BITPANDA REVIEW: PROS & CONS
Have you come across this financial app and wonder what it is all about? In this review, we will walk you through the key points to consider when evaluating its features and benefits.
Last Update:
27.6.24
BASIC INFO
Bitpanda, a European multi-asset broker, is a cryptocurrency exchange platform allowing users to buy, sell, and invest in a variety of cryptocurrencies. It offers an integrated cryptographic wallet.
Year
2014
HeadQuarters
Austria
Service
TRADING
Website
PROS & CONS
PROS
Fast Registration Process
This platform offers a simple and straightforward registration process, allowing users to quickly create an account and start trading without unnecessary complications.
CONS
Unregulated
This platform is not regulated by any credible government agency, which means it may not operate in compliance with industry standards and regulations. The lack of regulation poses potential risks and uncertainties for traders, as there are no specific rules and guidelines in place to protect their interests.
Poor Customer Support
This trading platform offers limited customer support, leading to delays in resolving issues or inadequate assistance for traders. With subpar customer support, traders may face challenges in getting timely responses to their inquiries, resolving technical difficulties, or receiving necessary guidance.
Lack of Educational Resources
This trading platform lacks comprehensive educational resources, making it challenging for traders to access valuable learning materials and enhance their trading knowledge. Without access to educational resources, traders may struggle to understand complex trading concepts, strategies, or market analysis, limiting their ability to make informed trading decisions.
APPS
BITPANDA APP
Bitpanda App is a premier trading platform known for its fast, secure, and reliable service. It offers state-of-the-art servers, robust API-applications, and secure offline wallets, ensuring an optimal balance of speed, reliability, and security. Bitpanda stands out for offering the lowest Bitcoin premiums in the industry, at just 1.49% for buying and selling.
Users can buy, sell, and swap Bitcoin, Ethereum, IOTA, and more directly on their phones. The platform provides 24/7 automated order systems and free digital asset transfers between Bitpanda users. Additional features include a Bitpanda Crypto Index, savings plans, a Bitpanda Card with Bitcoin cashback, and a variety of trading options including crypto indices.
The image shows the user interface of the mobile trading application, highlighted by its intuitive and easy-to-navigate design.
The main screen presents a clear and concise view of the market, with quick access to a diverse range of assets, including stocks, forex, and indices.
ACCOUNT OPENING
How to Open a Trading Account with Bitpanda
Opening a trading account is a process that involves several key steps to ensure both your trading needs and the broker's regulatory requirements are met. Below, we describe the process in detailed steps:
Visit the Broker's Website: Access the official website (found in the index of this review). Look for the option to open a new trading account, which is usually clearly indicated on the main page.
Complete the Registration Form: Provide your personal details, such as name, address, email, and phone number. Depending on the broker's need to know you better as a client, additional information about your trading experience, employment, and financial situation may be requested.
Identity Verification: Upload documents to verify your identity and residence. This generally includes a photo ID (passport or identification document) and a proof of address (utility bill or bank statement).Set Up Your Trading Account: Configure aspects of your account, such as currency type, leverage, and, in some cases, trading preferences.
Deposit Funds: Make an initial deposit using one of the payment methods accepted by the broker (We detail the alternatives later).
Access the Trading Platform: Download and install the trading platform. Log in with your account details.
Practice with a Demo Account (Optional): Practicing trading with virtual funds before risking real money means you won't be surprised when using real money.
Start Trading: Once your account is set up and funded, you can start trading.
How to Deposit
Once you have decided how much to deposit and which method to use, making the deposit is simple and quick. Just follow these steps:
Log in to your newly created account.
Click on "Deposit Funds".
Enter the amount and select the currency.
Finally, select your chosen deposit method. Don't worry, it's a secure and private process. Transactions are communicated using Secure Socket Layer (SSL) technology.
Below we show you the available alternatives.
Deposit & Withdrawal Methods
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ASSETS & SERVICES
Bitpanda offers a diverse range of investment options for its users. The platform supports over 25 cryptocurrencies and has wallets for four fiat currencies: EUR, USD, CHF, and GBP. Among the supported cryptocurrencies, Bitpanda includes a selection of the most popular and recognized in the market.
Additionally, Bitpanda is among the few European exchanges that allow purchasing cryptocurrencies with a credit card, including Bitcoin. The platform has recently increased its purchase limit from €2500 to €10,000, a significant amount aimed at further fostering the growth of cryptocurrencies. This increase in the purchase limit is a clear indication of Bitpanda's adaptability to the needs and preferences of its users.
REGULATION
N/A
Unregulated