Bitvavo Review: Is it the Right Exchange for You? | marketrealtime.com


Bitvavo is only a few years old and is making waves in the crypto space. Since its launch, the company has processed over $100B in total exchange volume. With relatively low fees and plenty of features to explore, it is easy to see why Bitvavo is becoming one of the world’s most popular exchanges. What’s unique about Bitvavo that has it generating so much volume? This in-depth review of the Bitvavo exchange will tell you everything that you need to know.

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What is Bitvavo?

Bitvavo is a cryptocurrency exchange that prides itself on offering a diverse range of financial products. The exchange offers a simple user interface that works for experienced and inexperienced traders.

Bitvavo has been around since 2018, but it has gained significant traction since it came into the space. The company was created by Tim Baardse and Jelle de Boer and is headquartered in Amsterdam, Netherlands. To help them is a team of young and ambitious professionals who tirelessly research and develop the most competitive products in the crypto reading industry.
Bitvavo prides itself on delivering transparent services to its customers. On top of that, the exchange offers a high level of accessibility with over 180+ digital assets to trade, including Bitcoin, Ethereum, Cardano, and Solana. The platform is available on the desktop web and also on mobile. The exchange also offers staking services for over 20 digital assets. They also have more than 3 stablecoins, including EUROC,  the EURO-backed stablecoin.

In addition, Bitvavo has charting and trading tools to help traders make the most accurate analysis. The exchange supports 6 languages, including English, German, French, and Spanish.

Pros 

  • The exchange has over 180 tradable crypto assets
  • Users can stake over 20 crypto assets for up to 0.77% APY
  • Easy to use exchange with a broker-like UI
  • Offers low and transparent fees
  • Regulated by AFM, the Dutch financial markets authority AFM and also by the Dutch central bank (DNB)
  • Offers up to EUR 100.00 insurance for users in case of theft of funds

Cons

Trading Options and Order Types

Bitvavo is a spot trading platform; hence, it does not offer futures or derivatives trading. The platform allows you to exchange one cryptocurrency for another directly using BTC or EURO as a payment method.

The platform is versatile and accommodates a wide range of order types. They operate a central limit order book (CLOB) with the following order types.

  • Limit Order – You can buy or sell any specified amount of the base asset for a specific price that you set.
  • Market Order – Buy or sell any specified amount of the base/quote asset for the current market price.

Currencies & Payment Methods

Bitvavo exchange offers very affordable and flexible fees. The platform also supports a wide range of payment options including Bancontact, EPS Überweisung, Giropay, iDeal, MyBank, PayPal, SEPA Bank transfer, SEPA Instant transfer and Sofort.

See all payment methods

Fees

Bitvavo charges cheap fees for trading and making deposits. The fees are, however, affordable and make it easy for anyone to use the exchange. The platform charges 0.25% taker and 0.15% maker fees. However, the fees reduce as you increase your trading volume. Bitvavo charges flexible deposit fees that vary depending on your payment option. 

You can withdraw from the platform in the form of any of the 180+ crypto assets listed or the EUROC stable coin. The withdrawal fees are quite cheap, with some going as low as zero for cryptos such as Steem, Helium, Gas, Tron, and XRP, among others. SEPA withdrawals incur no fees.

See all fees

Limits

As with any good and competent exchange, Bitvavo also has limits. Limits are usually important since they help prevent cases of money laundering or large whales moving funds not able to be covered by an exchange. 

Bitvavo does not have a minimum deposit, which is good for the average small trader. However, there are maximum deposit amounts depending on your payment method. 

With as little as EUR 5.00, you can open a trade on Bitvavo. The exchange has no maximum trade limit. 

See all trade limits

Security

The exchange offers exemplary security features that guarantee the safety of your funds. All the assets on Bitvavo are secured by two custodial services. Crypto custodial services insure blockchain companies against the array of risks present in the crypto space. Between the two custodial services, Bitvavo has insurance of up to $250 million. 

In addition, the exchange is regulated by the Dutch Authority for Financial Markets (AFM) and the Dutch central bank, DNB. Bitvavo also uses multi-gig wallets and also has guaranteed accounts. These accounts guarantee users up to EUR 100.000 insurance should their accounts be compromised and assets lost.

Users are also encouraged to set up 2FA, enable anti-phishing codes, I.P and wallet address whitelisting as part of their account security. On top of this, Bitvavo also requires KYC to open an account. Details required in KYC verification include email, personal details, identification, proof of residency, and proof of funds. Your level of KYC verification determines what kind of limits will be imposed upon your account.

There are three levels of KYC: 

  • Starter – Only email verified. You can only access the platform at this level.
  • Intermediate – All KYC requirements satisfied except Proof of Funds. You can access the platform, deposit and withdraw crypto and fiat (EUR), and trade. However, crypto withdrawal is limited.
  • Pro – Includes all KYC requirements verified. You have everything the intermediate level has at this level, and there are also no limits to crypto withdrawal.

Customer Support

Bitvavo customer support is extensive, consisting of resources and documentation covering almost every question you might have. If you get stuck at any point, there is a fix.  Bitvavo has no live chat support at the moment, but they have a support email, which you can contact anytime in case you need additional support.

How to trade on Bitvavo?

Are you interested in opening a Bitvavo account? Then follow these simple steps:

  1. Sign up on the Bitvavo website and create an account
  2. Verify your identity
  3. Connect your bank account and fund your account
  4. Start trading

From our experience the Bitvavo platform is very easy to use and intuitive. The platform ahas been designed about simplicity. This is quite refreshing compared to other Crypto exchanges that offer more complex trading systems. We like the straight forward approach that Btivavo took. Trading cryptocurrencies does not have to be complicated and Bitvavo understood this.

FAQ

Is Bitvavo a Trustworthy Exchange?

Bitvavo greatly takes the safety of its customers’ funds into consideration. The exchange has a barrage of security features, not to mention that two financial authorities regulate it in the Netherlands. This makes Bitvavo a trustworthy exchange to work with.

Can I Leave my Crypto on Bitvavo?

While you are advised against storing cryptocurrencies on exchanges, Bitvavo’s security and account guarantee features go a long way to put traders’ minds at ease. Leaving your crypto in an exchange is a personal preference. Traders leave their assets on exchanges for better exposure to the volatile crypto market.

Is Bitvavo Regulated?

Bitvavo is regulated by the Authority for Financial Markets (AFM) and the Dutch Central Bank (DNB). DNB institution ensures that Bitvavo complies with Money Laundering and Terrorist Financing Prevention Act and the 1977 Sanctions Act, while AFM ensures consumer protection.



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