Established in 2014, Bitpanda is an Austrian cryptocurrency exchange that’s known for its support for both digital assets and fiat currency. In addition to a traditional cryptocurrency market where you can buy and sell your digital assets through other traders, the exchange also offers direct purchase and exchange of cryptocurrencies through its own interface.
Formerly known as Coinimal, Bitpanda has become popular among a variety of new and professional traders. This is especially true for those cryptocurrency users who are from the European market. Through its security functions, licensed operations, and clean interface, Bitpanda has become the top trading platform for many cryptocurrency holders.
Whether you already hold an account on Bitpanda or want to start trading on the platform, it’s prudent to wonder if you are able to use trading bots on the cryptocurrency exchange. To help you find all the answers that you are looking for, here’s a lowdown on using trading bots for Bitpanda.
Are You Allowed to Use Trading Bots on Bitpanda?
Similar to other popular cryptocurrency exchanges, Bitpanda allows developers to use application programming interface (API) keys in order to connect their programs to the exchange. This way, it lets its traders use third-party applications to enhance their trading capabilities without compromising their security.
Since trading bots also fall under this category of API-connected applications, Bitpanda allows their use on its platform.
This is why you are easily able to find several popular trading bots that are able to work with Bitpanda in order to buy and sell cryptocurrency automatically. Most of these trading bots are able to work with other cryptocurrency platforms as well, which adds to their versatility.
Bitpanda trading bots can come from any country. With that being said, their ability to operate against Bitpanda is restricted by the exchange’s area of services, which are currently restricted to Europe as well as a select few territories such as the United Arab Emirates.
Do You Need to Download Special Software?
Bitpanda trading bots are available in various formats. This includes installable as well as web-based applications.
This means that you don’t necessarily have to download a special software in order to use a trading bot with Bitpanda. You can also explore other options that don’t require you to install a program on your computer.
You Can Use Cloud Based Trading Bots for Certain Advantages
Most modern trading bots are completely based in the cloud, which allows you to access them from a typical web browser using any computer. This lets you use these trading bots without having to download any program on your designated desktop or laptop.
If you go with a cloud-based trading bot that operates out of its own server, then you don’t have to run your computer 24/7 in order for the program to work. You can simply login to the interface, set your trading preferences, and check back at your own convenience.
While these cloud-based trading bots are operated through highly secure servers, these servers run under the supervision of third parties. With that being said, they are unable to access or control your account information.
You Can Also Turn to Installable Trading Bots for More Control
On the other hand, if you use a trading bot that requires to be installed on your computer, you would need to keep your machine running in order to keep your bot active. In such a case, you would also be unable to access your trading details from another computer.
This adds another layer of physical security to your trading bot and gives you more control over its operations. With that being said, it limits your accessibility to the bot and typically requires you to invest in equipment that can run for days without compromising your trading.
With this in mind, it’s important to select a trading bot for Bitpanda that goes in line with your personal preference and provides you with your ideal level of comfort.
Best Bots for Bitpanda
Are Bitpanda Trading Bots Safe?
Bitpanda trading bots that come from reliable entities are typically safe and don’t put your information at risk. Since Bitpanda uses API keys to allow these trading bots to connect to its database, these bots cannot directly access your exchange account or your password.
But as you give these trading bots the permission to connect with your Bitpanda account, you need to make sure that you are only allowing them to see your balances and make trades on the Bitpanda platform itself. Any trading bots that asks for withdrawal information through your API keys is usually after your money, and you would be better off steering clear of such programs.
This ensures that the trading bot you are using against Bitpanda is safe and free from harm. For additional security, you can check for other security features such as two-factor authentication (2FA) or multi-factor authentication, which require various levels of verification before allowing you to access your trading bot. This also helps in keeping malicious parties at bay.
Are There Any Free Bitpanda Bots?
There are a few Bitpanda trading bots that allow you to use their services for free. But most of them come without basic features such as a graphical user interface (GUI). This means that these free bots are often code-based, and operate through strings of specific text commands instead of a point-and-click interface.
There’s a simple reason behind it. As third-party trading bots are created by independent development teams, they require sufficient compensation against the efforts that they put into the program. Since creating a GUI for a trading bot is more resource-intensive than writing a string of code for it, trading bots with a point-and-click interface are almost always available against a fee.
How Much Money Do I Need to Start?
When it comes to cryptocurrency trading, it’s important to remember all the expenses that come with the practice.
For instance, you not only require sufficient funds to buy and sell cryptocurrencies, but also need to have enough money in place to cover for additional charges.
Are There Any Unique Pairs to Trade With the Bot on Bitpanda?
As more exchanges take on a more competitive stance, it will be much more difficult to find entities with unique pairs. Bitpanda supports all major crypto assets and allows it to trade in pair with Euro, Swiss Franc, British Pound Sterling and US Dollar.
Conclusion
Bitpanda is an entity that has been around for a while and is a reputable entity that is all about the facilitation of the acquisition and divestment of cryptocurrency assets within the Euro region. It came about in 2014, and is now a legitimate option for many speculators within the cryptocurrency realm in Europe.
Speculators appreciate the fact that it serves as one of the more cost-effective ways to purchase bitcoin with a credit feature or even a SEPA option.
As a fintech company, it is no surprise that it adopts bitcoin and cryptocurrencies and is one service that prioritizes modern conveniences within its applications. That is why it is a popular entity for traders across Europe. The firm commands the attention of over 800K users and even is now pressing into precious metals.
Those who use Bitpanda are known to have great experiences even if they don’t live in the EU. While those outside of the EU experience lesser offerings, they can still avail of the many features and options present within the Bitpanda world. These features include speculation and asset movement.
From user experience to generally quick transactions processed in a swift manner, Bitpanda doesn’t disappoint. As such, it is a compelling option to use as a service for your automated trading solution.
Finally, people appreciate that the firm doesn’t shirk on customer service and will respond as quickly as possible.
From a reliability standpoint, Bitpanda will be there for you but it is necessary to realize that you must understand your trades, your strategies, and your tools when you interact with the platform. The platform will be there to address your needs but you are the one making decisions on positions and entering and exiting as necessary.
Stay diligent in your research, be careful and have fun!