BitPanda

BitPanda.com Review – How To Buy Bitcoin at BitPanda

Is BitPanda legit? That’s a question that will be answered in the following BitPanda review.

Overview & Company Info

BitPanda is a bitcoin exchange founded in Austria in 2014. BitPanda specializes in purchasing and selling bitcoin within the Eurozone, and is one of the most popular choices for buying bitcoin throughout Europe.

How Does BitPanda Work?

BitPanda offers two services: It sells bitcoin (and Ethereum and Dash, two other cryptocurrencies) and also buys bitcoin.

Signing up for BitPanda works fairly similarly to most exchanges, as the user registers and account and goes through whatever verification process necessary. At that point, the user can either buy or sell bitcoin through BitPanda.

BitPanda offers a bitcoin wallet in which users can store bitcoin they buy from BitPanda. However, BitPanda will readily deliver bitcoin to destinations of the user’s choosing at purchase.

How To Create Your Account (Is there an ID/Verification Process?)

There are 3 tiers of identity verification on BitPanda. Depending on the level of verification a user undergoes, he or she has more options in terms of payment and withdrawal.

The first two levels of verification are fairly benign: A verified email address and a verified cell phone number. At this level, a user has access to several types of payment and withdrawal, but most of them are European in nature, like Skrill and EuroWallet. At level one and two, it’s not possible to use a debit or credit card to buy bitcoin.

Level three is far more thorough, with government issued photo ID required. At the top level of identity verification, all payment/withdrawal options are available.

How To Buy Bitcoin At BitPanda

A user signs up, and once verification and payment is confirmed, a simple interface allows the user to purchase a set amount of bitcoin from BitPanda.

What Are The Deposit/Payment Options and Limits?

As mentioned, there are three levels of verification.

LEVEL 1: Users may pay with Redeem Voucher and Euro Wallet, but can only sell bitcoin to Bit Panda.

LEVEL 2: Users may additionally pay with SOFORT-Transfer and SEPA, and can now buy 50 EUR in bitcoin per month and 600 EUR of bitcoin in total.

LEVEL 3: Users may now pay with Visa and Mastercard, as well as Skrill and NETELLER. Using credit cards, users may buy up to 2,500 EUR of bitcoin per day, 75,000 EUR per month, and 500,000 EUR in total.

Does BitPanda Charge Service or Transaction Fees?

BitPanda does charge a transaction fee for all transactions. The fees charged are variable, depending on the payment/withdrawal source the user is using. BitPanda charges about a 2% fee to begin with, and then anywhere from around 2% to 4% depending on the source the user is paying/withdrawing to.

What Are The Withdrawal Options and Limits?

At any level of verification, BitPanda will allow withdrawals to the following options: Euro Wallet, SEPA, Amazon.de Voucher Code, Skrill and NETELLER.

The selling limits are as follows, by level:

LEVEL 1: 1,000 EUR/day, 7,500 EUR/month, 30,000 EUR/total
LEVEL 2: 1,500 EUR/day, 10,000 EUR/month, 50,000 EUR/total
LEVEL 3: 50,000 EUR/day, 1,000,000 EUR/month, 10,000,000 EUR/total

Does BitPanda Have A Trading Platform?

BitPanda does not have a trading platform. All transactions are between BitPanda and the user.

Customer Support Options

BitPanda customer support can be contacted through a support request form on all pages of its site.

Pros and Cons of BitPanda

PROS:

– BitPanda allows for a large number of payment options.
– The site has existed for a number of years, and is fairly well trusted.
– Purchase fees are low for transactions made within Europe, although rates are higher for users outside of the Eurozone.
– The interface is clean and user friendly, something even a new bitcoin enthusiast would be able to manage with ease.

CONS:

– The fee structure of the exchange is rather opaque, as the fee amounts are built into the total transaction costs rather than being broken out explicitly.
– As a site geared more toward a European market, users outside of Europe will encounter higher fees and some limitations in terms of options.

If you’re in Europe, or want to take advantage of certain payment methods like Skrill which are more suited to a European user, BitPanda is probably a strong option as a bitcoin exchange. By all accounts, customer support is good and fees are relatively low, and the site can be trusted.

If you’re outside Europe, chances are that you can do a bit better than BitPanda from a standpoint of fees with comparable service and reliability.

That concludes this BitPanda.com review.