However, it is also true that since this exchange came into operation back in 2014, there have not been very many complaints regarding the integrity of its services. BitPanda is an exchange aimed squarely at those who are new to the cryptocurrency trading scheme.
What’s more, BitPanda’s operations so far have not been hindered by any major hack, and that is saying something about an exchange that has been around for more than a few years.
However, no matter how good its track record may be, that lack of official licensing from a government authority is going to still keep some traders in the dark as to whether or not they should sign up. Perhaps getting to know this exchange a little better is what you need to make up your mind about it.
An Overview of Bitpanda
BitPanda functions as both a cryptocurrency exchange and a cryptocurrency wallet. It was conceived by a few university students who were keen on cryptocurrencies and blockchain technology. Their objective with BitPanda was to make it the most convenient cryptocurrency exchange service and also one of the most secure.
One feature that makes BitPanda so compelling, particularly to novice traders, is that it does not require you to have a cryptocurrency wallet before you sign up. Instead, it provides you with a cryptocurrency wallet in addition to its exchange services. Also being a fully automated exchange, any payment will be received the moment it has been confirmed. No funds are held otherwise. This alleviates a huge amount of risk surrounding both your fiat and cryptocurrencies.
It is not often that we come across a cryptocurrency exchange that is so trusted but utterly devoid of any licensing.
Cryptocurrencies Available At Bitpanda
Methods of Payment
Users have several options when it comes to payment methods with BitPanda. However, not all processing time is the same. Depending on which method you choose, the speed of a transaction can be anywhere between 10 seconds and 3 days. Rest assured, the majority of payment methods at BitPanda make transactions virtually instant. Those methods include credit/debit cards, NETELLER, and plus SOFORT. Meanwhile, SEPA transfers usually take a day or so to be processed.
In any case, here is the full list of payment methods available at BitPanda.
- Visa / MasterCard
- GIROPAY / EPS
- SOFORT Transfer
- SEPA Transfer
- Gift Voucher
BitPanda: Privacy & Security
When it comes to making your BitPanda account secure as well as obtaining a higher transaction limit, you would have to fulfill one peculiar prerequisite. In addition to submitting your ID form, users must also verify their identity with a live video call. Whether this is a scam or simply a foolproof way of confirming your identity is at your discretion.
Other safety measures include a dual-factor authentication system which will keep a record of all login attempts to expose anyone else’s attempt to break into yours.
There is some flexibility with the verification. Depending on how much information you are willing to provide and your preferred money limit, you can choose between 3 distinct levels of verification.
Verification by email means that you cannot purchase bitcoins but you can sell up to 1000 pounds worth of bitcoins per day.
Verification by your phone number does allow you to purchase a maximum of 50 pounds worth of bitcoins per day.
Finally, verification by ID allows you to purchase the bitcoin equivalent of 350 pounds per a day or 10,000 a month, but only with your credit card. For other payment methods, the daily rate is even higher at 5000 pounds while the monthly rate goes up to 75,000.
The reason we will not be discussing BitPanda’s fee rates is that this exchange is yet to make them accessible to the public. Instead, they are funneled straight into the prices of the cryptocoins.
Principally speaking, there are some considerable doubts surrounding BitPanda. However, statistically speaking, it really is very similar to other highly reputed cryptocurrency exchanges.