In this Bitvavo review, we dive into the key aspects about Bitvavo crypto exchange. We provide an honest, detailed review of Bitvavos safety and reliability to help you decied if it’s suitable for you. Our insights are based on firsthand experience and thorough desk research.
In summary: Bitvavo is a Europe-based cryptocurrency exchange that operates from The Netherlands that has addressed the unique needs of EU residents looking to trade in the cryptocurrency market. Its security measures are robust, making it a safe platform for trading and storing digital assets. With nearly 200 cryptocurrencies listed, Bitvavo provides its users with a wide range of trading options.
The platform stands out in the competitive crypto exchange market due to its low trading fees. Accompanied by a staking functionality that offers up to 7.5% APR, it provides an additional avenue for users to generate returns on their investments.
The simple and intuitive user interface of the Bitvavo platform is a highlight, making it accessible and straightforward for both novices and experienced traders. However, the platform is only available for EU residents. Another limitation is the absence of 24/7 customer support. Despite these constraints, the overall Bitvavo experience is positive, making it a noteworthy choice for crypto trading within the EU.
Bitvavo Review – Overview
Bitvavo is a cryptocurrency exchange based in the Netherlands and is registered with the Dutch Central Bank. Known as a significant player in Europe’s crypto market, Bitvavo offers trading in over 175 cryptocurrencies. As of May 2020, the exchange had a reported total trading volume exceeding 100 billion euros, and by September 2022, its 24-hour trading volume reached approximately $126.64 million.
The platform is not available to investors from the United States. Bitvavo encourages potential users to explore different exchanges to find one that fits their needs, highlighting the importance of choosing a trading view that is comfortable for the user. Trading views typically include elements like the order book, a price chart for selected cryptocurrencies, and order history, along with interfaces for buying and selling.
In terms of fees, Bitvavo charges a 0.25% fee for takers (those who match orders) and offers a slightly reduced fee of 0.15% for makers (those who create orders). These fees are considered average within the industry. The platform also provides volume-based discounts on trading fees, potentially lowering them to 0.04% for takers and 0.03% for makers.
Bitvavo’s withdrawal fee is set at 0.00005 BTC per BTC withdrawal, aligning with the industry average. While the global average was around 0.0006 BTC, many exchanges are now moving towards a 0.0005 BTC fee.
The exchange supports fiat currency deposits and offers multiple payment methods, including PayPal and SEPA. While Bitvavo does not charge fees for these transactions, users may incur fees from their payment providers. The acceptance of fiat currency deposits makes Bitvavo an entry-level exchange suitable for newcomers to the cryptocurrency world. Various deposit methods are available, each with its own associated fees.
Bitvavo Review: PROS
Bitvavo offers a range of advantages that make it an attractive choice for cryptocurrency traders in the EU. One of its most significant benefits is its solid approach to security. Bitvavo has implemented extensive security measures to ensure the protection of users’ digital assets, providing peace of mind for traders.
The platform is also EU-centric, designed specifically to cater to the needs of EU residents. This focus on a specific geographic market has enabled Bitvavo to develop a deep understanding of its users and tailor its services accordingly.
Bitvavo supports close to 200 crypto assets, presenting a plethora of trading options for its users. The wide selection of cryptocurrencies means that users can diversify their portfolios and explore opportunities across various digital currencies.
Additionally, Bitvavo’s trading fees are among the most competitive in the market. This low-cost trading environment, combined with the staking functionality that allows users to earn up to 7.5% APR, makes Bitvavo an appealing platform for EU traders.
Lastly, the platform’s user-friendly interface makes it easy for users of all experience levels to navigate and use, adding to its list of pros.
A Security-Conscious Crypto Exchange
Bitvavo places a strong emphasis on security, making it a trustworthy platform for cryptocurrency transactions. The exchange has taken comprehensive measures to safeguard users’ data and digital assets. Its use of cold storage wallets for the majority of its assets is a testament to the seriousness with which it approaches security. With these wallets, cryptocurrencies are stored offline, which makes them inaccessible to potential online threats.
Furthermore, Bitvavo has implemented two-factor authentication (2FA), adding another layer of security to protect users’ accounts. This method requires users to provide two different forms of identification before accessing their accounts, which significantly reduces the risk of unauthorized access.
The platform also has a stringent Know Your Customer (KYC) process in place. This involves verifying the identity of users before they can trade on the platform, which helps to prevent fraudulent activities.
These security measures underline Bitvavo’s commitment to providing a safe trading environment, making it a reliable choice for EU residents interested in trading cryptocurrencies.
An EU-Native Exchange in the Bitvavo Review
Bitvavo’s strategic focus on the European Union (EU) market has shaped its operations and services, making it an attractive option for EU residents interested in cryptocurrency trading. As an EU-native exchange, Bitvavo complies with all the local regulations in the region, ensuring a secure and legal trading environment for its users.
The platform supports multiple local payment methods popular in the EU, including SEPA, iDEAL, and Bancontact. This allows EU residents to easily deposit and withdraw funds from their Bitvavo accounts, enhancing the overall user experience.
Moreover, the platform provides its services in multiple European languages, making it accessible to a diverse range of users across the EU. This multilingual support caters to the linguistic diversity within the EU, ensuring that users can interact with the platform in a language they are comfortable with.
In addition, Bitvavo’s customer support is tailored to cater to the specific needs and concerns of EU residents. They understand the unique challenges and opportunities in the EU crypto market, which enables them to provide relevant and effective support to their users.
Close to 200 Supported Crypto Assets
One of the remarkable features of Bitvavo is the wide range of cryptocurrencies it supports. With nearly 200 digital currencies available on the platform, Bitvavo caters to the diverse trading interests of its users. This vast selection enables users to diversify their cryptocurrency portfolio and explore various investment opportunities.
Whether you are interested in trading well-established cryptocurrencies such as Bitcoin and Ethereum or you wish to explore up-and-coming altcoins, Bitvavo has got you covered. The platform continually updates its list of supported cryptocurrencies, ensuring its users have access to new and promising digital assets.
This wide selection of cryptocurrencies not only provides users with numerous trading options but also allows them to hedge their bets by investing in different digital assets. By diversifying their portfolios, users can manage risks effectively and potentially enhance their returns.
In summary, Bitvavo’s extensive list of supported crypto assets offers its users a comprehensive trading experience, meeting the needs of both seasoned traders and those new to the crypto market.
Crypto Storage Services (Web Platform + App)
Bitvavo provides secure and convenient crypto storage services through both its web platform and mobile app. The platform’s user-friendly interface simplifies the process of storing, monitoring, and managing cryptocurrencies. Whether you’re using the web platform on a desktop or the mobile app on your smartphone, you can securely access and manage your crypto assets wherever you are.
The Bitvavo mobile app, available for both iOS and Android devices, extends the functionality of the web platform to mobile. It enables users to manage their crypto assets on the go, providing real-time access to market data, account balances, and transaction history. With the app, users can also securely execute trades and receive notifications about market trends or price changes.
The web platform, on the other hand, offers an expansive view of the market, including detailed charts and comprehensive transaction history. It also allows users to set up API keys for automated trading.
Both the web platform and mobile app employ high-end security measures, ensuring that your digital assets are stored securely. In essence, Bitvavo’s crypto storage services offer a blend of security, convenience, and functionality.
Great Trading Fees
Bitvavo offers some of the most competitive trading fees in the cryptocurrency market. With a maximum trading fee of just 0.25%, Bitvavo provides an affordable platform for EU residents to trade cryptocurrencies. The platform uses a tiered fee structure, meaning the more you trade, the lower your fees can be. This structure rewards high-volume traders with even lower fees, down to as little as 0.05%.
In addition to the low trading fees, Bitvavo provides free deposits for all payment methods, reducing the overall cost of trading for its users. The platform also offers relatively low withdrawal fees, which vary depending on the cryptocurrency being withdrawn.
These low fees make Bitvavo an economical choice for both beginner and seasoned cryptocurrency traders. The low cost of trading on Bitvavo makes it easier for users to maintain profitability, even when trading in small volumes. In short, Bitvavo’s trading fee structure is designed with the user’s interests in mind, offering a cost-effective solution for cryptocurrency trading.
Crypto Staking Functionality
Apart from trading, Bitvavo also offers its users the opportunity to earn returns on their crypto assets through staking. Staking is a process where users participate in the operation of a proof-of-stake (PoS) blockchain by holding and ‘staking’ their cryptocurrencies in a wallet to support network operations such as block validation, security, and governance.
Bitvavo’s staking functionality allows users to earn up to 7.5% APR on certain cryptocurrencies. This means that users can generate passive income simply by holding supported crypto assets in their Bitvavo account. This is an attractive feature for long-term investors looking to maximize their returns.
The staking process on Bitvavo is automated, meaning once you hold the supported cryptocurrencies in your account, you start earning staking rewards without any extra steps. The rewards are deposited directly into your Bitvavo account and can be tracked in real-time.
In summary, Bitvavo’s staking functionality provides an additional avenue for users to earn returns on their crypto investments, enhancing the overall user experience on the platform.
Very Simple to Use
Bitvavo excels in providing a user-friendly platform for cryptocurrency trading. Designed with simplicity in mind, the platform offers a seamless user experience, making it easy for both beginners and experienced traders to navigate and execute trades.
The platform’s interface is intuitive and straightforward, with clear directions and prompts that guide users through the trading process. From registration and account verification to depositing funds and executing trades, each step is designed to be clear and uncomplicated.
Bitvavo’s mobile app extends the platform’s simplicity to mobile devices, offering the same straightforward trading experience on the go. The app is designed to provide all the functionality of the desktop platform in a format that’s easy to use on a smartphone or tablet.
In addition to its simple interface, Bitvavo also offers a range of educational materials and guides. These resources help users understand the platform and the broader cryptocurrency market, further enhancing the usability of Bitvavo.
In conclusion, Bitvavo’s simplicity and ease of use make it an accessible and appealing option for cryptocurrency traders of all levels of experience.
Bitvavo Reviews: CONS
While Bitvavo offers many benefits, it’s important to consider the drawbacks of the platform as well. One significant limitation is that Bitvavo services are exclusively available to EU residents. This geographic restriction means that traders outside the EU cannot use Bitvavo, which limits its global reach and user base.
Another downside is the absence of 24/7 customer support. While Bitvavo does offer customer support, it’s not available round the clock. This could be problematic for users who trade outside of Bitvavo’s customer support hours and encounter issues that require immediate assistance.
Lastly, while Bitvavo supports a large number of cryptocurrencies, it may not include every possible digital currency a user may wish to trade. Thus, if a user is interested in a less common or newly released cryptocurrency, they might not find it on Bitvavo.
While these issues could pose challenges for some users, it’s important to weigh these cons against the numerous advantages that Bitvavo offers to its users.
Only Available in the EU
A notable limitation of Bitvavo is that its services are exclusively available to residents of the European Union. While this allows Bitvavo to focus on tailoring its services to the specific needs and regulations of the EU market, it restricts the platform’s availability to a global audience.
This means that traders and investors outside the EU cannot use Bitvavo for cryptocurrency trading. This geographic restriction might disappoint potential users who reside outside the European region.
While being EU-specific has its advantages in terms of regulatory compliance and localized services, it does limit Bitvavo’s user base. However, for EU residents, this regional focus ensures the platform offers services that are specifically designed and optimized for them, making Bitvavo a reliable and compliant platform for cryptocurrency trading in the EU.
No 24/7 Customer Support
Bitvavo’s customer service is not available 24/7, and this is a considerable drawback for some users. Given the global nature of cryptocurrency trading, having round-the-clock customer support can be crucial. Traders often operate at different hours due to time zone differences, market volatility, or personal preference.
The absence of 24/7 customer support means that if users encounter issues during non-support hours, they might have to wait until support is available to receive assistance. This could lead to delays in resolving critical issues, which could potentially impact trading activities and outcomes.
Bitvavo does provide customer support during regular business hours and strives to resolve queries as efficiently as possible. However, the lack of continuous support is certainly a factor potential users should consider. While the quality of customer support provided during business hours is commendable, the limited availability could be a hindrance to some users, particularly those who trade outside regular business hours.
How to Use Bitvavo?
Bitvavo offers a seamless and straightforward user experience. To start trading on Bitvavo, the first step is to create an account on the platform. This involves providing some basic personal information and verifying your identity as part of the platform’s KYC process.
Once you’ve set up and verified your account, you can deposit funds. Bitvavo supports a variety of deposit methods, including bank transfers and credit or debit card payments. After depositing funds, you can use them to buy or trade any of the nearly 200 cryptocurrencies supported on the platform.
Navigating the Bitvavo platform is easy thanks to its simple and intuitive interface. The platform provides clear direction for executing trades, and real-time market data is readily available to inform your trading decisions.
Should you encounter any issues or have any queries, Bitvavo’s customer support is available to assist you during their business hours. While the lack of 24/7 customer support is a drawback, the support team is efficient and responsive during their operational hours.
In conclusion, using Bitvavo involves a simple process of account setup, fund deposit, and trading, backed by customer support for any assistance needed.
Registering on Bitvavo: A Step-by-Step Guide
Registering an account with Bitvavo is a straightforward process. The first step is to visit the Bitvavo website and click on the ‘Register’ button. You’ll be asked to provide your email address and create a password.
After creating your account, you’ll receive an email with a verification link. Click on this link to verify your email address. Once your email is verified, Bitvavo will ask you to set up two-factor authentication (2FA) for added security. This requires a secondary device, usually a mobile phone, to which a unique code will be sent each time you log in.
Next, you’ll need to complete Bitvavo’s Know Your Customer (KYC) procedure. This involves providing personal information such as your full name, address, and date of birth. Bitvavo may also require a form of photo identification.
Once you’ve completed these steps, your Bitvavo account will be set up and ready to use. You can now deposit funds into your account and start trading.
Remember, Bitvavo’s customer support is available to assist you if you encounter any issues or have any queries during the registration process.
Navigating the Bitvavo exchange platform is designed to be intuitive and user-friendly. After logging in to your Bitvavo account, you’ll be taken to the dashboard. The dashboard provides a comprehensive view of your account, including your current balance, latest transactions, and total portfolio value.
To trade, simply click on the ‘Markets’ tab at the top of the page. Here, you’ll find a list of all available cryptocurrencies with their current prices, 24-hour changes, and trading volumes. You can click on any cryptocurrency to open a detailed trading page. This page will show a trading chart, order book, and recent trades for the chosen cryptocurrency.
To buy or sell, just enter the amount you want to trade in the ‘Buy’ or ‘Sell’ box and click on the respective button. The platform will confirm your order before executing the trade.
The ‘Account’ tab, on the other hand, allows you to manage your account settings, security measures, and payment methods. If you need assistance, you can reach out to Bitvavo’s customer support via the ‘Support’ tab.
With its clean layout and clear prompts, the Bitvavo platform makes it easy to manage your crypto trading activities.
Bitvavo Review – Conclusion
In conclusion, Bitvavo is a strong choice for cryptocurrency traders within the European Union. It offers an impressive array of nearly 200 cryptocurrencies, competitive trading fees, and secure storage of digital assets. The platform’s focus on security, coupled with its user-friendly interface, make it accessible and reliable for both novice and experienced traders.
Bitvavo’s unique selling point is its EU-centric approach, which allows it to cater specifically to the needs of the EU market. Its support for local payment methods and multiple European languages further enhance the user experience.
However, the platform does have some limitations. Its services are exclusive to EU residents, limiting its global reach. Additionally, the lack of 24/7 customer support can be a drawback for users who trade outside of Bitvavo’s support hours.
Despite these limitations, Bitvavo’s advantages largely overshadow its drawbacks. For EU residents seeking a secure, user-friendly, and affordable platform for cryptocurrency trading, Bitvavo certainly fits the bill.