Bitpanda Fees for Buying and Selling cryptocurrencie
The use of Bitpanda that includes buying cryptocurrencies is currently only possible for customers residing inside the Single Euro Payments Area (SEPA), which consists of the EU member states and some other European countries. From a trader’s point of view, the most relevant costs on a trading platform are those incurred when buying and selling cryptocurrencies. With regard to that, Bitpanda is not at the lower end of the fee spectrum. The fees charged by Bitpanda for trading in cryptocurrencies are indirect in nature and already included in the prices offered. This means that the fees result from the spread between buying and selling price. Based on Bitpanda reviews, the spread for Bitcoin is the lowest, usually reported as being around 3%, but for most of the other cryptocurrencies traded on Bitpanda the spread is much higher.
For the altcoins, the figures vary a little, but summarising some of the results based on actual buying and selling prices found on Bitpanda, the following picture emerges for the spreads of the other cryptocurrencies:
- Ethereum: ca. 5-6%
- Dash: ca. 7%
- Litecoin: ca. 6%
The advantage of Bitpanda is that it is easy to use, so that the platform is particularly suitable for crypto newbies. Even if spreads may not seem particularly transparent when it comes to the fee structure on a platform, at least what you see is what you get, or, as Bitpanda puts it, “you will always receive the exact amount of coins or fiat that is shown on the order confirmation page.”
In Bitpanda reviews you will regularly find praise for the customer service they offer, which is also an important factor for newbies when buying cryptocurrencies. Even if the effective fees for buying and selling on Bitpanda seem relatively high, they have to be seen in the context of the other services provided by the exchange, and then the assessment may look somewhat different, especially when measured by the individual needs of the user.
Other Bipanda Fees
Depositing and withdrawing Fiat Money
Bitpanda offers a wide range of payment options, but the only method that incurs no deposit and withdrawal fee is SEPA transfer.
Depositing and withdrawing cryptocurrencies.
Transferring cryptocurrencies to Bitpanda is free of charge if at least a minimum amount is sent. The same table also shows that there is usually a fee if you want to send your cryptocurrencies from Bitpanda to an external wallet.
There is a method of sending cryptocurrencies for which Bitpanda never charges fees, this is the case when these are sent to another Bitpanda customer. For this purpose, the e-mail address used by the recipient for their Bitpanda account must be entered as the destination address, which then leads to the coins being credited to the wallet of the recipient.