Bitpanda Review: Difficult verification process but responsive customer service | ICORating


An exchange which facilitates users to exchange fiat for cryptocurrency.

Difficult verification process but responsive customer service

4 Pending
Opened an account with bitpanda 4 years ago. This was like pulling teeth. I had to wait for a live video call with someone so they could see I was real and show my passport and credit card. Finally managed to buy some BTC and transferred it to my personal wallet, no problem.Recently I wanted to buy some more BTC. I logged onto the site, and attempted to purchase £100 worth of BTC. They blocked my deposit saying it needed to be manually approved and sent me a message saying it was against their terms and conditions to use a credit card that I wasn't authorized to use.It's my credit card. It's the same credit card number. Only the expiry date and CVV number have changed when the card was renewed earlier this year. They know my email. They know my phone number. They have my address. They have a scanned copy of my passport. They have had a live interview with me in the past. I logged on to my bitpanda account using the correct password. I replied to their messages using the original email address. The code to approve the fiat wallet deposit was sent to the original phone number they had on record and I entered it correctly. The transaction was verified by a second code requested by Verified By Visa which my bank sent to me. Yet they still said we want a photo of you with your credit card and passport.I understand the need for KYC and I fulfilled all the obligations when I opened the account, but I refused to keep jumping through all these unnecessary hoops. So I asked them to cancel the transaction. Finally after 12 hours they responded and said they'd cancelled the transaction because I hadn't provided proof. They say they cancelled it, but in my banking app (an excellent bank), the transaction is still showing as a £101 debit pending. It's amazing how a debit shows up almost immediately but a credit doesn't.To add insult to injury, they have 'refunded' £99.97 and charged me a £1.53 deposit fee. So they make money for doing nothing and I pay money for the privilege of wasting my time and energy.Verification is an absolute nightmare with this company. I understand KYC and you'll have to go through it with pretty much any company, but this is not KYC. This is laziness and incompetence. It's also theft of the fee at the very least, even though it's a small amount, it's still evidence of dishonest behaviour and a warning flag.I will update if I confirm getting my money back.UPDATEMy bank account still shows a pending deposit to bitpanda, but no funds have actually been withdrawn from my account, so it's just a matter of waiting for the pending message to disappear.The fees are no longer an issue.I will continue to use bitpanda for the following reason - their customer service is responsive and they appear to be trying to help. This is a big deal when you compare the situation with other exchanges.
31 Dec 2020 by Trustpilot

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