Bitpanda, a crypto exchange, is a simple cryptocurrency platform for buying and selling digital coins. Read on to know more!
Bitpanda is one of the widely used digital coin exchanges that support the trading of Bitcoin and other cryptocurrencies. It was founded by Eric Demuth, Christian Trummer, and Paul Klanschek in 2014. Bitpanda crypto exchange has attracted lots of crypto enthusiasts because of the easy-to-use interface in trading cryptocurrencies. There are different payment options on Bitpanda exchange, such as Skrill, Visa credit card, Online bank transfer, EPS, and MasterCard, which makes it one of the favorite exchanges in Europe.
Types of Trading & Order Types available on Bitpanda
Bitpanda is designed to buy digital coins such as Bitcoin, Dash, Ethereum, and Ripple. You simply buy, hold for the value of the purchased coin to increase, and sell when you want to make a profit. There are no futures trade or options on the Bitpanda exchange for now.
There are no order types available on Bitpanda as the crypto exchange is just for buying and selling digital coins. There is no chart analysis or market data on the Bitpanda platform. However, there are order types available on Bitpanda Pro.
Some order types available on the Bitpanda Pro trading exchange include:
- Market order: This is the easiest and the quickest order type on Bitpanda. A market order is expected immediately at the current average market price. This order type is usually “takers.” This means market orders take away liquidity from the order book when matched with already existing limit orders.
- Limit order: It is not instantly executed. Traders use it to put an order in the order book, executed at a trader’s specified price or better price. A limit order is for traders who want to place an order that will not be instantly executed and suits the traders who wish to sell at a higher price than the current market price and buy lower than the normal market price.
- Stop limit order: It is an advanced order type that is not instantly executed but active at the beginning. The order gets triggered when the specified spot price is crossed or attained. A stop-limit order acts as a regular limit order when it is put in the order book.
Is Verification Required – Verification Levels & Fees
Yes, verification is required that depends on the type of Bitpanda account users are operating. Every account has its level of verification.
- For the starter level account type: users are expected to verify only the email address they used in creating their Bitpanda account.
- For the bronze level account: users must verify both their email address and mobile phone number.
- For gold level account: users must verify with a government-issued photo identity card. It is confirmed via video using verify-U or IDNow.
The fees on the Bitpanda cryptocurrency exchange are high as it uses credit cards and third-party payment services that charge higher fees for money transfers. Bitpanda charges 1.29% on selling digital assets and 1.49% on buying cryptocurrencies.
Bitpanda Security Features
Since launching the Bitpanda digital coins exchange, it has focused on making security one of its major priorities. To secure the transactions of users or members, “state-of-the-art” technology is implemented. This simply means the presence of an SSL encryption that is promoted by 2-factor authentication. There is DDos protection for digital coins storage in an offline mode. The key security features are:
- Cold Storage Environment: This security feature allows users to store their digital coins like Bitcoin, Ripple, and Dash offline. With this in place, it will be difficult for it to suffer from cyber-attacks.
- DDoS Protection: DDoS, which means Distributed Denial-of-Service in full, is attack protection that reduces a potential downtime from different external factors.
- Two-Factor Authentication: The two-factor authentication allows uses to put an extra security layer. Users will be required to answer a question when they want to log in to their crypto wallet or perform a transaction.
Is your money safe with Bitpanda?
Your money is safe on the Bitpanda exchange even though it is not yet regulated. It is a reputable platform, and since 2014, there has been no record of loss of funds, inconsistencies, and hacks on the Bitpanda exchange.
Bitpanda Pros & Cons
Some of the advantages of Bitpanda crypto exchange are:
- Supports fiat currencies deposit and withdrawal.
- Multiple payment and withdrawal methods.
- User-friendly interface.
- 24/7 available services.
- It works on the web, Android, and iPhone
- Bitpanda features many digital assets.
- Low fees for E-wallet, credit cards, and bank wire transactions.
- Very high liquidity.
- Helpful customer service team agents.
The following are cons of the Bitpanda crypto exchange:
- The transaction fees are not transparent like other digital coin exchange platforms.
- Longer verification time.
- No advanced trading crypto platform.
- High fess when compared to some cryptocurrency exchanges.
Bitpanda is a widely used cryptocurrency exchange platform that many people are using because of its features like a user-friendly trade-everything platform that empowers traders to invest in the stocks, cryptocurrencies, and metals of their choice — with any amount of money. It supports fiat currencies and features many options for deposit and withdrawal. It is a secured digital coins exchange with quality security features and different verification levels. So, you can trade your favorite cryptocurrencies without worries.