro account. Every process, from registration, KYC, trading, and to available features, feels nicely thought out. You can sign up and start using the app within just a few minutes. However, services are restricted to verified members only, so this may not be the right platform for traders who are highly conscious about their privacy. Trades execution was seamless throughout this review. The charts are easily customizable into daily, weekly, monthly, and annual time frames. Take advantage of advanced trading tools like price alerts to help you monitor different markets. Although client support is slow, the FAQs page is extensive for solutions to your challenges before creating a support ticket.

How to Sign Up

Step One: Hit the Sign-up button on the top right corner of the Bitpanda website

Step Two: Fill in your name and email address and select a strong password. Next, choose your country of residence and accept the terms and conditions if you agree with them.

Step Three: Click on “Create Account.” Next, go to your email address and open the confirmation email. Finally, click “Confirm my email” to complete your account creation.

Step 4: Now log into your account. The dashboard should look like this.

Step 5: Click the verification button, fill in the KYC form, and submit it. Proceed to verify your account, starting with your phone number. The site will guide you through the process to the end.

Step 6: Your account is now fully set. Deposit and start trading. Remember to activate the 2FA for enhanced security.

What is Bitpanda Ecosystem Token (BEST)?

BEST is Bitpanda’s native utility token and loyalty standard. It’s used for investments and to incentivize users. The more BEST one holds, the higher one rises in the VIP scheme and the more rewards one receives. It runs on the Ethereum blockchain as an ERC20 token. As of writing this, it has a market cap of over €98. million, and an average daily volatility of 3%. It operates on the burn mechanism, which makes supply scarce over time. The token has a max supply cap of 1 billion coins. At launch, 500 million of them were issued to the IEO

Deposits and Withdrawals Options

• Fiat: Mastercard, Visa, Sofort, EPS, Giropay, Neteller, Skrill, SEPA transfer
• Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP

Fees & Commissions

Commissions and fees are not well stated on the standard account, plus they vary depending on the market conditions and size of your trade. For example, it costs 1.49% to buy BTC and 1.29% to sell it. The pro account is more explicit about fees. Marker costs start from 0.00% to 0.10%, while taker fees range from 0.00% to 0.25%. Institutional clients use special rates for their first three months.

Trading Platform

You will have access to two trading platforms: standard and professional. The first is intended for new traders, while the second is for experienced traders. The basic platform allows you to exchange tokens for other cryptocurrencies, stocks, commodities, and vice versa. You can program automatic orders, such as recurring trades that open at various price levels. This implies that strategies like averaging down are unrestricted. Unlike peer-to-peer sites, Bitpanda is your trades’ end seller and buyer. As a result, it charges a premium price for its services above the wholesale rate.

Different Trading Options Offered

Users can trade different crypto assets depending on your account type and geographical location. Here is a complete list of trading instruments offered by the Bitpanda crypto exchange:

• Cryptocurrencies: Buy, sell and swap more than 40 digital currencies
• Stocks: Invest in leading stocks like Apple, Tesla, Paypal, and Google
• ETFs: Access EFTs from Europe, Britain, Germany, and Emerging Markets
• Crypto Index: Bitapanda touts itself as the first investment platform in the world to introduce actual crypto indices.
• Precious Metals: Invest fractionally in precious metals like gold, silver, and palladium
• Commodities: Enjoy 24/7 access to the commodities market and invest in assets like Brent, Natural gas, Wheat, and Soybean

Can I Trade With Leverage?

Unfortunately, the exchange does not offer margin trading.

What are the Spreads?

Spreads on the trading platform are 100% dependent on market conditions. They might change with every incoming tick data and hence are not stated. They are, however, competitive as compared to other platforms.

All Features Offered

Banking Features

• Saving plan
• Debit Card
• Bitpanda pay
• Swapping
• Staking
• Deposit and Withdraw services
• eWallet services
• Trustworthy security

Additional Features

• Free Academy
• Affiliate Program
• OTC Trading Desk
• Bitpanda to-go
• Bitpanda Plus
• Multi-Asset Platform

Customer Service

The help desk can be accessed via the “Help” item on the menu. It consists of a support ticket function and a detailed FAQs section. There is no live chat or customer care phone number. It might take up to six hours or more to get a response when you submit a ticket. Consider joining the Bitpanda community, where you can also get help from other users.

Prohibited Countries

Conclusion

For the novice and experienced investors wishing to diversify their holdings in the cryptocurrency market, Bitpanda is the perfect platform. You can hold digital coins as assets, use Bitcoin to purchase stocks and invest in crypto index funds and options. It is only available to crypto aficionados in Europe due to geographical limitations. Its stellar reputation makes it clear that it is dependable and highly safe. Feel free to sign up.