With the occurrence of cryptocurrencies, there came out numerous services allowing you to buy and to sell the electronic money in the net. And here occurs the question. How to select this very online site, where you can make transactions with no fear to be cheated? What are the criteria? Well, to make the selection easier for you, we have prepared a review of BitPanda, a great broker of the most popular currencies.
However, this is a survey based on facts, not on advertising. That is why we will discuss not only the merits but also the downsides. Among advantages we can mention the user-friendly interface, a wide range of banking mechanisms and relatively low taxes. The downsides can include such features as fees, which are included in the price and not shown separately; a limited number of allowed countries; not open source. Here are some points, the rest will be revealed below.
Create an Account
In order to make everything safe and secure, BitPanda invites you to create an account on the site. Though, the procedure takes some time and actions of yours. First of all, you start with entering your e-mail address and solving an easy mathematical exercise. Then you receive the email confirmation and a link leading to password creation.
That is it. Type the data again, solve another exercise and enter the profile. Now you begin with a Starter status of your account. Yet, there are several verification types, which can make you an owner of Bronze, Silver and Golden levels. Everything depends on the amount of money you transact. What is more, you get some privileges in the form of more banking methods, wider limits, etc.
Fees and Limits
Visiting the section Wallet, you are to observe all possible cryptocurrencies available to purchase. What is more, each of them has a slight description, including min deposit amount and fees. That is very convenient for beginners and existed users. So, let us observe the data in detail and understand which digital coin is more profitable to have a deal with.
- Bitcoin: min deposit – 0.00100 BTC, fee – 0.05000 BTC
- Ethereum: min deposit – 0.00100 ETH, fee – 0.00050 ETH
- Dash: min deposit – 0.00100 DASH, fee – 0.00010 DASH
- Litecoin: min deposit – 0.00100 LTC, fee – 0.00010 LTC
- BitcoinCash: min deposit – 0.00100 BCH, fee – 0.00010 BCH
- Ripple: min deposit – 0.1000 XRP, fee – 0.00000 XRP
Buy and Sell Cryptos
The procedure of obtaining and disposal the electronic money is very simple and convenient. Both pages look alike, despite several differences. First, you are to choose a cryptocoin among 6 presented ones. Then, you see a range of banking methods available for your account level.
The third point offers you to mention the amount you are willing to spend or receive. That is it, once all the moves are kept, you are on your way to getting e-money. For those who care, there is a chart with historic price, to observe the growth or reduction of data. Besides, as the site is Eurozone oriented, there is also a Euro Wallet, which includes more payment mechanisms.
Available Digital Coins
As we have already said, the exchange house includes 6 various cryptocurrencies, which are the same for selling and buying. The range includes the most popular alternatives available nowadays. These are Bitcoin, BitcoinCash, Litecoin, Ripple, Dash and Ethereum. For those who want these very alternatives, the site will seem really good. The others, looking for something else, will face a problem with the selection of another online service.
Banking methods are also numerous, yet, mind that depending on your account level, the range may and does differ. The full list includes Sofort, Visa, MasterCard, Bank Transfer, Euro Wallet, Skrill, Neteller, GiroPay, Redeem Voucher and SEPA.
Besides the fact that not all of the mechanisms are available, each of them provides its personal limits on the daily, monthly and total basis. You can observe the information in the section with Verification. There, the payments are divided into groups, such as credit cards, voucher, and bank transfer.
Each profile status presents various sums, and if you are a Starter yet, the daily limit for online payments of any kind will make 1,000 EUR. Within a month, you can make transfers for 7,500 EUR, while the total amount makes 30,000 EUR. And this is no matter which banking you will choose.
Going back to the description of account creation, you see that there are included several stages of verification. The site itself offers you to be on the safe side and activate its two-factor authentication to increase the security of your account.
All you need for that is activating the ‘Google Authenticator App’ on your desktop or mobile device and scan a QR code presented on the site. Or, there is a secret code beneath the QR. Follow the steps and install the 2FA for your account asap.
Extra Bonus with Referral
Pleasant news. Each referred, and equally important, Gold verified user will bring you €2.50 bonus after the essential order. What is more, you can also get 5% lifetime bonus on the service fees. Just tell your friends about BitPanda.
Please, mind that the sum can be withdrawn only in the form of cryptocoin order, with the min amount of €25. Besides, all the potential customers from Germany are not allowed to claim the offer. That is how it works.
Coming to some sort of conclusion, we can say that BitPanda exchange house is definitely worth your attention. Providing safe conditions, the service also offers multiple e-money alternatives, not speaking about banking methods. Users from Europe will also be pleased with additional bonuses and easy transactions. The service checked and approved!