What is Bitvavo and how does Bitvavo Work?

How does Bitvavo work? If you have just discovered the Bitvavo trading platform, this is an obvious question. The Bitvavo trading platform is extremely popular in the Netherlands. In a very short time, the exchange has become the most used platform for buying and selling crypto currencies. This is not surprising, because Bitvavo has a huge range of different currencies to trade and is also one of the cheapest exchanges.

What is Bitvavo?

Bitvavo is an online trading platform where crypto currencies can be bought, sold, stored and traded. The Bitvavo website looks professional and clean. The design of the website is user-friendly and kept as minimalistic as possible, making it easier to navigate and find the information you are looking for. You can see all the relevant information without any unnecessary details.

Bitvavo’s goal is to make crypto currencies accessible to everyone and you can see that in their approach. Not only do they focus on the seasoned crypto trader, but they have also developed a very user-friendly trading interface especially for novice crypto traders. For the advanced trader there is an equally user-friendly interface where you can place multiple order types.

Create an account at Bitvavo

To use the Bitvavo trading platform you must first open an account with the exchange. Creating a Bitvavo account is easy and not difficult at all.

Follow these steps to create an account at Bitvavo:

1. To create an account with Bitvavo, go to the top right of the landing page and click “Sign Up”. You will be taken to a screen where you have to enter your first name, last name and email address and choose a password you want to use. Then choose Create Account.

2. You will then receive an activation e-mail at the specified e-mail address. When you click on ‘Confirm e-mail address’ in this e-mail, your account will be created.

Bitvavo login

After creating an account with Bitvavo you will be automatically redirected to the Bitvavo login page. Here you can login to your Bitvavo account using your specified email address and password.

  1. Bitvavo also offers optional two factor authentication, abbreviated to 2FA. This is an extra layer of security on top of your username and password. With 2FA, after entering your username and password, you must also enter an additional numeric code that you receive on another device linked to the account, such as a mobile phone. With the additional security of 2FA, the Bitvavo login system is very secure.
  2. You will then receive an activation e-mail at the specified e-mail address. When you click on ‘Confirm e-mail address’ in this e-mail, your account will be created.

identification requirement and verification of your bank account

Bitvavo is a Dutch company and also based in the Netherlands, which means they have to comply with Dutch laws and EU policies. The Financial Action Task Force (FATF) requires all companies to perform a check so they know who their customers are, the so called Know Your Customer policy, and therefore it is mandatory to verify yourself on Bitvavo.

To verify your identity, you will need to present an identity card, passport or driving licence at Bitvavo. To prove that you also live in the Netherlands, you must provide a gas or electricity bill or a bank statement from the last six months.

In addition, you must first verify your bank account by providing your bank details to Bitvavo. Next, your account will be verified by transferring a very small amount of money into your bank account.

How to deposit money on Bitvavo?

Making a deposit with Bitvavo is very simple. You can use several payment methods to deposit money into your Bitvavo account, including iDEAL, or SEPA wire transfer. In particular, transferring money into your Bitvavo account with iDeal is fast and easy. If you use iDeal or a SEPA transfer, depositing money at Bitvavo is also free. What is important to know is that your bank account must have the same name that you submitted during registration.

If you want to deposit more than €5,000, you will have to go through an additional identification process to prevent fraud, money laundering and terrorist financing. You will be asked to upload an image of your identity document. In addition, you will also need to verify your bank account by providing your bank details to Bitvavo. Next, your account will be verified by transferring a very small amount of money into your bank account.

An interface for each user level

The Bitvavo trading platform is fast, user-friendly and intuitively designed. You can choose between two different interfaces to work with on the trading platform. The basic interface is best suited for the novice user who is just starting to trade in crypto currencies. Bitvavo also has an advanced interface for the more experienced user which offers more possibilities.

The basic interface

The basic interface is specially designed for the novice trader. As newcomers to the crypto market, it is already complex enough, and therefore Bitvavo offers a simple basic interface that you can easily use. The possibilities of the basic interface are more limited than those of the advanced interface. But there are enough possibilities for a novice trader to get by. With this basic interface you can make deposits and you have a few simple trading options. For example, on the basic interface you can only use the euro as your base pair or reference currency and you can only place market orders. These are orders where you as a buyer or seller pay directly and with such an order you only react on the current price.

How does buying crypto on Bitvavo work?

How crypto buying works on Bitvavo is very easy to explain. Before you can start buying crypto currencies, you first need to top up your account. This is very easy to do by clicking on Deposit Credit in the dashboard. Here you can enter the amount you wish to deposit into your Bitvavo account.

After you have added money to your account, you can start exchanging them for crypto currencies.

You can choose from almost 175+ different crypto currencies on the Bitvavo trading platform, so first think carefully about which currency you want to buy. Let’s say you want to buy Bitcoin, then search for Bitcoin in the dashboard and click on the logo. You will then be taken to a special Bitcoin page where you can find options to buy, sell, trade and view Bitcoin price history.

When you click Buy, you can choose how much Bitcoin you want to buy. You cannot buy more than the amount of Euros you have in your Bitvavo account. The screen will also show you how much you will receive from your chosen crypto currency. You will also be able to see what the trading costs are that you will have to pay. When you click Buy at the bottom of the screen, your order will be processed immediately.

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