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As a financial services provider, data privacy and compliance are one of our main premises. It is often said that for tech companies, user data is the product. However, as a European company, we value a high level of data protection and, as mentioned in our previous blog post about how we make money, selling your data is not part of our business model.
What happens with my data as a Bitpanda user?
Bitpanda Financial Services is the subsidiary of Bitpanda GmbH that operates Bitpanda Stocks. Your data – mostly contact data, financial data and verification data – is processed by us for the main purpose of fulfilling your Bitpanda Stocks orders. All processing is performed pursuant to GDPR and the Austrian Data Protection Act (DSG). As part of the Bitpanda Group, we might transmit data to a limited extent within the Bitpanda Group, as well as to external processors for performing our services for us such as authentication services.
As a general principle, the Bitpanda Group only processes your personal data for the purposes permitted according to GDPR. Whenever required to, according to GDPR, we will ask you for your consent to process the data. The Bitpanda Group does not use personal data for automated decision-making, including profiling. We know this all sounds really technical, but we care about data privacy which is why these measures are in place.
Is my personal data protected?
To ensure that all users’ data is safely stored and processed, the Bitpanda Group has a lot of security measures in place that meet high international safety standards. We have implemented strict compliance measures and we use encrypted systems (SSL-encryption) and personal data is pseudonymised and anonymised. We highly recommend that all our Bitpanda users make use of two-factor authentication to avoid any risk and abuse of their Bitpanda accounts.
*“Bitpanda Stocks” is a new product from Bitpanda and allows you to invest in fractional shares/ETFs. “Bitpanda Stocks” are not shares, but a contract that allows you to participate in the price movements of certain shares, including any dividend distributions. It is neither tradable on stock exchanges nor on other trading venues, but can be resold to Bitpanda at any time under the conditions set out in the general terms and conditions and the contract. Further details on this product, the issuer and the relevant risks are available in the prospectus at bitpanda.com.