Bitvavo Review (2024) – is Bitvavo a solid crypto exchange?
Bitvavo is one of the largest and best-known European crypto exchange with over a million users. Bitvavo has only been around for a few years, but has grown rapidly. I, too, have been using Bitvavo for quite some time to buy & sell crypto. In this review, I will share my experiences with this trading platform so you can decide if Bitvavo is a good fit for you.
Would you like to try trading cryptos with Bitvavo? Use the button to register and trade your first €10.000 in cryptos without paying commissions:
Bitvavo review summary
Bitvavo is a good choice for anyone looking for an easy-to-use solution for buying and selling Bitcoin and other cryptocurrencies. The transaction fees are low (never more than 0.25%) and the selection of cryptocurrencies is growing rapidly. Bitvavo is a reliable crypto exchange: they are supervised by the Dutch Central Bank and must adhere to strict regulations.
| Offer | You can trade over 230 different cryptocurrencies |
| Costs | You never pay more than 0.25% over a transaction |
| Payment methods | iDEAL, bank transfer, Bancontact & credit cards |
| Suitable for | Beginners and longer-term investors |
| Business address | Keizersgracht 281, Amsterdam |
| Regulation | Registered with the Dutch Central Bank |
| Application | Web interface, advanced trader and mobile application |
| Deal | Trade your first €10.000 without transaction fees |
| Staking | Yes, up to 10.5% |
| Online wallet | Yes, free to use |
| Contact | Email and live chat |
Advantages of Bitvavo
- You never pay more than 0.25% in fees
- Reliable & Dutch party
- User-friendly online trader
- Over 230+ different cryptocurrencies
- Wallets insured up to $255 million
Disadvantages of Bitvavo
- No phone support
- Not the best for active speculation
- Basic mobile application
- Verification required
- Not all deposit methods are free
Free €10.000 at Bitvavo
Before we discuss Bitvavo in this review, I’d like to share this special promotion with you! When you open an account with Bitvavo using the link below, you can trade your first €10.000 in cryptos for free. You also temporarily receive €10 for free! This makes it the perfect exchange to start trading cryptos:
How does the crypto exchange work?
Bitvavo is a so-called crypto exchange: this means that you can buy popular cryptocurrencies like Bitcoin, Ethereum and Cardano directly on the platform. Buying your first crypto within the platform only takes a few minutes.
The first step is to open an account with Bitvavo. To open an account, you have to fill in some basic information.
After you have opened an account, the second step is to link your bank account to your Bitvavo account. Click on the Deposit button and make your first deposit. Don’t forget to verify your identity to lift your account restrictions.
Opening your first crypto position within Bitvavo is easy! Navigate to the cryptocurrency you want to buy and indicate for which amount you want to open a position. After you have placed your order, Bitvavo will do the rest and the crypto will be added to your account.
Do you want to learn in more detail how the Bitvavo crypto exchange works? Then read this extensive guide. In the rest of this article, we will discuss in more detail what the advantages & disadvantages of Bitvavo are.
What are the trading fees at Bitvavo?
At Bitvavo, you always benefit from low costs. Many platforms charge at least a 1% transaction fee on every transaction. This is not the case with Bitvavo: you will never pay more than 0.25%!
These transaction fees decrease even more when you place an order: your maximum transaction fee will then be 0.15%. By placing an order, you help Bitvavo to create a market, and they want to reward you for that.
You will also receive substantial discounts when you trade in large volumes. When trading in large volumes, transaction fees can even drop to 0%. Since Bitvavo’s costs are relative to your order size, the exchange is attractive for both beginning crypto traders and serious investors.
Don’t forget to also pay attention to the spread: this is the difference between the buy and sell price of a crypto. Especially in times of high volatility, this spread can rise sharply, which can affect your results.
Do you want to read about the costs at Bitvavo in more detail? Then read this article about costs at Bitvavo.
The Bitvavo trading platform
You can use the user-friendly Bitvavo trading platform in your web browser. After logging in, you will immediately see a clear overview of the cryptocurrencies you can trade. It is possible to sort the cryptos by name, but also by degree of increase/decrease in price.
Within the standard trading platform, you’ll always immediately see how your portfolio performs. It’s a pity that profits and losses are not properly tracked within the application. It is therefore advisable to keep a record of your purchase prices somewhere, so you can keep a clear overview of your winning and losing trades.
The advanced trader of Bitvavo
For the more serious trader, there is also an advanced trading platform. Within the advanced trader, you can perform analyses on the charts using technical analysis. Within the advanced trader, you also have access to the orderbook, which enables you to see how many buy and sell orders are coming in.
Useful within the advanced trader are the different orders you can place:
- Market order: the order is placed directly, and you will receive your cryptos at the best available price
- Limit order: you determine the price at which you want to buy the crypto. It is not certain that the order will actually be executed.
The advanced trader is especially useful for the active trader, who wants to execute several transactions per day. The extra analysis tools can help you make the right decisions.
Bitvavo mobile app
Bitvavo also has its own mobile application which excels in usability. With the mobile application, you can quickly buy or sell crypto regardless of where you are. You can also use the mobile application to track your results.
It is a pity that all the advanced trading possibilities are missing from the mobile application. If you want to trade actively, the Bitvavo mobile application is not sufficient. In that case, it’s recommended to use a computer.
Which cryptos can you trade at Bitvavo?
In the past, the amount of tradeable crypto’s at Bitvavo was limited, but they have more than made up for this. In 2021, Bitvavo added dozens of cryptocurrencies, which means they now offer more than 230 different cryptocurrencies. They clearly pay attention to the latest developments: new hype coins like Dogecoin and Shiba Inu are added quickly.
At some international exchanges, you can trade in an even wider number of cryptos. Some exotic cryptos may be missing at Bitvavo. This does mean that the tradeable cryptos at Bitvavo are already known somewhat, which decreases the chances of investing in a scam coin.
However, in my experience, there is a lack of alternative crypto products. For example, you cannot trade in leveraged products or short sell. NTFs and special crypto credit cards are also missing. However, if you are specifically looking for a solid crypto exchange, then this is not a big problem.
Staking on Bitvavo
At Bitvavo, you also have the option to stake your coins. When you stake a cryptocurrency, you will receive interest on it. At the same time, you also contribute to the technology behind the cryptocurrency.
It is easy to stake coins with Bitvavo. All you have to do is indicate that you want to stake your cryptos in the settings. Within the staking section of your account, you can immediately see how much you have already earned.
Don’t forget, however, that staking doesn’t come without risks! In this article, we will discuss in detail how staking works, so you are well-prepared.
Verification with Bitvavo
Because Bitvavo has a registration with the Dutch Central bank, you need to verify your account first. Bitvavo needs to verify that the customer is really who he says he is. This is done by uploading your ID and confirming your bank account by making a small deposit.
Fortunately, you only have to go through the verification process once: irritating, but necessary to comply with the rules of the Dutch government. Fortunately, the verification process doesn’t take long at Bitvavo and even during busy times you can start trading cryptos within 24 hours.
Withdrawing & depositing funds at Bitvavo
Depositing money at Bitvavo is easy: you can use bank transfer, iDEAL, Bancontact or credit card. It is possible to start trading from as little as 1 euro. .
I have also regularly withdrawn money from my Bitvavo account. Officially, this can take up to 48 hours, but from experience I know it is often processed immediately. The money is then visible on your European bank account within minutes.
Reliability of Bitvavo
I mainly choose Bitvavo as my crypto exchange because of its high level of reliability. Bitvavo is a Dutch company with a registration with the Dutch Central bank, which means it has to comply with European laws and regulations.
At Bitvavo, your funds are always stored in a separate foundation. This protects you from losing your money in case Bitvavo would file for bankruptcy.
The wallets stored at Bitvavo are insured up to $255 million by custody providers. The crypto assets are stored in high-security vaults worldwide, making it difficult for criminals to rob the company.
Even though Bitvavo is doing everything possible to protect the assets and cryptos of its users, it can still be smart to store some of them in cold wallets. A cold wallet is not connected to the internet, making it more difficult for hackers to gain access.
Do you want to read more about the reliability of Bitvavo? Please read our more extensive article about the reliability of Bitvavo.
Bitvavo wallet
Another big advantage of Bitvavo, is that they offer their wallet for all cryptos offered. This allows you to easily store the cryptos you buy at Bitvavo without further technical knowledge.
It is also possible to transfer cryptos stored at another exchange to your Bitvavo wallet. Just make sure you copy the Bitvavo wallet address correctly: if you make a mistake, you might lose your entire deposit.
Do you desire even more security and safety? Then you can also easily transfer the cryptos on your Bitvavo wallet to an external (cold) wallet. Do you want to read more about how wallets work within the Bitvavo platform? Read this article.
Bitvavo customer service
Bitvavo’s customer service is adequate, but not very personal. You can reach the crypto exchange via email or live chat during business hours. However, it’s not possible to speak to someone over the phone, which would have been useful for more complex questions.
Bitvavo’s customer quickly resolves any problems. However, they could score some extra points by making their customer service more easily accessible,
FAQ
The minimum deposit at Bitvavo is €1. Even with small amounts, it can be attractive to invest in crypto’s: for example, you can periodically buy a small amount of crypto.
There is no maximum investment: it is possible to trade cryptos for millions of euros at Bitvavo. If you trade with a large amount, you can often only buy a crypto in smaller batches. This way, Bitvavo prevents you from paying too much.
Everyone over the age of 18 can open an account with Bitvavo.
Bitvavo has been verifying the identity of anyone who wants to trade crypto at Bitvavo in accordance with European guidelines since 2021.
Bitvavo pays out your money within 48 hours. Often, the money will be in your bank account right away.
Bitvavo is available in all European countries. Currently, the site is translated into English, French, German, Dutch, Spanish and Italian.
You can use Bitvavo to store and manage cryptos. After registering, you will receive a unique wallet address for each crypto that you can use.
At Bitvavo, you pay a maximum of 0.25% in trading costs for your transactions. This is unprecedentedly low: at many other crypto exchanges, you can easily pay 1% or more. Moreover, as a new user, you don’t have to pay transaction fees for your first €10.000, in transactions.
When you use bank transfer or iDEAL, you pay no extra costs for depositing money. Using Bitvavo’s products is 100% free, you only pay for executed transactions.
Bitvavo review conclusion
I have excellent experiences with the trading platform Bitvavo. The low costs, the user-friendly platform and the wide range of cryptocurrencies make it a good choice for anyone interested in investing in crypto.
Are you wondering whether my opinion differs from the crowd? Below, you can see how Bitvavo is rated by hundreds of other users:
Not convinced about Bitvavo yet? Open a free account & pay no transaction fees on your first €10.000, of crypto trades.
On this website, you will find much more useful information about Bitvavo to help you get started.
