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What is Bitvavo?
Bitvavo is a cryptocurrency exchange platform which came into existence in May 2018. Bitvavo allows users to buy, sell, and trade over 300 digital assets. Bitvavo does not have any native coins.
Why Bitvavo?
Bitvavo headquarters are based in Amsterdam, Netherlands. It is one of the leading cryptocurrency exchanges of Europe with over 1.5 million users and over 2.6 million monthly page views. Unlike its popular competitors, Trade Republic and Bitpanda, the primary focus of Bitvavo is on cryptocurrency trading.
Source: Cryptonews
The key features of Bitvavo are as follows:
- Wide range of assets: Offers 300+ cryptocurrencies for trading.
- User-friendly: It is known for its intuitive and user-friendly platform and mobile app.
- Low fees: It offers competitive trading fees.
- Excellent Customer Support: Bitvavo enjoys a very good reputation due to its customer support. Different modes of customer support include 24/7 Live chat, AI Chatbot and email support for more complex issues or for follow-ups. Phone support, typically by appointment, is also available.
- Bitvavo User Base: Since Bitvavo is headquartered in The Netherlands, the highest concentration of Bitvavo users are also from The Netherlands. Bitvavo serves customers across 26 countries including the European Economic Area (EEA), Switzerland, and the United Kingdom. However, Bitvavo is not available in the United States.
Digital assets on Bitvavo
Is Bitvavo Euro-based or USD-based?
Bitvavo has a strong focus on the Euro market therefore the primary fiat currency on Bitvavo is Euro with over 95% of the trade via Euro. It does not allow direct trade in US Dollars. However, users can indirectly access US Dollar value through stablecoins like USDC, which is pegged to the US Dollar. Only 0.3% of the trade is done via USDC on Bitvavo.
Legal Status of Bitvavo
Since cryptocurrency service providers are required to get registered to operate legally in Europe, Bitvavo is registered with the Dutch central bank (DNB) which makes this platform safe as well as legal in Europe.
Is Bitcoin tradeable on Bitvavo?
Bitvavo allows trading of Bitcoin, in fact the largest share of trading on Bitvavo happens in the BTC/Euro pair. Other cryptocurrencies such as Solana, Ethereum, XRP, Dogwifhat, Pepe, Celestia, Floki, Bonk, Dogecoin, Artificial Superintelligence Alliance and many others are tradeable on Bitvavo.
Limitations of Bitvavo
- Bitvavo offers limited fiat currency support since it is primarily focused on Euro, which might be a drawback for users holding other currencies.
- Bitvavo imposes withdrawal limits based on factors like user verification level, transaction history and regulatory requirements.
- The platform requires a thorough verification process, which can be time consuming for many customers.
- Unlike some other exchanges, Bitvavo offers fewer advanced trading tools and options.
- Although customer support is generally positive, some of its users have reported varying response time and issue resolution efficiency.
To Be or Not to Be?
The bottom line is that Bitvavo has solidified itself as a leading European cryptocurrency exchange due to its robust platform for both novice as well as experienced traders due to its regulatory compliance, wide cryptocurrency support and user-friendly interface. All these features allow it to offer its services to a wide clientele. The continuous growth and expansion indicate its potential to become a global player in the cryptocurrency industry. However, like any other platform, it is essential to conduct thorough research before engaging in the trading.
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