How good is the Bitvavo exchange?
Bitvavo is the fastest growing cryptocurrency exchange in the Netherlands. Bitvavo started as an online broker in 2017 and made it possible for anyone to trade in digital currencies.
👉 In 2019, the Amsterdam company decided to convert the platform into a cryptocurrency exchange. And this turned out to be a good move because it is now not only the largest Dutch provider of cryptocurrency, but also the cheapest exchange in the Netherlands.
Bitvavo is used by both the novice and the experienced investor. Because the trading platform is set up in an efficient way, it is easy for every investor to buy, sell and trade cryptocurrency.
✅ A reason for me to publish my experiences and the ease of use, speed, support, reliability and accessibility in this review.
Of course I will also let you know what the costs are to buy, sell and trade through this exchange. At the bottom of this review it is possible to leave your experiences with Bitvavo.
What exactly is Bitvavo?
Bitvavo is a platform on which you can buy but also sell the well-known cryptocurrencies. For example, it is possible to trade in Bitcoin, Ripple, Litecoin, Monero, Verge and Ethereum. In addition, there are more than 50 cryptocurrency that you can buy and sell.
You do this trading in a very user-friendly interface at a lower cost than other brokers. In addition, the company has a very fast and expert customer service. With this I have already largely answered the question below.
Why choose Bitvavo?
There are several reasons why you would choose Bitvavo. The motto of this broker is “Digital currency for everyone”. And they more than live up to this.
👉 The big advantages of Bitvavo are that it is the cheapest exchange in the Netherlands and that you can deposit the exchange credits with iDEAL, among other things.
The costs to trade are between 0% and 0.25%
The interface is designed for the novice traders but for the experienced traders there is the advanced interface
You can easily pay via: iDEAL, Bancontact, SEPA Instant or credit card
To trade automatically you can use the trading bots via the API
Use your own wallet in Bitvavo
International security standards
Bitvavo’s systems meet the most demanding international security standards, so that all crypto assets are stored in secure storage locations.
Bitvavo only targets European merchants. One of the first things you will notice once you have created an account and logged in is the clear interface and the fact that the range of cryptocurrencies is huge.
The platform is regularly supplemented with new cryptocurrencies.
The Bitvavo offer
You can currently trade more than 50 different cryptocurrencies via Bitvavo. View here in which currency can be traded.
Purchasing the crypto currency is easy via iDEAL, Bancontact, SEPA Instant or credit card. The number of currencies is still growing, although I must say, this is not happening at a tremendous speed.
The reason for this is that every currency first undergoes a strict listing before it can be traded via Bitvavo.
Bitvavo applies strict guidelines to protect you as a customer. This strict listing largely prevents the currency from being delisted after some time due to insufficient volume. Although of course this cannot be completely prevented.
How can you buy cryptocurrency from Bitvavo via the basic interface?
First of all, you will have to register via the Bitvavo website. Once you are logged in, you will see that buying and selling through the platform is not rocket science.
Everything is arranged in such a way that both novice and experienced traders can use the system. If you follow the step-by-step plan below, you can also buy and sell via Bitvavo.
How does it work?
- Enter your original personal data
- You will now receive a verification email
- As soon as your account has been verified and you are logged in, you will see “Deposit Credit” in the dashboard
- Once the credit has been deposited, you can start buying currency
- Enter an amount for which you want to buy a specific currency and click on “Buy”
You will now see that the credit has been reduced and that you have bought the desired currency. You can now move the purchased currency in your wallet which you have under your own management.
Sell and pay out cryptocurrency via Bitvavo
Selling your cryptocurrency is just as easy as buying it.
- Select the currency you want to sell
- Select the Sell tab
- Enter how much XRP you want to sell and press sell
- You will now see that the amount has been added to your credit
- If you go back now, you can withdraw the credit
- You now enter how much you want to withdraw
- Click on continue and your desired recording has been processed
✅ The credit will be in your selected bank account within half an hour. It can sometimes take longer but no longer than 1 working day.
One of the advantages of Bitvavo is that it can be used by both the novice and the experienced investor. Most novice investors start with a broker, after which they switch to an exchange. As an investor at Bitvavo, switching is not necessary because everything can be managed via 1 platform.
Trading through the advanced exchange
As soon as you start trading cryptocurrencies, it is advisable to do this via the advanced exchange. You then have access to more functionalities. You get technical analyzes, you can use an order book and you can place advanced orders. For the costs you don’t have to let them be for the basics – the same as the advanced exchange.
To make use of the technical analyzes, you can view the chart provided by TradingView. By using the instruments and indicators you can unleash analyzes on the prices.
You also have access to the order book, which keeps track of exactly which orders have been placed.
How to place advanced orders with Bitvavo?
Via the Bitvavo exchange it is possible to place advanced orders without having to constantly keep an eye on everything. The range of advanced orders is currently still limited, but Bitvavo is working to expand the range in the short term.
👉 At the moment you can place the following advanced orders:
Limit orders: For these orders you determine a price in advance and the order is only implemented when this price has been reached.
Market orders: These orders will not end up in the order book and will be executed immediately at the current price. This is no different from placing an order in the basic interface.
Own wallet Bitvavo
You can store the offered cryptocurrency at Bitvavo in your own unique wallet. Every user has his own wallet. You therefore do not need another wallet. You can also deposit the cryptocurrency from an external wallet in your Bitvavo wallet. Or withdraw your cryptocurrency and send it to another wallet.
Most of the cryptocurrency will be stored in cold storage. This means that they are stored offline. Saving offline also means that the wallets cannot be hacked.
✅ Storing the cryptocurrency at Bitvavo is done in a safe way. To provide extra security for your account, it is wise to enable two-factor authentication.
Bitvavo costs and fees
Before you create an account you naturally want to know the costs of a broker and exchange. This review about Bitvavo would also not be complete if I did not mention the costs. You can already conclude from my story that my experiences with Bitvavo are good.
But what about the costs? Of course there are charges. Bitvavo is an intermediary between you and the exchange. So something has to be earned. And here it can sometimes go wrong with many brokers. You sign up and then you find out that you have to deal with high trading costs.
✅ I am also positive about costs. You pay 0.25% fee per transaction at Bitvavo. This makes Bitvavo the cheapest exchange in the Netherlands.
There are no strings attached in this either, because a fee of 0.25% is also charged for small transactions. If you are going to trade a lot, you will receive an extra discount on the trading costs. Your timer is determined by the volume of the last 30 days.
Verifications and limits set
As with any broker, you will have to go through a number of verification steps when registering. From May 2020, Bitvavo will also be under the official supervision of De Nederlandsche Bank. Bitvavo is therefore seen as an official financial institution and must therefore comply with European AML5D regulations.
‼ ️ A broker is legally required to verify your identity. This is the case with every broker, without any verification you cannot go to a broker where you can pay with iDEAL.‼ ️
This verification is also necessary for small amounts. Previously, this was only necessary for amounts higher than 5000 euros.
You must go through the following steps after registering:
- You enter your first and last name and your e-mail address
- After registration you will receive a verification link
- You must send an ID or passport
- By making a payment, your bank account is verified
The verification is performed automatically, so you can trade, deposit and withdraw unlimited via Bitvavo after a few minutes. Provided that all data entered and the submitted document are approved.
Which services does Bitvavo offer?
It is possible to trade in cryptocurrencies via the very clear platform. You pay via iDEAL and there is Bank Contact for Belgian customers. You can deposit credits for free.
Who is Bitvavo suitable for?
Bitvavo is suitable for both the novice and the experienced investors. Bitvavo is also interesting for asset managers and funds.
In this review I also discuss the disadvantages of this broker because of course there are. For some it is a disadvantage but for others it is an advantage that no trading in futures contracts and the use of levers is possible via Bitvavo. These two constructions are also the most risky, so see this as an advantage.
Bitvavo has an iOS and Android app available with which you can keep an eye on your portfolio and buy and sell crypto. You can also set price alerts with the app. Of course you can also deposit and withdraw credit via the app.