Bitpanda Pro

Bitpanda Pro Review

What is Bitpanda Pro?

Bitpanda Pro is the little brother of Bitpanda, an exchange from Austria that has been active since 2014. 7 years in the crypto world is like 700 years anywhere else...

The platform itself describes the difference between Bitpanda and Bitpanda Pro as follows:

"Bitpanda is an easy-to-use, newbie-friendly broker service for buying and selling digital assets. Bitpanda Pro is an exchange for professionals and businesses where they can trade and connect trading bots to our API."

Bitpanda Pro Advantages

In line with the above description of differences, the platform highlights (as advantages with Bitpanda Pro) that Bitpanda Pro offers a "state-of-the-art trading API" and "intuitive user interface". Moreover, that both Bitpanda and Bitpanda Pro are fully regulated by European authorities and that they enable users to deposit fiat currencies in a variety of ways are emphasized as strengths with the Bitpanda-platform structure. 

Trading Pairs

As for the number of different trading pairs, it is common that the Pro version of any platform offers substantially more trading pairs than the basic version. That's not necessarily the case here. 

A large number of supported cryptos means that even the most exotic altcoin trader can stay at the  platform and will not have to look elsewhere to cater for all his/her specific trading needs. On the flip side, however, this might also mean that there could be scam coins available for trading here, unbeknown to the platform. Exchanges with a smaller number of supported cryptos (like Bitpanda Pro) generally only support the bigger crypto projects, which have all been subject to numerous due diligence processes and that are – in most cases – properly vetted. A more recently launched altcoin has not been subject to the same scrutiny. So one could argue that there aren't that many trading pairs available at Bitpanda Pro, but that the trading pairs that are available should be considered as fairly "secure". These were the trading pairs available on the date of first writing this review (11 February 2021):

Bitpanda Pro Trading View

Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Bitpanda Pro:

It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.

US-investors

Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.

According to information from the exchange, US-investors are not permitted to trade here. If you're from the US and want to find an exchange where you can trade, just use our Exchange Filters and we'll help you.

Bitpanda Pro Fees

Bitpanda Pro Trading fees

Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Normally, exchanges distinguishes between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.

At Bitpanda Pro, the standard trading fees for takers are 0.15%, and for makers 0.10%. 0.15% in taker fees is in line with, or even slightly below, the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. According to the latest empirical study on the subject, the industry average taker fees were 0.217% and the industry average maker fees were 0.164% (for spot trading). Consequently, Bitpanda Pro's fees are well below both of these industry averages.

However, the fees charged by Bitpanda Pro vary depending on your trading volume at the platform during the preceding 30-day period. The below trading fee discount table shows how much you have to trade in order to achieve certain trading fee discounts. The trading fees go as low as 0.065% for takers and 0.05% for makers, although we doubt that there are that many traders out there that are able to reach the 30-day trading volume required to reach level 7, where the trading fees are at their absolute lowest.

On the date of first writing this review (11 February 2021), the trading fee discount table looked as follows:

Bitpanda Pro Withdrawal fees

This exchange charges a withdrawal fee amounting to 0.00006 BTC when you withdraw BTC. This withdrawal fee is way below the global industry average, which is 0.00053 BTC per BTC-withdrawal according to this report, performed by us here at Cryptowisser. 

Deposit Methods

Bitpanda Pro lets you deposit assets to the exchange in many different ways, through wire transfer, debit card, and also by just depositing existing cryptocurrency assets.

Seeing as fiat currency deposits are possible at this trading platform, Bitpanda Pro qualifies as an “entry-level exchange”, meaning an exchange where new crypto investors can start their journey into the exciting crypto world.