BitPanda is a popular exchange service in Europe that provides Bitcoin and Ethereum on a very user friendly interface, but only to people living in Europe. Formerly known as Coinimal, the company was founded in 2014 and is based in Vienna, Austria. The fees on buying with credit card is low and that is why a lot of Europeans like it. Although the fees is not transparent, it is estimated that they charge 2 to 5 percent depending on the payment method.
You are probably wondering, why can only Europeans buy from them? Although there are no official statements released from the company, I think they do this because Europeans were unable to buy cryptocurrency a few years ago. So they want to bridge the gap by giving them exclusive access to cryptocurrency.
The service is reliable and used by a lot of people. You can buy Ethereum using a credit card on BitPanda only if you live in Europe. There are many payment options to choose from and the cryptocurrency is transferred fast in your wallet – almost instantly. The service is safe and reliable in the long haul. They also provide a free wallet where you can store your crypto coins. But it is not as safe as offline wallets which I recommend. Their wallet has an automated order system, due to which transactions can be completed within a few seconds. The site has a very simple way of selling coins, that is why it is great for beginners.
Payment methods for buyers:
- Credit card
- Sofort Transfer
- Giropay / EPS / Euro Wallet
- Bank Transfer
Payment methods for sellers:
- Bank Transfer
Cryptocurrencies offered by BitPanda:
- Bitcoin Cash
The fees you pay depends on the payment method you use to buy ethereum (or other cryptocurrencies like Bitcoin, Litecoin and Dash). But the astonishing thing is that BitPanda doesn’t disclose the fees they charge, they just include it in the displayed price. Payment methods like SEPA, EPS, Giropay and Sofort have low fees on ethereum purchase. On the other hand, e-wallets such as Neteller charge higher fees.
If you live in the Europe, BitPanda is the best option to buy some Ethereum and get your cryptogame mojo going. For their brilliant work in the field of cryptocurrency, they received the Alpbach Startup award in 2016.
The only difficult part is that if you are buying or selling cryptocurrency in large numbers, then you need to undergo extensive verification. This isn’t necessarily a negative point since it counts as a security measure too.
How Safe is BitPanda?
BitPanda runs with efficient security protocols. These protocols include 2-factor authentication and ID verification to get the option of using credit card on their system. So far, BitPanda has gained a trustworthy reputation in the cryptocurrency exchange space. There are no reports of security breaches like with other companies. Nor are there any reports of account hacking except when accounts are compromised due to the fault of users themselves.
The BitPanda user interface is very intuitive and easy to use. This is good for beginners who want to purchase some Ethereum (or Bitcoin) for the first time. Their customer support is on point too and usually responds within 24 hours.
For making significant amount of purchases/sales, you need to go through a strict verification process. The tough part of this practice is that brokers are not private as they are sometimes with other platforms. What this means is that you cannot keep a low profile while making a purchase.
Whether you want some help with your account or with a transaction, you can visit their support portal and open a support ticket. What people care about is responsiveness, and it is good that their usual response time is 24 hours. However, there have been some reports of delay in response too. You can also send an email to firstname.lastname@example.org. It is better to open a support ticket because how well the email service works is not known.
You can check BitPanda reviews from users on TrustPilot where they have received 4 out of 5 stars from over 880 reviews.