Bitvavo review: is this a reliable exchange?
Bitvavo is a rapidly growing crypto exchange active in the European Union. In this review, we will discuss both the advantages and disadvantages of this popular crypto exchange. In the end we will conclude whether Bitvavo is a reliable crypto exchange.
Do you want to start trading at Bitvavo? Then take advantage of this special offer: on the first €1000 of cryptocurrencies you buy, you pay no transaction fees. Click on the button to open an account right away:
At Bitvavo, you can buy and sell more than 100 different cryptocurrencies. Because Bitvavo is located in the Netherlands, you can deposit money quickly with iDEAL or bank transfer and buy bitcoins and other cryptocurrencies directly. Click here to read in more detail what Bitvavo is.
In this review, we will examine in detail what the strengths and weaknesses of Bitvavo are. That way, you’ll know right away if this crypto exchange is right for you. We start with the advantages & disadvantages of Bitvavo and then dive into the details.
|Regulation||Dutch Central Bank|
|Suitable for||Beginners & investors|
|Deposit money||iDEAL & wire transfer|
|Promotion||No commission over first €1000 in trades|
|Platforms||Online and mobile application|
|Costumer support||Chat & email|
|Crypto offer||150+ cryptos|
- At Bitvavo, you can start buying crypto from as little as 5 euros
- Bitvavo is a reliable and secure crypto exchange
- Bitvavo’s trading platform excels in user-friendliness
- You pay low transaction fees at Bitvavo: never more than 0.25%.
- You can get extra returns by staking your cryptos
- Professional costumer support available in English
- You cannot trade on margin or take short positions
- It is difficult to keep track of your results in an orderly way
- The supply of altcoins is more limited than with competitors
- You can’t reach Bitvavo by phone
The reliability of a crypto exchange is essential. Unlike money on bank accounts, cryptocurrencies are not protected: in case of a hack, you really do lose everything! Therefore, an important part of our Bitvavo review focuses on the reliability & security of this crypto exchange.
The biggest risk for any exchange is an online robbery: if hackers steal large amounts of cryptos, an exchange can even go bankrupt. Luckily, Bitvavo uses smart protocols to reduce this risk.
The majority of Bitvavo’s crypto assets are stored on cold wallets that are not connected to the internet. Every day they calculate how many cryptos are needed for trading and the rest is safely stored offline in different geographical locations.
Another risk of a platform like Bitvavo is that your account can be hacked and that someone steals the cryptos in your account. Bitvavo offers sufficient protection in this area as well. Algorithms constantly monitor whether login attempts are suspicious.
It is also advisable to make use of the 2FA security on your account: this prevents third parties from accessing your account.
You want to avoid losing your money if Bitvavo goes bankrupt. Fortunately, they have a clever solution to this problem: your funds are safely stored in a separate foundation called Bitvavo Payments (SBP). If Bitvavo B.V. would file for bankruptcy, you won’t suddenly lose your money.
Another good sign for Bitvavo’s reliability in this review is that the exchange adheres to all regulative laws. Bitvavo is registered with the Dutch bank. This ensures that Bitvavo adheres to strict European regulations.
Bitvavo is a reliable crypto exchange: I definitely recommend Bitvavo. Do you want to read in more details what Bitvavo does to secure your account? Then read this article about the safety & reliability at Bitvavo.
Another important part of this review is the fee structure of the Bitvavo platform. High costs automatically decrease your return: it is therefore advisable to choose a cheap crypto exchange. But is Bitvavo actually a cheap crypto exchange?
How high are the transaction costs?
Bitvavo has two types of transaction fees: maker and taker fees. When you buy a crypto like Bitcoin directly, you pay the taker fee. You are not helping Bitvavo build a new market, so the costs are a bit higher. However, when you place an order, you are a maker, and you pay lower costs.
The good news is that at Bitvavo, you never pay more than 0.25% in transaction fees. This percentage drops further when you trade with high volumes, which means your transaction fees can even drop to the 0% mark.
On every exchange, you also have to deal with a spread: the spread is the difference between the buy and sell price of for example the Bitcoin.
When the price of a crypto rises or falls sharply, it can be difficult to find enough buyers or sellers. The difference between the price at which you can buy and sell a cryptocurrency can then increase significantly. When there is a large spread, it may be wise to wait awhile before you execute your transaction.
Fortunately, there are no hidden costs at Bitvavo. For example, withdrawing money to your bank account is always free. When you deposit using wire transfer, Bancontact or iDEAL, you pay no transaction fees either.
Please note that when you send cryptos to an external wallet, you will have to pay the miner. These costs are not related to Bitvavo and can fluctuate greatly.
Bitvavo is one of the cheapest crypto exchanges, and they manage to achieve this without compromising on quality or service. Therefore, if you are looking for a cheap exchange, Bitvavo is a good choice! In this article you can read more about the costs at Bitvavo.
Of course, you can trade the well-known Bitcoin & Ethereum at Bitvavo. But it doesn’t stop there: at Bitvavo, you can also trade more than 150 different altcoins.
At its launch, Bitvavo’s offering was a bit disappointing compared to other crypto exchanges. Nowadays, Bitvavo also offers more exotic cryptocurrencies.
Bitvavo’s crypto diversity is still disappointing compared to the international exchanges. However, I have heard from sources that Bitvavo is planning to add many more crypto exchanges in the near future, making the platform more and more attractive for the more active trader.
I have been trading with Bitvavo for over a year now, so I have quite some experience with depositing and withdrawing money at Bitvavo.
Depositing money at Bitvavo is free in most cases. When you use iDEAL or bank transfer, the money is quickly added to your account. However, it is important to go through the verification process before you can deposit money to your account. Unfortunately, Bitvavo does not support credit cards: this is to prevent users from getting into debt to invest in cryptos.
Withdrawing money from Bitvavo is also easy. Officially, it can take up to 2 business days when you send a request, but from my experience, I receive the money almost instantly on my bank account. I am very pleased with the speed at which I can deposit and withdraw money at Bitvavo.
In this part of the review, we will assess Bitvavo’s trading platform. Here we distinguish between the webtrader, the advanced trader and the mobile application.
Bitvavo’s online trading platform especially excels in user-friendliness: it takes even a novice trader just a few minutes to buy their first cryptos.
Within the webtrader you can immediately see which cryptos you can trade. When you want to buy a crypto, you only need to fill in the amount for which you would like to invest. Bitvavo’s user-friendliness also has a downside: the software might be a bit too limited for professional traders. However, Bitvavo also offers the advanced trader for the more experienced trader.
Within the advanced trader of Bitvavo, you can perform more complex analysis on the charts. For example, it is possible to use technical indicators, which can help you to predict the development of the price. You can also use the advanced trader to execute more complex orders: for example, you can automatically close your position at a certain loss.
The advanced trader offers more options for the trader who wants to get more serious about buying and selling cryptos. Still, some other crypto exchanges offer even more advanced tools for the professional investor.
Bitvavo is also available as a mobile application. This mobile application is ideal for traders on the move: you can even place an order and buy one or more Bitcoins on the train. The mobile application is a bit more limited in its functionalities: for instance, you can’t use the mobile application to switch to the advanced trader.
All in all, Bitvavo has enough trading platforms available to appeal to a wide audience. Both the novice and the more advanced crypto investor can get started with this provider. For the most professional investors, there are probably better options available.
A good crypto exchange offers more features than just buying and selling Bitcoins. In this part of the review, we’ll assess how Bitvavo is doing compared to other crypto exchanges.
With Bitvavo, you can also store your cryptos in an online wallet. This is attractive for beginners, who find it awkward to manage a wallet themselves. At the same time, there are risks involved: if your account is hacked, third parties can gain access to your crypto assets.
The wallets at Bitvavo work well: after you buy a crypto, it is automatically added to your wallet. Do you want to read more about using the Bitvavo wallet? Then read this article.
You can also stake some crypto coins at Bitvavo: you then push a button and subsequently receive some sort of interest on your crypto coins. Personally, I’m a big fan of staking, since it can earn an additional return without effort. Do you want to know more about staking at Bitvavo? Then click here and discover how you can use of this option yourself!
Active traders are often looking for more ‘exotic’ crypto products: think of crypto options, leverage products and the possibility to speculate on falling prices. Unfortunately, these options are not available at Bitvavo. Bitvavo is therefore only suitable for traders who want to buy and sell bitcoins and other crypto products with their money. If you want more functionality, it is better to open an account with another crypto exchange.
How does Bitvavo perform?
As for functionality, Bitvavo does what you expect, but not much more. Bitvavo is an excellent trading platform, but other than that, you can’t do anything special with it. Fortunately, you can always open accounts with multiple platforms, so you can take full advantage of all the possibilities that cryptos can offer!
For most investors, dollar cost averaging is probably the best strategy. The idea behind this, is that you never really know if the price is at an all-time high. By investing a fixed amount periodically (say, weekly or monthly), you benefit from the average return on a crypto like bitcoin.
With this strategy, you will not become a millionaire overnight because you invested in a crypto at most favourable moment. At the same time, you avoid losing a considerable amount of money, precisely because you also didn’t deposit all your money in a crypto just before a crash.
Only when you have a lot of time and motivation, you could consider actively trading cryptos. Only a few people manage to achieve successful results, and the chance that you’re one of the few is small.
Do you want to learn in detail how to start investing with Bitvavo yourself? Read our comprehensive Bitvavo guide and learn all the tips & tricks:
An important part of the review of the crypto exchange Bitvavo, is of course the customer service. Bitvavo’s customer support is available in English, Dutch, French, German, Spanish and Italian via both live chat and email.
I’ve asked them questions and often received an answer within minutes to hours. Please note that the customer service is only available on weekdays from 9 in the morning until 5 in the evening.
This level of support is reasonable: it would be a plus if Bitvavo could be reached by phone in the future. Furthermore, the crypto market is a 24/7 market, so it would be nice to be able to reach the customer service outside of office hours. Despite these drawbacks, Bitvavo’s customer support is still of a higher level than that of the competition, which is why I gave it a good score in the review.
Opening an account with Bitvavo is straightforward. All you have to do is visit the [H]website[/go/8/review] and press register. After entering your email address and password, you will have immediate access to the trading platform.
However, before you can deposit and withdraw money, you have to go through the verification process: you have to prove that you are who you say you are. Fortunately, you only have to go through this process once and from experience, I can say that it’s quickly done. Do you want to know how to go through these steps? Then read our article on how to open an account.
Bitvavo is my favourite crypto exchange: when I want to buy bitcoins or other cryptocurrencies, I choose Bitvavo. The crypto platform is user-friendly, fast and reliable.
However, there is room for improvement: the product range, for example, is somewhat limited, so that the more professional investor might be better off using another exchange. Nevertheless, Bitvavo doesn’t do much wrong.
Do you want to try Bitvavo for free? Open an account now & pay zero transaction costs over your first €1000 in trades:
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