Bitvavo Review 2023: Features, fees and Trading Platform
There is now a very large range of crypto exchanges. Since the respective exchanges differ greatly in some cases, it is worth taking a close look at the providers.
One provider we took a closer look at is Bitvavo. We have taken an in-depth look at this crypto exchange and want to share our Bitvavo experiences in this article.
In addition to the user-friendliness, we also look at the functions, fees and trading platform of this provider. We also provide detailed instructions on how to create an account and list various Bitvavo experiences.
What is Bitvavo?
Bitvavo is a crypto exchange that enables investors to trade cryptocurrencies quickly, securely and easily. The company is based in the Netherlands and is therefore subject to strict European regulations.
The company was founded in 2018 and now has more than one million users. According to the company, a total trading volume of more than one billion euros was exceeded during this period. This makes Bitvavo not only the largest crypto exchange in the Netherlands, but also an important provider of cryptocurrencies in other European countries.
The company's offer is based above all on a simple trading process, low fees and a high level of security. Buying and selling cryptocurrencies at Bitvavo is therefore possible without any problems, even for inexperienced investors.
In terms of fees, Bitvavo is one of the cheapest providers in Europe and charges a fee of between 0 and 0.25% of the transaction amount for each purchase and sale.
To secure the trading platform and the crypto assets of the customers, Bitvavo works together with various certified providers. These regularly test the platform to make it even more secure. The customers' cryptocurrencies are mostly stored offline. This significantly minimises the risk of unauthorised access.
How does Bitvavo work?
Bitvavo is a crypto exchange with an integrated crypto wallet. Bitvavo connects buyers and sellers of cryptocurrencies. For each transaction, Bitvavo charges buyers and sellers a small fee. This fee allows Bitvavo to generate revenue and offer its services. Currently, for example, a fee of 0.25% is charged to buyers for each purchase.
If an investor buys Ethereum for 1,000 euros, for example, Bitvavo receives a fee of 2.50 euros. Bitvavo's fees are very low compared to other providers. Other well-known brokers often charge fees of over 1% for trading cryptocurrencies.
To use Bitvavo, users must first register and verify their identity. As Bitvavo is based in the Netherlands, the company is legally obliged to confirm the identity of its customers. After the identity confirmation, users can make a deposit. There are no additional fees for deposits via SEPA bank transfer. After a successful deposit, investors can easily buy bitcoins and other cryptocurrencies via Bitvavo.
After the purchase, the cryptocurrencies are stored in a wallet with high security functions. Investors can sell the cryptocurrencies again at any time or send them to another wallet.
Open a Bitvavo account: Step-by-step guide
Opening an account with Bitvavo is possible in the shortest possible time. Investors must follow the following steps:
Step 1: Registration
On the Bitvavo homepage, investors have to click on the "Register" button. In the next step, investors must enter their first and last name and an e-mail address. In addition, a password must be set.
Step 2: Confirmation of the data
In the next step, users receive an e-mail in which the data must be confirmed. After confirming the data, the registration can be continued. Now users can already log in with their email address and password.
Step 3: Enter further data
After the first login, users have to provide some additional data. For example, they are asked from which source the funds for the investment originate and whether staking should be enabled. Bitvavo has to ask these questions due to European regulation.
Step 4: Verification of identity
As Bitvavo is based in the Netherlands, the identity of users must be verified. For identity verification, users must upload a valid identification document. The verification is done completely online and can be completed in a few moments.
Overall, the whole process of opening an account takes only a few minutes. The process is very simple and users know what is required of them at all times. We found this process very easy and therefore rate the process as positive.
Is there a Bitvavo app?
Investors can use the Bitvavo app to trade and store cryptocurrencies. The app is available for download in the Google Play store and the Apple app store.
Via the app, users can easily trade cryptocurrencies or manage their existing portfolio. The integrated wallet also allows cryptocurrencies to be received or sent. Users therefore do not need to download an additional wallet from a third-party provider. Thanks to Bitvavo, both trading and storing cryptocurrencies can take place within one app.
The Bitvavo app is attractively designed and allows users to easily operate it via their smartphone. This clearly distinguishes Bitvavo from other brokers, as their apps are often confusingly designed and trading on the smartphone is therefore often cumbersome.
How user-friendly is Bitvavo?
In our Bitvavo test, we were particularly impressed by the provider's user-friendliness. Already when opening an account, it becomes clear that this provider attaches great importance to user satisfaction. The process is simple and can be completed within a few minutes.
Trading with cryptocurrencies is also very simple at Bitvavo. Investors can simply select the desired cryptocurrency and then either buy or sell it. Thanks to the attractive design, investors also have an overview of their entire portfolio and its development at all times.
Bitvavo's user-friendliness is also evident in the area of transparency. The company is very transparent in the areas of fees and the offer. As a result, investors know at all times which fees are incurred for a purchase and sale and which cryptocurrencies can be traded.
We therefore rate Bitvavo as very user-friendly. Therefore, this provider is also excellently suited for inexperienced investors who have not yet gained much experience with trading cryptocurrencies.
Payment methods at Bitvavo
There are currently eight payment methods available at Bitvavo. This gives investors a wide choice and allows them to select their preferred method of deposit. The following payment methods are currently available:
At Bitvavo, payments can therefore be made by credit card and bank transfer without any problems. SEPA transfers are completely free of charge with this provider. This sets Bitvavo apart from other providers, who often charge additional fees for deposits by bank transfer.
How does the Bitvavo Wallet work?
The Bitvavo wallet allows users to store their cryptocurrencies safely. Bitvavo has an integrated wallet, so users do not need to open an additional wallet with another provider. The wallet supports a wide range of cryptocurrencies and users can also send existing coins to the Bitvavo wallet.
To store the cryptocurrency, the provider mainly relies on cold wallets. With these cold wallets, the coins are stored offline. This reduces the risk of unauthorised access to the customers' deposits. In order to guarantee a high level of security, Bitvavo works together with two leading custodian providers. Thus, a high amount of deposits is insured and transfers are only possible via multi-signature.
The Bitvavo wallet is recommended due to the large amount of supported coins and the extensive security measures.
Is there a Bitvavo demo account?
Bitvavo does not currently offer a demo account. This puts the provider in line with other large providers such as Coinbase, Binance or Kucoin. For the future, it would be desirable if the provider offered a demo account.
A demo account is perfect for getting to know the functions of the trading platform. This allows users to determine whether they can cope with the platform and whether the provider is suitable for the investor's purposes. A good demo account is characterised by a high virtual credit balance and a wide range of functions.
Bitvavo customer service
Bitvavo's customer service can be reached in two ways: by live chat and by email. The live chat can be reached on weekdays between 10:00 and 17:00. The e-mail support can be reached on weekdays between 9:00 and 21:00 and on weekends between 10:00 and 18:00.
At Bitvavo, all email enquiries are processed within one working day. Our experience with Bitvavo's customer support has been consistently positive. The support staff are very friendly and specially trained. This means that any problems can be solved quickly.
In addition to customer service, Bitvavo also has a large FAQ section. This is a good place to go to find a solution to a problem or general information. The information in the FAQ section is presented in an appealing way and the articles are simply formulated so that users can get an answer to their questions on their own in most cases. If users are unable to find an answer in the FAQ section, they can contact the customer service at any time. Bitvavo's customer service can therefore be rated as positive.
Bitvavo experiences and user opinions
The customer reviews of Bitvavo are very positive in most cases. The users praise various features of this provider. Among other things, the high user-friendliness, the low fees and the large selection of cryptocurrencies are positively highlighted. The appealing app and the integrated wallet are also rated as very good by many users.
The Dutch provider is rated positively by both beginners and professionals. Inexperienced investors benefit above all from the simple handling and the low fees. Professional investors particularly emphasise the extensive functions of the trading platform and the extremely low fees with a high trading volume.
Bitvavo experienceBitvavo is rated as "excellent" on Trustpilot. The provider is rated with an average of 4.2 out of 5 stars and can therefore be described as an excellent provider. There are over 11,000 reviews. Users particularly praise the ease of use, the app, the large selection of cryptocurrencies and the low fees.
Bitvavo Advantages and Disadvantages
Bitvavo Review: Conclusion
With this Bitvavo review, we wanted to answer the question of whether this crypto exchange is a good provider. We can definitely answer these questions with a "yes"! We looked at various aspects such as the user-friendliness, the fees, the offer, the regulation and the security measures.
In doing so, we were able to determine that Bitvavo, due to its location in the Netherlands, has to fulfil strict requirements in order to be allowed to offer its services. This point is particularly important as there are many crypto exchanges that are located in countries with rather weak regulation.