How to buy Bitcoin with Credit Card

Coinbase

According to the statistics of 2017, more than 30 countries can access the Coinbase which is considered to be the largest bitcoin broker in the world. The customers can easily purchase the bitcoin by using: the bank account which is connected to it, Interact online and SEPA transfer and similar other methods of payment.

Positive aspects

  • High limits on liquidity and buying.
  • Convenient for the new users for purchasing bitcoin.
  • Can be purchased instantly with the help of credit card as a backup.

Negative aspects

Is Coinbase a safe option?

This is one the largest bitcoin exchange in the world by Blockchain Transparency Institute and this company is from San Francisco and it has several trusted investors. Being the largest broker of bitcoin it also provides the offer of exchanging, wallet or the developer API.

The simple interface of Coinbase is aimed to make it convenient and easy for the buyers to purchase the bitcoins. Most of the customers opt for debit or credit card for purchasing the bitcoin. Bank transfers are also used.

 

In which country is Coinbase is supported?

coinbase

 

 

 

 

 

 

 

Since it is said that it is popular among 30 countries, starting from United States, Canada, United Kingdom, Singapore it also provides support to several European countries including:

Bulgaria, Switzerland, Belgium, Spain, Austria, Czech Republic, Cyprus, Croatia, Slovenia, Finland, Denmark, France, Ireland, Greece, Italy, Hungary, San Marino, Latvia, Liechtenstein, Portugal, Sweden, Malta, Poland, Monaco, Slovakia, Norway, Netherlands, Romania.

 

Privacy of Coinbase

 All the personal details and the verification of full ID will be performed by looking into the picture of the passport or the driver’s license if you are purchasing the bitcoin with the help of a credit card.

Liquidity and limits

Coinbase provides a very good limit depending on the account level and it is determined by the amount of information that has been verified. If you are a US customer who is fully verified then you can purchase $50,000 bitcoin on a daily basis. The customers from European countries can purchase the Bitcoin amounting to €30, 000.

Sending of Bitcoins by Coinbase

The payment method and the country will determine the time that will be required for the bitcoin to get updated in the wallet and be available for spending.

United States

Debit or credit card: If you are using the debit or the credit card, then the bitcoin delivery will be done instantly on the completion of the ID verification.

Bank transfer: It will take 5 business days for the US customers to receive the bitcoins after placing the order. One can perform the instant buy by providing the credit card. With the help of instant buy, you can easily purchase $1000 worth of bitcoins every week. If you are a level 2 user then with the help of instant buy you can get bitcoins of worth $100 per week.

Canada

Canadian EFT will take 4 days for delivering the bitcoin. For getting it instantly you can opt for the Interact online.

Europe

European can use the SEPA transfer and it will take near about one to three days.

 

Customer service

You can easily get the support of email and knowledge base as there is a community which is present for supporting and providing help.

 

Previous issues

It has been reported that this website can easily track the information of the bitcoin spent by the users.

Safety of linking Coinbase with a bank account

 

Coinbase is said to be the regulated company which is holding a license in every district where it is operating. It is also backed by several major US investors which are not the scam. So linking the bank account is safe. But it doesn’t indicate that you should be storing the bitcoins with the Coinbase. There is no cash advance fee required for purchasing the bitcoins from Coinbase.

Cash advance fee

 

There is no cash advance fee required for purchasing the bitcoins from Coinbase.

 

Ceo’s name of Coinbase

Brian Armstrong

 

Reviewing the wallet of Coinbase bitcoin

 

One can easily access the wallet of the Coinbase with the help of the application provided for the Android and IOS devices. Coinbase can control all the private keys and will also act like the bak. Coinbase should be particularly used for selling or buying of bitcoin and not for storing the funds.

 

Security of the wallet of Coinbase Bitcoin

The users will get three different kinds of wallet. These are multisig vault, vault, and wallet.

 

  • Bitcoin wallet: In the Coinbase wallet, the company will be able to control the bitcoins and you should trust them when it comes to keeping your coins. You should always keep the password of your account safe. Coinbase is the company that is having a funding of more than a hundred investors and comes with a strong setup of security. With the help of bitcoin, the user can easily control their money. So you can easily move the bitcoin into the wallet that you want to control after the purchase. It should be also noted that the Coinbase has the ability to shut down the account and blocking the access to your personal funds at any moment.
  • Coinbase vault: This is a unique way of securing the bitcoin of the large amount. The multiple approvers can easily protect the bitcoin which is stored in the vault. If you are allowing two approvals in your vault then both the approvals will have to confirm before they are processing for any withdrawal. In order to process the withdrawal, it will take 48 hours. You can easily cancel the withdrawal if you see that it has not been requested by you. Just like the wallet, you should also trust the Coinbase for securing the vault’s funds but the Coinbase’s vault is also prone to get shut down by the company anytime.

 

  • Multisig Vault: There are several users who will want to have a complete control over their wallets. So this multisig vault is the two out of the three wallets where the Coinbase will have one key, another key will be shared and the last key will be provided to the account holder. So among these three keys, two of them will facilitate the spending of the fund. If at any moment the Coinbase is going down you can still access the shared and own key. So the vault will not be held because the key has been shared and encrypted with the password.

 

Privacy

For the privacy concern, you will have to provide your phone number, name, email ID and other personal details. Coinbase will have the access to your balance and addresses every time so that they can easily connect this with the IP address. Also, the verification of the transaction data will be linked with the Coinbase’s node so you need to completely trust this company. Coinbase comes with the selling and buying features and it also follows all the laws of KYC. It has been stated that it also keep tracks on how and where the user is spending their bitcoins. Whenever a new payment request will be made it will ask for a new address so that it can prevent all the other users from connecting with the bitcoin addresses altogether.

USD wallet of Coinbase

 

With the help of the USD wallet of Coinbase, you can easily store the dollars in the account of Coinbase. There are several advantages which you will be getting when you will use the USD wallet.

You can easily store dollars in the account so that you can easily purchase the Bitcoins whenever you want to do it instantly without waiting for the five days that is basically required for transferring through the bank.

It will allow you to easily spend your bitcoins in the online market without exposing your account to the bitcoin volatility.

Debit card of Coinbase

With the help of the debit card, the shift payments are released which will help you to connect to the Coinbase account. Now the source of funds for the debit card will be your balance in Coinbase so you can easily spend the bitcoins at different merchants who accepts visa.

Ways of using Coinbase

Cryptocurrency is a complicated procedure and buying them can be more confusing due to the availability of the exchange payment procedures. If you are a beginner then you can easily exchange the Coinbase which is a cryptocurrency exchange company of San Francisco. Coinbase will offer you with the flat onramps or you can easily purchase the coins by using the fiat currencies. With the help of fiat, you can easily purchase litecoin, Ethereum, Bitcoin, Bitcoin cash from Coinbase. In Coinbase the setting up procedure of the account, purchasing currency and adding funds is quite simple. So here is a guide that will give you an insight into it.

 

Creating the account

  • At first for setting up a new account you will have to visit the website of Coinbase and click on the sign-up option.
  • Now you will be directed to a page where you will have to begin setting up your account. So provide your name, password, email and your location. Then a captcha will appear on your screen and you will also have to certify that your age is over 18 and you are also agreeing to the terms and condition of Coinbase.
  • Now you will have to click the continue button and access email where you will be sent with the verification link.
  • After verifying the email you will have to select the country and the phone number.
  • Now a code of 7 digits will be messaged into your phone and they will ask you to enter that code.
  • After completion of entering of the code you may or may not be redirected to verifying your id. If there is a direction then you will understand that your account has been set up and if it is not directing you to any new page then it will indicate that the next step has been covered. It doesn’t matter because sooner or later we all have to verify the ID of ours for continuing the purchase of cryptocurrency.

Verification of id

As this company is a US based so you will have to abide by all the KYC and AML laws. These are anti-money laundering and know your customer laws because every business needs to verify the customer’s identification. These laws are implemented for preventing the money laundering and any other type of criminal activities. For the customers, it will indicate that you are providing a good amount of your personal information which also includes the last four digit of SSN and the ID photo. You will need to go through the privacy policy of Coinbase to know more about this section.

If the page is not redirecting you to another id verification page after you have completed entering the code which is sent through SMS, you now will have to click the tab by yourself and opt for the button where you will have to perform photo verification and submission of id. Now you will be again redirected to a page where you will have to provide all the personal information. When you will be complete filling up of this form then you will have to submit the ID photo. You can upload the ID photo of the photo of the driver’s license by performing upload through files, camera on webcam. A clear photo should be uploaded with the image of back and front and it will take a few minutes for it to verify the image. If it fails to verify then you will have to opt for a clearer photo and check whether any part of the ID photo is obscured. After the photo verification is completed the ID verification process will also be completed.

Ensure more security

Once the verification is complete you will have to secure your account by using the two-factor authentication. In the beginning, you will have to visit the settings tab and there you will see the security tab. There you can find the two-factor authentication option now you will have to pick the option and set it to any amount of digital currency and now you will have to click the enable authenticator button. There will be a code of 7 digit message on your phone. Now you will have to provide the code and it will then generator authenticator code with the help of which you can initialize the two-factor authentication.

With the help of two-factor authentication, you can ensure remote security as it will generate the unique codes which will be based on the authenticated secret code. You can also download the two-factor authentication application like the Google Authenticator in your phone. After the downloading is completed you can add the code of the appointments authenticator to this app. You can also do it manually or by scanning the given QR code. This application will now provide you with the codes for two-factor authentication which will change with every second.

The code will be changing quite often so nobody will be able to breach the account unless and until they are getting access to your phone. Someone is trying to steal your account by using the username and password they won’t be able to do so because they won’t be having your phone in which the 2FA code will be sent. The setting up of your account will be more secure with the help of 2FA.

Adding of the payment methods

Before you make the purchase for your cryptocurrency you will need to add the payment method. Now this company will provide you with three types of payment method which are the wire transfer, bank account, and debit card. To continue reading this article to know how to make the purchase with these three types of payment methods. But at the beginning for adding the payment method you will have to go to the tab of settings which will appear on the middle of the upper part of the page. Now click photo option to link accounts. Then click on the options to link a new account. Now you can easily select the payment method which you want to enable.

  • Debit card: Debit card is considered to be the best way of purchasing if you are spending small amounts. If you want to transfer the bitcoin and cryptocurrency instantly to the account then you can use the debit card. The purchase limit of the debit card is very low when compared to the other two payment types. You can only invest $300 per week. The fees for purchasing through debit card are also high which is 4%. The headquarter of Coinbase is in America and the payment process for this company runs through the UK so you will have to go through the purchase fee of foreign. It will definitely depend on the card and the place where you live. For linking the debit card with the account you will have to fill out the information of debit card. If you have the credit card then you won’t be able to use it at this particular time, once the information of the card is completely filled Coinbase will then send the two pending charges to the account. Now for verifying the card, you will have to enter the last two digits of this charge. For any kind of transaction at that moment you won’t be charged. If you can see that there are three charges then you can easily ignore the charges which are $1.
  • Bank account: Bank account is efficient when it comes to purchasing larger amount but they won’t initiate anything instantly. When you are purchasing with the help of bank account the price which you will have to pay will be locked at that moment. So it will take four to five business days for the transaction to pass and for you to receive the cryptocurrency. So within those days if the value of the cryptocurrency is going up then you will be provided with that money and if the value is going down then you will also lose that money. Moreover, you don’t own the funds until it is crossing 4-5 business days. So within this time, you won’t be able to trade for any other cryptocurrency. There is some major upside to making purchases through bank accounts. The limitation of the bank account is higher and it starts at $75,000 every week. The fees are 1.5% for linking the bank account. You will have to opt for the payment method and then pick the bank and provide the user id and the password. If the method fails or you have failed to find the bank then you can also add it manually by providing the routing number. Now you will be provided with two deposits for verifying. It will take 5 business days for completion of the process.

 

Purchasing the cryptocurrency

When the account will be set up completely you can purchase the cryptocurrency. All you have to do is click on the tab of buy or sell option which will appear on the top of the displayed page. From there you will have to choose the cryptocurrency which you want to purchase and the payment method and fill the amount in the dollar. Now you will be redirected to the confirmation page for purchasing. You may also have to provide the 2FA code for confirming the purchase. Selling the cryptocurrency is also the very same procedure. The thing is you won’t be able to sell the cryptocurrency by using the credit card. You can only do it either with the USD account or with the bank account which will help you to hold the money on the Coinbase.

Sending and deposition of cryptocurrency

 All you have to do is select the type of accounts for depositing or sending the cryptocurrency. For depositing the currency you will have to go to the desired cryptocurrency option and then click on receive. Now the Coinbase will generate the address where you can send the cryptocurrency. Make sure you are choosing the wallet for sending it. You won’t be able to send the bitcoin cash and the bitcoin in the same wallet as one will get lost. And always use your own address. If you want to send a cryptocurrency to any other address then you will have to click the send button. Now put the address of the desired recipient and fill the amount in dollars to which you will like to send the cryptocurrency. Make sure that cryptocurrencies can only be sent to the same type of wallet otherwise it will get lost. You will have to fill up the 2FA code for completing the transaction. You may have to pay a fee for sending the currency.

 

Alternatives of Coinbase

 

BitpandaBitpanda is a famous bitcoin broker and is a company which is based in Austria. It offers several payment methods at an affordable and good price.

CEX.IOYou can easily purchase the Bitcoin at a very low fee with the help of your credit card. With the help of bank transfer, you can also purchase it for free.

CoinmamaIt is also the Bitcoin broker which is Israel based company. They have the specialty of selling the bitcoins to the credit card users who are living anywhere in this world

 

 

Coinmama

coinmama

Coinmama is one of the most popular brokers of bitcoin and is an Israel based company who has specialized in selling of the cryptocurrency like bitcoins by using the credit card and it is available to anyone from anywhere in this world. This company was formed in the year 2013 and has been registered under Slovakia and New Bit Ventures Limited is the owner and its headquarter in Israel. This is one of the most excellent platforms where you can easily purchase ethereum and bitcoin with the help of debit and credit card. This platform may not facilitate you to trade or sell cryptocurrencies. The transaction of this company is more secure because all the funds that a gathered from the purchasing of the cryptocurrency by the customer are directly transferred to the holdings of the company. It is by far the easiest and the fastest way of purchasing ethereum or bitcoin, and how it also deals with cardano, ethereum classic, litecoin, Ripple XRP Bitcoin cash, and QTUM.

Positive aspects

 

  • The services are available for various countries.
  • Responsive and fast Customer services.
  • You can easily purchase higher limits of bitcoin by using the debit or credit card.

 

Negative aspects

 

  • The fees for purchasing with the help of debit and credit card are quite high.

 

Methods of payment accepted

Coinmama accepts payment by MasterCard and Visa debit and credit card.

 

Countries where it is supported

 

They are one of the most popular brokers of bitcoin who accepts the credit card and hence have its foothold in several countries. It also supports some of the US states. Arizona, Colorado, California, Indiana, Florida, Kentucky, North Carolina, New Jersey, South Carolina Texas, Tennessee, Wisconsin, Virginia, Pennsylvania, Massachusetts, Michigan, Maryland, Montana, Nawada, Missouri and many more places can enjoy their facilities.

 

Liquidity and limits

One can avail the highest buying limits in Coinmama as they accept the credit card. You can easily purchase $5000 cost of BTC every day and $30,000 every month.

 

Speed

 

It won’t take you more than 10 minutes to complete the initial verification. When the initial verification will be completed, you can easily purchase the bitcoin and it will be delivered instantly.

 

Reputation

This is one of the oldest broker businesses and this company has sold several bitcoins with the help of debit and credit card when compared to other companies.

 

Fees

 

It will definitely charge you a higher amount when you are purchasing by using the credit or debit card and it is nearly 6%.

 

Customer service

You can easily reach them with the help of emails.

 

Other alternatives to coinmama

 

Bitpanda: Bitpanda is also an Austria based bitcoin broker company. It will offer you several kinds of payment methods at a good price.

 

CEX.IO: If you want to purchase the bitcoin by using low fees with the help of a credit card then this is the best option. You can also purchase it for free by using the bank transfer.

 

Coinbase: If you want to get a huge broker company of bitcoin then this is probably a popular and largest company who has spread its foothold among 30 countries. You can purchase bitcoin with the help of SEPA transfer, connected accounts, interact online and many more.

How to register yourself and verify the account?

 

Currently, there is no application available for Coinmama. It has not yet released the API for enabling the customers to create the custom application which will be compatible with their platform. Due to the KYC regulations, Coinmama now carries the verification on all purchases. To make the purchase of certain amounts the user will have to verify the identity by using the official government-issued ID card for AML and KYC purpose. They will also have to provide their full name, gender, date of birth, address, debit or credit card number. You will have to provide the two sides of the document in order to verify your account. The verification will be carried on after the documents are submitted and it should contain all the below-mentioned requirements.

  • Proper visibility in the entirety.
  • Good quality images.
  • Documents which are valid and the expiry date is clearly visible.
  • They can only upload the file size of maximum 8 MB.

 

The documents which are uploaded in Coinmama starts to process for verification in a few hours during the business hours. The processing time will be longer during the weekends and the evening. The customer service of Coinmama will help the users in acquiring the fast verification. The first verification will take near about 10 minutes and after this initial verification, you can easily purchase the cryptocurrency. In this way, the users can easily get the advantage of the price movements. After placing the order the rate of exchange at that moment will be locked in so you will be getting the cryptocurrency which you have ordered and will not get affected by any kind of fluctuations during this time. When it is locked in the rate of the market, then the customer receives less currency, which was not anticipated by them due to fluctuations. If an order is aborted, then the company will refund back your money within 48 hours.

 

How to make the purchase?

 

For purchasing the bitcoin you will have to use the credit or debit card. You don’t have to register your card for purchasing the cryptocurrency on the exchange. So here it is not mandatory for verifying your identity and you can make the purchase once you have registered. In the beginning, you will have to pick the amount which you want to buy and then you have to enter the wallet address for filling out all the card details and it will lead to the checkout page. The details of the card of the customers will not be stored by Coinmama. Once the payment is completed the transaction will be processed by credit card within a few seconds before it is getting transferred to the wallet of the customer. After the completion of the confirmation of wallet address and payment, the cryptocurrency will be sent directly to the user’s account. You can purchase cryptocurrency of a minimum amount 60 USD.

 

Coinmama will not provide you with the online wallet for storing the cryptocurrency on the exchange. So you will have to create your own appropriate wallet where the exchange can directly send the cryptocurrency once you have purchased. You will be provided with the email link for confirming the wallet address and it will also check whether your address is proper or not. This is the reason why customers won’t be able to purchase the cryptocurrency on behalf of others.

 

Coinmama Fees

 

The transaction fees for Coinmama are quite high when you are comparing it with its competitor because you will have to make a payment of 5.5% on every transaction with Coinmama. When you are purchasing it, the fee will be included in the rate of the cryptocurrency. When you are making a transaction using a debit or credit card you will have to pay an additional fee of 5%. This fee will be added once you choose your mode of payment. It can also charge you with the cash advance fee if the financial institution is viewing this transaction as the cash transaction. So when you will be transacting using Coinmama make sure to have those extra additional 10% fee with yourself.

 

Purchase limits

 

Coinmama will provide you with high buying limits when you are making transactions using credit cards. If you are a verified user then you can make a purchase of $5,000 every day and $30,000 every month. The daily limit will last for 24 hours till the limit is reached and the monthly limit is for 30 days. All the pricing will be displayed in EUR and USD but it will currently add all the additional currencies. It will accept orders of all currencies and you will have to pay some exchange fees if you are purchasing with the fiat currencies in place of EUR and USD.

 

The user can purchase the cryptocurrency depending on their verification level. The better documentation which the user provides will help them to avail more cryptocurrency purchase. It should be kept in mind that regardless of what level user, you are, you will be provided with the same month and daily limits. So these levels are as follows.

 

Level 1: You will be able to make a purchase of 15000 USD if you are a level 1 user. In this case, all you have to do is provide a valid government issued identification.

 

Level 2: The user of this level can make a purchase of 50000 USD. For gaining this level of advantage you will have to provide two valid government-issued identification along with the utility bill or the user’s selfie in which they will be holding the ID.

 

Level 3: When you will provide the maximum limit of authorization you can purchase cryptocurrency up to 1 million USD. For gaining this level of verification or authorization, you will be asked to fill out a form which you will have to submit back to Coinmama.

 

Is Coinmama a safe option?

 

In the ecosystem of cryptocurrency, Coinmama is having a very small exchange system and they are now building up their own market share by following up all the security. Though they are remaining behind several competitors as they have 6 less visitors every month, its services have improved and have gained a lot of attention from the investors. Coinmama is the money service business which has been registered with the FINCEN and which is in the US. Coinmama will not have any kind of hold on the user’s cryptocurrency information so the attacks of security issues will be less susceptible when you are comparing it with other exchanges. It will hold the record of the information on a credit card and it is stated that it does not store the information on the exchange server.

 

Customer Support Of Coinmama

 

You can easily contact the customer support through emails and you can easily get the extensive list of the frequently asked questions on the website. You will also get the review of the previous customers. The response time of this company is excellent and all your queries will be replied consistently within 24 hours. But on public holidays you may have to wait a bit longer.

 

Conclusion

 

Coinmama offers it uses a plethora of advantages, including instant purchase using a debit or credit card, accessibility, high buying limits on a daily basis but it also has a lot of negative aspects.

 

  • This platform is quite limited to the buy orders only. Unlike most exchanges, this website will not allow you to trade your bitcoins or cryptocurrency and hence the utility of this website is very basic. Moreover, it will not help you in buying back the currency. So if you want to sell your cryptocurrency then you will have to collaborate with any other exchange for doing so.

 

  • It is true that it accepts debit and credit card payments from every nation in this world, but it lacks in providing flexibility in other payment options like a SEPA or wire transfer.

 

  • The developers are thinking of adding more cryptocurrencies in the near future but currently, it only supports Ether and Bitcoin.

 

  • Due to the unavailability of the mobile app, it is not so convenient for the users to easily purchase the cryptocurrency quickly or even check their balance.

 

One of the best advantage which Coinmama can provide you and that is, it can effectively give you the facility of having a secure digital wallet. The exchanges are the targets of the hackers so this website does not promote leaving the cryptocurrency on the exchange. So they will not hold any information on your cryptocurrency so you can effectively create your own digital wallet.

 

Coinmama has a very good reputation within the community of cryptocurrency because it has a trustworthy, honest, and safe broker. It lacks in many additional features which the other competitors may provide and it is not so cheap so you will have to pay in order to have a secure and efficient cryptocurrency purchase.

 

Bitpanda

bitpanda

Bitpanda, formerly known as Coinimal is a brokerage website that lets you trade bitcoin, Litecoin, Dash, and Ethereum. The company is based in Austria and covers a large part of Europe. The exchange site accepts commonly used payment methods in Europe like Skrill, SOFORT, and EPA. It is undoubtedly Europe’s fastest emerging exchange platforms owing to its diversity in cryptocurrency exchange. The future looks promising for BitPanda vis-a-vis its plans to extend its operations in other parts of the world. The fully automated website aims at processing payments as fast as possible.

 

The History behind Bitpanda

 

Bitpanda’s enthusiasts Christian Trummer, Paul Klanschek and Eric Demuth are the brains behind the revolutionary platform. After one of the biggest waves of bitcoin in 2013, the founders witnessed first-hand how hard it was to trade bitcoins in Europe. The three founders ceased the opportunity and Coinmal was started.

Cryptocurrencies traded by BitPanda

 

In July 2017, Bitpanda introduced the all in one Ether wallet. The wallet allows users to access and monitor their funds without leaving the exchange’s interface. Bitpanda supports the following cryptocurrencies and fiat currencies GBP, EUR, CHF & USD

 

Bitcoin (BTC)

Ripple (XRP)

Litecoin (LTC)

Bitcoin Cash (BCH)

Dash (DASH)

Ethereum (ETH)

BitPanda features Some of the key features that make Bitpanda a notable exchange website include:

 

Secure Buying and Selling

 

As a financial asset, cryptocurrencies are associated with security compared to other modes of exchange. Using cryptography, they are secure enough as they are, however, they still come with some volatility and some accountability issues. In a volatile and fast-moving environment, a one-stop platform where you can trade cryptocurrencies for fiat currencies and vice versa makes the much-needed difference. BitPanda has innovatively employed the use of decentralized servers which are less vulnerable to cyber-attacks.

 

Storage

 

It goes without saying, once you own a bitcoin you will need a place to store it. Whether you are looking forward to a surge in the market prices before you trade or keeping your valued crypto away from unsolicited hackers, decentralizing your storage will make you less susceptible. The pertinent question of whether you should buy a wallet has been replaced with which wallet you should get. Once you create an account with BitPanda, you can attach an external wallet or use one provided by Bitpanda once your account is active.

 

Favorable exchange rates.

 

The exchange rates from Bitpanda are relatively higher since you trade altcoins and bitcoins which you can chargeback. When trading on the platform you will discover that they charge an extra small fee when exchanging the fiat currencies and cryptocurrencies.

 

Fast and reliable services

 

It is often hard to keep up with the customers’ demands on moment’s notice, however thanks to strong API applications, Bitpanda lets you order your currencies within minutes up to 24 hours.

 

Getting started on Bitpanda

 

When starting out on the platform, first, verify your email address which is provided alongside other relevant personal information. The verification process also includes a video identification process. The service is provided by partner companies IDNow and IdentityTM. Once your document is ready you are connected to the selected provider. Next, a verification document such as an ID photo is required during a session on a smartphone or webcam.

 

The platform is fully automated, therefore, as soon as the payment is confirmed the cryptocurrencies are sent to the buyers automatically. This is meant to make the services and processing of payments faster.

 

Storing your cryptocurrencies

 

Once you complete your registration Bitpanda provides you with a free wallet. The wallet is custom build in every account for the purpose of storing the crypto before or after a trade is made. However, these wallets are intended to store crypto for only a short time. Within a short span of time exchange sites such as bitpanda transact millions worth of cryptocurrency, which makes them a target for malicious attempts. While the list of hacked exchanges continues to grow, Bitpanda is yet to report such incidences.

 

The phrase “There are cryptocurrency exchange platforms that have been hacked and those that will be hacked” plainly speak the harsh reality in the industry. Hackers are constantly looking for vulnerabilities and when this happens to Bitpanda you do not want your funds to be in the temporary account. There are numerous options out there you can use to keep your funds protected from “cold wallet” to hardware alternatives, wallets keep your funds safe.

 

The significance of Bitpanda

 

Cryptocurrencies are structured to be a decentralized currency, they do not have any central unit controlling their use and are only issued by computer run codes. Cryptocurrencies have become significant and highly valued due to their scarcity and people have agreed that it is more-less equivalent to money, meaning anyone with a computer from all over the world can use it.

 

This is impressionable for man reasons, however, in some countries, it has become almost essential to trade in cryptocurrencies. Not every country has a stable regional currency as stable as that of the Euro or Pound. Cryptocurrencies allow citizens from any part of the world sometimes held back by the whims of their corrupt governments to use an unrelated currency. This makes the transfer of wealth from their home borders to other parts of the world easier.

To this effect exchange platforms such as Bitpanda crucial. In the earlier days of cryptocurrencies, the currency was only accessible through arcane methods or methods that were only available to influential world powers. As a result, people from minor countries were disadvantaged, bit with exchange sites like bitpanda the degree of financial independence across Europe and the world has increased.

Pros

Operates in a large part of Europe. Supports eight different cryptocurrencies’ Since it’s an automated platform, transactions take minimal time. Accept multiple payment options. Provide cold storage for additional security option.

  • It is a fully automated platform, with instant transactions
  • It provides a wide variety of payment options
  • BitPanda is good for beginners

Cons

  • Only European members can buy the cryptocurrencies from BitPanda
  • It is not an open source
  • The fees are not disclosed to the public
  • There is a lack of hierarchical deterministic (HD) and multi-signature protocol, which raises privacy concerns and security

Users have complained of higher fee charges and lack of transparency They lack margin trading. It’s not open to US investors. Some emerging coins such as IOTA which is on demand are missing. Claims of unanswered queries from the support team are common.

 

BitPanda is the leading, retail exchange for and selling cryptocurrencies. It is similar to the mother of cryptocurrencies, Bitcoin. BitPanda has swiftly emerged as one of Europe’s most sought-after, popular cryptocurrency brokers. This Austrian based cryptocurrency broker offers a bevy of payment options. It allows traders to diversify in premier tokens like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, etc. It began as a Coinimal in the year 2014, offering sell-side services worldwide. Currently, BitPanda sells their cryptocurrencies only to European members.

Is BitPanda available worldwide?

Well, technically BitPanda offers sell-side services to countries all over the globe. Like we have already mentioned, it only provides ‘cryptocurrencies’ to the residents of Europe.

What are the payment methods available for BitPanda?

As mentioned earlier, BitPanda offers a wide range of payment methods making is a very smooth and easy way of making transactions. Therefore, we have made a list of the available options for making a payment.

  • Credit card (Visa, Mastercard)
  • EPS
  • SEPA
  • Online Bank Transfer
  • Skrill
  • OKPAY
  • Giropay
  • Neteller
  • SOFORT transfer (available only in Germany, Austria, Poland, The Netherlands, Belgium, Italy, Spain, and Switzerland)
  • Visa/Mastercard Debit or Credit Card

Credit card being the most popular method in BitPanda, the list below compares the credit card exchanges.

  • Exchange: Coinbase, Fees: 3.75%, Countries: USA, Europe, Canada
  • Exchange: Coinmama, Fees: approximately 6%, Countries: Global
  • Exchange: BitPanda, Fees: 5%, Countries: Europe
  • Exchange: CEX.io, Fees: 3.5%, Countries: Global

Is using BitPanda safe?

BitPanda offers good security protocols to its customers, with a two-factor authentication process and an ID verification for enabling credit card payments. However, security is not as good as the other cryptocurrency currency service providers like Bitcoin.

What are the options for limits and liquidity?

The company offers different levels of verifications based on the amount of information you provide them with.

  • Verified Email: A user with only a verified email cannot buy bitcoins but can sell up to 1000 EUR worth of bitcoins per day. It can exceed up to 7500 EUR monthly.
  • Verified Ph. Number: A user with a verified mobile phone number can purchase bitcoins via any payment methods, besides a credit card. The user can buy up to 50 EUR per day.
  • Verified ID proof: A user with a verified ID proof can purchase bitcoins with a credit card up to 350 EUR per day and 10,000 monthly. And for other payment methods, a user with a valid ID proof can purchase up to 5,000 EUR worth of bitcoins and 75,000 EUR monthly.

What are the other factors of BitPanda?

Let’s begin with its speed.

Speed: BitPanda has various payment methods for making a transaction, giving users an instant option to buy and get their bitcoins delivered.  However, SEPA users take about a day to complete and a user will have to wait for it to arrive in their wallet.

Reputation: The company was previously named Coinimal. In two years, it had garnered a trustworthy goodwill and a good reputation for doing business, earning a start-up award in the year 2016. Since then there has been no stop to it. For, the company has now emerged to be one of the most sought-after cryptocurrency dealers in all of Europe and is leading the market.

Fees: The company low fees, however, it is not disclosed to the public to acknowledge. These fees are included in the buying price of the customers when checking out the buying and selling options.

Customer Support: The company has a good customer support service for requests and complains are attended to quickly without any delay via the support request forms on their websites. It is easily accessible.

Well, that is all for BitPAnda. If you are looking for an alternative then you should check out CEX.io, Coinmama, Coinhouse, and Coinbase to choose from. All of which are based on different parts of Europe and has the same servic

Conclusion

Popularity of cryptocoins has risen over the years and as a result, the trade exchange has significantly risen. Despite there being comparatively fewer exchange platforms, Bitpanda has proven to be highly secure, affordable and in the long term adequately managed. They have managed to stay on the forefront of Europe’s market and all for a good reason, to say the least. Moreover, Bitpanda is a stable exchange platform that is unlikely to fail in terms of security and finances. The merits of confidence shown by its users are impressive considering the highly competitive trends emerging.

 

 

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