Bitvavo is one of the fastest-rising crypto exchanges in Europe, and people need to know why. So we decided to do a Bitvavo review, covering the most essential things that make a crypto exchange stand out, the fees, markets, platform quality, customer support, and the exchange’s security.
It was founded in 2018, making it relatively new compared with the largest crypto exchanges like Coinbase, but catching on quickly, currently sitting at 1 million users. Bitvavo’s headquarters is located in Amsterdam, with the aim to be the best cryptocurrency exchange situated in Europe.
Let’s dig in and see what makes Bitvavo one of the best exchanges in Europe, if not the world.
Bitvavo Review: Quality of the App, Exchange Platform and Website
These three things are the most important for leaving a good first impression for new and potential customers. Let’s begin with the app quality.
Bitvavo’s app is available in 27 countries, and we must note one important thing; the app is still a work in progress. However, the updates are frequent, and they try to make it more user-friendly by listening to their customers.
The number of users of the Bitvavo app is 500k + has 2.5 stars from more than 2000 reviews. It’s available for iOS and Android users, and you can find it on App Store or Play Store.
The app allows you to trade, withdraw and deposit money quickly, and you can also monitor the markets and your account.
Bitvavo’s website looks great. Everything you want or need to know is easily accessible on their website. You can find information about how their security works, the exchanges, digital assets, fees, even their goals and aims.
If you are on the fence about Bitvavo, just reading the information on their website can help you decide.
The exchange platform is the most important thing for any trader, and Bitvavo does not disappoint.
Their exchange platform entered the market in 2019, and they did hit a home run. It’s easy to use for every beginner and offers options for any advanced trader who wants to get in-depth. It offers 156 digital assets, starting with Bitcoin, Etherium and ending with other less known coins.
The platform is integrated with your account, making it easy and straightforward to deposit and withdraw funds.
Bitvavo Review: Deposits, Withdraws & Costs
Bitvavo offers a couple of options to deposit and withdraw money from the platform. One of the best ways is using Bancontact. This is a direct transfer with a limit of € 10.000 and does not have any transfer cost. You can also use Giropay or EPS for other direct transfers, but the transfer cost is 1.75% with the same transfer limit of € 10.000.
If you plan to transfer a more significant amount of money, you can use Bank transfer (SEPA), where the limit is exponentially more extensive, with a limit of € 1.000.000. This method takes up 1 to 2 working days to transfer the money, as per any other regular bank transfer, and it does not have any costs for the transfer.
Bitvavo Review: Fees & Costs
If the fee & costs are the most important thing for you before picking a crypto exchange, well, in that case, you won’t find a cheaper option on the market.
Bitvavo’s fees start at 0.03% and raging to 0.25% per transaction. If we compare it to other crypto exchanges, for example, Coinbase has a flat fee of 0.50%, while Binance charges a flat fee of 0.1% if you are not using their BNB coin for the transaction.
An important thing to note about Bitvavo’s fees is that they are based on your trading volume for the past 30 days. Meaning the fee would be 0.15% if your trading volume is 0, but if your trading volume is € 25 000 000+, the transaction fee would be 0.03%.
The withdrawal fees on Bitvavo’s platform vary due to the blockchain’s congestion, but they also provide you with exact information on their website.
Bitvavo Review: Security
While researching our Bitvavo review, we noticed that Bitvavo had worked hard to make the platform as safe as possible.
Bitvavo uses cold storage, which means that the majority of the digital assets are stored in offline wallets in various secure locations. Also, access to the wallets is controlled by security protocols.
They also use vaults, the highest security grade of vaults monitored 24/7.
Another thing that Bitvavo operates with is signatures. Large transactions need to be approved manually by a selected group of executives within the company.
Bitvavo also has custody providers, and wallets are insured up to $ 250 million.
You can also make your account even safer by enabling two-factor authentication. They even allow you to set up an anti-phishing code, and you can also manage your IP address whitelist.
With all that being said, as we’ve used Bitvavo before we can also say that it looks and feels super safe.
Bitvavo Review: Customer Support
Bitvavo has a separate page on their website fully committed to customer satisfaction and customer support. Here, you can find up-to-date articles in English, Dutch, Italian, Spanish, French, and German.
If you can’t find a solution to your issue there, they have a live chat that works on business days, and you can contact them via email, where they are also swift and responsive.
When doing our Bitvavo review, we noticed that they even reply quickly to customer questions on Play Store and App store, so in conclusion, you can reach them anywhere you like and get your problem solved as fast as possible.
Bitvavo Review: Pros & Cons
|Low Fees.||Only available in 27 countries.|
|Very responsive customer support.||The app is still a work in progress.|
|Cold wallets for safe storage of funds.||Different withdrawal fees for different cryptocurrencies.|
|$ 250 million wallet funds insured.|
|Very informational and accessible website.|
|Direct deposit without any cost.|
Frequently Asked Questions
Is Bitvavo safe to use?
Bitvavo is very safe to use. They use different methods to protect your funds such as cold storage, wallet insurance, high-grade vaults and multi-signature transactions.
Where is Bitvavo from?
Bitvavo is based in the Netherlands, with headquarters in Amsterdam.
Does Bitvavo work outside Europe?
Bitvavo does not work outside Europe. They currently operate in 27 countries, all in Europe.
Is Bitvavo Legal?
Bitvavo complies with all principal legislation, and they are registered with De Nederlandsche Bank (DNB).