bitvavo review

Bitvavo Review: Dutch Crypto Exchange With Top Services

Bitvavo is the largest and cheapest cryptocurrency exchange in the Netherlands and has grown considerably in a short time. For example, the exchange now offers more than 60 different cryptocurrencies that you can buy, sell, store and trade. In this article, we will give an argument-based value judgment to the services Bitvavo offers. In this Bitvavo review, we look at the ease of use, speed, support, reliability, and exchange accessibility to get an accurate description of Bitvavo and its services.

Bitvavo Short History

Bitvavo B.V. was registered in Netherland on May 11, 2017, with Chamber of Commerce number 6874342. Also, Deranova Holding B.V. and Fortuna Holding B.V. jointly authorized directors of Bitvavo B.V. Jelle de Boer is a shareholder of Deranova holding B.V. and Tim Baardse is a shareholder of Fortuna B.V.

Bitvavo is subject to the EU’s General Data Protection Regulation (GDPR).

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Bitvavo Fees

Bitvavo fees are as under:

Supported fiat currency euro
Payment Methods Fee

iDEAL

SEPA transfer

Bancontact

MyBank

SOFORT

 

0%

0%

0%

1.5%

2.25%

Number of cryptocurrencies 58
Deposit Fee Vary per coin

 

Withdrawal Fee Vary per coin
Trading Fee

Taker fee

Maker Fee

 

0.10% – 0.25%

0.05% – 0.20%

Bitvavo currently offers 60 cryptocurrencies. It is no secret that Bitvavo has a wide range of cryptocurrencies. It is striking that the exchange does not provide stable coins and no small altcoins with low market caps, with the 60 cryptocurrencies that Bitvavo offers a nice variety of crypto coins.

In Which Countries Bitvavo Services Are Available?

Bitvavo and its services are currently available in the 25 countries listed below. If you live or work outside one of these countries, unfortunately, you cannot use Bitvavo.

  • Hungary
  • Italy
  • Croatia
  • Lithuania
  • Belgium
  • Bulgaria
  • Cyprus
  • Denmark
  • Finland
  • Greece
  • Liechtenstein
  • Poland
  • Portugal
  • San Marino
  • Slovenia
  • Malta
  • Monaco
  • The Netherlands
  • Norway
  • Austria
  • Slovakia
  • Spain
  • Czech Republic
  • Sweden
  • Switzerland

Bitvavo Advantages

  • Trading fees are cheaper than Coinbase.
  • If you trade in large volumes, you are given a discount on trading fees.
  • So many easy to use deposits methods like Bank Transfers, iDeal, Bancontact.
  • Available in more than one language like German, Dutch, French and Italian.
  • Top-level security ensuring users fund safety.
  • You can connect your trading bots with Bitvavo by API integration.
  • More than 60 cryptocurrencies are listed for trading.
  • Bitvavo can be used as your crypto wallet.

Bitvavo KYC

As Bitvavo is based in Netherland, they have to comply with Dutch laws and EU policies. The Financial action task force (FATF) requires all businesses to conduct KYC of their customers, so it is mandatory to verify yourself on Bitvavo.

To verify your Identity, you need to submit your national ID card, passport or driving license to prove your Identity.

As proof of residence, you need to submit your gas, electricity bills or bank statement for the last six months.

Once you become a verified member of Bitvavo, you will fully use all exchange functions. Your withdrawal limits will be increased after verification.

You also need to verify your bank account. You need to tell Bitvavo your bank details. Bank can be verified by transferring a small amount to your bank account.

How to Use Bitvavo

To use Bitvavo you need to open an account with the exchange.

How to Create an account with Bitvavo

Creating an account on Bitvavo is a piece of cake. Bitvavo will ask for your first name, last name, email address and a password that you want to use, after which you will receive an activation email at the given email address. When you click on the “Confirm email address” in the received email, you have completed your account’s creation.

After creating an account with Bitvavo, you will be automatically redirected to the Bitvavo login page, where you can log in with your specified email address and password.

Here you can see that Bitvavo also offers optional two-factor authentication. 2FA is also known as 2-Step Verification, an extra layer of security that complements your username and password. If you use 2FA then after entering your username and password, you need to enter an additional numerical code that is linked to a particular device such as your mobile phone. The combination of a strong password and the use of 2FA makes the Bitvavo login system very protected.

How to Deposit on Bitvavo

Making a deposit is comfortable. Here you expect to enter the quantity you want to deposit and which payment method you wish to use. The options iDEAL, SEPA transfer, Bancontact and MyBank are displayed.

It is striking that the payment method SOFORT does not appear while this payment method is advertised on the website.

For this review, we have chosen iDEAL as the payment method, whereby you, as a user, will be redirected to the page for online iDEAL payments of the bank that you indicate. If you want to deposit more than € 5,000, you are required to go through an I.D. verification process to prevent fraud, money laundering and terrorist financing. 

The upload of your I.D. is almost always automatically screened and, therefore, only takes a few minutes.

Bitvavo Trading Platform

What is compelling is that the Bitvavo trading platform is fast and user-friendly. The basic interface for novice users and the advanced interface for the more experienced user is beautifully and intuitively designed.

Basic interface

The basic interface, in particular, lends itself well to the novice trader. Therefore, it is simple for newbie to the cryptocurrency market  to use basic interface’s with simple deposits and trading options. It is true that the basic interface only uses the euro as the base pair (reference currency), and you can only place market orders. These are the most specific orders where buyers or sellers are settled immediately. With such an order, you respond to the current price only.

Advanced interface

The advanced interface offers everything most experienced traders need. For example, the Bitvavo interface resembles that of the popular cryptocurrency exchange Binance but feels just a bit slicker. There is a clear overview of Bitvavo’s order book, tools for technical analysis and bitcoin is also offered as a reference currency in addition to the euro. Nevertheless, the option to trade a cryptocurrency to the U.S. dollar is missing here. In the advanced interface, it is also possible to place limit orders like Good Til Canceled, Immediate or Cancel and Fill or Kill in addition to market orders . It is possible to specify a minimum price at which you want to buy or set a maximum price you wish to sell with such an order.

Although Bitvavo is doing very well, it is still a small exchange compared to a giant like Binance. This means that Bitvavo has a lower trading volume and a thinner order book. As a result, substantial transactions influence the prices within an exchange but that would not be a case with an exchange with a higher trading volume and a thicker order book. We could not find the exact trading volume of Bitvavo on the website.

How To Withdraw From Bitvavo

There are two ways of making withdrawals on Bitvavo’s trading platform: withdrawing digital currency to send to external wallet addresses and withdrawing euros to have it credited to a regular bank account.

Withdrawals To external wallets

There are costs associated with sending cryptocurrency from Bitvavo to an external wallet. The miners who take care of transactions and maintain the blockchain network are paid from these blockchain fees. Mind you, the costs for withdrawals vary per cryptocurrency.

Withdrawals in euros

Withdrawals in euros are almost always processed immediately by Bitvavo. Do take into account payment processors on which the speed of withdrawals depends. Bitvavo indicates that transfers within the Netherlands are completed in one working day and international transfers within two days.

Is Bitvavo Safe

Bitvavo gives significant importance to safety and uses several measures to guarantee this safety. As mentioned before, Bitvavo offers the option to use 2FA as an extra security layer when logging in.

You use this in addition to your regular username and password, making it even more challenging for hackers to get access to your account. Besides, you will be asked for a copy of your I.D if you want to deposit more than € 5,000. 

Bitvavo also requires that you first verify all devices you use before accessing your account with them. Although this requirement needs to be done once per machine, it is a measure that tries to ward off malicious parties. 

If you transfer euros to Bitvavo, that credit will be placed with Stitching Bitvavo Payments, so these fiat credits are not linked to Bitvavo B.V. If Bitvavo is heading for bankruptcy, your euros are, therefore, not at risk. Most of the digital currency managed by Bitvavo is stored in so-called cold wallets. 

These cold wallets are disconnected from the internet and cannot be hacked. In their own words, only a few employees have joint access to these cold wallets. To still be able to guarantee fast transactions, a small part of the digital currency is stored in a hot wallet connected to the internet to ensure speedy transactions. 

Because Bitvavo offers secure wallets, you, as a user, do not need to create and manage a wallet yourself, which provides a lot of ease of use. 

Be aware that Bitvavo operates not only your wallet but also your private key of your wallet. Despite them, in their own words, do everything they can to protect both your wallets and your private keys as well as possible, but you are dependent on them. 

If you prefer full control over your wallet and its security, you can, of course, always send your digital currency from Bitvavo to your wallet. However, all digital currencies that you trade via Bitvavo are not technically under your control.

The Bitvavo office is located in Amsterdam. Bitvavo pursues a policy whereby the exchange complies with the AML (Anti Money Laundering) guidelines of the Dutch Wwft (Law for the Prevention of Money Laundering and Terrorist Financing) and those of the European Union. Bitvavo’s bank account is also placed with the Dutch bank Bunq, and customer data is stored in the Netherlands and Germany.

Bitvavo Support

Bitvavo offers an extensive support section where almost every question can be found.

Many search bar keywords will deliver the correct page with the answer you are looking for nine times out of ten. If you cannot find answer of your question in the support section, the support department can be contacted by live chat or email.

The live chat, which can also be used directly from the trading platform’s primary interface, is available weekly from 09:00 in the morning to 17:00 and on Saturdays from 10:00 am morning until 6:00 pm. The support department is available by email on weekdays from 9:00 am to 10:00 pm and on weekends from 10:00 am to 6:00 pm. Emails are answered within two hours, according to the support section. All in all, Bitvavo offers extensive support in case you need help.

User’s Reviews

 Bitvavo has a score of 8.7 out of 10 on Trustpilot. No less than 60% (850 of the 1428 reviews at the time of writing) rated Bitvavo as excellent. The customers who rate Bitvavo as excellent are mainly optimistic about the speed and ease of creating an account, the low fees and the extensive range of cryptocurrencies. The lesser ratings are provided with various comments, suggesting that they are incidents of funds loss and poor service.

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Conclusion

Bitvavo is a great exchange to work for both the amateur and the more experienced trader. The registration process is quick and easy, and the trading platform is smooth.

The low fees that Bitvavo uses make it the cheapest cryptocurrency exchange in the Netherlands in addition to being the largest in the country. 

Payments in euros with iDEAL are also effortless and are processed quickly. Bitvavo is just doing very well. Are there any points of criticism? Perhaps small issues that we want to give our readers to think about in any case. 

Although Bitvavo is increasing day by day, it is still young with a smaller trading volume and a thinner order book in front of giants like Binance or Kraken. Therefore, keep in mind that large trades may influence the price more than on a Binance or a Kraken. In addition, Bitvavo manages your wallets, and you are therefore dependent on the security that Bitvavo can offer you. 

Bitvavo is transparent because an enormous amount of time and effort is invested in protecting your cryptocurrencies. We can only say that Bitvavo’s current platform is a very user-friendly and cheap platform.

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