Bitpanda Exchange review 2023: How it Works and More!

Bitpanda Exchange review
Share This Post

Bitpanda Exchange offers a simple and easy-to-use interface for trading cryptocurrencies. This Bitpanda Exchange review is an up-to-date, detailed analysis of Bitpanda exchange, containing everything you need to know about Bitpanda and whether it’s the right exchange for you.

Let’s ride on!

Bitpanda Exchange review

Bitpanda was founded in 2014 in Vienna, Austria, with the aim of making investing accessible for everyone. The company was initially known as Coinimal, but it rebranded to Bitpanda in 2016, when it expanded its existing suite of features. 

In 2021, Bitpanda boasts more than 2.5 million users and over 400 team members and claims to be one of the fastest-growing fintech companies in Europe.

The exchange was founded by co-CEOs Eric Demuth and Paul Klanschek, and their CTO is Christian Trummer, who joined the team a few months after Bitpanda was founded. The three of them make up the core team behind the business.

The company’s payments service holds a PSD2 payment service provider license, which is a European regulation for electronic payment services. The exchange itself is a registered digital assets service provider with the Austrian Financial Market Authority (FMA) under FM-GwG and with the French Autorité des marchés financiers (AMF) under PACTE law. 

Citizens of the United States are restricted from using the exchange, as well as some other jurisdictions, depending on their regulatory framework.

Bitpanda Exchange review: What is Bitpanda?

BitPanda is a popular cryptocurrency exchange because it offers a simple and easy-to-use interface for buying and selling cryptocurrencies. Furthermore, the exchange provides a wide range of payment choices, making it simple for new cryptocurrency enthusiasts to purchase cryptocurrencies.

The exchange is situated in Austria and largely serves the European economy. The exchange was created in 2014 and has since evolved to become one of Europe’s most popular cryptocurrency exchanges for buying and selling Bitcoin.

Bitpanda is a cryptocurrency dealer that also sells equities, exchange-traded funds (ETFs), and commodities such as gold and silver. It offers a diverse range of equities and ETFs. 

It also provides fractional share trading, which allows investors to purchase stocks for as little as 1 euro. Customers who use dollar cost averaging can set up regular purchases. Bitpanda also has its own native token, the Bitpanda Ecosystem Token, to reward investors (BEST).

Bitpanda Exchange review
Bitpanda Exchange Interface

Bitpanda Exchange review: Bitpanda Pros and Cons


  • Extremely Users Friendly: Bitpanda has a tremendously intuitive interface. From the know-your-customer (KYC) verification to the trading, every aspect of the platform feels well thought out and is easy to use. Fee information is clear and transparent. Bitpanda has taken the same approach with its mobile apps.
  • Over 200 cryptocurrencies: Bitpanda presently offers over 200 cryptocurrencies for traders/investors to choose from, with more being added all the time.
  • Bitpanda Academy: The Bitpanda academy contains a lot of useful information, broken down for different types of investors. For example, beginner investors might want to know how blockchain technology works, and what a crypto wallet does. At the end of each section, investors can test their knowledge with a 15-question quiz.
  • A Wide range of Payment and Withdrawal Options: BitPanda due to its large user base has an array of payment methods all to enable ease of use and facilitate trades on its platform. It accepts cryptocurrency deposits as well as payments in Euro through Mastercard, Visa, Sofort, EPS, Giropay, Neteller, Skrill, and SEPA transfer.
  • Great User Reviews: The Bitpanda exchange has accumulated a lot of excellent user reviews from its users which all testified to the top-notch services they have been getting from Bitpanda.


  • Not available in the U.S.: Bitpanda is a European-focused crypto exchange based in Austria. It accepts users from certain European countries, including the U.K., France, Germany, Spain, and Switzerland. Residents of the United Arab Emirates can also apply. U.S. residents cannot use this platform.
  • Charges deposit fees: Most platforms do not charge a fee for crypto deposits, which is useful because you often pay a withdrawal fee on the other end. The fees aren’t huge, and Bitpanda does waive them for deposits over a certain amount (which varies per crypto). But it would be good to see this fee eliminated altogether.

Bitpanda Exchange review: How Bitpanda works

Bitpanda is a cryptocurrency broker that also sells stocks, ETFs, and commodities like gold and silver. It has a wide selection of stocks and ETFs. It also offers fractional share trading, which lets investors buy as little as 1 euro of a stock. Customers who employ dollar cost averaging can also set up recurring buys. I have a recurring buy set up for one of the index funds, so I can automatically buy crypto at regular intervals. Bitpanda also has its own native token to reward investors, the Bitpanda Ecosystem Token (BEST).

Bitpanda also offers some users a way to spend their crypto, customers in countries that have adopted the euro can apply for the Bitpanda Visa card. This debit card earns crypto rewards on spending and makes it easy to spend cryptocurrency and other assets. Be aware that spending crypto and other assets can have tax implications. Buy-and-hold investors who don’t want to dip into their investments for day-to-day spending can top it up with fiat currencies instead.

How Bitpanda works

Bitpanda Exchange review: How to use Bitpanda

If you’re new to Bitpanda and you want to start exploring its features, well, first off, you’ll have to follow these three procedures:

  • Sign up on Bitpanda

Create a Bitpanda account and confirm your email address.

  • Verify and deposit funds

Confirm your identity with one of our trusted verification partners and deposit funds.

  • Start buying Cryptos

After sign-in up and completing verification, you’re all set! Start buying cryptocurrencies and over 2,000 other digital assets. Now you can solve questions like “how to buy Bitpanda” with the procedures outlined below.

Bitpanda Sign up

Step 1

Visit Bitpanda on their landing page, go to the top right corner, and click on “Sign up.”

Bitpanda Sign up

Step 2

On the sign-up page, enter your name and email address, choose a strong password, then toggle on Bitpanda’s terms and conditions, privacy policy, etc., as seen in the screenshot below, and click on “Create account.”

Step 3

Now, a link will be sent to you via your email address. Click on “Confirm my email” or click on the link below in the confirmation email to complete the creation of your account. 

Bitpanda Exchange review

Note: Now you have successfully signed up on Bitpanda. 

Step 4

Now on the next page, click on “Continue” to answer a series of questions.

Bitpanda Sign up

Step 5

In this next step, answer the questions as they apply to you.

Bitpanda Exchange review

Note: After answering the questions successfully, you’ll need to verify your identity to complete your account creation. 

Bitpanda Verification (KYC) 

After successfully signing up, you can interact with Bitpanda without verification (KYC), but this puts your account on a limit. So to unlock all limitations on your account, you can complete the KYC procedure and begin exploring all of Bitpanda.

Step 1

Now get your documents ready and click on “Start verifying”

Bitpanda Verification

Step 2

On the next page, enter your personal details, confirm that the information given is true, complete, and accurate, then click on “Save and continue.”

Bitpanda Exchange review

Step 3

A pin will be sent to your phone number. Enter it and proceed. 

Step 4

Choose your citizenship, your preferred language for the verification, and the type of identification, then click on “Continue.”

Step 5

If you are ready, click on “Continue.” You will be automatically forwarded to one of Bitpanda’s verification partner companies. Then take a clear picture of the front and back of your ID type and upload it.

Note: Carefully follow the on-screen instructions from the verification provider when prompted.

Step 6

Once completed, the identity verification consists of a video identification procedure. For the best user experience and fastest turnaround, you will be automatically forwarded to the next available provider, depending on network utilization and availability.

Note: After the verification, it may take a few minutes for your verification to become active on your account.

Bitpanda Exchange review: Bitpanda Coin

Bitpanda Token (BEST) offers the growing community of millions of Bitpanda users a wide range of rewards and benefits within the Bitpanda ecosystem. BEST is Bitpanda’s loyalty program, and generally speaking, the more BEST users hold, the more rewards they may be entitled to receive.

The Bitpanda Ecosystem Token was issued by Bitpanda in August 2019 through Europe’s most successful Initial Exchange Offering (IEO). More than €43 million was invested in BEST at the IEO.

The live Bitpanda price today, according to coinmarketcap, is $0.337933 USD with a 24-hour trading volume of $4,550,592.38 USD. Bitpanda Token is up 1.04% in the last 24 hours. The current Coinmarketcap ranking of BEST is number 4183, with a maximum supply of 1,000,000,000 BEST coins.

If you would like to know where to buy Bitpanda Ecosystem Token at the current rate, the top cryptocurrency exchanges for trading in Bitpanda Ecosystem Token stock are currently Bitfinex, Bitexen, Bittrex, and Bitpanda Pro. 

Bitpanda Supported Countries and Cryptocurrencies

Bitpanda Supported Cryptocurrencies

Bitpanda houses over 200 cryptocurrencies and facilitates the purchase and sale of cryptocurrencies such as:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ethereum Classic (ETC).
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • EOS (EOS)
  • Dash (DASH)
  • Stellar (XLM)
  • Zcash (ZEC)
  • NEM (XEM)
  • Augur (REP)
  • 0x (ZRX)
  • Tezos (XTZ)
  • Cardano (ADA)

Bitpanda Supported Fiat Currencies

Bitpanda accepts the following fiat currencies for deposits and withdrawals:

  • EUR
  • CHF
  • GBP
  • USD
  • PLN
  • DKK
  • SEK
  • HUF
  • CZK or TRY

Bitpanda Exchange review: Bitpanda Supported Countries

Country Availability
Åland Islands
Czech Republic
Faroe Islands
Holy See (Vatican City State)
Isle of Man
Svalbard and Jan Mayen
United Arab Emirates
United Kingdom

How to Deposit on Bitpanda

To deposit cryptocurrencies in your Bitpanda wallet, please follow these steps:

For Desktop

  • Log in to your account and click on Deposit
  • Choose the cryptocurrency you want to deposit
  • You’re now in the respective cryptocurrency wallet where you can see your deposit address and the corresponding QR-code
  • Make sure to read and follow the notes below for your cryptocurrency. Then use your deposit address to send coins from your other wallet to your Bitpanda wallet

For Mobile Devices

  • Log in to your account and tap on Prices
  • Select the cryptocurrency you want to deposit
  • Tap More
  • Tap on Deposit
  • Make sure to read and follow the notes below for your cryptocurrency. Then use your deposit address to send coins from your other wallet to your Bitpanda wallet

Bitpanda Exchange review: How to withdraw on Bitpanda

  • Log in to your Bitpanda account
  • Click on your User Icon
  • Click on Withdraw
  • Select the cryptocurrency you want to withdraw
  • At Withdrawal method, choose Bitpanda
  • Enter the Amount you want to withdraw and click Withdraw now
  • Once completed, the withdrawn cryptocurrency or digital asset will appear in the respective wallet on Bitpanda. If you can’t see it there right away, please reload the page

Bitpanda Wallet

Like most exchanges, Bitpanda also doubles as a crypto wallet. However, BitPanda goes above and beyond by providing both a hot and cold wallet. The hot wallet is similar to a checking account in that it stores funds that you want to have easy access to.

You can check out this great article on How Crypto Wallet works

The cold wallet is more like a savings account. It is behind an extra layer of security and keeps you in custody of your private keys and funds. 

Bitpanda App

Bitpanda Exchange has a mobile app built for both beginners and professionals alike. It is a simple-to-use application with an intelligent and intuitive user interface, making it a highly effective tool that combines all of the characteristics of modern centralized cryptocurrency exchanges into one platform plus more.

Bitpanda App
Bitpanda App

The LBank exchange app has over 1,000,000 downloads on the Google Play Store. It is also built with support for Android and iOS users. Some of the features of the Bitpanda app include:

Fast, secure, and reliable

Bitpanda uses state-of-the-art servers, strong API applications, and secure offline wallets. This way we are able to provide you with the perfect mix between speed, reliability, and security.

Lowest Bitcoin premiums in the industry

With Bitcoin premiums at 1.49% (buy and sell), Bitpanda is the cheapest place for buying and selling Bitcoin instantly.

Diverse payment and payout options

Deposit and withdraw money with your credit card, NETELLER, Skrill, Sofort, GIROPAY, bank transfers, and more.

Send digital assets free of charge

Send digital assets to other Bitpanda users instantly and without charge. Plus, you can send them to any email address, the recipient simply needs to create a Bitpanda account.

However, Bitpanda exchange has accumulated a pool of negative reviews on its app with a 2.8 ⭐ rating. Below is a review from a user of the Bitpanda app.

Bitpanda Exchange review
Bitpanda User Review

Bitpanda Fees

The table below displays Bitpanda fees for some of its supported cryptocurrencies

CryptocurrenciesNo Fees for Minimum Deposits ofWallet Deposit FeesMinimum Deposit Amount (EXCL FEE)Wallet Withdrawal FeesMinimum Withdrawal Amount (EXCL FEE)
OX580.00000000 ZRX29.00000000 ZRX58.00000000 ZRX10.79119796 ZRX2.00000000 ZRX
1inch220.00000000 1INCH11.00000000 1INCH22.00000000 1INCH5.08341780 1INCH50.00000000 1INCH
Aave1.80000000 AAVE0.09000000 AAVE0.18000000 AAVE0.15520498 AAVE0.00000000 AAVE
Algorand384.61538000 ALGO1.53846000 ALGO3.84615000 ALGO0.38462000 ALGO38.46154000 ALGO
ApeCoin31.40000000 APE1.57000000 APE3.14000000 APE0.50277548 APE1.79000000 APE
Aragon65.33000000 ANT3.27000000 ANT6.53000000 ANT1.01231386 ANT3.00000000 ANT
Avalanche0.09000000 AVAX0.00500000 AVAX0.05000000 AVAX0.00100000 AVAX0.10000000 AVAX
Axie Infinity Shard13.00000000 AXS0.65000000 AXS1.30000000 AXS0.31780000 AXS1.58903000 AXS
Basic Attention Token470.00000000 BAT23.50000000 BAT47.00000000 BAT9.23609002 BAT1.00000000 BAT
Bitcoin0.05000000 BTC0.00010000 BTC0.00050000 BTC0.00006000 BTC0.00057000 BTC
Bitcoin Cash0.44000000 BCH0.02200000 BCH0.04400000 BCH0.00002300 BCH0.05000000 BCH

Bitpanda App

Staking enables you to take part in Proof of Stake blockchain transaction validation, which pays you for protecting the blockchain network.

Bitpanda Exchange review: What is Bitpanda Staking?

With just one click, Bitpanda now gives you the chance to stake your assets and earn weekly rewards.  

Staking enables you to take part in proof-of-stake blockchain transaction validation, for which you will receive compensation from the network.

With Proof of Stake crypto-assets, staking is the process of committing assets to a blockchain network to validate transactions. Staking with Bitpanda allows you to become a guarantor of the validity of any new transactions added to the blockchain. 

Bitpanda App
Bitpanda Staking

More committed assets mean a more secure network. You can stake the following cryptocurrencies using Bitpanda Staking:

  • Cardano ADA
  • Tron TRX
  • Tezos XTZ
  • Solana SOL
  • Polkadot DOT
  • Polygon MATIC
  • Cosmos ATOM
  • The Graph GRT
  • Kusama KSM
  • Near Protocol NEAR
  • Avalanche AVAX
  • Aave AAVE
  • Elrond EGLD
  • Flow FLOW
  • Kava KAVAFF

Bitpanda Card

The simple way to use your funds instantly and anywhere you want is with a Bitpanda Card. It gives you the luxury of spending your investments like cash. It’s a debit card unlike any other with which you can spend your cryptocurrency, metals, and stocks with a tap of a card, wherever you are.

Bitpanda Card
Bitpanda Card

The Bitpanda Card features include:

  • Spend anything anywhere: Spend crypto, metals, or any other asset with a tap of a card anywhere you see a Visa logo.
  • Get crypto back: BEST VIPs can amplify their spending and earn BTC with every purchase made.
  • Trusted and secure: From online shopping to in-store purchases, Bitpanda and Visa keep your transactions safe.
  • Track your spending: Keep track of your purchases and expenses in real-time with the Bitpanda App.
  • Pay quickly and safely with Apple Pay: Enjoy all the benefits of the Bitpanda Card while paying contactless with Apple Pay. No need to dig for your wallet, simply spend your assets via your device.

Bitpanda Exchange review: Bitpanda Exchange API

The trading platforms used by various exchange platforms differ in terms of customization, simplicity of the user interface, navigation, and design. It is because different exchange platforms use a variety of criteria when developing their trading platforms.

Regardless of the differences, a good trading platform should be user-friendly, easy to navigate, and include essential trading tools in its API. The Bitpanda app is not currently available, but the platform may consider developing one in the future.

Is Bitpanda Safe?

The need for safety cannot be overemphasized. Due to the transparency of blockchain technology, it has become a prime target for hackers. Bitpanda claims to take security seriously and to have safeguards in place to protect its customers. 

Is Bitpanda Safe
Bitpanda Security

It keeps assets offline in cold storage, for example, making them more difficult to hack.

You can check out this great article on Crypto Cold Storage Explained

Last year, the accounting firm KPMG conducted an independent audit of Bitpanda’s reserves.  It was discovered that the platform had more than enough money to cover user assets.

It also provides numerous user-level safeguards. Two-factor authentication and sending confirmation emails to authorize withdrawals are examples of these. 

However, additional security features such as anti-phishing and third-party insurance would be welcome. Several major cryptocurrency exchanges have third-party insurance in place to protect user losses in the case of an exchange hack.

Bitpanda Exchange review: Conclusion

Bitpanda is a well-rounded exchange offering fast service and a cheap alternative to other cryptocurrency exchanges out there. Since the company was established in 2014, the team appears to have established a solid reputation in the neighborhood, and it is extremely reassuring to come across an exchange with such positive customer feedback.

There is something here for everyone, no matter your level of expertise. Both novice traders and seasoned investors can feel very safe using Bitpanda. Because of the way they handle security, you won’t need to be concerned about where you’re sending your money, and the thorough explanations of everything you need to know will keep you informed at all times.

[WPSM_AC id=1614]

Share This Post

Leave a Reply

Your email address will not be published. Required fields are marked *