Switching from Binance to Bitvavo
Do you want to switch from Binance to Bitvavo? Then this page is the right place for you! Here we will discuss two methods that will allow you to quickly & easily move your cryptos from Binance to Bitvavo.
Open an account at Bitvavo
Before you can move your cryptos, you need an account with Bitvavo. Use the button below to open a free account & pay no transaction fees on your first €1000 of trading activity:
Method 1: sell your cryptos and buy them again
If you have little technical knowledge, it is easy to sell your cryptos at Binance and buy them again at Bitvavo. This is often the cheapest option when you have relatively small amounts invested in crypto. For larger amounts, method 2 can be more attractive, since you don’t pay transaction fees, but you do pay the mining fees.
Selling crypto coins at Binance
Before you can withdraw the money from your account, you first need to sell your crypto at Binance. After you have done this, you can transfer the money in your account to your bank account. You can do this by a SEPA transfer or by transferring the money to your credit card.
You can withdraw money from Binance by pressing wallet and then Fiat and Spot.
Depositing funds at Bitvavo
The money you have withdrawn at Binance, you can now deposit at Bitvavo. Click deposit and choose one of the available payment methods. Most payment methods are very fast: you will receive the money directly to your account.
Buying Crypto at Bitvavo
You can now buy the crypto back you sold back at Binance. To achieve this, select the cryptos you want to buy and enter the amount you want to buy them for. The variety of cryptocurrencies at Binance is more extensive, so there is a chance that the crypto you want to buy is not available at Bitvavo. It is therefore wise to compare the options before you switch.
Method 2: transferring your cryptos
It is also possible to transfer your cryptos directly to your Bitvavo account. This has the advantage that you don’t have to pay transaction fees when buying and selling cryptos. However, when sending cryptos to an external wallet, you will have to pay a mining fee: this fee is used to verify the transaction. The amount of this fee can fluctuate greatly: therefore, it is important to check well in advance how much this transaction fee will be.
Retrieve Bitvavo wallet address
You will have to send each crypto separately, since each crypto has its wallet address. All cryptos sent to your wallet address will arrive within your Bitvavo account.
You can find your wallet address by navigating to the crypto you want to deposit and by pressing on deposit.
Sending Crypto from Binance
Within your Binance account, navigate to the Fiat and Spot page and click on Withdraw. You can now choose the crypto you want to withdraw. Next, enter the correct Bitvavo wallet address to send your cryptos. You must copy the right address: if you make a mistake, you could lose the cryptos permanently.
Why switch to Bitvavo?
More and more people are making the switch from Binance to Bitvavo. This is mainly because Bitvavo has a better reputation when it comes to security and reliability. Bitvavo is located in the European Union (Amsterdam) and is under strict supervision of the Dutch Central Bank. This is not the case with Binance: the address changes regularly, and they are not supervised.
Bitvavo also excels in user-friendliness and convenience. At Bitvavo, you can quickly deposit money into your account, and you can also have the money paid back into your bank account. The customer service is also a big plus, since you can always be assisted in your language.
Still prefer Binance?
Despite the many advantages, not everyone switches from Bitvavo to Binance. At Binance, the transaction costs are (even) lower and you can also use advanced investment options. At Binance, you can use options to invest with leverage or open short positions.
Can’t choose? It’s also possible to trade at both Bitvavo and Binance! This allows you to benefit from the best of both worlds. Click here to open an account at Binance.