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Bitpanda Review - is it scam or safe?

Bitpanda Review - Is bitpanda.com scam or good cryptocurrency exchange?

RATING: 3.6 / 3 REVIEWS Bitpanda

RECOMMENDED BITCOIN BROKERS


Trading Accounts

Account type Minimum deposit Leverage Fee
Standard Undisclosed None 2%*

*This is not the official number given by the company, but our calculation of the mark-up.

 

Bitpanda (previously known as Coinmal) is one of the easiest ways to enter the cryptocurrency space. They are primarily focused on the European markets, competing with Bitstamp and CoinCorner.


 
The company, security of funds

Company Country Regulation
Coinimal GmbH Austria  N/A

 

Bitpanda is owned by Coinimal GmbH, an Austrian company. Their website claims they were “in coordination with the local authorities”, but no specific licensing is provided.That being the case there haven’t been much complaints about Bitpanda’s honesty, since its inception in 2014. This is generally a good enough sign, as regulation for the crypto space is at various stages in different countries (none in most). Bitpanda is aimed towards newcomers to the world of cryptocurrencies.

 

They offer a transaction time lower than two minutes, which may attract somebody who is unfamiliar to the cryptocurrency space, but is by no means suitable for active trading.

 


There hasn’t been a major hack on Bitpanda yet. There have been some reports from users, whose accounts have been compromised, but this has been due to their own lack of care.

 

Trading conditions


 
Trading instruments (cryptocurrencies)
Only four of the major coins are currently supported at Bitpanda. They include Bitcoin, Ethereum, Dash, Bitcoin Cash and Litecoin. While this may appear like a lack of variety to some, keep in mind this is an entry service, aimed at those who are not familiar with cryptocurrencies. These can currently only be traded against the Euro.
 
Deposit limits
Not much is known about a minimum deposit level at Bitpanda. That being said, we must note there are maximum limitations, depending on your verification level. You can get to a daily limit of €1,500 after confirming your e-mail and phone number. 
 
Leverage
Bitpanda is one of the companies, which do not allow trading on leverage. Think of it, more like a platform, which allows currency conversion, instead of a trading venue. That being said, one can easily transfer coins to another exchange, which allows margin trading, like Kraken


Fees
Probably the most interesting thing about Bitpanda is the fact there is no information on the fees, charged by the company. They are included in the end-price you get after purchasing your desired coins. The lack of clarity is concerning. Our (possibly not precise) calculations revealed a markup of around 2%.The forex brokers who offer cryptocurrency trading, like IG, pack the costs of trading in their spreads. This isn’t the only specific, which separates the two services. We have done a recap of the entire situation here.


Trading platform


 
There isn’t much of a trading platform available at Bitpanda. The service is basically a way for you to convert your fiat currencies to one of the supported cryptocurrencies. Here is a preview of the main screen you will see, after registering an account:

 

 

On top of that, when purchasing coins, you have an intuitive interface, which looks like this:

 

 

While the charting is very basic, nobody should be expecting much, from this kind of company. A mobile app is also available at Bitpanda, but its functionality is even more basic.

 

Methods of payment

 

One of the main advantages of Bitpanda is the multitude of payment methods available. They include Bank Transfer, Credit Card, Neteller, Skrill, PaySafe Cards, iDeal, PayU, Ukash, Yandex and a few less-known e-wallets. This covers a lot of ground.


Conclusion


 
Bitpanda, which was formerly known as Coinmal, is an Austrian company, which specializes in selling cryptocurrencies. They aren’t what most traders will call a typical exchange, but more of a service for people who want to jin the world of crypto. The company does not clearly reveal their mark-up, which we find a bit troublesome (or careless). That being said, the main strength of Bitpanda is the variety of payment methods available, which is not typical for companies in this space. Here are the pros and cons of Bitpanda:

 

Pros Cons
No major hacks yet Undisclosed fees (around 2% in our calculation)
A lot of payment methods Few altcoins available
Easy to use interface No trading platform to speak of

 

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Traders` reviews for Bitpanda

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Slippage

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Price feed

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Platform

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Pantos ICO

Bitpanda team is the worst ever! There was an ICO called Pantos and after it's finished communication stopped! It's been 6 weeks now since the end of ICO and they only published one meaningless update. They got our money and there is no communication, they don't answer questions, there are no updates, no one knows what is going on and then they released that freaking new Bitpanda website full of bugs. I recommend everyone to avoid bitpanda

puntos 05/29/2018

Bitpanda charges extortion fees be aware

This is NOT my opinion. Let's be clear about This!
Put down simple I purchased 50 euros worth of Bitcoin to at started and then tried to transfer those bitcoins to my Bitcoin wallet to another exchange.
Simple right? Not after they are trying to charge me some 23 euros of fees!!! That's basically an almost 50% fee on my money.
Makes western union look like benefactors.
My money is still on bitpanda while am arguing with them.

Antonio Bosco 12/29/2017

Do not use Bitpanda

Do not use Bitpanda, support is awful, CEO sux, no email, no phone, feeling like getting scammed with 2h+ transaction going on.

Stefan 12/17/2017
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