Bitpanda has rapidly developed into one of the most popular cryptocurrency brokers in Europe. The Austrian-based business offers a multitude of payment options, which allows traders to diversify in premier tokens like bitcoin and Ethereum.
This article is a quick review expanding on the features of bitpanda and its pros and cons. Take the time to continue reading and see what you may discover about bitpanda before deciding to use it or not.
What is Bitpanda?
Bitpanda is an online broker that specializes in the purchasing and selling of cryptos. Being a completely automated platform, it works competently to process and approve payments at the fastest possible pace.
This broker is a reliable brand in the cryptocurrency world; having won an award in October 2016 for a best fintech startup. Hence the company’s great expansion in Europe throughout the past three years.
Who is responsible for Bitpanda?
Bitpanda GmbH is based in Vienna, Austria. The fintech company is now the top retail broker for Litecoin, Ethereum, Bitcoin, and more in Europe thanks to its over 850,000 users. Moreover, there are more than 60 members on a team of over 21 nationalities, which makes Bitpanda a worldwide effort.
The idea to start Bitpanda started in 2013 when the founders discovered that it was still extremely difficult to purchase cryptocurrencies within Europe.
And as a result, Christian Trummer, Paul Klanscheck, and Eric Demuth decided to correct this issue by forming Bitpanda. It started with general coordination under consultation with the local authorities; Bitpanda was first called Coinimal GmbH as it launched in December 2014.
Who Can Make Use of Bitpanda?
People all over the world can use Bitpanda to sell cryptocurrencies, with precise payout options that depend on the currency used. Nevertheless, the option to purchase cryptocurrencies on Bitpanda is set aside for European users in the SEPA region. This is including most EU member states and Liechtenstein, Iceland, Norway, Switzerland, and Monaco.
Advantages and Disadvantages
1. As we have already established, Bitpanda is Europe’s leading retail exchange for cryptocurrency transactions concerning buying and selling. Also, the platform offers a broad list of cryptocurrencies which are supported, making it easy to find the one you wish to buy or sell.
2. Moreover, Bitpanda includes complete wallet integration for all tradable assets for the convenience of its valued customers. The platform also uses industry-leading AML/KYC and a state-of-the-art security system.
3. Bitpanda is very simple and convenient to use, which gives you complete control over your portfolio in the easiest and fastest exchange for the cryptocurrency. Its user-friendly interface makes it ideal for beginners.
You may access the platform and purchase or sell cryptocurrency 24/7 with the completely automated order system as well as high-end servers.
Any users that are interested can also benefit from the Bitcoin Affiliate program. This program includes a revenue share of as much as 20 percent and extended cookie duration to make the most of revenue via your affiliate links.
On Bitpanda they do not disclose their fees publicly
The purchase of cryptocurrencies is limited to European members only
The platform is not open source
They Lack hierarchical deterministic (HD) as well as multi-signature protocols which raise some concern concerning privacy and security
The extra feature
If one wants to make the most of their cryptocurrency transactions on Bitpanda; they can set up price signals for unlimited cryptocurrencies. They can set the point they want the price to reach, and when it reaches that point, they will receive an email alert so they can buy and sell at the best possible price.
Additionally, Bitpanda lets you send B cryptocurrencies to other Bitpanda users with no cost. This process is easy, fast and free.
Bitpanda provides very good customer support to its clients. You can click “Support” under the “Help” option at the bottom of any selected page on its website. That then takes you to a request form. The form requires your email address, the subject, the topic, and a description; with the attach file option, specify the underlying cryptocurrency, and give the PID and TXID for faster support.
Is it Safe?
The Bitpanda team prioritizes security immensely. However, It depends on state-of-the-art technology for secure transactions. This includes DDOS protection and SSL encryption as well. The platform stores funds in safe offline wallets as well for additional peace of mind.
Bitpanda highly encourages the utilization of two-factor authentication. You can go anytime to your account page to manage devices. That includes seeing active sessions and devices; also you have the ability to log out and close running sessions on other devices.
Bitpanda is a mixture of a reputable company, a quick service and an affordable alternative to other cryptocurrency exchanges available. The team behind the platform seems to have developed a good reputation in the community ever since the company was founded in 2014, and it is amazing to find an exchange with positive customer feedback. I believe
Furthermore, Bitpanda is a secure option for newbies and experienced “bitcoiners” as well. However, the only downside is the fact that they do not support a broad enough array of countries. And when the good outweighs the bad! Well, you know what to do.