If you live in the EU and need a reliable cryptocurrency exchange, there are numerous options available. However, once you start looking, you’ll ultimately come across Bitvavo, an exchange that has managed itself to become well known. Betomon will examine that reputation in this review using data from reliable sources.
Bitvavo Advantages
- Top security measures are regulated
- Nearly 200 crypto assets are supported
- Very simple to use
- Low transaction fees
- Bet with APR up to 7.5%
Bitvavo Limitations
- Only available in the EU
- No 24/7 customer support
After going over the standard aspects: core benefits and features of the exchange, let’s discuss security, which ought to be the most interesting topic for anyone reading Bitvavo reviews to choose which exchange is suitable for them.
Security-conscious cryptocurrency exchange
The good news in this Bitvavo exchange review is that this particular exchange takes security very seriously. This is evident both from the services they provide as well as the security measures they apply to keep the platform secure.
In order to answer the question “Is Bitvavo safe?”, the exchange claims that most of the user funds on the Bitvavo exchange are held in the cold wallet (hardware) and are protected by “strict security protocols”. In addition to being a relatively common and appropriate security solution in this industry, it is an effective method for preventing potential fraudsters and hackers.
Besides, they feature MultiSig for large-scale transfers. Basically, it means that, if you plan to execute large transactions (involving large amounts of money), these transactions will need to be approved through multiple steps, such as reviewing transactions by an executive from the Bitvavo team, passing manual verification steps,…
The platform implements employee screening and security audits. Each applicant to Bitvavo must complete a background check and get a clear code of ethics. This reduces the possibility that untruthful participants may join the company.
Moreover, their audit processes are outstanding. If you’re concerned about Bitvavo’s security, please note that the exchange collaborates with reputable IT firms to carry out platform security testing and white-hat penetration checks.
About 200 digital assets are supported
When selecting the best exchange platform for yourself, support for cryptocurrency assets is undoubtedly one of the most crucial factors to consider. Although this wasn’t prevalent ten years ago, portfolio diversification is now the standard rather than the exception due to the wide selection of cryptocurrencies and tokens available on the market.
Specifically, the Bitvavo exchange supports roughly 200 different crypto assets including all the major coins, such as Bitcoin, Ethereum, Tether, Cardano,… In addition, if you are a daily trader, specializing in certain assets, you can also find your preferred tokens here.
The great news is that you will be able to diversify your portfolio on the same exchange in the future, even if you are a beginner to cryptocurrencies and are only seeking to store Bitcoin on Bitvavo, Ledger, and other platforms.
As a result, you don’t need to create 5 separate accounts on 5 platforms in order to purchase five different cryptocurrencies. Though keeping all your assets on a single exchange may not be the best security method, it’s definitely worth considering if you’re looking for convenience.
Cryptocurrency Storage Service (Web Platform + Application)
Although I previously mentioned it in this Bitvavo review, it needs to be reiterated here.
Bitvavo is a custodial cryptocurrency exchange. This means that you will have unlimited storage space on the platform for your holdings.
There are certain wallets are better than others when comparing Binance, Trezor, Ledger, and Bitvavo for your Bitcoin storage requirements. However, as many users choose to store the majority of their cryptocurrency in hardware wallets but leave some on exchanges, this is only the case if you prefer a higher level of asset protection for trading convenience, thus, Bitvavo can be a advanced option for this reason.
The platform is user-friendly and allows for the storage of several cryptocurrencies for trading purposes, supporting both the Bitvavo app and the exchange’s web interface.
Bitvavo is available in both versions, which is a significant advantage. You may monitor your assets while moving making trading cryptocurrencies with this service provider even more convenient.
Competitive trading fee
The deposit fees on Bitvavo will vary according to your EUR deposit method. For instance, SEPA and many other methods offer free deposits. However, the deposit fees can be 2.25% with Sofort transfers.
It becomes more difficult regarding withdrawal fees since each crypto asset has a unique withdrawal fee associated with it, which can also be affected by blockchain congestion. Therefore, the withdrawal fees are different and can be referenced on Bitvavo’s official website.
Similar to other exchange platforms, Bitvavo differentiates its trading fees into maker fees (making markets) and taker fees (receiving). The default fees for makers and takers are 0.15% and 0.25%, respectively. These figures might be reduced if you trade a large number of cryptocurrencies on the exchange.
Cryptocurrency Staking Feature
Reviews left by users on Bitvavo will inform you they offer this service. It’s necessary to compare Binance vs Bitvavo to find what is more appropriate, as you may stake your cryptocurrency holdings on both sites.
You have access to a wide range of cryptocurrency assets to stake on Bitvavo. In addition, there are several noteworthy Proof-of-Work coins on the list, including Bitcoin. This means that the “staking” you will be engaging in on Bitvavo is a platform-specific service rather than the customary “Proof-of-Stake” staking.
Staking with Bitvavo has an annual percentage rate (APR) of up to 7.5%. However, only a few assets had achieved results, most of them ranging between 1 and 4%.
Simple to use platform
The fact that Bitvavo is a very easy platform to use and access is worth noting part that many reviewers will emphasize. I want to reassure you that it is 100% true therefore we will discuss the details in a moment.
This may be attributed to one simple factor: There are numerous individuals joining the industry but don’t have any idea how cryptocurrencies operate. As a results, simplicity is the key to getting users to select your platform rather than your competitor.
However, it should be understood that excellent design and simplicity differ from a platform intended for beginners. Bitvavo also provides a lot of features and advantages for experienced users, even though it’s true that beginners of cryptocurrencies do not have any trouble utilizing the exchange.
How to use Bitvavo?
After going through the main advantages and disadvantages of the exchange, there is one more thing to talk about in our Bitvavo review: the usability of the platform.
This is a crucial question for all individuals who believe that the Bitvavo exchange is an appropriate platform for them after reading the whole review.
Registration process on the Bitvavo exchange.
Now, let’s analyze the entire registration procedure in the Bitvavo exchange step by step.
Step 1: Access to the official website of the Bitvavo exchange and click on the “Sign up” button to start.
Step 2: In this phase, you must provide your regular personal information such as your full name, email address, the country of residence and create your own password.
Step 3: To log into your account, you must validate your email address through the email sent by Bitvavo. You will also be required to complete a KYC verification process (which consists of answering a few questions and confirming your ID and address) as soon as you log in for the first time. You can either do it immediately or decide to test out the platform first.
All three steps of the exchange registration procedure are completed! It is really simple and takes only a few minutes to complete as many user reviews of Bitvavo agree to.
How to navigate the Bitvavo Exchange?
Let’s quickly review the main features of Bitvavo as you have access to your dashboard now. We will concentrate on the most important parts of the dashboard that will be essential to all new users, rather than going into details since it will require a separate tutorial.
At the top of the page, you will see the main navigation menu, in which you can access your dashboard as well as advanced staking, security, and trading sections. Expert traders and investors will be more focused on the second section, thus it’s fantastic that Bitvavo makes it simple to access.
Viewing your portfolio and making deposits and withdrawals are all possible from your dashboard page. Some really helpful information is also included in this page such as the history of asset price changes and upcoming staking rewards.
You may view all types of currencies and tokens supported by Bitvavo using scrolling down a little on the screen. You may either display your personal assets or sort them according to the assets you hold.
You may also access some important pages like your transaction history, verification, referrals,… via the drop-down menu that appears on the top right of the page when you hover over your name.
As many users of Bitvavo noticed, the platform provides a professional and utilizes a basic approach for its design selections. Thus, you won’t have any problem while setting up and using the exchange’s services, even if you have never used it before.
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