Ultimate Crypto Broker App Comparison for Europe
Revolut vs Coinbase vs Bitpanda vs Crypto.com vs Wirex vs Cryptopay vs Change Invest
I am Mustafa, a software engineer. I live in Tallinn, Estonia, and work at Change Invest, a crypto (and soon stocks) investment and trading app available in Europe.
I wanted to personally test our competitor apps and share what I found out. The test is completely reproducible by anyone who lives in Europe, has an Android or iOS device, a few euros (Bitpanda’s minimum deposit €25, Cryptopay’s €10, others do not have a minimum) plus a small buffer for fees. The fact I work at Change does not change the results of the test but for sake of clarity, I want to clearly state my involvement. Feel free to repeat the test yourselves. 🙂
How did I select test subjects?
There are many crypto platforms available but for a fair comparison, in this test, only companies with the following conditions were included:
- Crypto brokers only, not exchanges 🏦
That means no Kraken, Binance, or other exchanges. Only broker apps where you can directly buy and sell with a defined price.
- Mobile-first 📱
There are many great brokerage services for web and desktop use but for this test we only look at mobile apps.
- SEPA deposits supported 💶
SEPA transfers are free, secure, accessible (and often instant) across Europe which is an important value prop for brokerage users. Initially, I also chose Aximetria and Crypterium but they do not support SEPA.
- Available in Europe 🇪🇺
Only apps that are available for European citizens and residents. Some are Europe-only, some also offer global services.
Step 1. Made €50 SEPA Deposits 💶
I began with making a 50€ SEPA deposit in each app. All deposits were done on the same day within 15 minutes. Every app has its own bank account and some give you a unique reference code that you need to add as a description of the payment.
The deposit processing speed depends on your bank and the app’s bank. I use LHV in Estonia.
🥇 Following deposits were instant: Revolut, Coinbase, Change Invest.
🥈 Following deposits were in the account by the next day: Crypto.com, Wirex, Cryptopay.
🥉 Only the deposit to Bitpanda took more than one day.
Step 2. Bought Bitcoin With Whole Balance of €50 🛒
Step 3. Sold What I Bought Immediately 🎰
I sold everything I bought immediately. Here are the final balances I was left with:
7. Coinbase: €45.50 (-€4.50)
6. Revolut: €47.47 (-€2.53)
5. Wirex: €47.76 (-€2.24)
4. Cryptopay: €47.75 (-€2.25)
🥉 Bitpanda: €48.29 (-€1.71)
🥈 Crypto.com: €49.71 (-€0.29)
🥇 Change Invest: €49.75 (-€0.25)
Note that some apps apply fees for fiat (and crypto) withdrawals, so you can be left with even less if you wish to withdraw the money.
For example, Cryptopay applied 9 cents and Coinbase 15 cents for the SEPA withdrawal. Revolut, Bitpanda and Change Invest didn’t apply fees for withdrawals.
We can see bigger players with known brands and big marketing budgets relying on their reputation applying higher fees and poorer rates.
Neobanks like Revolut are still newbies in the crypto industry but also offer poor pricing due to famous brand and massive user base of banking/payment product users for cross-selling.
Wirex, Cryptopay, Crypto.com and Change Invest are known as Coinbase alternatives with Crypto.com and Change Invest having competitive prices.
As a final result, Change Invest gives you most buck for the bang buying Bitcoin in EU.
If you don’t believe it, no better way to find out than see yourself. Get the app and try it out, there are no account opening or maintenance fees.