The number of new cryptocurrency exchanges is growing every day. However, there are also dishonest or fake services that deceive their users. Most investors and traders try to find more successful and reliable platforms for cryptocurrency trading. It leads to the fact that the demand for new cryptocurrency exchanges is only growing. Today we’ll take a look at one of the cryptocurrency exchanges, Bitpanda. It is very popular with European traders.
Bitpanda Review
Bitpanda is a digital currency investment service launched in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer, who are currently members of the Bitpanda GmbH management team. Bitpanda is registered in Austria with its head office in Vienna. In short, it is a cryptocurrency exchange specializing in buying and selling bitcoins and other altcoins in the Eurozone.
BitPanda developers have supported the cryptocurrency since its inception, although they understood that cryptocurrency ownership was risky. Over time, the Bitpanda team convinced the Austrian government to develop its national cryptocurrency platform so that citizens can easily buy digital currency and not fear the safety of their assets. The Bitpanda cryptocurrency exchange is just a product that is directly supported by the Austrian authorities. The basic principle of the exchange is KYC (know your customer).
The service currently supports over 30 assets, including Bitcoin, Ethereum, XRP, Pantos, BEST, Litecoin, Komodo, EOS, Bitcoin Cash, IOTA, Dash, OmiseGO, Augur, Stellar, 0x, NEM, ZCash, Tether, USD Coin, Cosmos, Tezos, Cardano, NEO, Ethereum Classic, Chainlink, Waves, Basic Attention Token, Lisk, TRON, and Chiliz.
The exchange is focused mainly on residents of the countries of the European Union. Traders from the USA will not be able to use the services of the Bitpanda exchange.
The exchange is open and does not hide information about the license and the team, so many people trust it. More than a million people visit the official website of the exchange every day. The service is available in 3 languages: English, French, and German.
Features of Bitpanda
Bitpanda cryptocurrency exchange offers not only a web solution for the platform but also apps for IOS and Android.
Also, the service has simple and quick registration and a convenient and intuitive interface.
Bitpanda supports fiat currencies (EUR, GBP, CHF, and USD). The service also provides users with an affiliate program, thanks to which users get a real opportunity to attract new users to the system and earn money from it.
Bitpanda has a wide range of tools for buying and trading cryptocurrencies:
- Bitpanda Global Exchange. Digital asset exchange for professional traders, market experts, and organizations from 54 countries (not available for residents of the US and China). Access to market data in the real market via API, setting up trading bots, and direct transfers through the global network;
- Bitpanda Ecosystem Token (BEST). Investing in digital asset trading with the ability to receive rewards based on achievements (a kind of loyalty program);
- Bitpanda Pay. Exchange Euros for digital currency via IBAN (International Bank Account Number). Users register, add a currency wallet, fill out a standard form, confirm the operation, and the funds go to the recipient. Confirmation with one-time passwords sent to you via SMS;
- Bitpanda Savings. Another investment project in which you still buy bitcoins, but with the choice of a specific strategy for the day, week, or month;
- Bitpanda Metals. Purchase of shares of gold, silver, platinum, and palladium (precious metals are in the Swiss vault);
- Bitpanda Swap. Instant transfer from one cryptocurrency to another without restrictions on the size of the transaction. It happens between wallets registered in the system;
- Bitpanda to Go. Supported paper money wallets for digital currency exchange at Austrian post offices (not supported in other countries).
- Bitpanda Plus. Direct over-the-counter buy/sell services for an amount equivalent to € 1,000,000 or more. Program for exclusive clients;
- Bitpanda Pro. Safe European exchange for crypto-fiat markets.
Bitpanda Commission
The service’s trading commission is set taking into account the type of currency and the amount of the transaction. For example, when depositing a BTC account, the commission is 0.00010000 BTC. When withdrawing BTC, the commission is 0.00009000 BTC. The commission for depositing and withdrawing funds depends on your confirmation status and the method of payment or payout.
Bitpanda API
With the Bitpanda API Key feature, you can create private API keys on Bitpanda to give your applications access to your Bitpanda data.
Bitpanda currently offers three different API solutions. You can connect via API to:
- Bitpanda;
- The Bitpanda price ticker;
- Bitpanda Pro.
Is Bitpanda Safe?
The service is very secure. It complies with the PSD2 directive and is registered in the EU. Bitpanda introduced two-factor authentication (one-time passwords in addition to the standard username and reCAPTCHA password). Also, any operation: purchase, sale, or exchange will occur only through a verification code, which significantly increases the level of security of your account.
All client assets are stored in cold storage (offline), which means that the wallet is not connected to the webserver and is protected from fraud. All investors’ funds (over 70%) are kept in special vaults that do not have access to the Internet. It is directly protected from numerous hacker attacks. When numerous servers of other cryptocurrency exchanges are hacked, money is sent to completely foreign accounts.
Conclusion
Bipanda offers favorable terms of cooperation: low commission, support for all 4 major currencies and almost 30 digital currencies, a wide range of services and programs, a reward system, etc. At the same time, the service is regulated by the EU. and works under the PSD2 directive, which makes the user feel more secure. Cold storage of assets reduces the likelihood of losing funds.
However, the platform also has its drawbacks. Without full verification, it is impossible to use any functions of the exchange (you cannot deposit, withdraw funds, or trade).
This platform is very concerned about the safety of its users and the transparency of its work. Moreover, Bitpanda is suitable for both experienced traders and beginners.
