If you reside in the EU, and are looking for a reliable cryptocurrency exchange, it’s no secret that the list can get pretty extensive. As you commence your search, though, you will eventually stumble across Bitvavo – an exchange that has managed to build quite a reputation for itself. In this Bitvavo review, we’ll explore that reputation, from all sides of the table.
Admittedly, Bitvavo isn’t a platform that’s familiar to every crypto enthusiast out there. One of the reasons for why that’s the case is just that – it’s an EU-specific exchange. So, if you reside anywhere BUT one of the European Union countries, you won’t be able to access and use the exchange in question.
On the flip side, EU residents might find this exchange to be an appealing alternative, for a few different reasons. Let’s not waste any time, and get right into the specifics.
A Security-Conscious Crypto Exchange
Security is (well, should be) the top priority for anyone who’s interested in anything-crypto. Exchanges, wallets, DeFi services, and everything in between – it’s no secret that, if the platform that you’re using isn’t safe, you risk losing all of your assets.
Exchanges do tend to face a lot of scrutiny, when it comes to the topic in question. As they should – with so many high-profile exchange platforms getting their security breached, and putting their customer assets at risk, it’s only natural that people are a bit more serious and protective about their crypto.
The good news in this Bitvavo review, however, is that this particular exchange takes the topic of security seriously. This is evident both from the client-side features that the service employs, as well as the measures that it takes to keep the platform safe.
Answering the question “is Bitvavo safe?”, first and foremost, you have cold storage – most of the user funds that are held on the Bitvavo exchange are kept in cold (hardware) wallet devices, and protected by “strict security protocols”. This type of asset storage is a pretty standard security measure, industry-wise, but it’s also a very effective way to keep any potential hackers and scammers away, too.
Next up, MultiSig functionality for large-scale transfers. What this essentially means is that, if you plan to make huge transactions (that involve large amounts of money), these transactions will need to be approved by multiple steps, such as executives from the Bitvavo team looking into the transactions, you passing manual verification steps, and so on. Once again, a time-tested and effective security measure.
Then, from the platform’s side of things, you have the employee screening + security audit combination. All employees who work at Bitvavo need to pass thorough background checks, and provide certificates of good conduct. This minimizes the possibility of bad actors infiltrating the exchange.
The audits are very notable, as well. If you’re wondering is Bitvavo safe, you should keep in mind that the exchange works with top-rated IT firms, in order to perform white-hat penetration tests and platform security audits.
Then, you have some additional features, too – things such as two-factor authentication, asset insurance, Bitvavo Vaults, and so on. All things considered, the combination of these features should answer the question “is Bitvavo safe?”, once and for all. As far as security is concerned, the exchange in question certainly does have a good track record!
An EU-Native Exchange
As I’ve mentioned in the introduction of this Bitvavo review, the Bitvavo exchange is located in the EU. More specifically – the platform is based in the Netherlands.
How is that a good thing?
Well, for starters, it makes it very convenient to use for anyone who’s located in the European Union. In fact, Bitvavo supports clients from all EU countries!
It does, however, come back to the aspect of security, as well, albeit in an indirect manner.
You see, since the Netherlands belongs to the EU, the country does also adhere to all of the general financial guidelines of the Union, as well. Following that, financial institutions that are based in EU countries must follow these guidelines – this brings us back to the Bitvavo app.
Legislation-wise, the regulatory oversight involves AMLD5 (anti-money laundering regulations) and GDPR (personal data protection). Naturally, you can expect the platform to enforce all of the relevant KYC (Know Your Customer) verification checks on its users, as well – that’s kind of a given, with centralized and regulated exchanges.
Conclusions
Now, then – what’s the consensus here? Is Bitvavo an exchange that’s worth checking out, or should you look for alternatives?
Well, from the looks of things, Bitvavo really does offer a lot of benefits to its users! The platform is rich with features, whether it be simple things such as crypto custody (storage), or some of the more interesting aspects, such as staking.
Furthermore, Bitvavo is also known to take crypto security seriously. The company behind the exchange has made a point to employ all of the most important, industry-standard security measures, and then some.
To top it off, you then also have some super-competitive trading fees, as well! If you plan to trade somewhat actively on the exchange, or are ready to invest into crypto, long-term, fees are certainly something that you’ll want to take into consideration!
