The Bitpanda Ecosystem Token (BEST)

BEST is the native token of Bitpanda and the entire Bitpanda ecosystem, and gives BEST holders access to several benefits of the Bitpanda Loyalty Programme.

With BEST, you gain easy access to an entire ecosystem built to diversify your wealth across cryptocurrencies, digital assets and precious metals from the comfort of your home, with just the click of a button.

Vision

Bitpanda is all about tearing down the barriers to personal finance, and BEST was also built with this vision in mind. Explore the full scope of the new Bitpanda Ecosystem Token (BEST) in our vision paper.

What is BEST 2.0?

Over the years, we received a lot of amazing feedback from the community and put in all effort to make your dreams come true. Enter... BEST 2.0. 

Starting today, all users can opt-in for BEST 2.0 to enjoy the vast benefits of a new and improved experience, which is outlined in greater detail below, as well as in our updated vision paper and website.

What do I need to do?

If you don’t hold any BEST yet, there is no manual action required from your side, besides accepting the updated BEST 2.0 terms & conditions at login when prompted.

If you are already holding BEST on Bitpanda or Bitpanda Pro, and would like to continue buying, selling, swapping and saving BEST, as well as to be eligible to benefit from all the upcoming features, you need to manually opt-in to BEST 2.0 by agreeing to the updated BEST 2.0 terms & conditions via the provided toggles inside the desktop or mobile app. This way, your BEST 1.0 will automatically be converted to BEST 2.0 at a 1:1 ratio.

If you hold BEST 1.0 on other exchanges, external wallets or Bitpanda Pro, in order to take advantage of BEST 2.0, you will need to transfer them to Bitpanda (not to Bitpanda Pro) and opt-in to BEST 2.0 by agreeing to the updated BEST 2.0 terms & conditions when prompted on our platform. Your BEST will then be converted automatically and there is no further action required from your side.

Tip: BEST 2.0 is an upgrade to the framework of the existing token and is not a new ERC-20 token.

New Bitpanda Loyalty Programme benefits

With BEST 2.0, we made every effort to provide an even better experience for traders and holders alike:

BEST Stimulus Programme & Burn

With the introduction of the all-new BEST Stimulus Programme, Bitpanda takes and burns BEST in the amount of 25% of collected trading fees by BEST holders with a VIP Level. This burning process will be repeated monthly until a maximum of 75% of the total BEST (out of the 1 billion BEST originally issued) have been burned.

Further details about the BEST Stimulus Programme & Burn can be found here.

BEST VIP Levels

In the spirit of our mission to make investing more accessible to everyone, we are expanding our BEST VIP levels from 3 to 5, opening up the benefits of the Bitpanda Loyalty Programme to an even wider audience, while allowing for even more flexibility and rewards. There is no action needed from you besides opting in to BEST 2.0, your BEST VIP level will be adjusted automatically.

Please keep in mind that only BEST held on Bitpanda (not Bitpanda Pro) is eligible for BEST VIP levels.

Tip: A detailed overview over all the BEST VIP levels and their benefits can be found on this page, which will be updated in real-time as new information is released.

Instant Trade Bonus

Every time you trade, you are instantly rewarded with a portion of your trading volume in BEST. As a Level 5 user for example, you can claim up to 0.25% of your trading volume back in BEST - all credited instantly. For an investment of EUR 1,000 in Bitcoin, for example, you'll get EUR 2.50 back in BEST. 

Further details on the Instant Trade Bonus can be found on this page, which will be updated in real-time as new information is released.

Improved BEST Rewards (Coming Q2 2022)

Last but not least, BEST Rewards got an exciting upgrade too.

The BEST Rewards you already know and love can now be claimed weekly, instead of monthly. You are eligible to collect more than 15% in BEST every year by participating in our loyalty programme and claiming your weekly reward. 

Further details about the BEST Rewards can be found in this article and on this page, which will be updated in real-time as new information is released.

Tip: Keep in mind that only BEST held on Bitpanda (not Bitpanda Pro) are eligible for BEST Rewards.

There is more!

With BEST 2.0, we are looking to build and expand even more on BEST’s already vast utility. So, have a look at our dedicated BEST page to discover the use cases and additional benefits, and check back from time to time for updates.

FAQ

Although we hope the resources above already answer most of your questions, some are also answered right below and a detailed FAQ can be found on our dedicated BEST page.

Is BEST 2.0 a new token or an upgrade to the existing one?
BEST 2.0 is an upgrade to the framework of the existing token and is not a new ERC20 token.
How does the transition process work?

When you opt-in to BEST 2.0 by agreeing to the BEST 2.0 terms & conditions all your BEST 1.0 funds on Bitpanda and Bitpanda Pro will be converted at a 1:1 ratio to BEST 2.0. This means that you will have the same amount of BEST, but an upgraded version of it.

As mentioned further above, if you hold BEST 1.0 on other exchanges, external wallets or Bitpanda Pro, you would need to send them to Bitpanda (not to Bitpanda Pro) to benefit from all things BEST 2.0. At this point in time, there is no deadline for doing so, but we would advise you to do it sooner rather than later to already start accruing the benefits of BEST 2.0 when the features launch.

What is “Paying trading premiums with BEST”?

The feature to pay trading premiums with BEST was offered by Bitpanda and is now replaced by BEST 2.0 and the BEST Stimulus Programme & Burn and Instant Trade Bonus. Read more on BEST 2.0 in our BEST 2.0 terms and conditions and more about the BEST Stimulus Programme and Burn in our Bitpanda Loyalty Terms and Conditions.

Note: Please note that the option to pay trading premiums with BEST will not be visible in your account anymore once you opt into BEST 2.0.

What will happen to my existing savings plans or Metals storage that have the BEST 1.0 fee collection activated?
With BEST 2.0, we introduce a new and better way to benefit from all things Bitpanda, hence when you opt-in to BEST 2.0, the BEST fee collection will automatically be deactivated in all active savings plans as well as all other active instances, like Bitpanda Metals. There is no manual action required from your side and your savings plans will continue to run.

Stay in the know

Keep in mind that we cannot speak about new features before they have been launched successfully or before we have publicly announced that we are planning to do so. Furthermore, we cannot comment on any rumours concerning such matters.

If you want to be the first to learn about upcoming events, you can join our Bitpanda Announcements Telegram group, or simply follow us on our social media channels:

Important considerations

As an educated investor, we encourage you to read and understand our vision paper and its important considerations in its entirety before any potential investment. Furthermore, we encourage you to read and understand the BEST 2.0 terms and conditions that govern the BEST 2.0 token as a pure trade token and the terms and conditions of the Bitpanda Loyalty Programme.

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