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Bitvavo crypto exchange review and features

Bitvavo crypto exchange review and features

  • 30 March 2022
  • 432 View

Bitvavo crypto exchange offers free built-in wallets for every supported cryptocurrency. You don’t need to install a third-party wallet when buying crypto. This way you can see a clear overview of your portfolio in your Bitvavo dashboard.

This is very convenient, but we always recommend keeping your cryptos safe in a wallet where you manage your private keys. Preferably a cold wallet, like a hardware wallet. We will take a closer look at trading, exchange, limits, and costs in this Bitvavo review.

Key features of Bitvavo crypto exchange

  • Bitvavo crypto exchange is one of the cheapest European exchanges. The maximum trading fee is 0.25% (compare prices).
  • Bitvavo is registered with the Dutch Central Bank (DNB).
  • Earn interest on your cryptocurrency (up to 10.5% on an annual basis).
  • Wallets are insured for up to $255 million.
  • Trade more for additional discount
  • Simple, user-friendly interface for beginners.
  • Advanced exchange for experienced users.
  • Over 55+ cryptos to choose from.
  • High level of security.
  • All funds are stored in a separate fund: foundation Bitvavo crypto exchange Payments, so no funds are lost in case of bankruptcy.
  • No transaction fees for many payment methods.
  • Automated trading via the API.
  • You have a small disadvantage. Customer support is not available by phone. However, they are very responsive via live chat and email.

Bitvavo crypto exchange pros and cons

Advantages

  • Broker and exchange in one
  • Low trading fees of max 0.25%
  • Large offer + integrated wallets
  • Earn interest on your holdings

Disadvantage

  • No phone support (all digital)

Bitvavo crypto exchange Offer

You can buy, sell, store, withdraw and trade over 58 cryptocurrencies and the offer is regularly updated. You can choose from the larger coins like Ethereum and Bitcoin, but also smaller projects like Chainlink or VeChain.

They have dedicated pages for each coin where you can check prices and stay informed of the latest news. You can compare Bitvavo’s current crypto prices in our price overviews. Compare their bitcoin prices here or check which coins we compare here.

Buy crypto with Bitvavo crypto exchange

The first step is to create an account. Bitvavo crypto exchange has a straightforward registration process.

You only need an email address, password, and name to create an account. After entering all your real information, you will receive an email with a confirmation link, your account is ready.

Due to the new Dutch crypto law, which will come into effect from May 2020, all users must be verified with an ID card. This is an automated process and only takes 1.5 minutes. You can only start buying crypto after successful identification.

After your registration, you can fund your account to buy cryptocurrency. You can choose from:

  • SEPA bank transfer (free)
  • Bank contact (free)
  • iDEAL (free)
  • My Bank (1.5%)
  • EPS (1.75%)
  • Giropay (1.75%)
  • Credit card

Make sure your bank account holder is the same as your Bitvavo account holder.

Step by step on how to buy crypto on Bitvavo:

  • Make sure you are fully verified.
  • Click Deposit Funds to deposit funds using your preferred payment method.
  • Select the currency you want.
  • Enter the amount you want to buy crypto for. The system automatically calculates how much crypto you will receive.
  • Bitvavo’s trading fees are transparent and you can see immediately how much fees you are paying.
  • Click Buy.

The order will be processed immediately and your credit will be deducted according to your order. Within seconds you can find crypto in your wallet. You can use the Withdrawal tab to send your crypto to an external e-wallet.

Sell cryptocurrency on Bitvavo crypto exchange

You can sell your cryptocurrency on the same site where you bought it. Go to the trade page and choose to sell the currency instead of buying it (the tab at the top). Bitvavo crypto exchange converts your cryptocurrency back into euros and credits this amount to your account.

Whenever your crypto converts to euros, you can withdraw via bank transfer or invest it in another crypto. To make a withdrawal via bank transfer, you can click Withdraw Funds. Choose the amount you want to send to your bank, select your bank account, enter your 2FA code and click Confirm.

Bitvavo crypto exchange transfers the money to your bank account within a day. Most of the time we have a payout on the same day (during business hours).

Bitvavo ensures that all customer funds are secure. If Bitvavo B.V. goes bankrupt, the customer’s funds will remain with the Bitvavo Payments Foundation. We made several payments to our bank account. On the screenshot, you can see one of the payment transactions.

The Bitvavo exchange: Trading

The Bitvavo exchange platform has been available since March 2019. An exchange is a trading platform where you can trade different cryptos. The difference between a broker and an exchange is that a broker mainly targets beginners who want a user-friendly platform.

An exchange typically uses an order book and matches buyers and sellers. The Bitvavo exchange platform works perfectly for both experienced traders and beginners who want to learn more about an exchange. It is perfectly integrated with your bank account, allowing you to withdraw and deposit funds quickly. Bitvavo stands out with this feature. Thanks to the launch of the exchange platform, Bitvavo can charge low trading fees.

The Bitvavo exchange tarding

Bitvavo Checks and Limits

If you are new to the Bitvavo crypto exchange, you have been required to verify your account since May 2020. According to European laws and regulations, crypto parties need to know exactly who they are doing business with. This is a sign that the crypto market is maturing, just like stockbrokers, for example.

You can verify your Bitvavo account with a copy of your ID card or passport. From personal experience, it takes about 2 minutes. It appears to be an automated process, so all data must be visible on the ID card.

It is also mandatory to have your phone number verified. This is required to be able to buy and sell cryptocurrency. Once you’re ID and phone number are approved, you can trade, deposit and withdraw without any restrictions.

Fees and Other Costs on Bitvavo crypto exchange

You may know that brokers and exchanges charge a fee for every transaction you make on the platform. Fortunately, the Bitvavo crypto exchange is one of the cheapest brokers in Europe. Here you can compare bitcoin prices.

Bitvavo fees will never exceed 0.25% fee per transaction. If you compare that to Bitladon, for example, the average fee can be around 1.75%. Even with smaller investments, you can save some money by choosing the cheaper broker. If you plan to invest in cryptocurrency, this difference can save you a lot. The advantage of Bitvavo is that these low fees apply to both small and large transactions.

You can see the full fee structure on the Bitvavo website: https://bitvavo.com/en/fees

You also get a reward when you trade more on the exchange. The more you trade, the greater the rewards. This is based on your 30-day volume and is calculated every 24 hours. Some payment methods are free and others require payment to fund your account. Withdrawal is always free.

The Bitvavo app

Bitvavo crypto exchange app is available for Android and iOS users. Bitvavo app reviews are positive and allow you to trade anywhere and anytime. A user-friendly interface ensures that you can trade, deposit, and withdraw funds without any hassle.

The app has a downside as the advanced interface is not available. We have been told that this will be implemented as soon as possible.

Bitvavo online wallet

For each cryptocurrency offered, Bitvavo offers the option of storing it in its environment. This means you don’t need a third-party wallet and you can store all your cryptocurrency in one environment. In most cases, a separate wallet is required for each crypto. Much of the cryptocurrency is stored in offline wallets that are disconnected from the internet. This method is called cold storage, and something that is not connected to the internet cannot theoretically be hacked. Only a select number of employees have access to this offline location.

Storing many different cryptocurrencies that Bitvavo crypto exchange offers is therefore safe, but you are of course responsible for the safety of your account. So always make sure you enable two-factor authentication and never use the same password in multiple places.

Bitvavo Customer service

Bitvavo’s customer service has a very fast response time. We recommend that you look up your question on the support page first. Here are the most frequently asked questions: If you have a general question, chances are your answer is included.

If this is not the case, you can contact Bitvavo’s support team. The support team is available via email (support@bitvavo.com) and live chat. The opening times are from 09:00 to 17:00 on weekdays and from 10:00 to 18:00 on Saturdays. Our Bitvavo experience is that even after these times we get a response via email. It is not possible to reach Bitvavo by phone.

Is Bitvavo safe?

Bitvavo crypto exchange is a major player in the Netherlands and is growing rapidly in the rest of Europe. They offer unique features like an exchange and broker platform in one. This makes it interesting for both beginners and experienced users. Bitvavo is the broker we recommend to everyone if you are from Europe. We make almost all of our trades with this exchange. Bitvavo can now proudly call itself the largest exchange in the Netherlands. In 2020 they reached a trading volume of 3 billion euros and the year is not over yet.

Bitvavo has several security measures on the website, such as B. Various verification methods, IP whitelisting, 2FA, advanced surveillance, dedicated bank vaults, and certified data centers.

In addition, they are officially registered with the Dutch Central Bank (DNB) and the wallets are insured up to a loss of 255 million dollars. The staking functionality, which allows you to earn interest on your holdings, is a very nice addition. Compare an annual interest rate of 10.5% to your current bank.

Since we use Bitvavo frequently, we can assure you that Bitvavo is safe. But please keep in mind that you also need to take security measures. Always enable 2FA, use a strong password and unique email address.

This Bitvavo review concludes that we are very positive about this exchange. They tend to be the cheapest brokers in our comparison charts and offer a platform that suits every type of trader.

Bitvavo Review: Rating and Conclusion

Our experience with Bitvavo crypto exchange is generally good and the website is clean and easy to use. Also, the trading platform is easy to navigate without getting lost. They offer a wide range of crypto at the lowest prices. Buying and selling transactions are fast and their costs are transparent and clear in advance. Security measures will take care of the last detail as made clear above and on the wallet page. The exchange does everything possible to ensure and ensure the security of customer data.

It should be clear from this Bitvavo review that Bitvavo works with the right intentions and works transparently to clarify all questions in detail. In short, reliable and therefore gets the top rating of 4.3/5 stars!


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2 responses to “Bitvavo crypto exchange review and features”

  1. Yanga Jili says:

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