bitpanda

bitpanda Review

Bitpanda is an exchange which facilitates users to exchange fiat for cryptocurrency. Bitpanda was founded in 2014 and have over 850,000 users. Formerly known as coinimal, there is support for over ten cryptocurrencies. Users can use a number of fiat currencies to purchase cryptocurrencies or to sell. Fiat currencies supported include USD, GBP, EUR, and CHF. Users have a number of payment options they can use for purchasing cryptocurrencies including card options.

There is no fee for depositing fiat currency. There is no fee for depositing cryptocurrency as long as it is over a certain amount. The fees for trading and withdrawals vary. Two-factor authentication can be enabled which allows users to add an extra layer of security.

Bitpanda has been noted to be easy and intuitive to use. There are no fees for depositing but there will be fees for trading and withdrawing. Purchasing cryptocurrencies are also limited to European users. There have been some concerns raised over the security of Bitpanda's wallet. The wallet is not hierarchical deterministic and does not have multi-signature functionality. User data is also not encrypted.

Pros & Cons

Users can buy cryptocurrencies with a number of fiat currencies and a wide variety of payment methods

Bitpanda have been operating since 2014

Two-factor authentication can be enabled

A wide variety of cryptocurrencies are supported

Has been noted to be easy to use

Primarily an exchange and does not have ideal features for a wallet

Data is not encrypted

Fees are not transparent and vary

Limited only to European users

Security and privacy in relation to Bitpanda’s wallet and data not being encrypted.