In this article, we discussed the biggest advantages of Bitvavo’s crypto exchange. But what are the disadvantages of Bitvavo? In this article, we will discuss the negative points of this crypto exchange.
Limited range of products
Bitvavo’s biggest drawback is its limited selection of products. If you are searching for a place to buy and sell the best-known crypto’s, Bitvavo is an excellent choice. However, if you are looking for more comprehensive crypto products, Bitvavo falls short.
For instance, the platform is not very suitable for active speculation. You can’t use leverage and it is also not possible to use a derivative to bet on a falling price. Alternative products such as crypto options, NTFs and ETFs are also completely absent.
It’s also a shame that Bitvavo hasn’t set up a broader crypto platform. For example, it would be interesting to be able to use a Bitvavo debit card.
Not reachable by phone
Bitvavo’s customer service is easily accessible via email and live chat. However, it feels more reliable when you can get a real person on the phone. Unfortunately, this is not the case with Bitvavo.
Credit cards are not accepted
At Bitvavo, you can deposit money via iDEAL and bank transfer, but not via PayPal or credit cards. This is unfortunate: it would make it even easier to fund your Bitvavo account.
Bitvavo explained that they cannot offer these payment options, since people could use them to invest in crypto with borrowed money. The Dutch Central Bank is obviously not a fan of this, which is why they cannot accept credit cards.
Mobile application is limited
It is of course beneficial that Bitvavo offers a mobile application. Still, the possibilities are somewhat disappointing. Sure, you can quickly buy or sell a crypto within the application. However, the more advanced trader can only be used on the desktop version.
Verification required to trade
Unfortunately, without full verification, it is not possible to trade cryptos at Bitvavo. This is because Bitvavo is a Dutch company that is supervised by the Dutch central bank. Because of this, Bitvavo must adhere to all kinds of strict rules. At the same time, this is a good thing for the reliability of the company. In our guide, we will show you how this verification works.
Want to read more about Bitvavo?
- Click here to view the biggest advantages of Bitvavo
- In our review, we investigate whether Bitvavo is a good exchange