Bitvavo review: the best Netherlands crypto exchange
Crypto is becoming increasingly popular in the Netherlands. It is therefore not surprising that one of the more well-known crypto exchanges in Europe is based in our country. In this Bitvavo review, you will learn more about the reliability, security, and evaluation of the platform.
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What is Bitvavo?
We know Bitvavo as the largest and most popular crypto exchange in the Netherlands. The platform was founded in 2018 and is a very reliable provider of crypto. By now, you can trade more than 50 different altcoins on the platform in addition to Bitcoin.
Main advantages of Bitvavo
- Many available coins to trade
- Low trading fees
- User-friendliness of the platform
- Extra measures to ensure security
- Excellent customer service
How does Bitvavo work?
You can buy crypto via iDEAL. But you can also pay by bank transfer (SEPA) and with SOFORT. Besides these payment methods, you can also buy crypto with Bancontact in Belgium. In addition to buying crypto, you can also sell and trade crypto at Bitvavo.
You can do this through your web browser as well as through the Bitvavo app. Trading in crypto can seem complicated. By guiding you step by step during your first purchase, it is easy to buy crypto via Bitvavo.
Create a Bitvavo account
To buy crypto, you first need to create a Bitvavo account. After signing up, you go through the usual process. You receive a confirmation email after which you can log into the platform. Once logged in, it is easy to buy crypto via iDEAL. Before you do this, you need to verify your identity through the Know Your Customer (KYC) process. You do this by uploading a photo of your passport, ID card, or driver’s license.
This may sound complicated, but our experience is that it only takes a few minutes. After uploading your identification, you can transfer money to your account. This must come from a bank account with the same name as the name on your ID. We find this to be a significant advantage. This prevents fraudulent transactions. To easily go through the above steps, we have written a special Bitvavo guide.
How long does it take for your money to appear on Bitvavo?
When you deposit Bitcoin into your Bitvavo account, it usually takes about 30 minutes for the balance to be credited to your account. Bitvavo requires three confirmations to verify the deposit.
Clarity of the Bitvavo app and interface
Bitvavo targets both beginners and more experienced traders. For this, there are two different interfaces available in the Bitvavo app. Are you buying your first crypto? Then the basic interface is sufficient
Planning to trade actively? Then the app is also suitable. For this, the app offers the advanced mode. In this interface, you get to see extensive information. This is due to the collaboration with TradingView. This party offers extensive trading indicators. Think of Moving Averages (MA) and Relative Strength Index (RSI).
Trading via Bitvavo is simple. All the options you want to use as a trader are available without confusing you as a beginner. You can also connect Bitvavo to various trading bots. Think of Pionex, 3commas, and Cryptohopper. You can find the best crypto trading bots here.
Is Bitvavo reliable?
Yes, Bitvavo is reliable. This exchange has a license from the Dutch central bank, and user experiences are good. Bitvavo scores 4.0 out of 5 stars on Trustpilot. Furthermore, Bitvavo has its identity verification process well-organized, and various measures have been taken to ensure the security of the platform.
How secure is Bitvavo?
Bitvavo is secure. This is one of Bitvavo’s strongest points. Your funds are secure when you create an account and deposit them into your Bitvavo wallet. Security is a top priority, and they demonstrate this through multiple features.
Use of offline storage
When you decide to buy crypto via Bitvavo, you automatically get a Bitvavo wallet. Perhaps you have heard of hacks on exchanges? In such a case, someone can directly access your investment. However, a smart precaution is used. The majority of the managed assets are stored in offline storage. This is not connected to the internet and cannot be hacked. Only a small portion of the funds is actually stored directly on the online platform.
Assets separated from the organization
This may sound a bit strange, but what it means is that in case of bankruptcy, your money does not go to creditors. Your money is linked to a separate bank account. Many other major parties do this in a similar way. Think of banks, insurers, or airlines. Peace of mind.
Is your money insured with Bitvavo?
Bitvavo offers all its customers account protection. This means that if your account has been breached and funds have been stolen, you are eligible for a refund of up to 100,000 euros. Good to know, right?
Security of the online Bitvavo wallet
In addition to the aforementioned measures, other factors also play an important role in protecting your online wallet. Bitvavo offers you the option to use 2-Factor Authentication (2FA). This means that in addition to an email address and password, you need another form of authentication. Think of a phone number or the Google Authenticator app. Furthermore, you have the option to protect your account with an anti-phishing code. This allows you to immediately recognize when messages are not from Bitvavo itself. Finally, additional precautions have been taken regarding transactions. Have you just changed your email address? Then you cannot withdraw your money immediately. Do you want to transfer crypto to someone else’s wallet? Then you need to ensure that these addresses are verified.
Bitvavo customer service
Customer service is available in both Dutch and English. Although there is no telephone contact possible and you can only get help via email and live chat, the service is good. Emails are generally followed up quickly (within 24 hours). With a headquarters in the Netherlands, they work with Dutch business hours.
The live chat is available on weekdays between 09:00 – 17:00. While you can reach them by email between 09:00 – 21:00 on weekdays. On weekends, you can get answers to your questions between 10:00 – 18:00. The response times are good. Usually, you get an answer within a day. In this regard, they also score well compared to other brokers where you often have to wait at least 2 days for questions or problems.
Furthermore, the Bitvavo team has set up a special support page. Here you can find many answers to the most frequently asked questions.
Bitvavo trading fees
Of course, it is also important to understand how the costs are structured at Bitvavo. These are clear and can be divided into transaction fees and trading fees.
To get started, you need to transfer money to your Bitvavo wallet. In most cases, there are no costs involved. iDEAL and bank transfers are free. Other brokers often charge transaction fees for this. This can amount to up to 3.5% of the amount you transfer. Trading fees at Bitvavo are low. A maximum of 0.25% of a trade is withheld as costs.
This is, for example, deducted when you exchange Bitcoin for Ethereum. These costs can add up quickly, so always make sure you choose a provider with low trading fees. In this regard, Bitvavo is one of the cheaper exchanges. Are you going to trade frequently? Then these costs decrease depending on your trading volume.
What is staking at Bitvavo?
In the final part of this Bitvavo review, we focus on Bitvavo staking. With crypto staking, your crypto is used to validate transactions on the blockchain. As a reward for this, you receive interest in the form of crypto. You can also stake crypto with Bitvavo. To stake crypto at Bitvavo, you need an active account, and the coins you want to stake must be in your Bitvavo wallet. You can then choose which part you want to make available for staking. With this part, you support the respective blockchain network. And you get a reward for this in the form of tokens of the coins you have made available. Before you start staking with Bitvavo, it is wise to read up on it and understand the staking conditions. This way, you won’t be in for any surprises later on.
Which coins can I stake at Bitvavo?
You have the option to stake the following 17 coins at Bitvavo:
| Coin | Staking reward | Coin | Staking reward | |
|---|---|---|---|---|
| ARK | 1,07% | ICX | 7,5% | BTC | 0,77% | NEO | 0,52% | BCH | 1,02% | ONT | 0,51% | ADA | 4,52% | USDT | 6,1% | LINK | 0,49% | XTZ | 0,66% | DAI | 6,1% | TRX | 1,03% | ETH | 1,01% | USDC | 6,1% | LTC | 1,04% | VET | 0,49% | WAVES | 5,5% | SOL | 5% | LUNA | 6% | ATOM | 10% |
Advantages and disadvantages of Bitvavo
Advantages
- Large supply
- Low costs
- Clear platform
- Safe to use
Disadvantages
- Few payment methods available
- No leverage trading available
Would you like to get started right away after reading this Bitvavo review? Create an account now and pay no transaction fees on your first 10,000 euros.