Denmark based CASP4.8/5Penning vs Bitpanda — the MiCA-licensed Danish alternative
Bitpanda is a Vienna-headquartered investment platform offering crypto, stock and ETF derivatives and metals, MiCAR-authorised in both Austria and Germany. Bitpanda and Penning are both EU-licensed and both support DKK, so the comparison is not about licensing or rails — it is about what you actually own. Bitpanda holds legal title to your crypto as trustee in omnibus wallets and does not give you a wallet address; several asset classes cannot be withdrawn on-chain at all. Penning delivers every asset to a wallet you control.
Comparison
Penning vs Bitpanda — feature by feature
Bitpanda is based in Austria. The comparison below reflects published information about each platform's product offering.
| Penning | Bitpanda | |
|---|---|---|
| Regulatory status | CASP (Danish FSA, FTID 10902) — authorised 15/01/2026 | CASP via Bitpanda GmbH (Austrian FMA, 09/04/2025) and Bitpanda Asset Management GmbH (BaFin, 24/01/2025)Source: ESMA CASP register · checked 17 Jul 2026 |
| Portfolio management | Authorised for MiCA service (i) — the only Danish CASP that is — and offers it as Penning Invest | Neither entity is authorised for service (i); the Crypto Index is a passive, rules-based product rebalanced to a third-party indexSource: ESMA CASP register + Bitpanda Index Product Terms cl. 2.1 · checked 17 Jul 2026 |
| Custody | Not held — crypto delivered to your own wallet; you hold the keys | Held as trustee: Bitpanda is the legal owner of your E-Tokens under Austrian law, in omnibus wallets tracked on an internal ledger; "your E-Token Wallet is not directly connected to the blockchain… you do not have your own wallet address"Source: Bitpanda E-Token Terms cl. 4.3 + 5.3, Summary of Custody Policy · checked 17 Jul 2026 |
| On-chain withdrawal | Every listed asset settles to your own address | Integrated assets can be withdrawn; Trade-Only and Index-Only assets cannot, and index constituents cannot be sold individuallySource: Bitpanda E-Token Terms cl. 4.3–4.4 · checked 17 Jul 2026 |
| Fiat rails | DKK via Danish bank + EUR via SEPA | DKK supported alongside EUR, USD, CHF, GBP, PLN, SEK, HUF and CZK; SEPA plus card and e-money methodsSource: bitpanda.com/en/limits · checked 17 Jul 2026 |
| Pricing model | Transparent fee shown pre-trade; no monthly fee | Retail broker fee tiered by coin (0.99%–2.49%), Crypto Indices 1.99%; the advanced Bitpanda Fusion product uses a volume-tiered flat fee from 0.25% down to 0.02%Source: Bitpanda Cost Transparency – Crypto-Assets v4.0.0 (08/07/2026) · checked 17 Jul 2026 |
| Native cross-chain swap | Native Swap — settles in the destination asset on 28+ chains | Swap is an internal two-leg round trip — sell to e-money, then buy — charging both broker legs and settling inside the custodial ledgerSource: Bitpanda E-Token Terms cl. 3.7 · checked 17 Jul 2026 |
| Who you contract with | Penning Financial Services ApS, Copenhagen — supervised by Finanstilsynet | Bitpanda GmbH, Vienna. Stocks and ETFs on the A-Token route are derivative contracts with Bitpanda as counterparty rather than securities ownershipSource: Bitpanda User Agreement cl. 1.4 + A-Token Terms cl. 2.1 · checked 17 Jul 2026 |
Good fit
Who Penning is a good fit for
Penning fits if you want to own the asset — delivered to your own wallet, withdrawable on-chain, with a managed strategy available from the only Danish CASP licensed for portfolio management. Bitpanda fits if you want crypto, equities exposure and metals in a single Austrian-regulated app and are comfortable with a custodial, ledger-based model.
Alternatives
Other comparisons
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