Bitvavo review | A full review - 2021
In this review you can read all about Bitvavo, the Dutch crypto broker and exchange where you can buy and sell over 50 types of crypto currencies. How it works, how expensive it is, experiences and more!
Crypto trading at Bitvavo - short step-by-step plan
1 - Register for a Bitvavo account: Anyone can easily register an account with Bitvavo, and for free too!
2 - Verify account: After you register the account you need to verify it to be able to use it.
3 - Deposit money into your account: Using one of the many payment options, you put money on the new account.
4 - Buy and sell cryptocurrency: Now you can get started with crypto. Use the search function to find coins!
Want to start trading different crypto currencies right away? Then use the green button to register an account.
The biggest advantage of Bitvavo is that it is the cheapest crypto exchange in the Netherlands. What makes Bitvavo further convenient: you can use a hosted wallet, as offered by Bitvavo, to easily store, send and receive Bitcoin.
Want to transfer money to Bitvavo? Transfer euros to your Bitvavo wallet using one of 8 payment methods, including iDeal. This goes smoothly, because with their simple interface Bitvavo tries to make digital currency accessible for everyone.
Who is behind Bitvavo?
Bitvavo is a Dutch crypto broker founded by Jelle de Boer and Tim Baardse (pictured) in 2017 and launched in 2018.
Both felt that buying cryptos with euros could be easier and decided to set up their own platform Bitvavo to make this possible.
Bitvavo is a BV based in Amsterdam and registered with the KvK, but is not under the supervision of AFM or DNB. Bitvavo has built a user-friendly platform which is especially popular with beginners.
In addition to the BV, the Bitvavo Payments Foundation was set up to safeguard customer deposits (in case of hacks or bankruptcy, for example).
Does Bitvavo have an app?
Unlike other brokers, Bitvavo does not have its own app. Apps that claim to allow you to purchase crypto coins via Bitvavo cannot be trusted, according to Bitvavo itself. Checking current rates and prices can be done through a third-party app such as Delta or Blockfolio.
What are the experiences?
Existing customers share mostly positive experiences with Bitvavo. On Trustpilot Bitvavo receives 4.5 out of 5 stars. Especially the ease of use and good customer service are well reviewed.
How reliable is Bitvavo?
In its current state, Bitvavo can definitely be considered reliable. By continuously investing in its security protocols, users can count on a safe environment to buy and sell coins. Personal data is stored encrypted and transactions are conducted through the blockchain.
To secure your account even better, Bitvavo advises its users to use an extra layer of security, such as an authenticator. The trading platform also automatically freezes an account or payment if it is suspected that someone is trying to misappropriate coins.
How much does Bitvavo cost?
At Bitvavo you pay for the transaction itself, the payment method and any withdrawal fees. Transaction fees are between 0.00% and 0.25% of the transaction amount. The exact amount of the transaction fee depends on how much money you have in your account. Assume you are around 0.25%.
If you use iDeal as a payment method, you pay nothing extra. A direct SEPA transfer is also free.
If you make a withdrawal in Bitvavo, there will be a withdrawal fee. These depend on the crypto currency being withdrawn and the blockchain congestion at the time. For Bitcoin, you are often up to 1 euro.
Compared to the current market, Bitvavo is one of the cheapest Dutch crypto brokers.
Advantages and disadvantages
Bitvavo Review: Frequently Asked Questions
Bitvavo uses a so called Cloud Wallet which means that the coins are stored on the blockchain and not on Bitvavo's servers. This is mostly safer and allows users to buy and sell coins easily.
Obtaining the Bitvavo wallet is free and there are no additional charges. The wallet is automatically created when you first transfer euros or coins to Bitvavo. It can then be used to buy coins on Bitvavo or send coins from Bitvavo to another wallet or exchange.
If you have not withdrawn money from your Bitvavo wallet before, Bitvavo will ask you to go through the verification process first. It is important that the funds are transferred to the rightful owner. In order to verify an account, proof of identity must be uploaded. This may be a driving licence, passport or identity card. Bitvavo will then verify within one business day if the information provided is reliable and the person requesting the deposit is the rightful owner. Additional verification may be requested for higher withdrawals.
Bitvavo allows users to withdraw funds in Euros or crypto currencies. Crypto currencies can only be transferred to another wallet, for example a private wallet, ledger or a wallet on another exchange. If you want to withdraw euros to your bank account you can do so on the payout page. Here you select 'withdraw euros', the desired amount and the bank account number where the amount should be transferred to.
Depending on the payment method you use, deposits to Bitvavo will arrive within minutes. If you choose to transfer funds using a method such as iDEAL, Sofort, Bancontact or credit card, the funds will usually arrive on your Bitvavo account instantly. If you choose a bank transfer, this can take up to several days. If you make a withdrawal in Euros through Bitvavo, it will take up to one business day for accounts and two days for accounts outside of the Netherlands before the money reaches your bank account.
To buy crypto currencies such as Bitcoin, Ethereum and Ripple, you need to have euros or other crypto currencies in your Bitvavo account. It is also possible to buy crypto currency directly using payment methods such as:
Amounts above € 10,000 can only be transferred by bank transfer. This is possible up to an amount of € 1,000,000.
Free Bitvavo account?
Do you know enough and want to sign up for free at Bitvavo?