Bitpanda is a European centralized exchange online platform that allows users to buy, sell, and swap a wide variety of digital assets, including cryptocurrencies, stocks, ETFs, commodities, and precious metals. Founded in 2014 in Vienna, Austria, by Eric Demuth, Paul Klanschek, and Christian Trummer, Bitpanda is regulated by the Austrian Financial Market Authority (FMA) and has over 3.5 million users. The platform also has its own native token called BEST (Bitpanda Ecosystem Token), which provides users with various benefits, including lower fees, priority access, and rewards.
While both Bitpanda and ZenGo allow users to buy, sell, and store various digital assets, they differ in terms of custody and additional functionalities. Bitpanda acts as a centralized exchange and wallet, which means that users do not have control over their private keys but can easily trade multiple assets such as cryptocurrencies, stocks, ETFs, commodities, and precious metals. In contrast, ZenGo offers a fully non-custodial wallet, where users have full control over their private keys and cryptocurrencies. Aside from this, ZenGo also offers various advanced features such as biometric key phrases, facial recognition, 3-factor authentication, and support for Web3, NFTs, metaverse gaming, and Dapps,
Bitpanda charges withdrawal fees on a per-cryptocurrency basis. The fees may vary depending on the cryptocurrency and are subject to change. When making a withdrawal, you will be able to see the total amount of the fees you have to pay. The exchange notes that standard miner fees may apply when withdrawing cryptocurrencies from Bitpanda. For more information about Bitpanda’s withdrawal fees, users can contact their customer support team or refer to Bitpanda’s official limits page.
When it comes to withdrawing cryptocurrencies from Bitpanda, the transaction time can vary depending on the specific cryptocurrency and the traffic on the blockchain network. In most cases, withdrawals are processed within just a few minutes. However, for larger transactions or certain cryptocurrencies like Bitcoin, the processing time may take longer, potentially up to two hours or more. It’s important to keep this in mind when planning your withdrawals as well as monitoring your transaction status on the blockchain explorer provided by Bitpanda. You can learn more about Bitpanda’s withdrawal time here.
There are several problems that can occur regarding crypto withdrawal from Bitpanda. First, withdrawals may be temporarily deactivated for security reasons, such as when you have just created and verified your account or when your transactions are subject to pending proof of funds (PoF) cases. PoF refers to cases where transactions will be blocked if the supporting documents are not received within the first seven days after the case has been opened. Additionally, your bank may not be willing to work with the exchange, which can cause problems with withdrawals. It’s also important to double-check that you have entered the correct receiving address and blockchain network before confirming any withdrawal requests. Finally, if you receive an error message stating that sending assets to other Bitpanda users is not possible, this means that you have entered another user’s address as your recipient address, but your right to execute withdrawals will not be affected. If you encounter any of these issues, check your email inbox (including spam folders) for information on how to proceed, and don’t hesitate to contact Bitpanda customer support for assistance.
To withdraw crypto to fiat on Bitpanda, you first need to sell your cryptocurrencies to fiat and have them deposited into your Bitpanda fiat wallet. Once the funds are in your fiat wallet, you can then withdraw the money to your bank account. Keep in mind that the minimum amount for deposits and withdrawals at the time of writing for fiat currencies is €25.
Alternatively, you can send your crypto to a compatible external wallet, like ZenGo, and convert it to fiat when you choose to withdraw.
