Bitpanda: Official Review 2024, Pros and Cons

21 December 2023

Summary:

  • Regulated broker based in the European Union
  • Minimum investments starting from €1
  • Automatic investments offered
  • Bitpanda Card to spend cryptocurrencies

pros Pros:

  • Regulated broker based in the European Union
  • The minimum deposit starts from £1
  • Fractional shares offered
  • Bonuses and promotions for customers

pros Cons:

  • No option to invest with leverage
  • Limited cryptocurrency portfolio compared to other brokers
  • Forex and leveraged CFDs not available
  • Can invest in stocks and ETFs only through derivative
star rating 4.4  4.4
Safety:
90/100
Fees and Costs:
98/100
Products and Markets:
80/100
Trading platform:
68/100
Tax regime:
70/100
Ease of use
92/100
Overall rating
83/100

Bitpanda is an Austrian broker based in Vienna. Founded in 2014, Bitpanda has established itself in international markets as a smartphone app to trade cryptocurrencies, stocks, bonds, commodities and ETFs. Initially, it was possible to trade only cryptocurrencies on Bitpanda. In 2021, this popular Austrian broker managed to reach 2.7 million users as well as a company valuation of over 4 billion dollars.

In this review, we will take a look at how the Bitpanda platform works, along with all assets available for trading and the costs and commissions applied by the broker. Additionally, we will analyze customer reviews and opinions on the services offered by the Austrian broker, including our opinions and final judgment on the convenience of trading with Bitpanda.

Safety

Let's start with security, one of the most important aspects to analyze when choosing a broker.

Since it is based in Vienna, Bitpanda operates in compliance with the MiFID II legislative framework that regulates the capital market. The legislation provides a set of protections guaranteed for the UK retail investor:

  • The European deposit guarantee scheme, which guarantees coverage to traders equal to compensation of up to £20,000 (in cash or in financial assets) in the event the broker is unable to refund its clients (for instance in case of default)
  • Segregated Fund: the separation of client funds from those of the broker; thanks to this, if the broker defaults, no creditor will have the opportunity to claim against client funds
  • Negative balance protection: this allows clients to be protected from a loss on its account that exceeds the cash balance (i.e. the total amount of money into the account).

Bitpanda operates under the supervision of the Austrian Financial Market Authority (FMA), the Austrian financial market supervisory body.

Bitpanda Account

Let's see how to open an account on Bitpanda

Opening a Bitpanda trading account involves three simple steps:

  • Enter personal details: name, surname, telephone number, etc.
  • Fill out a short questionnaire (6 questions) required by European anti-money laundering legislation; in the questionnaire, the user will be asked questions about their employment, monthly income, investment objectives, etc.
  • Confirm your identity through facial recognition and identification card/passport

After account confirmation, the user can make their first deposit of funds and start trading with the financial assets available on the platform.

The minimum deposit required by the platform is 25 GBP (the same minimum amount required for withdrawals).

Here are the payment methods accepted by the platform:

  • Wire transfer
  • Credit card (VISA and Mastercard circuit)
  • Money/cryptocurrency transfer via Bitpanda

The last bullet point refers to Bitpanda Pay. Bitpanda Pay allows you to send money to any IBAN in the UK and European Union through a Bitpanda verified account. In addition, with Bitpanda Pay it is possible to pay bills and send money.

Last, below are the currencies accepted by the broker for payments:

  • Euro (EUR)
  • Dollar (USD)
  • Swiss Franc (CHF)
  • British Pound Sterling (GBP)
  • Turkish Lira (TRY)

Author of the review:

Alfredo de Cristofaro author
Alfredo de Cristofaro
Founder
Graduated in Economics of Financial Intermediaries, after having worked for several years at one of the main financial brokers in Europe, he decided to make available to investors the knowledge gained over the years. On QualeBroker.com he's responsible of reviewing the stockbrokers, making sure that the highest standards of safety and transparency are guaranteed.
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