Bitpanda is mainly an exchange but also offer wallet services. Bitpanda was founded in 2014 and have over 850,000 users. Formerly known as coinimal, there is support for over ten cryptocurrencies. Users of the wallet give up control of their private keys to Bitpanda. This means Bitpanda ultimately have control over users funds. Data is not encrypted either which means that Bitpanda can also access the funds. Users can use a number of fiat currencies to purchase cryptocurrencies or to sell. Fiat currencies supported include USD, GBP, EUR, and CHF.
In terms of features, the wide variety of cryptocurrencies and the fiat currency exchange are some key advantages to this wallet. From a security standpoint, the features are not optimal. Data is not encrypted. The wallet does not have multi-signature functionality. The code is not open source. The wallet is not hierarchical deterministic. 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. As it is primarily an exchange, users are going to pay higher fees than normal when using it as a wallet. There are no fees for depositing but there will be fees for trading and withdrawing. Its key features are offering a wide variety of payment methods in fiat currency for purchasing cryptocurrencies. Purchasing cryptocurrencies are also limited to European users.
- 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
- Users give up control of their private keys
- Data is not encrypted
- Limited only to European users
- Not hierarchical deterministic
- No multi-signature functionality