Bitpanda GmbH is an Austrian start-up company that specialises in selling and buying Bitcoins and other cryptocurrencies. It was founded in October 2014 after a long development phase in coordination with the local authorities. The three founding members are Bitcoin enthusiasts and had personally experienced how hard it was to acquire Bitcoin in the EU. This deficiency in the market led to the idea of Bitpanda.
It appears to be more of a payments platform for cryptocurrency versus a trading platform. If you may be looking to gain exposure to bitcoin or major altcoins and possibly hold for a while, this platform, which is fully automated, could be the one for you.
Bitpanda’s management team includes co-founder Eric Demuth, co-CEO Paul Klanschek and CTO Christian Trummer. They were inspired to launch Bitpanda after realizing the challenges associated with purchasing bitcoin in the EU, and as a result they have a focus on simplicity. The exchange, whose parent company is Bitpanda Gmph, was founded in 2014 and launched in cooperation with local authorities.
Here’s an interview Bitpanda’s management team about the Pantos ICO (which is discussed in greater detail below.)
Austrian central bankers have taken a hardline stance on cryptocurrencies, grouping them in the same camp as casinos. But Bitpanda has managed to solidify its presence by inking partnerships with the likes of Oesterreichische Post AG, which is the country’s state-owned postal service, where the exchange sells bitcoin vouchers of EUR 50, EUR 100 and EUR 500 across nearly 2,000 locations for wider acceptance. The vouchers can be redeemed for bitcoin, Ethereum, Ripple, Dash, Bitcoin Cash or Litecoin.
For security, Bitpanda recommends the following: two-factor authentication (2FA), for which they recommend Google Authenticator or Authy, a “strong and unique password” and applying 2FA to email.
The exchange boasts the following security features
The exchange has been around since 2014 and they haven’t suffered any known security breaches, so if history is any teacher that is a positive sign. It’s not that users haven’t run into issues accessing their funds, such as in the case with BCH after the bitcoin fork, but the exchange explained that users didn’t all follow the steps they had provided (more on this later.)
There are no chargebacks if a transaction is inadvertently sent to an incorrect wallet address.
Bitpanda execs want to see BTC regulated like gold, whose regulatory requirements are simpler versus securities. Bitpanda’s co-CEO Eric Demuth told Bloomberg: “Regulation provides us with more legitimacy. We’ve wanted to be regulated, but so far have been told that we cannot be.”
Bitpanda is a simple platform, but it’s one that hasn’t been plagued with any security breaches. While the exchange seems appropriate for someone who is looking to buy and hold or convert from fiat money or another coin, their lofty transaction limits of EUR 1 million or more suggest they’re catering to even the most sophisticated investors. Certainly, if you’re based in Austria or just about anywhere in the European Union, not to mention London most recently, this platform is a good and secure option for simple buy and sell transactions. But fees are higher than average.
|Rank||Site||Margin trading||Fiat||Safety||API||Referral||Location||Languages||Buy with||User Vote||Score|
|1||A||San Francisco, USA||EN||bank transfer, card|
|3||A||No||Hong Kong||EN||EUR, USD|
|4||No||A||Europe||EN, CZ, SK||USD, EUR|
|5||A||No||San Francisco, California, United States||EN||USD, EUR, JPY, CAD|