Bitpanda Cryptocurrency Exchange Review (2020)

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It appears to be more of a payments platform for cryptocurrency versus a trading platform. If you may be looking to gain exposure to bitcoin or major altcoins and possibly hold for a while, this platform, which is fully automated, could be the one for you.

Bitpanda’s management team includes co-founder Eric Demuth, co-CEO Paul Klanschek and CTO Christian Trummer. They were inspired to launch Bitpanda after realizing the challenges associated with purchasing bitcoin in the EU, and as a result they have a focus on simplicity. The exchange, whose parent company is Bitpanda Gmph, was founded in 2014 and launched in cooperation with local authorities.  

Here’s an interview Bitpanda’s management team about the Pantos ICO (which is discussed in greater detail below.)

Austrian central bankers have taken a hardline stance on cryptocurrencies, grouping them in the same camp as casinos. But Bitpanda has managed to solidify its presence by inking partnerships with the likes of Oesterreichische Post AG, which is the country’s state-owned postal service, where the exchange sells bitcoin vouchers of EUR 50, EUR 100 and EUR 500 across nearly 2,000 locations for wider acceptance. The vouchers can be redeemed for bitcoin, Ethereum, Ripple, Dash, Bitcoin Cash or Litecoin.

Bitpanda Pros

  • Operates throughout much of Europe
  • Automated exchange so trades are completed “within seconds,” according to the exchange.
  • Supports BTC and several altcoins, including BTC, ETH, DASH, LTC, BCH and XRP
  • Accepts multiple payment options including credit cards for accounts with the highest level of ID verification
  • They implemented SegWit in November 2018, which makes them more competitive on fees with other exchanges. BitPanda runs 100% on SegWit.
  • They offer transaction batching, which means they process transactions in batches. They say this leads to lower transaction fees. As a result of SegWit and batching, Bitpanda says users can save as much as 80% on transactions.
  • Cold storage for added security of user accounts
  • Speed – the exchange says users can order coins in as fast as two minutes

Bitpanda Cons

  • Users complain of non-transparent and “slightly higher” fees versus competitors
  • Users want more coins, such as NEO
  • Some users complain of fees that are too high, saying Bitpanda has “lost a customer” as a result.
  • Some customers complain of support tickets that have been left unanswered for weeks
  • No margin trading
  • Users are begging for more coins, such as IOTA.
  • Not open to US investors

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