BEST VIP Level
Lukas Kurzmann
With the introduction of the Bitpanda Ecosystem Token (BEST) in summer 2019, Bitpanda also introduced a VIP level system. The level is determined by the amount of BEST held. The more BEST you hold, the higher the VIP level. There are currently 5 levels, which bring more benefits as the level increases. With the introduction of new products and the conclusion of new cooperations on the European Bitpanda platform, new VIP level benefits are also created. As a result, the range of benefits associated with achieving VIP status is growing and becoming a BEST VIP is becoming increasingly attractive.
How can I become a BEST VIP member?
As mentioned at the beginning, you need Bitpanda Ecosystem Tokens in your portfolio on Bitpanda to achieve BEST VIP status. BEST tokens do not need to be locked or held for a certain period of time. As soon as the threshold for a VIP level is reached, you automatically benefit from the new additional advantages. As soon as you hold 10 BEST, you become a BEST VIP member and enjoy the first benefits.
What BEST VIP levels are available?
When the token was introduced in 2019, there were 3 levels. These have now been extended to 5 levels and the amount of BEST required has been adjusted. This means that you need at least 10 BEST for level 1 and at least 50,000 BEST for level 5. As the level increases, you need more tokens to reach the next level. Below is a table of all BEST VIP levels with the corresponding minimum number of BEST in the portfolio:
| BEST VIP Level | BEST |
|---|---|
| LVL 1 | >= 10 BEST |
| LVL 2 | >= 1.000 BEST |
| LVL 3 | >= 5.000 BEST |
| LVL 4 | >= 10.000 BEST |
| LVL 5 | >= 50.000 BEST |
What does it cost to become a BEST VIP Member?
Below is a table showing the current costs of the respective BEST VIP levels in €:
| BEST VIP Level | min. BEST | Value in € |
|---|---|---|
| LVL 1 | 10 | 5.46 € |
| LVL 2 | 1,000 | 545.50 € |
| LVL 3 | 5,000 | 2,727.50 € |
| LVL 4 | 10,000 | 5,455.00 € |
| LVL 5 | 50,000 | 27,275.00 € |
How can I increase my BEST VIP level?
You can only increase your VIP level by increasing the number of BEST in your portfolio. While you can increase your number by buying Bitpanda Ecosystem Tokens, it is also possible to reach a new level by collecting BEST Rewards and Instant Trade Bonuses. As long as you have a lower level than 5, you can level up. However, as soon as you have at least 50,000 BEST in your portfolio, you have reached the highest level with BEST VIP Level 5 and it is no longer possible to increase your level.
Which benefits come with a BEST VIP level?
The range of benefits is being systematically expanded by introducing additional products and entering into new partnerships. All existing benefits are described and explained below to provide a good overview of all BEST VIP benefits.
BEST Rewards
BEST Rewards are one of the first BEST VIP benefits. These were introduced back in May 2020 and have been an indispensable bonus for BEST VIP members ever since. Before you are eligible to receive your BEST Rewards, you must meet a few requirements:
- Possession of BEST VIP Level 1 or at least 10 BEST is required
- A trade of at least €1 must be executed
- You must agree to the Bitpanda Loyalty T&Cs and actively claim the rewards
It should also be mentioned that the amount of BEST held at the time of claiming is not used as a reference for calculating the rewards. Instead, as soon as you have met all the criteria, the amount of BEST held on Sunday at 23:59 is used as the basis.
Here is a small example: When claiming, you have 10 BEST. However, in the meantime you buy an additional 990 BEST so that you have 1000 BEST on Sunday at 23:59. Finally, you get the rewards based on the 1000 BEST.
In addition to the number of BEST held, the trading volume is also included in the calculation of the rewards. This means that you can receive up to 0.275% of the BEST in your portfolio as a bonus every week, giving you up to 15.35% per year.
The following table shows the VIP levels and the maximum rewards you can receive within a year:
| BEST VIP Level | Max. Rewards per Year |
|---|---|
| LVL 1 | 9.52 % |
| LVL 2 | 10.95 % |
| LVL 3 | 12.40 % |
| LVL 4 | 13.86 % |
| LVL 5 | 15.35 % |
You can easily calculate your potential rewards here: to the BEST Rewards calculator
Instant Trade Bonus (ITB)
While you already get a lot of BEST as a bonus with the BEST Rewards, you can also increase this number with the Instant Trade Bonus, or also called ITB. From VIP Level 1 you are entitled to benefit from this additional bonus. The higher you rise in your BEST VIP level, the more BEST you receive for your trades as a credit in the BEST portfolio, namely up to 0.25% of the volume of a Crypto/Metals trade and 0.025% of a Bitpanda Stocks trade as cashback. For example, for a purchase of €1,000 BTC, up to €2.50 in ITB credited as BEST in the portfolio is possible. The following table shows the VIP levels and the corresponding ITB:
| BEST VIP Level | ITB Crypto / Metals | ITB Bitpanda Stocks |
|---|---|---|
| LVL 1 | 0.05 % | 0.005 % |
| LVL 2 | 0.10 % | 0.010 % |
| LVL 3 | 0.15 % | 0.015 % |
| LVL 4 | 0.20 % | 0.020 % |
| LVL 5 | 0.25 % | 0.025 % |
Better Bitpanda Card benefits as a BEST VIP
Bitpanda launched the Bitpanda Card in February 2021. This is a debit card that can be used to pay for everyday items with all the assets in the portfolio. You can also easily edit the card in the Bitpanda app and set up your desired asset. While the card itself already offers many advantages, as a BEST VIP member you have the opportunity to get even more out of the debit card. From VIP LVL 1, you receive the aforementioned Instant Trade Bonus for every transaction. As soon as you reach VIP LVL 3, the ITB is converted into a BTC cashback. Here, you benefit from up to 2% cashback on every transaction carried out with the card.
In addition, from VIP LVL 3, you have lower foreign currency fees and, as your level increases, you are credited with more free ATM withdrawals. The following table shows all the benefits of being a BEST VIP member for the Bitpanda card:
| BEST VIP Level | Cashback/ITB | FX-Fees | Free Withdrawals |
|---|---|---|---|
| LVL 1 | 0.05 % ITB | 2.50 % | – |
| LVL 2 | 0.10 % ITB | 2.50 % | – |
| LVL 3 | 0.50 % CB | 1.75 % | 1 per month |
| LVL 4 | 1.00 % CB | 1.00 % | 5 per month |
| LVL 5 | 2.00 % CB | 0.25 % | unlimited |
More Staking Rewards as a BEST VIP member
You have been able to stake a wide variety of assets on Bitpanda since May 2022. Here you can find all the information you need about staking on Bitpanda. In addition to the already relatively high staking rewards you get on Bitpanda, a higher VIP level gives you even more staking rewards. It is therefore possible to receive up to 12.5% more in staking rewards. The important thing to understand here is that the 12.5% is not simply added to the existing APYs, but the APY is multiplied by up to 1.125.
For example, if an asset is staked at 5% APY for 1 year, you will receive 5.642% instead of 5%. Here you can calculate all staking rewards based on the BEST VIP level.
The following table shows the increased rewards based on the respective VIP level:
| BEST VIP Level | inc. Staking Rewards |
|---|---|
| LVL 1 | 2.5 % |
| LVL 2 | 5.0 % |
| LVL 3 | 7.5 % |
| LVL 4 | 10.0 % |
| LVL 5 | 12.5 % |
More Bitpanda Spotlight shares
Bitpanda Spotlight, a light version of the future Bitpanda Launchpad, was introduced in March 2023. Bitpanda regularly lists new crypto projects on the Spotlight platform that are not yet widely known. After a successful listing, these projects can be purchased. Bitpanda also distributes free tokens to all Spotlight followers, based on the VIP level & number of participants. The following points must be fulfilled in order to receive a free Spotlight airdrop:
- Click on “Subscribe” for the respective asset
- Have at least 10 BEST or VIP Level 1
As soon as you meet all the requirements, you will be credited with the Spotlight asset in your Bitpanda portfolio after some hours once the timer expires. The higher the VIP level, the more shares you receive, so a VIP level 5 receives 5 times more shares than a BEST VIP level 1.
For example, 1,000 tokens are distributed to all participants. This included 100 VIP Level 1, 50 VIP Level 2, 25 VIP Level 3, 12 VIP Level 4 and 6 VIP Level 5, so a VIP Level 1 would receive 2.83 tokens and a VIP Level 5 would receive five times as many, i.e. 14.16 tokens.
More Bitpanda Cash Plus Rewards as BEST VIP
In June 2023, Bitpanda Cash Plus was introduced, a new way of earning interest on fiat currencies on Bitpanda, which is paid out monthly.
As a BEST VIP member, you can increase these rewards by up to 12.5%. You can calculate all Cash Plus interest based on your BEST VIP level here. The following table shows the increased interest based on the respective VIP level:
| BEST VIP Level | more Cash Plus interest |
|---|---|
| LVL 1 | 2.5 % |
| LVL 2 | 5.0 % |
| LVL 3 | 7.5 % |
| LVL 4 | 10.0 % |
| LVL 5 | 12.5 % |
Bitpanda Club Status
In the meantime, Bitpanda Club status has been introduced, an additional status that brings even more benefits. A dedicated concierge service, live chats and earlier access to new products are just a few of the benefits that come with achieving Bitpanda Club status. The Club status is divided into 2 levels: Silver & Gold. This status is achieved by trading assets on Bitpanda. Club Silver is achieved with a volume of €50,000 in the past 6 months, at least €400 in asset/fiat balance and 5 completed trades. Gold status is achieved if you have traded at least €100,000 in volume in the past 6 months and have met all the requirements for Silver status.
In addition to the options described above for achieving Club status, you can also achieve Gold status by reaching BEST VIP Level 4 Silver or BEST VIP Level 5.
Summary
To summarize, it is definitely worth getting a BEST VIP level if you are active on Bitpanda. Based on the latest Spotlight airdrops, you will quickly recoup the costs for VIP Level 1 and benefit from numerous advantages on the European broker. As Bitpanda regularly launches new products on the market, the next VIP benefit will be added sooner than later.
