Bitpanda Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Bitpanda Review – is it scam or safe?
Bitpanda (previously known as Coinmal) is one of the easiest ways to enter the cryptocurrency space. They are primarily focused on the European markets, competing with Bitstamp and CoinCorner.
Bitpanda is owned by Coinimal GmbH, an Austrian company. Their website claims they were “in coordination with the local authorities”, but no specific licensing is provided.That being the case there haven’t been much complaints about Bitpanda’s honesty, since its inception in 2014. This is generally a good enough sign, as regulation for the crypto space is at various stages in different countries (none in most). Bitpanda is aimed towards newcomers to the world of cryptocurrencies.
They offer a transaction time lower than two minutes, which may attract somebody who is unfamiliar to the cryptocurrency space, but is by no means suitable for active trading.
There hasn’t been a major hack on Bitpanda yet. There have been some reports from users, whose accounts have been compromised, but this has been due to their own lack of care.
Trading instruments (cryptocurrencies)
Only four of the major coins are currently supported at Bitpanda. They include Bitcoin, Ethereum, Dash and Litecoin. While this may appear like a lack of variety to some, keep in mind this is an entry service, aimed at those who are not familiar with cryptocurrencies. These can currently only be traded against the Euro.
Not much is known about a minimum deposit level at Bitpanda. That being said, we must note there are maximum limitations, depending on your verification level. You can get to a daily limit of €1,500 after confirming your e-mail and phone number.
Bitpanda is one of the companies, which do not allow trading on leverage. Think of it, more like a platform, which allows currency conversion, instead of a trading venue. That being said, one can easily transfer coins to another exchange, which allows margin trading, like Kraken.
Probably the most interesting thing about Bitpanda is the fact there is no information on the fees, charged by the company. They are included in the end-price you get after purchasing your desired coins. The lack of clarity is concerning. Our (possibly not precise) calculations revealed a markup of around 2%.The forex brokers who offer cryptocurrency trading, like IG, pack the costs of trading in their spreads. This isn’t the only specific, which separates the two services. We have done a recap of the entire situation here.
There isn’t much of a trading platform available at Bitpanda. The service is basically a way for you to convert your fiat currencies to one of the supported cryptocurrencies.
While the charting is very basic, nobody should be expecting much, from this kind of company. A mobile app is also available at Bitpanda, but its functionality is even more basic.
Methods of payment
One of the main advantages of Bitpanda is the multitude of payment methods available. They include Bank Transfer, Credit Card, Neteller, Skrill, PaySafe Cards, iDeal, PayU, Ukash, Yandex and a few less-known e-wallets. This covers a lot of ground.
Bitpanda Review – is it scam or safe? Conclusion
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