Even though cryptocurrencies are on their way to massive adoption, most people still see them as a complicated fintech fad. This prevents them from attempting to trade digital assets, grow their investments and embrace the benefits that fiat currencies can’t offer. When you have little to no knowledge of blockchain, why should you take a risk in something you don’t fully understand?
Fortunately, thanks to user-friendly exchange platforms like Bitvavo, demystifying the challenges of crypto investing is now easier. Its mission is focused on making digital currencies accessible to every person from all walks of life, offering various features and easy navigation in one’s diversification of portfolio.
Curious to know more about Bitvavo exchange and how to get started? Continue browsing the article below!
Getting started: Defining Bitvavo exchange
Founded by Jelle de Boer and Tim Baardse, Bitvavo exchange is known for being one of the most competitive exchanges in Europe that’s currently located in Amsterdam. It was launched in 2018, aiming to bridge the gap between the traditional financial system and the booming crypto market, helping the general population access digital assets with ease.
The company started as a broker, serving as the middleman between exchanges and traders. However, in 2019, the platform announced that it would become an exchange, allowing users to possess and trade digital assets.
Although it was only founded four years ago, the trading site has already dominated the Dutch market, garnering more than 1,000,000 clients in just a short time.
How does Bitvavo exchange secure my account and privacy?
Over the years, exchanges like Bitmart and Poly Network have been targeted by scammers, stealing million dollars worth of cryptocurrencies from user accounts. With this, Bitvavo exchange implements strict security measures to maintain everyone’s privacy. The majority of assets are stored inside a cold wallet, preventing cyber criminals from stealing your crypto.
Here are other security measures you should know about:
- 2-Factor Authentication (2FA)
- Anti-phishing codes
- Internet protocol management
- Required multi-signature for storage
- SSL technology
- Whitelist management.
The platform has also registered with De Nederlandsche Bank (DNB), complying with the country’s laws and regulations. This means that they will ask for your personal, transactional and financial information purely for compliance purposes. You can read further about this on their website under the Privacy Statement.
Advantages of Bitvavo
To delve deeper into the advantages of Bitvavo, here are its biggest benefits you should know:
When you visit Bitvavo exchange, it’s evident that they are not only focused on targeting seasoned investors but novice crypto enthusiasts as well. It has a minimalistic design that lets new users navigate through the website, find important information and buy assets in just a couple of clicks.
The platform has two types of dashboards: beginner and advanced. In the beginner panel, you can find the buy and sell category, trading orders, crypto price graph and your entire trading history, among other things.
Aside from the simple dashboard, an advanced section is catered to long-time crypto investors. It displays various modules such as tradeview graph, stop limit functions, EUR markets and the difference between the average buy and average sell. You also have access to a market order book where you can see the market participants behind every trade.
Extremely low fees
One of the biggest challenges that potential crypto investors face is the ridiculously high fees charged by some exchange platforms. However, Bitvavo is different. For instance, its withdrawal fee is only 0.00002 BTC per BTC-withdrawal which is already below average. Trading fees for takers are only 0.25%, possibly dropping as low as 0.04% if the trading volume is increased.
Supports over 150 cryptocurrencies
If you’re aiming to better diversify your portfolio and try other cryptocurrencies, Bitvavo has you covered. It supports over 150 cryptocurrencies, which includes the following:
- Request Network (REQ)
- Bitcoin (BTC)
- Ethereum (ETH)
- Origin Protocol (OGN)
- Cardano (ADA)
- VeChain (VET)
- VeThor Token (VTHO)
- Smooth Love Potion (SLP)
- Basic Attention Token (BAT).
Bitvavo exchange also has a free hosted wallet installed right into the platform. Once you make an account, you will be automatically provided with a digital wallet where you can safely store your funds.
Aside from the cryptocurrencies mentioned, Bitvavo also offers direct purchases with EUR, allowing you to quickly own digital assets.
Staking services program
Grow your funds through the off-chain and on-chain staking services offered by Bitvavo. When it comes to off-chain staking, you can earn your rewards through your account balances on the platform. In some cases, the platform will loan out your assets in exchange for better interest, eventually rewarding you in the process. But due to the extreme volatility of the market, this rarely happens.
If you want on-chain staking, you have the option to actively engage in transaction validation—which is often referred to as mining. To get started, all you have to do is create an account, enable the staking feature in the settings and choose your preferred cryptocurrency.
If you want to opt-in on the staking services program, you can do so with Bitcoin (BTC), ARK (ARK), Litecoin (LTC), Chainlink (LINK) and USD Coin (USDC), among others.
However, keep in mind that you can only join the staking program if you buy digital assets straight from the platform.
Top-notch customer support
There’s no doubt that Bitvavo is one of the best platforms for beginners, guiding you with its complete resources and comprehensive instruction in trading. It will instruct you on how to properly withdraw and deposit your assets, as well as frequently asked questions (FAQs) regarding verification and staking, to name a few.
Although Bitvavo still has no live chat support, you can reach them through the email address provided on the website in case you encounter major issues.
Bitvavo exchange: All about bridging gaps
Bitvavo exchange’s mission is obvious in its slogan: Trade the future. Since they understand the struggles that come with trading cryptocurrencies, they have practically done everything to make the process much more accessible. From foolproof website navigation, cheaper withdrawal fees and supported multiple cryptocurrencies, the platform is one of the best options for novices in the crypto market.
Stay tuned here at Cryptoshimbun to learn more about this one-stop-shop exchange, its plans and upcoming features!