How does the Bitvavo wallet work?
At Bitvavo, you can use the Bitvavo wallets 100% for free. In the Bitvavo wallet, you can store any crypto you buy through the platform. However, in some cases it might be wise to withdraw your cryptos and send them to an external wallet. In this article, we will discuss how this works.
What is a wallet?
You can use a wallet to store your cryptocurrencies. A crypto is nothing more than a combination of random ones and zeros. When you buy a crypto, you don’t own a physical product. Instead, you own a code which represents a certain amount of crypto.
How does the Bitvavo wallet work?
When you buy a crypto from Bitvavo, it is automatically added to your online wallet. It can be advantageous to store your cryptos within an online wallet: you can sell them directly and convert them to euros.
A disadvantage of an online wallet, is that you are also vulnerable to hacks. An online wallet is constantly connected to the internet, which makes it possible for malicious hackers to rob you. In this this article you can read how to secure your Bitvavo account.
How can you deposit money to your wallet?
You can deposit your cryptos from another party or wallet to your wallet at Bitvavo. You do this by first selecting the crypto you want to deposit within your Bitvavo account. Then press the deposit button.
Within the deposit section, you will see the address you can use to deposit the crypto in question. You must copy this address correctly: if you use the wrong one, you might lose your crypto permanently!
It is only possible to deposit and withdraw cryptos after your account is fully verified.
How can you withdraw money from your wallet?
It is also possible to withdraw money from your Bitvavo wallet. This allows you to move (part of) your cryptos to a cold wallet. A cold wallet is not connected to the Internet, which makes it harder for hackers to seize your cryptos.
Before you can withdraw cryptocurrencies, you need to add the corresponding wallet address within your account. You will need to prove this wallet is yours by sending in a screenshot: this allows Bitvavo to prevent its services from being used for illegal purposes.
After your wallet has been added, you can withdraw cryptos. Keep an eye on the costs for sending cryptos: you will have to pay miners money for performing and verifying the transaction.
Frequently asked questions about the Bitvavo wallet
{q}How secure are Bitvavo wallets? {/q}
{a}Bitvavo wallets are not 100% secure, but this also applies to your own external wallet. In any case, it is good to know that a large part of Bitvavo’s wallets are not connected to the Internet. This makes it very difficult for hackers to steal large amounts of crypto at once. Of course, you remain dependent on Bitvavo when you store your cryptos with the exchange. If you don’t like this, you can send some of your cryptos to an external wallet. {/a}
{q}What is my Bitvavo wallet address? {/q}
{a}You can easily find your Bitvavo wallet address within your account. To find your wallet address, navigate to the cryptocurrency you want to know the address for and click on deposit.{/a}
{q}What are the private keys of my Bitvavo wallet? {/q}
{a}You cannot request private keys from Bitvavo, as the wallets are hosted wallets. {/a}
