Bitvavo Review (2024)

Temporary welcome bonus: Trade € 10.000 for free and € 10 free crypto

This deal is only valid via CryptoTips and must be activated by registering via the button below or this link: https://account.bitvavo.com/create?locale=en

The bonus will only be applied when the green text is visible.

What is Bitvavo?

Bitvavo is a Dutch broker and exchange in one and accepts all European investors. They opened their doors at the end of 2017 and have a good reputation in the crypto community. Their main focus is simplicity and that makes it easy to buy, sell and trade cryptocurrency. By combining a broker and exchange, the platform is suitable for both novice and experienced crypto traders.

Most investors start with a broker, but quickly switch to an exchange. An exchange is a lot cheaper (because you pay per transaction) and has more order options. With Bitvavo you do not have to switch, because you can do everything on the same platform. Combining both platforms was a great move and you can see that in the trading volumes of Bitvavo.

The website and the portal look modern and works very easily and intuitively thanks to the user-friendly interface.

Unlike most brokers, Bitvavo has a wide range of different cryptocurrencies and is still adding new projects. On top of that, the platform is regularly updated with new features to make things even easier for you.

Winner multiple Dutch crypto awards in 2021

Bitvavo has grown into a platform with more than 1 million users in 2021. With this, Bitvavo maintains its position as the European market leader and has beaten the competition on the basis of trading volume. A good platform often sells itself and you can see that at Bitvavo. Low costs, a good and intuitive platform and high uptime have made Bitvavo a success.

The users are also very satisfied with the platform and voted for Bitvavo for various crypto awards. You can say that Bitvavo has won all the leading Dutch crypto awards of 2021. 

• Cash Cow Awards 2021
• Most Popular Website Financial 2021 (part of Website of the Year 2021)
• Dutch Blockchain Awards 2021

Guide how to trade crypto with Bitvavo

Bitvavo currently offers the possibility to easily purchase more than 120 different cryptocurrencies with these payment methods:

• iDEAL (free)
• Bank Transfer (free, available in whole Europe)
• Bancontact (free)
• PayPal (2%)
• MyBank (1.5%)
• EPS Überweisung (1.75%)
• SOFORT (2.25%)
• Giropay (1.75%)

Credit card payments with VISA and Mastercard will be added in the near future. We have listed all available coins in the overview on the right, check the current assortment on the website: https://bitvavo.com/en/markets.

Buying cryptocurrency can easily be done by depositing credit in your account. This can be done by transferring Euros, Bitcoin or Litecoin to Bitvavo. You can deposit euros by using a direct payment method or by making a bank transfer (1 business day). For the popular payment methods there are no transaction costs and you can start investing from just € 1.

If you have deposited credit, you can exchange it in your dashboard for the desired crypto. In the same overview you can also sell your purchased cryptocurrency and exchange it for another currency or euros. You can read about how to buy crypto in the next chapter in this Bitvavo review.

How to buy cryptocurrency at Bitvavo with the basic interface?

Here’s a short explanation on how you can easily buy cryptocurrencies via the beginner platform:

1. Deposit credit to your account by clicking on Deposit
2. Select the desired payment method
3. Click on the desired cryptocurrency
4. Select the Buy tab
5. Enter how much you want to buy and click on Buy
6. On the next screen, click Confirm to complete the purchase

We wrote a step-by-step guide how to buy crypto with Bitvavo.

Your credit in the dashboard has been reduced and the selected cryptocurrency has been added to your account. This process is almost instant.

You can store your crypto in your Bitvavo wallet or send it to a wallet that you own. It is possible to withdraw all coins from the platform.

How to trade cryptocurrency with the advanced exchange?

For the trading costs it does not matter whether you use the basic interface or the advanced exchange. The trading costs are the same for both trading environments. If you really want to trade then we recommend using the advanced exchange.

You have a lot more features with the advanced interface. You have a chart which can be used for technical analysis, an order book and you can place advanced orders. And is cheaper to be the marker maker in stead of a taker.

The chart and the order book

The chart is provided by TradingView and is a well-known provider of charts where different indicators can be used. By using the different instruments and indicators you can do technical analyses on the different charts and prices. Many professional analysts use the charts provided by TradingView.

In the order book you can see which orders have been placed and you can view your own orders. You’ll also be able to see which orders have been filled.

Placing advanced orders

The advantage of the exchange is that you can place advanced orders. This makes it easier to respond to the market and you don’t have to stare at the charts 24/7. At the moment the number of orders is still limited, but in the upcoming years more and more advanced orders will be added. You can now choose from the following orders:

• Market orders: The order does not end up in the order book and is immediately executed at the current price. This is actually the same when you place an order with the basic interface.
• Limit orders: You can set the price in advance and the order will only be executed when this price is reached. Here you have a number of advanced options:
  • Good-til-Canceled: The order remains in the order book until it is filled or cancelled. This can be at a higher/lower price than you have indicated.
  • Immediate-or-Canceled: If an order is not fully filled at the selected price, the rest will be cancelled.
  • Fill-or-Kill: The order will either be fully filled or cancelled.
• Stop Limit orders: The order is only executed when the entered triggered price is reached. After the trigger, a limit order is placed.

Payments in Euros at the Bitvavo exchange

We have made several payments to our verified bank account ourselves.

Although the website states that a payment can take up to 1 working day, we received it almost immediately. Even on a Saturday. The transaction is done via Bunq and in our case it was transferred to ABN Amro (Dutch Bank). Within a just few seconds after confirming the payment, we received a notification from ABN Amro that the transaction has been received.

Paying out via Bitvavo is still free of charge. In the attached image you see a proof of payment. A few personal details have been omitted.

From mid-May 2019 Instant Payment feature will be launched between major Dutch and European banks. Because of these changes, all payments between (large) European banks will be executed within seconds.

€20 free crypto and €10.000 commission free trading at Bitvavo

New customers get €20 free crypto credit and can trade up to € 10.000 for free at the Bitvavo Exchange. The discount is valid for 7 days after registration.

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Bitvavo online wallet

For each offered cryptocurrency Bitvavo offers the possibility to store it in its own environment. This means that you don’t need a third party wallet and that you can store all your cryptocurrency in one environment. In most cases a separate wallet is required for each crypto. A large part of the cryptocurrency is stored in offline wallets that are disconnected from the internet. This method is called cold storage, and something that is not connected to the internet may theoretically be un-hackable. Only a select number of employees have access to this offline storage location.

Storing many different cryptocurrencies that Bitvavo offers is therefore safe, but you are of course responsible for the security of your own account. So always make sure you enable two-factor authentication and never use the same password in multiple places.

Bitvavo fees and costs

Creating an account is completely free. Bitvavo makes it easy for everyone to buy cryptocurrency and charges a very small fee for this. This is the revenue model of all brokers you can find on the internet.

In March 2019 Bitvavo converted the entire platform into a real exchange. This means not only that users fill each other’s orders, but also the fees have been drastically reduced: You pay a maximum of 0.25% fee on all transactions.

This means that Bitvavo is the cheapest broker in the Netherlands and in most of Europe. With our special link you won’t pay any commission on the first € 1.000. This action is only valid when the green text Welcome bonus: Trade € 1000 without commission. is displayed.

Bitvavo rewards traders with extra discounts when they trade a lot. Depending on the volume over the last 30 days, your tier will be determined. In addition, there is a withdrawal fee for withdrawing coins. Click here for an overview of all costs: https://bitvavo.com/en/fees.

Overview commissions brokers

The table above shows an overview of commissions that brokers charge to their customers. The commissions are calculated on 21-01-2020 based on the Bitcoin spot price and the Bitcoin price charged by the broker. As you can see, there is a big difference in the costs that brokers charge.

Several customers are happy to pay these trading costs because they get an easy portal in return and can pay with standard payment methods. The current market prices can be found in the portal and these are often even lower than shown on Coinpaprika.

Verifications and limits

Bitvavo must comply with the Dutch laws and regulations and this means that they have to do a number of verifications. Every crypto company is seen in the Netherlands as an official financial institution, and they have to register with the central bank. Bitvavo is officially registered with the Dutch Central bank (De Nederlandsche Bank).

For example, they must know exactly with whom they are doing business according to the Know Your Customer (KYC) policy and they must comply with the Anti Money Laundering (AML) policies.

To create an account, an e-mail address is required and a first and last name are requested. In order to be able to deposit or buy anything at all, the mobile number must be verified. This process is simple and takes no more than a minute.

Starting from May 2020 it is required by Dutch law to do an ID verification for every customer. This can be done by sending Bitvavo your proof of identity or passport. The proces if fully automatic and takes up to 90 seconds. After the verification, the limits will be lifted and you will be able to trade on the crypto market.

In order to withdraw euro funds, the bank account must be verified by transferring a small amount. The name of the bank details must be known to Bitvavo.

Customer service

Bitvavo customer service has a very fast response time. Our advice is to look up your question first on the support page. Here the most frequently asked questions are shown: If you have a general question, there is a very good chance that your answer is there.

If this is not the case, you can contact the Bitvavo support team. The support team can be reached via email ([email protected]) and through the live chat. Opening hours are working days from 09:00 to 17:00 and Saturday from 10:00 to 18:00. Our Bitvavo experience is that we receive a response via email even after these hours. It is not possible to reach Bitvavo by phone.

Is Bitvavo safe? Company information

Bitvavo B.V. is an Amsterdam based company that is registered in the Kamer van Koophandel (Chamber of Commerce) on 11-05-2017. In order to conduct a thorough investigation into the company details, we have purchased information from the Chamber of Commerce. Although such data is publicly visible (after payment), we will not display all information on our website, as it contains first names and personal telephone numbers. Bitvavo B.V. has two companies as joint authorized directors:

• Deranova B.V. (66790611), where J. de Boer is the independent authorized director
• Fortuna Holding B.V. (68739087), where F.R. Baardse is the authorized independent director

The visiting address can be found at Herengracht 450, 1017 CA Amsterdam. We have carried out many transactions at Bitvavo and are convinced that Bitvavo is safe.

Safety is very important to Bitvavo and they have taken a lot of measurements to keep the platform and the users safe. Here are some examples of why this company is safe:

• User security is assured with the two factor authentication, device and IP management, withdrawal and API whitelisting, anti-phishing security and security notifications.
• Hot and cold wallets are used. Hot wallets to quickly send cryptocurrency without long waiting times. Cold wallets for the vast majority of cryptocurrency are to ensure security. The wallets are spread over different locations.
• Cold wallets are insured up to $ 255 million.
• Crypto is stored in category 4+ (bank standard) safes and are monitored 24/7.
• Personal information such as passports, identity cards and other data are stored and encrypted.
• The Stichting Bitvavo Payments (Foundation) has been set up to ensure that customers’ assets are secured in the event of bankruptcy.
• All currencies are regulated by a third party (the Stichting Bitvavo Payments Foundation), so nothing is managed by Bitvavo B.V. itself.
• Only certified data centers are used.
• Audits are done on a regular basis and all employees are screened.

Conclusion Review

Bitvavo is a safe crypto broker and exchange in one. In 2020 Bitvavo has become the market leader Europe and the team continues to develop the platform. Bitvavo mainly owes its growth to the combination of an exchange and broker and charging low trading costs. To date, no broker has been able to match the low costs of Bitvavo.

In addition, Bitvavo also has many unique services, such as interest on your crypto, separate foundation for funds, insurance for wallets, insurance for accounts and the option for automatic API trading.

Are you convinced? Register an account with Bitvavo now: https://account.bitvavo.com/create?locale=en.

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