Why do I have to take an appropriateness test before investing in stocks and ETFs?

Before starting to invest in stocks and ETFs, Bitpanda Financial Services is obliged to ask you some questions in accordance with the provisions of WAG 2018, MiFID II and MiFIR.

These questions concern your knowledge and experience with financial investments. As we're committed to protecting your interests, we point out the risks associated with the product depending on your experience and know-how. Please ensure to take all relevant aspects and documents into consideration before investing.

Additional requirements for retail investors

For some countries, Bitpanda needs to request additional information due to regulatory reporting obligations. These countries are Estonia, Italy, Malta, Poland and Spain. If this requirement affects you, please see the table below and provide us with the respective information as part of the sign-up process. Your personal data will not be shared with any unauthorised third party.

Country of Citizenship

Identity Document


Estonian Personal Identification Code (Isikukood)


Tax identification number (Número de Identificación Fiscal)


Fiscal code (Codice fiscale)


National Identification Number
National Passport Number


National Identification Number (PESEL)
Tax Number (Numer identyfikacji podatkowej)

Additional requirements for business users

Following the EU regulation on Markets in Financial Instruments (‘MiFIR’), Bitpanda is required to share users’ LEI (Legal Entity Identifier) with both the European Securities and Markets Authority (‘ESMA’) and the Austrian Financial Market Authority (‘FMA’). The LEI is a 20-digit code used to identify companies that are active on financial markets.

If you don’t have your LEI to hand or don’t have one yet, we can redirect you to our partner website. You can register via the link and will receive a LEI shortly. Your personal data will not be shared with any unauthorised third party.

Please provide your LEI code after having finished the appropriateness test. As soon as you have done so, you’re all set!

Keep in mind

Bitpanda Stocks enables you to make fractional investments. To allow for this, Bitpanda issues a derivative contract which is backed by the underlying stock or ETF. You can read more about this here.