Bitvavo: Best Exchange on the Market?
Bitvavo launched in 2018, aiming to bridge the gap between the globally accepted traditional currencies such as the Euro (EUR) and digital assets.
Since digital assets became a mainstay in the 2010s, the launch of Bitvavo in the Netherlands as a European exchange was seen as a step in the right direction for an industry largely dominated by platforms from Asia and America.
As the development team behind the project continue to work towards expanding and improving the trading platform, many sceptics who are consistently searching for the leading crypto trading platform ask if Bitvavo is among the best cryptocurrency exchanges in the market today.
To find this out, we must thoroughly assess the pros and cons of buying cryptocurrencies with the platform and the latest developments surrounding the project.
Pros of buying cryptocurrencies with Bitvavo
It supports a large number of cryptocurrencies. According to the platform's official website, it has listed more than 175 digital currencies that can be bought, stored, and traded. Among them are mainstream cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Cardano (ADA), Litecoin (LTC), and Dogecoin (DOGE). With the rise of ChatGPT and artificial intelligence, stakeholders of this booming industry can invest in AI token Fetch.ai (FET), while those glued to decentralized finance (DeFi) can buy DeFi tokens like Yearn Finance (YFI) and Maker (MKR).
High volume exchange. Trading volume is an integral part of choosing an exchange as well as settling on a cryptocurrency. This platform is among the most patronized, with more than $100 billion in cumulative volume. To show you the worth of the exchange, market and consumer data reporter Statista listed the exchange among its top 50 by daily trading volume.
Supports PayPal. As one of the most used electronic wallets globally, PayPal has more than 400 million users. With PayPal, customers can see their accounts credited with any amount or number of digital currencies they want. Aside from PayPal, the platform accepts the e-commerce payment system iDEAL and the e-payment solution MyBank. Moreover, the Single Euro Payments Area (SEPA) makes it possible for customers to make direct Euro (€) payments via direct debit as well as credit transfer. Online banking platform SOFORT also allows customers to move funds in and out of their accounts.
Highly accessible platform. Bitvavo has three-way accessibility. For desktop users, the exchange can be found on the World Wide Web using any web browser or search engine. Additionally, smartphone users whose devices are powered by Android and iOS can download the exchange's application via Google Play and Apple Stores, respectively. With a user-friendly interface, traders can easily dabble in cryptocurrency investing.
Cons of buying digital currency with Bitvavo
It's tailored to the needs of just European traders. The decentralized finance market, unlike centralized finance, does not stop. The market is always open to traders from all walks of life so long as they can access the internet. Unfortunately, the Bitvavo platform serves Europeans, and this practically cuts off potential liquidity that could have been poured into the exchange from traders from Africa, North, Central, and South America, and the Middle East.
Does not support PaySafe Group's products. PaySafe is one of the biggest names in the electronic payments business. Its two flagship products, in the form of Skrill and Neteller, are accepted by most European exchanges due to their reach in the region. Not supporting these e-wallets as payment methods does not bode well for such a popular trading platform.
Euro (€) is the sole currency for transactions. Many exchanges try to adapt to the demands of customers who move to Europe but hold accounts in other currencies that need to be accessed for trading. Unfortunately, Bitvavo exchange does not make provisions for currency swaps. Anyone wanting to engage with this platform should find EUR or search for another platform.
Bitvavo is among the best European exchanges any trader can use. But like any journey in the cryptocurrency industry, independent research should be prioritized. While this exchange has worked for more than one million people, it may not work for you. Therefore, do your own due diligence.
Assess the pros and cons of investing in the Bitvavo exchange, the additional products it offers, such as staking, which can bring you consistent passive income, and read reviews from past customers that have engaged with the platform over an extended period.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.