Bitvavo Review: What’s New In The Leading Dutch Exchange?

9 mins 7 months ago Oct 22, 2023
Author: Mohammed Yousuf Syed
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Buying cryptocurrency is not difficult at all. There are many stories around cryptocurrencies about how hard it is to earn money, but brokers like Bitvavo make it very easy. One big advantage of Bitvavo is that it is the cheapest Dutch exchange. So let’s also learn about the pros and cons and the main features of this cryptocurrency exchange through our Bitvavo review.

About Bitvavo

About Bitvavo

Bitvavo is an international cryptocurrency exchange with offices in 24 nations and has been operational since 2018. Its headquarters are in Amsterdam. The company’s operations are open and under the supervision of European regulatory bodies. The exchange and cryptocurrency exchange present the most well-known cryptocurrencies and tokens, which are easily convertible to euros and withdrew via any of the eight methods (including including bank cards and accounts).

Bitvavo exchange is one of the most popular platforms for margin trading in cryptocurrencies in Europe. More than 175 cryptocurrencies and tokens are traded on the exchange.

In total, there are more than 70 trading instruments, including fiat. On Bitvavo you can trade Bitcoin, Ethereum, Litecoin and other cryptocurrencies. There is a hot and cold storage method, and convenient input/output channels are provided.

There is basic and advanced AML verification, a typical affiliate program with referral payments. Cryptocurrency exchange does not have a mobile application, its own trading terminal is only available in the browser version.

Commissions are lower than the market average: for entry level – 0.25/0.15% (for receiver/producer, respectively).

Pros and Cons

Pros:
No minimum deposit limit;
Many trading pairs, including fiat pairs;
In the trading terminal there is not only a cryptocurrency exchange, but also an exchange;
Activity commissions are lower than the market average;
Serious level of testing ensures safety;
Suitable for both beginners and experienced traders;
Cryptocurrency exchanges operate under an official license.
Cons:
Euro-only fiat funds;
Extensive AML verification is required to access full functionality.  

Trading conditions for users

One of the important advantages of the Bitvavo cryptocurrency exchange is that there is no minimum deposit. You do not need to meet any deposit conditions to exchange and trade cryptocurrencies. There is no leverage or the use of borrowed funds for margin trading on cryptocurrency exchanges. Therefore, in terms of trading conditions, Bitvavo is somewhat different from its competitors. Here are the main points to consider.

Services and Features

Buy Cryptocurrency

Currently, Bitvavo has over 175 different cryptocurrencies that you can buy and sell. Of course, you can choose from the big boys like Bitcoin and Ripple, but you can certainly invest in a variety of alt-coins as well.

As with any broker, you must first create an account before you can start buying cryptocurrencies. The registration process at Bitvavo is simple and easy to follow.

To create an account, you just need your name, email address and password. After you have entered this information, you will receive an e-mail with a confirmation link and your account has been created. Due to the new cryptocurrency law that will be in place from May 2020, all users must be verified. This is an automatic process and takes no more than 1.5 minutes. Cryptocurrency can only be purchased after successful identification.

Before you can buy cryptocurrency on Bitvavo, you must deposit money into your account. This can be done very easily through iDEAL or Bancontact (it’s free!). Please note that the name you provided at Bitvavo matches the name associated with your bank account. After you have deposited money in your account, you can choose one of the cryptocurrencies on the dashboard and buy it.

Sell Cryptocurrency

The crypto sale goes through the same page where you bought the cryptocurrency. In this case, you choose to sell the digital currency instead of buying it. Bitvavo then converts your cryptocurrency back into euros and the funds will be credited back to your account.

Bitvavo payout to the account. You can pay the euros in your account on the ‘deposit & withdrawal’ page. Bitvavo transfers funds to your account within one day.

Trade

Trade-1887-1140X578

As of March 2019, Bitvavo also has its own exchange. An exchange is a trading platform where you can trade in different cryptocurrencies. The difference between a broker and an exchange is that a broker is only interested in making it easy to buy and sell cryptocurrencies. And more is seen as an intermediary.

An exchange that actually uses an order book and matches buyers and sellers. This exchange is attractive to experienced traders, but the Bitvavo exchange is also perfect for those who are just getting started with the exchange. In this way, Bitvavo provides a platform for all types of traders.

Bitvavo definitely stands out from the rest with this feature. Also, thanks to the launch of the exchange, this company can charge extremely low transaction costs, but more on that later.

Staking

Staking Service Offers A Yield
Adjusted staking APYs on Bitvavo

This Dutch crypto exchange also allows you to earn interest on your digital assets. Their staking service offers a yield of up to 10% on deposited assets.

Staking can be widely known as a good choice for investors to passively earn high returns without having to deal with trading risks.

Advanced APIs

Traders at Bitvavo can use advanced APIs to programmatically interact with trading accounts without revealing any account names or passwords. This is ideal for professional traders. The exchange supports using API keys to trade crypto bots to automate their trades based on predefined rules.

Mobile application

The Bitvavo app is available to anyone with an Android or iOS device. The application has been very well received by the community and allows you to trade anytime, anywhere on the Bitvavo platform. You can easily use the basic interface to trade, deposit and withdraw, and receive and send cryptocurrencies.

The downside, however, is that the enhanced interface isn’t (yet) available in the app, but we’ve been told this will be out as soon as possible.

Fee

Transaction fee

Most exchanges and brokers charge a transaction fee for the transactions made on the platform. Fortunately, this crypto trading platform is one of the cheapest available in Europe offering extremely competitive trading fees, which decrease as trading volume increases.

Bitvavo makes money like other crypto exchanges, in that the main source of revenue comes from receiver fees and creator fees based on investors’ trading volume in the previous 30 days. Staking interest can be up to 10.5% on the exchange.

Deposit fee

The exchange charges a nominal fee to deposit the credit into the exchange account. Customers can use 8 different payment methods including Bancontact, Giropay, iDeal, MyBank, PayPal, etc.

Withdrawal fee

Withdrawal fees for cryptocurrencies at Bitvavo exchange are subject to change due to congestion in the blockchain network. Traders can deposit and withdraw their funds in any of the supported cryptocurrencies, but they will be charged a small fee. Although deposits do not charge any fees, Bitvavo charges variable withdrawal fees. To know more about the deposit and withdrawal fees charged by Bitvavo, visit the official website.

Sign up for a Bitvavo account

To start investing and trading with the user-friendly, Amsterdam-based company, Bitvavo users must create an account with the platform. Navigate to the official website and navigate the blue Sign Up tab in the top right corner of the landing page.

Sign Up For A Bitvavo Account

Enter personal information such as country of residence, name, email address, password and bank account details. Agree to the website’s terms and conditions and privacy policy and click Create Account.

A verification email will be sent to the registered email ID. This is an automated process that only takes a minute to complete.

Click the link to verify the account. Next, Bitvavo will ask the trader to verify their ID. This is an AML (anti-money laundering) regulation.

For verification, users must provide certain documents such as driver’s license, passport and proof of address.

To start trading on Bitvavo, users must deposit and buy crypto from the dashboard to complete the process.

Security Measures

According to this Bitvavo review, keeping money and personal and financial information safe is a top priority at Bitvavo. To do this, the site follows strict security measures while handling client funds. Customers can protect their accounts with two-factor authentication, manage enabled devices and set up anti-phishing codes. Also, if the company goes bankrupt, the funds will be available in a separate account, called the Bitvavo Stichting Payment. They can also protect their funds by managing address whitelisting and controlling API access using IP whitelisting and permission-based access.

Traders can also gain insight into the security measures used by Bitvavo to protect customer data, funds, and overall platform availability including enhanced monitoring and logging, Strong institutional setup, multi-signature cold wallet storage, regular external penetration testing, cryptographic testing, and screening.

Most crypto assets are stored in cold wallets and access to these wallets is monitored and regulated by strong security protocols. There are bank-grade wallets that back up customers’ important information with 24×7 monitoring. Last but not least, large transfers at Bitvavo can only be handled by a select group of executives, and they always require approval and manual verification from multiple people.

Conclusion – Bitvavo Review

Above are sharing about the advantages and disadvantages and the main services of the Bitvavo cryptocurrency exchange. Overall, it’s an easy-to-use and transparent platform that has low transaction fees, high security standards, excellent customer support, fast transfers, and advanced trading features. Bitvavo can now proudly call itself the largest exchange in the Netherlands. In 2020, they hit a trading volume of 3 billion euros and the year is not over yet.

However, like any other crypto exchange in the industry, Bitvavo also has certain downsides. Futures, leveraged or margin trading are not available to advanced traders and the exchange platform is only allowed in Europe. Therefore, traders from the US and Asia need help to use the exchange platform.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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