Veröffentlicht: 07.01.2021

Bitpanda experiences

Bitpanda experiences

Bitpanda experiences – key figures

In this article we have summarized our Bitpanda experiences for you. Here you can see the most important key figures:

  • Over 1 million users
  • Over 160 team members
  • 37 different nationalities

The Austrian company Bitpanda operates one of the most popular crypto exchanges in the world. Over 1 million users have already opened a Bitpanda account and there are good reasons to do so. We take a look at the most important questions around the topics fees, offers and payment methods.

Bitpanda in detail

Bitpanda GmbH was founded in December 2014 and is based in Vienna. Under the leadership of Eric Demuth (CEO), Paul Klanschek (CEO) and Christian Trummer (CTO), the fintech accomplished a spectacular rise in the past 5 years, while steadily expanding its in-house offering.

The offers

Bitpanda supports trading with the following cryptocurrencies:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Dash (DASH)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • IOTA (MIOTA)
  • Komodo (KMD)
  • EOS (EOS)
  • Pantos (PAN)
  • OmiseGO (OMG)
  • Augur (REP)
  • 0x (ZRX)
  • Stellar (XLM)
  • NEM (XEM)
  • Zcash (ZEC)
  • Tezos (XTZ)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Ethereum Classic (ETC)
  • Waves (WAVES)
  • Lisk (LSK)
  • Tether (USDT)
  • USD Coin (USDC)
  • Tron (TRX)
  • Cosmos (ATOM)
  • Basic Attention Token (BAT)
  • Chiliz (CHZ)
  • Bitpanda Ecosystem Token (BEST)

In addition, Bitpanda supports the purchase and sale of the following precious metals:

  • Gold
  • Silver
  • Palladium
  • Platinum

Minimum deposit

The value of a FIAT minimum deposit is 25 EUR, lower deposits are not credited to the respective Bitpanda wallet. The minimum amount for a trade is 1 EUR.

The deposit options on Bitpanda are numerous. Users can deposit via SOFORT, NETELLER, Skrill, Visa and MasterCard or bank transfer. The accepted FIAT currencies are the Euro, Swiss Franc, British Pound Sterling and USD.

Fees

Bitpanda charges fees for cryptocurrency trading (buying and selling). Account and custody account management, on the other hand, are free of charge. All trading fees are included in the purchase price on Bitpanda and are not shown separately. For sales, the fees are 1.29%, for purchases 1.49%. Depending on the payment method, additional fees may apply. SEPA transfers are free of charge, credit card payments incur 1.5% fees and SOFORT 2%. Let’s continue with our Bitpanda experiences.

Bitpanda experiences – payment providers

You can deposit with the following providers:

Payment providers on Bitpanda

BEST Token im Detail

The BEST token is the first Initial Exchange Offering (IEO) of the crypto platform Bitpanda. BEST is an abbreviation for “Bitpanda Ecosystem Token”. The maximum total amount of the cryptocurrency is 1 billion units. Within the first five years, after coin release, users of the cryptocurrency can take advantage of reduced fees for holding BEST. According to the Bitpanda site, the token can be used to trade any altcoin and FIAT currency on Bitpanda. The token was listed directly on the in-house exchange Bitpanda Gobal. Similar to Binance Coin (BNB), users can save on transaction fees by using BEST. During its IEO, Bitpanda raised €43.6 million. This makes BEST the most successful European IEO of all time.

Continuous token burn

For its BEST token, Bitpanda relies on the principle of continuous token burning. In this process, 25% of the fees that are received by Bitpanda are to be destroyed at regular quarterly intervals. This procedure is repeated until 50% of all BEST tokens have been destroyed. The principle of periodic token burning deliberately reduces the total supply of a currency. This artificial scarcity was first introduced by the BNB whitepaper. The token burn is executed by the so-called “burn function” in a smart contract. Thereafter, a recovery of the destroyed coins is not possible.

More advantages

These are the pros of our Bitpanda test. In addition to an extensive offer, Bitpanda shines with a clear design and easy handling. German-speaking users should benefit from the German-language support. Registration is easy and the account can be protected by additionally using 2-factor authentication. Instant transfers and credit card payments allow quick reactions to volatile price movements on the crypto market.

Bitpanda experiences – verification

Bitpanda distinguishes between light verification and full verification. Depending on the status and payment method, the deposit and withdrawal options vary as follows:

  • Online payments (Light Verification: Deposit 0 EUR per month, Payout 10000 EUR per month; Verified: Deposit 300000 EUR per month, withdrawal 2 million EUR per month)
  • Credit card payments (Light Verification: Deposit 0 EUR per month, Payout 0 EUR per month; Verified: Deposit 300000 EUR per month, Payout 0 EUR per month)
  • SEPA (Light Verification: Deposit EUR 5 million per month, Withdrawal EUR 5 million per month; Verified: Deposit 5 million EUR per month, Payout 5 million EUR per month)
  • Zimpler (Light Verification: Deposit 0 EUR per month, Payout 0 EUR per month; Verified: Deposit 100000 EUR per month, Payout 0 EUR per month).

Overall, users who complete a full verification process are given more freedom when trading. However, this depends primarily on the preferred deposit and withdrawal methods.

Conclusion

Bitpanda is a reputable crypto exchange that has been able to establish itself in the cryptospace over the past 5 years. An extensive offering, accessible designs and multiple payment options make it much easier for traders to get started.

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