Bitpanda is an Austrian based cryptocurrency exchange that lets you buy and sell thirty different cryptocurrencies using Euros, Dollars, British Pounds or Swiss Francs.
Bitpanda operates two platforms. The Bitpanda Global Exchange and the Bitpanda Platform.
Bitpanda Global Exchange is targeted towards more advanced traders, featuring trading charts and the ability to make customized buy/sell orders. Bitpanda Platform on the other hand, is easier to use, offers multiple payment methods (credit card, SOFORT, iDEAL etc.) and is therefore significantly more expensive.
The good news: you can access both platforms with the same account.
Bitpanda’s sign-up is smooth and fast. After submitting your name and email address you will be asked which of Bitpanda’s two platforms you want to use.
We choose Bitpanda’s Global Exchange as it’s cheaper and not much harder to use once you get the hang of it.
This will lead you to the Bitpanda trading interface. Before you can make any trades however, you need to verify yourself. Verifying yourself will allow you to deposit fiat money (Euros, Dollars etc.) which you need in order to buy bitcoin and other cryptocurrencies traded on the Bitpanda Exchange.
The account verification process includes submitting your birthday, address and phone number. Once submitted, you have to proceed by uploading a copy of your ID or passport and a selfie. Bitpanda then goes on to check the validity of the information which can take a minute or two. The overall sign-up is astonishingly fast and user-friendly!
Now that you have verified your account, you’re almost ready to make your first trade. To deposit fiat money, click on the user avatar in the top right corner. On the drop-down menu, click on “Deposit” and then “Euro” in the list of assets.
This will open a window displaying Bitpanda’s bank account information. Head to your bank account’s online banking and initiate the bank transfer using the information. Don’t forget to include the reference number as this is needed for Bitpanda to match the payment to your account.
Once you have received an email by Bitpanda informing you of the funds’ arrival, it’s time to head back to the exchange. First, you have to choose which cryptocurrency you want to buy, which is done by selecting the right market (in our case BTC/EUR).
Navigate to the left panel to choose the type of order you want to make. The easiest is a so-called “market order”. You simply have to enter the amount of bitcoin you want to buy, confirm and Bitpanda will execute your order instantly at the current market price. Conversely, if you choose “limit order” you can decide how much you’re willing to pay for the amount of bitcoin you want. This can take more time as your buy order will only be “filled” by the exchange when there is a corresponding seller, willing to sell at that price.
Withdrawing your crypto from Bitpanda exchange to a wallet is simple. Click on your profile avatar, select “Withdraw” on the dropdown menu and choose the asset you want to withdraw.
A window will open asking you to enter the amount you want to transfer and the address you want to withdraw to. You also have the option to withdraw to the Bitpanda Platform.