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Not only since the entry of large payment service providers, credit card companies or Elon Musk ("to the moon") is an investment in cryptocurrencies at least a consideration that investors should look into.
In order to invest in cryptocurrency, until recently the cumbersome way was still necessary via a separate wallet and trading on a crypto exchange (crypto exchange). All in all, a very tedious and for the inexperienced crypto trader very confusing way. Providers such as Bitpanda now make it possible to perform these steps without detours on their own platform, much easier and more transparent. At least at first glance. In the following Bitpanda review, we will tell you about our Bitpanda experience in Switzerland.
Bitpanda is a very intuitive platform on which both beginners and professionals can trade cryptocurrencies and precious metals at minimal fees - this is the statement of the financial service provider founded in 2014 in Vienna, which today already has 400 employees and 2.7 million users according to its homepage. But is it really as easy as described and what Bitpanda experience have we had?
As described, Bitpanda is not only a pure crypto trading and depository, but also a place where other financial products can be traded. All financial products including crypto in one place? Our Bitpanda experience shows that this is possible and we find the dashboard, the handling, overall the user experience really well done. Being able to keep your portfolio diversified across different investment products on one platform can be a nice and clear way to manage your securities account for many investors. What other advantages but also disadvantages arise from our Bitpanda review and how easy is the opening?
What you definitely have to give Bitpanda credit for is user-friendliness in all areas. This also applies to the account opening process. Our Bitpanda experience shows that an account is opened within a few steps and you can theoretically start investing (there is still money missing in the account). Bitpanda works with the provider Ofindo for verification, which allows verification without live chat. Thus, the verification process can be carried out detached from business hours, in 24/7 mode. The verification process takes place in compliance with all legal requirements. In just a few minutes you can become a crypto investor - that's how fast it can be. Our experience with Bitpanda is very positive.
Of course, Bitpanda is only one of many crypto providers on the Swiss market. market and thus the question of Bitpanda fees is a criterion that can be crucial, especially for crypto investors. So how high are the Bitpanda fees?
For example, the following costs are incurred when buying and selling:
However, we were the information listed altogether a little too thin. When asked, we were told that the fees are not listed in large for reasons of simplicity and are usually included in the price as a surcharge. While this is simple for users, it is ultimately a matter of taste. Personally, we would prefer separately listed fees.
The question about Bitpanda fees can unfortunately only be answered after intensive research on the Bitpanda homepage, which also brings us to a major point of criticism. Yes, safekeeping cryptocurrencies and trading them on a platform costs money. But a company should be happy to simply communicate this openly and transparently. Actually, you get the Bitpanda fees only with the completion of a transaction. To do this, you then compare the actual price of the corresponding product (such as on Coinmarketcap) and the amount actually executed.
To be fair, it should be added that the fees become lower due to the reward token "Best". Those who trade regularly receive more Best and thus pay less fees. More about this later in the article about our Bitpanda experiences in Switzerland.
Those who spend time on the platform will soon stumble upon Bitpanda Pro. There, a different offer with different pricing is listed especially for professional traders, but also for institutions. Those who trade a lot can use this and also benefit from Bitpanda Pro as a private person. By the way, you can switch between the Pro and the normal offer at will.
Bitpanda Pro and now Bitpanda Best? This is not another customer level. Rather, Bitpanda Best stands for Bitpanda Eco System Token. If you trade 1x per month, you will receive this Bitpanda Best Token as a percentage gift in your Bitpanda Wallet. The Best Token offers you various advantages depending on the level, such as lower fees. It's best to read up directly at Bitpanda Best how you can act optimally here if you want to.
If you've been paying attention, you've already read about the Bitpanda savings plan above, which can be applied to the Crypto Index, for example. Monthly savings plans offer some advantages, as Schwiizerfranke readers know. For instance, you avoid emotional trading (which usually leads to losses) and you have less to worry about. Close parenthesis - who opens a Bitpanda savings plan and invests monthly has of course exactly fulfilled the timing for the BEST token and thus additionally benefits from lower fees.
Advantages
Disadvantages
Bitpanda makes it very easy, especially for crypto beginners, to access the exciting topic of cryptocurrency. We only have it similarly easy with the Relai App Experienced. From opening to depositing to buying/selling cryptocurrencies and other financial products, Bitpanda has kept all the steps very simple. So simple that you might click on the buy button too quickly and spontaneously make the wrong decisions? That's where every investor has to rein themselves in a bit and exercise self-discipline.
Currently, 57 cryptocurrencies can be traded, whereby some of these coins can only be traded (trade only mode - a withdrawal to the personal wallet is not possible here). New additions of Coins are announced via social media posts and blog posts. The offline storage of the coins in a cold wallet is another and not insignificant plus point of the Bitpanda review.
Our biggest criticism, however, is and remains the opacity of Bitpanda's fees. A little more transparency would be desirable here. Otherwise, you have certainly read out that the One-Shop-Stop solution met with a positive response from us and the Bitpanda experience in Switzerland turned out well.
What are you still missing on the topic? What Bitpanda experiences have you already had?
Leave us a comment there!
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10 responses
Hello Eric
Can I also order the Bitpanda debit card if I live in Switzerland?
Kind regards
Antonia
Unfortunately, the fees are even higher than 1.49% :-/
Is (somewhat cryptically) also so deposited in the FAQ, 1.49% applies only to Bitcoin, for the other currencies it was in my experience 2-3%. Alternatively, you could first buy BEST and then swap, with the fees on Best, plus the swap, it probably comes out about the same... Too bad gibts there no transparency...
Otherwise, it was an easy entry into cryptos with Bitpanda, but I will no longer deposit more money there😅
Hello Stefan, the transparency and complexity of the fees could really be higher. But as you say, just for the simple start or to create savings plans Bitpanda is very suitable. Those who work with BEST can drastically save Bitpanda fees.
Hello, Eric,
What do you think of Swissquote for cryptos.
, buy fee for cryptos only 1%.
LG
Arun
Hello, Arun,
I personally feel that Swissquote lacks important features such as savings plans or staking. The selection is also not particularly large and it is not yet possible to invest in CHF. For me personally, there are therefore few arguments in favour of Swissquote as a crypto trading platform - unless you already have a custody account there and don't want to open another one elsewhere.
Of course, if you just want to trade something "for fun", it might be a different story. In my opinion, hodlers will find better places to go 🙂
Kind regards
Eric
Hello Eric
I am looking in vain for an easy way to avoid the annual EUR 199.00 for the "recommended" way with Blockpit.
Now, unfortunately, I haven't found a way on Bitpanda's web application to easily get a simple inventory view of my held cryptos as of 12/31 of each year.
In the "Portfolio overview" in Bitpanda you simply get ALL transactions. However, there is no filter/restriction by date.
How do you do that? Maybe you have another idea 🙂
Thank you already!
Hello Fastman
thanks for your input!
Since I only started testing with Bitpanda at the beginning of the year, there was no compulsion for me to list for tax yet.
A quick Google search led me to this: A tool for importing the route from numerous sources, where an overview for the tax can then be created. The basic version (limited to 100 entries for the tax) is free of charge. In the Pro version, the imports are automatically recorded via the blockchain - costs 11USD per month.
Can't say if this is good, accepted etc. but sounds very very exciting and is cheaper than Blockpit. Also providers like Bitcoinsuisse or Cake are supported 🙂 . https://cointracking.info/pro.php
How would I have to pay tax on Bitpanda's cryptos or declare them in my tax return? The company is based in Vienna and not in Switzerland? Do I get any documents from Bitpanda?
Thank you for the answers 🙂
Good question Elena, I have so directly forwarded to Bitpanda and will post you the answer here 🙂
here is the answer from Bitpanda: they refer to the blogpost about the cooperation with Blockpit https://blog.bitpanda.com/de/kryptowahrungen-und-steuern-werden-ab-sofort-einfacher-feiere-die-partnerschaft-zwischen-bitpanda-und-blockpit-mit-uns/
If this isn't for you, I would just show the assets via custodial statement and screenshot if need be.