In my previous post I looked into an American-based service provider for crypto that works in many regions around the world and today I will review another website that I have been using for the past 3+ years. It’s an Austrian-based service that caters to all the European countries (and soon expanding to other regions so check out if it’s available to you).
It’s called Bitpanda and is an all-round exchange service that offers buy/sell and store option for more than 30 digital assets, including precious metals.
Unlike most other brokers and exchanges who deal exclusively with crypto, this website offers real gold, silver, palladium and platinum in a digitised form to diversify your portfolio. These are physically backed and safely stored in a high-security storage facility in Switzerland and with 0% insurance and storage premium for the first 20g of gold, palladium, platinum and first 200g of silver you buy. Duty-free storage (no VAT), 100% insured.
Bitpanda is based in Vienna, Austria and was founded in 2014. Since then, they have grown to become Europe’s leading retail broker for Bitcoin, Ethereum, Litecoin and digitised precious metals.
Being a fully regulated service, you can be reassured that everything is 100% safe, using state-of-the-art technology and storing users’ funds in secure offline wallets while being fully compliant with AML5 (anti-money laundering rules and laws).
Their base currencies are the Euro, Swiss Franc, British Pound and US Dollar. You can choose to use any of them, regardless of the base currency of your location. I find this very useful since I have been travelling a lot and when I am in UK I need GBP but in the rest of Europe I use the Euro and this way I am able to withdraw in either currencies to my different bank accounts. When it comes to withdrawing, I usually go for the bank withdrawal but I have also tried the Neteller option and that’s been very smooth too. Almost instant, I have the money sent to my account there within minutes and from there I can access it with my Neteller card or send it to another bank account which is basically the same thing as Paypal. As we know, Paypal does not cooperate much with crypto-based businesses so this is a great alternative.
In terms of depositing fiat, you can choose between the following options:
- credit card
As I said, I have been using this service for more than 3 years already, so it is well-tested and trusted by me. You will have to undergo KYC process to verify your identity and once this is done, you are able to use every feature of Bitpanda. There are no tiers and every user is able to use Bitpanda the same way regarding limits and features.
- Bitpanda provides their users with the easiest and fastest access to the world of digital assets and cryptocurrencies, while giving experienced users full control over their portfolio.
- Very high (reasonable) limits on what you can deposit and buy (unlike some other services that restrict you to $50 or $100 a week or similar nonsense).
- Phone app that is secured with 2FA and fingerprint recognition to make access fast, easy and secure.
- Create as many price alerts for Bitcoin, Litecoin, Gold and other supported digital assets as you want. Get notified via email as soon as the price rises above or falls below a point you defined.
- Advantage of reduced fees by using their native token (BEST)
- They are not available to all countries, currently operating mainly in Europe and yet to be rolled globally.
- You are buying (or selling) at current market value and if you need to set up your own prices, you will need to use their Pro platform (Bitpanda Global Exchange) which is accessed separately.
Interested to give it go?
Be my guest, use this referral link.
Now, let’s see how you can buy some Bitcoin (or whatever other asset you are going to buy).
First, you will deposit your fiat currency into the relevant account. Let’s say you are using Euros, you will choose the Euro wallet and from there you will select your preferred method of depositing. You can choose a credit card or bank transfer or any of the other available options. Then you fill-in the amount you are depositing and that’s about it. A transfer can take up to a couple of days depending on your bank while a card transfer will be instant and the fees involved are displayed with every method listed.
Once you are done with this step and the money has been credited into the relevant fiat currency account, your next step is to choose the digital asset you are going to buy. The easiest way is to just scroll through the boxes that represent each asset’s wallet and navigate from there.
At this point you are asked to choose the account from where you are paying. In my case I am selecting the Euro wallet as this is where I just deposited into.
The next page is where I am entering the amount of Euro I want to spend (or I can also enter the amount of bitcoin I want to buy but it’s easier to enter the euro amount anyway.)
Okay, so this is done and now on to the last step. I have to confirm this purchase. Before I do that, I am also selecting the bonus feature which I mentioned earlier. As I am a regular user of this service, I also bought some of their native token called BEST (Bitpanda Ecosystem Token) and when I pay my fees with that token I save 25% which means I get more Bitcoin for my money. This is why you will notice that the BTC amount displayed in the screenshot below is higher than the amount I was going to get in the above screenshot.
Once this is done and confirmed, I am asked for my pin (extra security step) and that’s it.
My newly bought bitcoin is now in my wallet account. I can leave it there and maybe try to trade it whenever the price jumps a lot, then rebuy it again when the price goes down and do a light trading with it or I can send it to my super-secure hardware wallet for a longer term safekeeping.
The selling process goes the same way.
You first choose the digital asset you want to sell, you go to that wallet and from there you select the “SELL” option.
Once there, you will be asked which base currency you are selling for.
In my case I usually sell into Euros but sometimes I choose GBP if I will be sending the money to my GBP bank account. Once I am done with this, the amount I sold will be converted into the fiat currency of my choice and the money goes into that wallet immediately. From there I can withdraw it to my bank or one of the other services available.
That’s it. Simple, quick, easy.
You don’t get to choose your price here, you are buying at current market value and in times of high volatility you will notice that the price changes every few seconds, so when making an exchange (buying or selling) you have 50 seconds to confirm or the price will refresh and update so it will be slightly different. You will see the counter just next to the confirm button so you are aware of this and there’s no surprises.
All in all, I give Bitpanda 10 out 10 stars for ease of use, reliability and security so go ahead, give it try. If you use my link, I will get a small commission too (disclaimer) so this will support me making this tutorial for free 😉
What that actually means, is that once you become a member of Bitpanda and have other friends who are interested in using their services, you can share you own referral link with them and get an extra little something (it’s really not too much but hey, every little helps).
BE YOUR OWN BANK. KEEP YOUR CRYPTO ASSETS SECURE. CLICK BELOW.