In this comprehensive Bitpanda review, we delve into the depths of Bitpanda, uncovering its features, functionality, and the unique advantages it brings to the world of digital asset trading.
Bitpanda is a crypto trading platform based in Vienna. Beginners can use the crypto broker. For advanced investors, there is an exchange version called One Trading, which was formerly recognized as Bitpanda Pro. Both platforms are well linked. At Bitpanda you can trade over 300 cryptocurrencies, there are more than 50 on One Trading.
With One Trading, even with a low trading volume, you pay fewer fees than any other crypto exchange from our comparison – a maximum of 0.15 percent. As a result, One Trading took second place in our ranking of the best crypto exchanges. From our point of view, however, the fees for the (simpler) broker version could be lower.
| Advantages | Disadvantages |
|---|---|
| 👍 Clear platform for beginners | 👎 Broker version fees comparatively high |
| 👍 Low fees for advanced investors | 👎 Low cyber security ranking according to cer.live |
| 👍 Combination of Bitpanda and One Trading is very flexible | 👎 Storage fee for precious metals is a hidden custody fee |
| 👍 Other assets besides crypto are also tradable | |
| 👍 Excellent customer support |
If you are looking for a crypto trading platform, you will usually come across the crypto broker Bitpanda or, as an advanced investor, the crypto exchange One Trading. Although these are basically two different trading platforms, both trading venues are closely linked.
Therefore, in our Bitpanda review, we will go into the properties of the broker and exchange version of Bitpanda. We explain the main differences between Bitpanda and One Trading and whether Bitpanda is worthwhile as a broker or crypto exchange. We will also show you in this Bitpanda review how you can best benefit from both platforms by combining them.
What is Bitpanda and One Trading?
Bitpanda is a crypto broker based in Vienna and was founded in 2014. Since then, Bitpanda has developed into one of the most important crypto trading platforms in European countries.
Bitpanda exists in two versions: On the one hand, there is Bitpanda as a broker. With a broker, you always trade with the platform itself. It guarantees you the trading price for 60 seconds before the price can change again.
As a fee, Bitpanda takes the so-called spread, the difference between the buy and sell price. In addition to cryptocurrencies, Bitpanda also offers trading in stocks, ETFs and commodities.
One Trading, on the other hand, is a classic crypto exchange where you trade with other users by placing buy and sell orders or accepting them from other users.
The differences between Bitpanda and One Trading mainly come down to the number of tradable cryptocurrencies, deposit methods and fees.
In addition, from our point of view, the entry-level version of Bitpanda is much more user-friendly and clearer than the One Trading crypto exchange – which is why Bitpanda’s fees are higher.
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Who are Bitpanda and One Trading suitable for?
One Trading focuses on advanced crypto investors. So, as a One Trading user, you should be familiar with the design of an exchange and how to keep your cryptocurrencies safe. The best way to do this is with a cold wallet.
Bitpanda, on the other hand, is easier to use. Since you can always buy cryptocurrencies with a best-price guarantee, you don’t have to deal with different order types. Bitpanda’s user interface is much clearer than One Trading’s. This is mainly because advanced investors need additional elements such as detailed charts, which are missing from the Bitpanda broker version.
Bitpanda review: Tradable assets
While you can only trade cryptocurrencies with One Trading, the broker version of Bitpanda also offers trading in other asset classes. These include stocks, ETFs, commodities, and precious metals.
However, anyone who is happy to have found a trading place with transferable cryptocurrencies and real shares will be disappointed. This is because Bitpanda only offers fractional shares under the name “Bitpanda Savings”.
Fractional shares reflect the price of a base product and allow users, among other things, to invest in fractions of shares and other assets.
Are Bitpanda Fractional Shares CFDs?
Bitpanda expressly points out that these are not equity CFDs. CFDs are very risky. These are derivatives where investors can lose even more than they put in. In addition, leverage is common with CFDs, which are particularly risky.
This also applies to short selling, which makes CFDs possible. Short selling involves borrowing assets in order to sell them directly. Speculators hope that the asset will subsequently depreciate in order to buy it back cheaply and return it.
All this is not possible with Bitpanda. This means that the risk increased by CFDs (with CFDs you can lose more than you put in) does not exist with fractional shares.
What are the risks of Bitpanda fractional shares?
Nevertheless, you also invest with Bitpanda via derivatives. Bitpanda buys the underlying stocks, ETFs and ETCs, allowing you to participate in the performance of these assets 24/7. The fractional shares are physically secured. The securities purchased by Bitpanda are held with a custodian bank.
For you as an investor, however, there is also the counterparty risk with Bitpanda shares in addition to the usual market risks. Counterparty risk means that your counterparty (in this case Bitpanda) may default and you may be left with losses.
Bitpanda: Deposits and withdrawals in review
Bitpanda and One Trading wallets and accounts are separate from each other. This applies to your euro balance as well as to your cryptocurrencies. If you buy Bitcoin once via Bitpanda and once via One Trading, your BTC will be stored in two different wallets. Be sure to note this fact if you want to deposit money or cryptocurrencies with Bitpanda.
Deposit methods and withdrawals at Bitpanda
Bitpanda convinced us in the review with numerous deposit methods. You can deposit euros by Sepa transfer, credit card, Giropay or Klarna (instant transfer). The deposit fees at Bitpanda are relatively low when compared to the fees at Coinbase, Binance or Bitvavo. If you want to pay out your Euro balance at Bitpanda, you can do this free of charge via Sepa transfer.
In the table below you will find an overview of how you can deposit money at Bitpanda.
Bitpanda deposit methods and fees
| Deposit Method | Fees (from deposited amount) | Deposit Limit |
|---|---|---|
| SEPA Transfer | Free | 500,000 euros |
| Credit Card | 1.80% | 2,500 euros |
| Klarna (Instant Transfer) | 1.26% | 10,000 euros |
| Giropay | 1.50% | 10,000 euros |
(Source: Bitpanda, as of August 17, 2023)
The daily limit to deposit by credit card is 2,500 euros. In order to save fees, the Sepa transfer is worthwhile. You can also deposit using Skrill or Neteller.
On the other hand, if you want to deposit an amount in euros into your One Trading account, you can only do so directly via Sepa transfer. However, there is a way to make deposits more flexible with One Trading as well.
Transfer funds from Bitpanda to One Trading
You can transfer your balance (euros and crypto) from Bitpanda to your One Trading account at any time. The advantage is that there are no fees and you don’t have to be patient. Namely, the transfer is performed in real time.
Therefore, you can use all deposit methods for One Trading via a detour.
Deposit and withdraw cryptocurrencies at Bitpanda
Like other crypto exchanges and brokers, Bitpanda charges a fee if you want to transfer cryptocurrencies to your own wallet.
Anything but ordinary, however, are the fees that are incurred when depositing cryptocurrencies.
Cryptocurrency deposit and withdrawal fees
| Cryptocurrency | Minimum Deposit Amount | Fee for Deposits | Deposits Free of Charge | Withdrawal Fee | Minimum Payout Amount |
|---|---|---|---|---|---|
| Bitcoin (BTC) | 0.0005 BTC | 0.0001 BTC | 0.05 BTC | 0.00006 BTC | 0.00057 BTC |
| Ethereum (ETH) | 0.0068 ETH | 0.0034 ETH | 0.068 ETH | 0.00073292 ETH | 0.02 ETH |
| Ripple (XRP) | 0.1 XRP | 0 XRP | 0.1 XRP | 0.1 XRP | 25 XRP |
| Cardano (ADA) | 2 ADA | 0.2 ADA | 2.2 ADA | 0.16417 ADA | 2 ADA |
| Solana (SOL) | 0.01 SOL | 0.001 SOL | 0.05 SOL | 0.001 SOL | 0.05 SOL |
| Source | Bitpanda (as of August 17, 2023) |
From a certain amount, depending on the cryptocurrency, there are no more fees. Overall, we still think the fee is too high or not very customer-friendly. Bitpanda does not incur network-related costs when customers transfer their cryptocurrencies to Bitpanda.
Important: If you should transfer an amount to Bitpanda that is below the minimum amount, you will not be able to access the coins.
However, when it comes to transferring cryptocurrencies to your own wallet, Bitpanda is pretty cheap.
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What are the Bitpanda and One Trading trading fees?
In this section of our Bitpanda review, we’ll explain what costs you have to expect with the crypto exchange.
Bitpanda fees
Bitpanda does not charge you any classic fees that you pay when buying or selling a cryptocurrency. Instead, a difference in the buying and selling prices is included (spread). The spread at Bitpanda is 1.49 percent. Depending on the cryptocurrency, however, the fees can increase by up to 2.49 percent. Despite the clear user interface, this is very high in comparison.
When you invest in precious metals with Bitpanda, there are additional fees: the storage fees of 0.0125 percent per week. The storage fees depend on the trading volume you reach. That can certainly be taken as a (albeit small) custody fee. Bitpanda does refer to this storage fee in the explanation content. However, many investors do not have this on their screens at the beginning. The fee is particularly surprising if users originally registered to buy cryptocurrencies.
One Trading fees
In our Bitpanda review, we found that One Trading is currently the cheapest crypto exchange in Europe. One Trading trading fees start at 0.15 percent of the invested amount. The more volume you trade per month, the lower the fees will be.
One Trading divides the trading fees into so-called maker and taker fees. With a maker order, you place an order and thereby ensure that the platform remains liquid. It can therefore sometimes take a while for your order to be processed. With a taker order, you take advantage of an order that has already been placed. Therefore, taker fees are lower than maker fees.
One Trading trading fees
| Trading Volume | Makers | Takers |
|---|---|---|
| Under 100 BTC | 0.10% | 0.15% |
| 100 – 250 BTC | 0.10% | 0.13% |
| 250 – 1,000 BTC | 0.09% | 0.13% |
| 1000 – 5,000 BTC | 0.075% | 0.10% |
| 5,000 – 10,000 BTC | 0.06% | 0.09% |
| 10,000 – 20,000 BTC | 0.05% | 0.075% |
| Over 20,000 BTC | 0.05% | 0.06% |
Source: One Trading (as of October 21, 2022)
Bitpanda review – ease of use
Bitpanda’s user interface is clear and easy to understand even for non-professionals. For example, unlike other brokers like Etoro, you can only open a sell bitcoin position if you also own bitcoin. This is not a matter of course, even if it may appear so at first.
With Etoro, AvaTrade or other (mainly CFD) brokers, you open a (leveraged) CFD position by clicking on “Sell Bitcoin”, where you speculate on a falling Bitcoin price. This is not the case with Bitpanda, which is why we think the broker is also suitable for beginners.
Bitpanda user interface
The One Trading user interface
One Trading is generally a little less clear for beginners because it is a crypto exchange with a classic exchange design. However, One Trading is not aimed at beginners, but at advanced investors.
One Trading user interface
Compared to other crypto exchanges, One Trading scores is great with its user interface. This makes One Trading significantly more user-friendly than many competing trading platforms.
One gateway for Bitpanda and One Trading
Bitpanda becomes particularly user-friendly when you as a user combine the advantages of the broker and exchange platform. Your access data is always valid for the broker and exchange version of Bitpanda and at the same time for the Bitpanda App.
You can also transfer your funds between Bitpanda and One Trading in real time at any time and free of charge. This is very convenient and improves Bitpanda enormously as a broker and exchange.
Is Bitpanda safe?
Cyber security platform cer.live downgrades One Trading’s security due to underinvested amount. But it is also true that One Trading is the only crypto exchange from the DACH region to be considered by cer.live. At least that shows that the crypto exchange is relevant.
No hacks have happened in Bitpanda’s history. However, the deposit protection for euro balances does not apply, which is why you should not store larger euro amounts with Bitpanda.
Two-factor authentication protects your cryptocurrencies from third parties. You not only have to authenticate yourself when you log in, but also when you want to pay out cryptocurrencies.
All in all, we can state that Bitpanda and One Trading are safe and reputable trading platforms. Nevertheless, users should always prefer cold wallets when it comes to keeping their own coins safe.
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Bitpanda staking review
At Bitpanda you can stake selected cryptocurrencies. Staking rewards you by using your coins to ensure the crypto protocol works properly and transactions are validated. You can stake more than ten cryptocurrencies via Bitpanda without having any technical know-how yourself. Bitpanda takes care of the entire process for you.
Bitpanda staking reward
This is how you can build a passive crypto income. The interest rates are significantly higher than, for example, with a fixed deposit account – of course, the risk of loss of value with cryptocurrencies is still significantly higher.
The positive thing about staking via Bitpanda is that you don’t have to lock your coins for a longer period of time. You can withdraw them at any time and transfer them to your own wallet. It is therefore suitable to stake your cryptocurrencies on Bitpanda if you would keep them on the platform anyway.
Bitpanda Review – Conclusion
If you are looking for a European crypto exchange, you will find a good platform in One Trading. The broker version of Bitpanda is also particularly clear.
Only investors who want to invest in many different altcoins may not always find what they are looking for at One Trading. Although Bitpanda offers more cryptocurrencies even in the broker version, these are simply too high for advanced investors in terms of fees from 1.49 percent.
Examples such as the Bison app show that a spread of more than one percent is not absolutely necessary, which is why we see a suggestion for improvement at this point. As a broker, the Bison app only calculates a spread of 0.75 percent.
It is not uncommon for a crypto trading platform to be divided into versions for beginners and advanced users. Coinbase tried this with the professional version Coinbase Pro – with moderate success. As a result, Coinbase is now converting this version to Coinbase Advanced, allowing users to access both platforms with the same credentials, following the example of Bitpanda. The Crypto.com app is also available as a professional version for the desktop, which is managed completely separately.
Bitpanda shows a much more mature concept here. In our opinion, this is currently only solved better with Bitvavo. Bitvavo offers two different user interfaces: one for professionals and one for beginners. However, the fees do not differ and it is not necessary to differentiate between the wallets of the professional and entry-level versions.
Nevertheless, it is ultimately the combination of the two platforms Bitpanda and One Trading that makes the provider just as interesting for beginners as it is for advanced investors. In particular, beginners can continue to use Bitpanda in the Pro version after their first experience without having to switch to a new provider.
The professional version of Bitpanda had already reached second place in our crypto exchange comparison. With the advantages of the broker version, the trading platform becomes even better from our point of view.