Bitvavo Review & Rating
If you are looking for a trading platform for trading crypto currencies in Europe, you will soon find yourself at Bitvavo. In this review, we will look at the advantages Bitvavo has to offer, the trading fees they charge and the security of the platform.
Bitvavo, an introduction
Bitvavo’s trading platform is equipped with a user-friendly and accessible interface which is easy to navigate. Bitvavo has a dashboard for beginners with a limited number of trading options and an advanced dashboard where more trading options are offered.
You can also use Bitvavo’s mobile app which is suitable for both Android and iOS devices. The mobile app is fast and easy to use, and supports dark mode which saves energy. You can download the Bitvavo app on the Bitvavo website, from the Apple Store or from Google Play.
Which Bitvavo trading accounts are there?
At Bitvavo you can choose from 3 different trading accounts:
- Beginners broker account
- Bitvavo advanced exchange account
- Institutional parties such as investors and crypto funds.
To open an account at Bitvavo you must be at least 18 years old and reside in the European Union. Each account has its own functionalities and limitations.
The beginner account with the basic interface is specially designed for the novice trader. The crypto market is complicated enough for novice traders, which is why Bitvavo has developed a simple basic interface without too many unnecessary features that you won’t use as a beginner. You can make deposits with the basic interface and you have some simple trading options at your disposal. You can only use the Euro as a reference currency and only place market orders, reacting to the current price and paying directly as buyer or seller.
The interface for experienced traders offers a clear and concise order book, various technical analysis tools and you can use Bitcoin as a reference currency in addition to the Euro. In addition to market orders, this interface also allows you to place limit orders, for example, where you can set a minimum price at which you want to buy or set a maximum price for selling.
How to open a Bitvavo account?
If you want to open a Bitvavo account you must first go through a process of verification and identification of personal data. This process helps to prevent money laundering and fraud. You can use a driving licence, identity card or passport for the verification process. In addition, bank verification must also be carried out before you can start trading. The verification process links your Bitvavo account to your personal bank account. Please note that at Bitvavo you can only link a bank account which is also in your name.
To create an account with Bitvavo you need to sign up on the website or download the app from the app store. You will then need to enter your first name, last name and an email address, and choose a password. You will then receive a confirmation email with a link to activate your account. In the steps below we will explain step by step how you can sign up for Bitvavo.
- Go to BITVAVO
- Click on the blue SIGN UP button at the top right of your screen.
- Click on the verification link in the e-mail to confirm that the e-mail address really belongs to you.
- Click on register after you have ticked all the policy boxes!
Yeeeahhh it worked, check your mailbox!
- Click on the verification link in the e-mail to confirm that the e-mail address really belongs to you.
- Go to BITVAVO, click on login.
How to deposit money to your Bitvavo account?
To deposit money into your Bitvavo account, click the “Deposit Credits” button in the dashboard. You can then transfer any amount from your bank account to your Bitvavo credit balance. You can use different payment methods to deposit credits, since Bitvavo operates in multiple countries and wants to make the platform accessible to all these users. Most of these payment methods will process the transaction on the same day. The only exception is if you use a bank transfer (SEPA), in which case it can take up to 2 business days. You can also use iDeal to deposit money to your Bitvavo account if you want to get your credits fast.
You can deposit up to € 10,000 per day with iDeal, Giropay, EPS and Bancontact. With a SEPA transfer, you can deposit up to € 1,000,000 per day. For large amounts, an extra identification check is always performed to prevent fraud.You can deposit up to € 10,000 per day with iDeal, Giropay, EPS and Bancontact.
As for fiat money, you can only deposit euros at Bitvavo because Bitvavo mainly focuses on the European market.
How does cryptocurrency trading work on Bitvavo?
To start trading you must first have an account and have deposited credit in your account. This does not have to be a huge amount because you can start investing in crypto currencies from as little as € 1.
Once you have deposited credit into your Bitvavo account, you can exchange these credits in your dashboard for the crypto currency of your choice. You can also sell your purchased crypto currency and exchange it for another currency or for Euros. As for fiat money, you can only deposit Euros at Bitvavo because Bitvavo mainly focuses on the European market.
If you have purchased crypto currencies, your balance in your dashboard is immediately reduced and the new crypto currency added to your account.
Which crypto currencies can you buy at Bitvavo?
On Bitvavo you can currently trade in over 175 different crypto currencies. This range of crypto currencies is constantly being updated and new coins added. On Bitvavo, you will find well-known crypto currencies such as Bitcoin, Litecoin, Dogecoin and Ethereum, and you can also trade in lesser-known coins such as Vechain, Komodo, IOTA and Chainlink.
Bitvavo has created a page for each crypto currency where you can find the latest prices, market trends and other relevant information so that traders can compare the different datasets in terms of prices and volatility.
How can you store your crypto coins on Bitvavo?
Crypto currency is stored in a digital wallet. Bitvavo has its own wallet which you can use if you have an account. The Bitvavo wallet has the advantage that you can store all your crypto currencies in one place. And that is very convenient because in most cases you need a separate wallet for each currency. Bitvavo has created a page for each crypto currency where you can find the most current prices, market trends and other relevant information so traders can compare the different datasets in terms of prices and volatility.
Moreover, the crypto wallet offered by Bitvavo is safe, but please note that you are always responsible for the security of your own account. Therefore, always use the two-factor authentication make sure you use strong passwords.
Can you stake your digital coins on Bitvavo?
If you have crypto coins in your Bitvavo wallet that you are not currently doing anything with, you can decide to ‘stake’ your coins. Staking allows you to earn money from coins that would otherwise remain inactive in your wallet. Staking is like receiving interest on your savings account. You do not have to do much to earn some extra money, and the coins always remain in your possession.
Bitvavo supports staking for various crypto currencies. If you are interested in staking and want to earn staking rewards, just enable the service’s ‘opt-in’ feature in your dashboard.
Does Bitvavo charge a trading fee?
To understand how the fees are structured at Bitvavo you need to know that there is a big difference between a broker and an exchange. An exchange has its own order books. A broker, on the other hand, is an intermediary that uses the order books of the exchange. The broker pays a fee to the exchange to use the order books. These costs are passed on to the broker’s clients, which is why brokers are often slightly more expensive than exchanges. When Bitvavo was still a broker they charged around 2.5% in trading fees. But when they shifted their services to an exchange in 2019, the transaction fees were reduced to 0.25%.
The good thing is that Bitvavo uses so-called graduated trading costs. More via the button below.
What is the level of trading fees and other costs on Bitvavo?
The fees you may encounter on Bitvavo are trading fees, fiat money deposit or withdrawal fees and network fees.
On Bitvavo you will find two types of trading fees; the taker fee and the maker fee.
A maker fee is charged when an order is created in the order book for your requested order. For example, if you want to buy bitcoin for $1,000, there may not be a match on the order book at that time to fill your order. Because you placed an order, an order is created in the orderbook (maker) until a user comes to sell bitcoin for $1,000 and fulfills your order (taker).
A taker fee is charged when an order is filled. In the previous example, if you are the one who decides to buy €1,000 worth of Bitcoin, you take the sell order (taker) and close the order in the order book.
In addition, fees may be charged for withdrawing or depositing fiat currency depending on the payment method you have chosen. If you live in the Netherlands, you can use iDeal to deposit money into your Bitvavo account for free.
If you want to deposit or withdraw crypto coins, there are network costs associated with this, or so-called ‘miner fees’. These are the transaction costs or blockchain fees that you pay to the delvers who ensure that your transaction is verified on the blockchain. The amount of the network fee varies per coin and can be affected by network congestion. Bitvavo does not charge any fees when depositing crypto currency. Here is the total list:
Is Bitvavo reliable?
Bitvavo may be a newcomer to the crypto world, but it has already built an impressive name for itself. Moreover, Bitvavo has done a lot to protect sensitive information and investments of its customers. Bitvavo uses two factor authentication (2FA), among other things. This electronic authentication means that you can only access your account after providing two pieces of evidence (two factor).
Bitvavo has also stored a large portion of its digital assets in so-called “cold wallets”: a storage for crypto currencies that is not connected to the internet like hard disks that are kept in secure locations.
When you deposit fiat currency into your Bitvavo account, it is received by the Bitvavo Payments Foundation (SBP) which acts as a separate entity from the trading platform Bitvavo B.V. This construction means that your money is not at risk if Bitvavo B.V. goes bankrupt.
Bitvavo is also registered with De Nederlandsche Bank (DNB) and a member of United Bitcoin Companies Netherlands (VBNL). VBNL ensures that all members strictly follow the rules so you can be sure that Bitvavo is a trustworthy trading platform.
What are Bitvavo’s experiences?
If we look at Trustpilot we can see that Bitvavo has a score of 4.3 out of 5. No less than 61% of the 10,030 reviews at the time of writing rated Bitvavo as excellent. The people who rate Bitvavo as excellent, are mainly satisfied with the speed of the platform, the user friendliness and ease of creating an account, the low trading costs and the extensive range of crypto currencies. Only 7% of all reviews rate Bitvavo as bad or very bad, and these complaints are mostly about technical malfunctions which often cannot even be blamed on Bitvavo but on the payment system causing people to miss opportunities and lose money.
How is Bitvavo’s support and customer service?
The Bitvavo platform is known for the good support it offers to its customers. An additional advantage is that you can ask all your questions in English. On the website, you will find a section with frequently asked questions. If you can’t find what you’re looking for, you can contact the Bitvavo helpdesk via email and live chat. The Bitvavo support desk is available Monday to Friday between 9am and 5pm, and Saturday between 10am and 6pm.
Benefits of Bitvavo
- Bitvavo is one of the cheapest exchanges and the trading costs are transparent and clear.
- Bitvavo’s website is clear and easy to use.
- Two different interfaces for different levels of traders
- Fast transaction processing. The website states that a transaction can take up to one business day, but in reality, a transaction is often processed almost immediately.
- Bitvavo has many security measures in place to protect your money and data.
- Bitvavo is a Dutch company and therefore has a Dutch website with support in Dutch or English.
Drawbacks of Bitvavo
- Bitvavo is a relatively small exchange that does not have a lot of variety in crypto currencies. While in the context of Decentralized, more and more competing exchanges are increasing and diversifying their crypto currency offerings.
- Bitvavo does not really have a solid presence on the social media platforms.
- It is difficult to find the contact details of the helpdesk on the website.
Bitvavo review; Our conclusion
If you live in the Netherlands and are looking for a reliable trading platform to trade in well-known crypto currencies such as Bitcoin and Ethereum, Bitvavo is probably the best choice. The costs are transparent and the helpdesk responds quickly and adequately to all your questions. Bitvavo may not be the largest trading platform in the world, but it is a lot safer. So sign up for an account at Bitvavo!
Real Bitvavo reviews and ratings
Real reviews are valuable for potential new Bitvavo users. Do you use Bitvavo and do you want to help others with their choice, let us know what you think of Bitvavo and write an extensive review!
Betaald slecht uit en geen menselijke reacties
De laaste maanden is uitbetalen zeer moeilijk, service is er niet behalve geautomatiseerde bots. 3 4 dagen wachten op je geld is heel normaal geworden voor bitvavo
Response from BitvavoReview.net
Bijzonder dat je zo lang moet wachten op je geld, deze Bitvavo ervaring hebben wij zelf niet.
Wellicht heeft het ermee te maken dat je in het weekend uitbetaald, ook heeft het ermee te maken welke bank je gebruikt.
Wij gebruiken BUNQ, Bitvavo zit zelf ook bij BUNQ bank, dan gaat uitbetalen razend snel, binnen enkele seconden.
Perfecte service, zeker een aanrader voor iedere crypto trader
Prachtig platform, ideaal voor de beginner!
Al enige tijd ben ik bezig met crypto trading.
Begonnen met Litebit, al gauw kwam ik er achter dat deze broker veel te duur is…(kosten per aankoop)
Via via kwam ik bij Bitvavo, super handig platform zeker de beginners interface.
Als je meer wil kun je met advanced uit de voeten.
Ben je nieuw in crypto en wil je niet te veel betalen?
Ga dan zeker starten met handelen bij Bitvavo!
Eindelijk een platform gevonden waar ik op mijn gemak alles duidelijk en overzichtelijk kan bekijken en doen.
Het kopen en verkopen van bitcoin en crypto’s via Bitvavo staat bij mij op nummer 1. Andere websites die ik heb bezocht staan zo boordevol informatie dat ik de bomen niet meer door het bos kon zien. Duidelijkheid en overzichtelijk is waar ik reeds maanden naar op zoek was. En gevonden bij Bitvavo. Top! Daarnaast zijn de fees redelijk laag en de staking is een fantastisch idee. Per coin of crypto kan je aan en verkoop gemakkelijk gemarkeerd in 2 kleuren onderscheiden. In praktisch enkele seconden weet je wat je winst of verlies is op elk bepaald moment zodat je actie kan ondernemen. Zo kan ik wel door gaan. Zoek je naar je wallet, intern overmaken of extern naar je eigen bank is een fluitje van een cent. Ik hoef niet meer zoals bij andere aanbieders gebruik maken van ingewikkelde constructies, credit en of debet card is hier niet nodig. Gewoon IDEAL en je eigen bank en het is staat er binnen enkele uren op of er af. No problem zeg je dan! Dank je wel Bitvavo. Ow ja, ik woon niet in Nederland maar in de Filipijnen en het gaat prima met de Bivavo website en of mobiel. Thank you Bitvavo en houwe zo. groetjes Rene.
Response from BitvavoReview.net
Bedankt voor je mooie Bitvavo Review.
Hier hebben potentiële nieuwe gebruikers zeker wat aan.
Tof om te lezen dat ook op de Filipijnen Bitvavo gewoon netjes zijn kwaliteiten aflevert.
Succes met je crypto avontuur!
De beste crypto exchange van NL
Vanaf januari 2018 ben ik aangemeld bij Bitvavo, een geweldige exchange.
Je kunt gemakkelijk met iDeal geld op je account storten of via SEPA staat het nagenoeg gelijk op je account.
Door de jaren heen is Bitvavo Exchange enorm verbeterd, in positieve zin.
Zo is het nu ruim 1,5 jaar mogelijk om te daytraden, middels verschillende handelsmethoden.
Van mij krijgen ze 5 dikke vette sterren!!!