2023 Bitvo Review: Deposit and Withdrawl fees
Bitvo Review: Our Opinion
There are several features that Bitvo has incorporated on the platform, but the fantastic corporate team present in the company makes it clear that the crypto trading site is not only legit but well thought through.
The team has excellent combined experience that ensures extraordinary success and safety for the investors and the platform. Bitvo is also one of the exceedingly few exchanges to offer a Canadian dollar-backed stable coin.
Cryptocurrency trading has attracted more investors in the past couple of years. The existence of new prospects in the market for investors has resulted in several cryptocurrency exchange platforms for those interested in online trading. The Bitvo exchange is one such platform that offers its services specifically to the Canadian market. Our Bitvo review highlights that the market place was created in 2018 and has gained tremendous popularity by attracting new investors.
The Calgary-based crypto trading platform was created by Canadians for Canadians and has grown to one of Canada’s leading crypto exchanges.
An Overview of Bitvo
Bitvo Global In. is a Canada-found cryptocurrency exchange platform with its heart in Calgary, Alberta. The platform provides traders with an intuitive website and mobile app. After the successful completion of the KYC procedure it allows cryptocurrency trading and investments in digital assets. Traders across the globe can use the online trading platform though it is currently limited. In 2020, Bitvo was recognized as the 9th cryptocurrency trading platform worldwide and the top trading platform in Canada.
One of the main driving forces behind Bitvo’s success is a professional team of experienced veterans in the financial markets. President and CEO Pamela L. Draper alone brings 14 years of experience in corporate banking and investment services. Working for financial sector heavyweights like BMO Capital Markets and Pateno Payments Inc, Draper understands economic markets and the payments industry like only a few.
Bitvo has been designed to provide an inclusive account option that allows traders to exchange their cryptocurrencies fairly every day. The online trading platform offers excellent services and has received many positive reviews from Canadian investors who have indicated a positive rating. Bitvo strives to provide its clients with a reliable crypto trading environment, competitive trade fees and access to the Bitvo customer support team 24 hours every day.
Clients need to register their Bitvo account first before being able to take advantage of Bitvo’s trading services as well as the Bitvo cash card. They even promise to verify and register your account the same day you sign-up.
Key Features of Bitvo
Like other crypto exchanges, Bitvo offers traders some stand-out features that have increased its popularity among users and social media platforms.
Below are some of the exciting and unique features that make Bitvo one of the best Canadian crypto trading platforms:
1. Bitvo Same-Day Guarantee
Bitvo accounts usually are activated instantly and you are able to start trading the same day you open a Bitvo account. Withdrawals and deposits are typically completed swiftly or at least within the same day as well.
2. Intuitive and adaptable Interface
The Bitvo platform is user-friendly, with a reachable trading frontend that is easy to handle for the new clients joining the crypto trading industry. Compared to other crypto exchanges, Bitvo creates an easily accessible trading ground for new users who can buy and sell cryptocurrencies without overwhelming trading functions.
Bitvo allows advanced traders to submit complex orders and obtain the trading information from trading charts and indicators with an advanced trading platform. Despite being a progressive platform, traders with a low experience level can easily place complex orders too.
3. Bitvo Cash Card
Once you become a Bitvo client, you gain access to the Bitvo Cash Card. The VISA debit card allows Bitvo account holders to use their fiat money on the Bitvo account like any VISA other debit card. If you run low on fiat money on your Bitvo account, you can exchange your crypto into fiat and use it with the card.
You can use the Bitvo Cash Card to withdraw money in more than 2 million Visa or Plus accepted ATMs across 200 countries globally. The Bitvo Cash Card charges $1 for every transaction and a 3.0% overseas currency exchange fee, making these Bitvo fees highly competitive.
If you fund your Bitvo account with $25,000 or more within a 12 month period, the Bitvo Cash Card will be delivered for free. Otherwise, the Bitvo Cash Card will be delivered upon request at the cost of $10 plus taxes.
4. Bitvo Dashboard
The Bitvo dashboard is AI-powered, and it capable of (advanced) technical analysis. The dashboard is another remarkable feature that offers a summary of technical features of every cryptocurrency ever traded in their history from the AI analysis.
You may get the technical analysis graphs and tools on other crypto exchanges, but with Bitvo, you will get a rating chart that helps make sound decisions. The rating chart is obtained from the analysis of complex daily algorithms.
5. Smooth Bank Integrations
Despite having a great AI dashboard, Bitvo will permit you to link your bank account with the platform, permitting transactions to be processed with ease short of manual intervention.
This enables the transaction to be completed efficiently and with minimal payment errors. Bitvo allows the integrations with more than ten Canadian banks.
6. Bitvo Design
The general design of the website gives that corporate feel. The platform provides simple features for beginners and has advanced options for expert traders and professional investors.
Cryptocurrencies Available on Bitvo
Bitvo currently only offers 11 of the most popular cryptocurrencies, a very modest selection compared to many competitors. If you are looking to trade or invest in altcoins, Bitvo may not be the right place. Digital assets available on the platform include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Cardano (ADA)
- Dogecoin (DOGE)
- Uniswap (UNI)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Dash (DASH)
- USD Coin (USDC)
QCAD, is a Canadian digital stable coin developed by Canada Stablecorp Inc. According to Bitvo, “Each QCAD is worth 1 Canadian Dollar and backed by a Canadian Dollar held in a Canadian bank account.”
The Bitvo pricing structure is readily available on their website. Simply select the Fees tab at the top of the homepage and check Bitvo fees yourself.
Bitvo Deposit Fees
Most Bitvo transactions charge a flat 1% fee. Deposits, for example via bank account or Interac e-Transfer are free, but withdrawals can be quite pricey.
Bitvo Withdrawal fees
A 1.00% withdrawal fee applies, with a minimum withdrawal fee of $15.
Bitvo Trading fees
Bitvo offers zero-commission trading fees, ideal for both novice and advanced traders. Instead, a spread (buy/sell price difference) is charged that fluctuates according to market conditions and is built into the price of the trade.
Spreads typically range between 0.5 and 1% of the buy and sell price. To see the estimated spread, use Bitvo’s Advanced Trading View feature.
You can also find Bitvo’s pricing policy for all their other services in the Fees section.
Bitvo Mobile App
As mentioned earlier, you can access the Bitvo platform via the website or a mobile app. Our review points out that the app is available for both Android and iOS devices. The support page has a quick link to click for a fast download.
The mobile app has a fresh look, just like the desktop website. You can easily make deposits and withdrawals, observe the markets, contact support and check your portfolio via the app.
Bitvo is a certified Money Service Business (MSB) and follows Canada’s Financial Transactions and Reports Analysis Center regulations. FINTRAC is Canada’s financial brainpower agency.
Bitvo is committed to ensuring that despite meeting the Know Your Customer (KYC) requirements, it practices privacy and will never share your information with third parties without your permission.
Bitvo has excellent compliance standards that ensure that all listed assets are well-vetted and evaluated. This ensures that the investors are protected from purchasing fake coins developed by scammers.
With BitGo, an official hot wallet provider, Bitvo holds only 5% of the digital assets in a hot storage linked to the platform. If you decide to keep your digital assets on the Bitvo exchange, between 95% and 100% of the holdings will be held in cold storage, making it very secure. Alternatively, you can transfer your crypto holdings to any offline wallet or other exchanges.
Fiat money held by customers are held in segregated Canadian bank accounts by Bitvo.
Client privacy and safety are guaranteed at Bitvo since there are stern online security measures taken for safety. The internal protocols at Bitvo are stringent, creating a safe and secure trading environment that protects the platform and its obligatory functions. More information on the same is accessible through simple navigation to the Security section on the homepage.
Which currencies and countries are Bitvo supported?
Currently, the website and mobile app are accessible to a restricted number of countries and currencies. The website is available for Canadian investors, but it has an international reach.
Opening a Bitvo Account
As highlighted in this Bitvo review, you can efficiently utilize the platform if you need to buy or sell quickly. However, you will need to register and log in before buying and selling crypto on the exchange:
• Select your country of origin, email address identification, and password of choice.
• Currently, registration is limited to selected countries only. For a Canadian investor, you will be required to use your browser to register and fulfil KYC requirement to secure access.
• Once the registration process is completed, you can utilize the platform.
How do you use Bitvo to Buy and Sell Cryptocurrencies?
After the successful registration and approval of the account, the platform provides you with a real-time feature that indicates all the exchange options for the global cryptocurrency rates. As an investor, you log in using your email and the password set then you can access the platform where you can buy and sell crypto.
Based on the crypto you would like to purchase, the trends can be easily observed, enabling an investor to make a sound decision before transacting.
Is Bitvo Regulated?
Bitvo, like any company, operates under the rules and regulations of the area it is in operation. There is a ‘User Agreement that provides the following crucial detail;
• User agreement
• Limitations and regulations involved
• Privacy policies
• Legalities and contacts in the event of a legal issue.
The website was designed and managed by a team of professional finance gurus with sufficient skills in the banking sector and legal procedures. The legal information section eases the analysis and review of possible issues before making any transaction on the platform.
Bitvo Customer Support
Bitvo offers a very extensive FAQ section on the website but also provides prompt customer support via various channels. You can receive support through email, live chat, phone call support, the ‘contact us section, or the help icon.
The company has an active social media presence making it easy to connect through LinkedIn, Telegram, Twitter, Instagram, and Facebook.
What makes Bitvo different from other platforms?
Even though all the cryptocurrency exchange platforms provide the same services, the cash card service offered by Bitvo is a unique and stand-out feature.
Similarly, the Same Day Guarantee is another beneficial feature that users appreciate.
Bitvo has complete SSL encryption with customer connections that ensures all the information sent through the website is entirely encrypted and ensures protection against go-betweens attacks. The website quickly spots phishing sites by having the SSL padlock on the website.
Our extensive analysis of the Canadian Crypto Exchanges doesn’t stop here. You can also read our list of the best crypto exchanges in Canada to find an alternative to Bitvo.
Most frequent questions and answers
The withdrawal process can be done through bank transfers, card transactions, and e-wallets. The website provides more details on the process and withdrawal fees charged during the process.
Yes, Bitvo is a safe crypto trading platform that is top-rated. According to many reviews by customers, it is the best trading platform for Canadians. The website provides the user with statistics on the trading market, but the trader is always advised to be cautious and discrete before making an investment judgment.
Despite Bitvo being young in the trading industry, it has a well-laid security protocol and processes on the security page of the website. The website has a two-step verification that ensures safety for the account holder.
Bitvo officially allowed investors to join and trade in 2018.
Yes, Bitvo is required to report to the CRA.
Bitvo was created by a team of financial gurus and banking experts who have many years of experience in the finance sector. You can easily access the expert team information by clicking the Meet team section on the website. The founders have vast knowledge and experience in Trading, Risk Management, Banking, and Payment Processing.
The company has an advisory team that brings ideal banking experience. With an excellent background in banking and strong connections with banks, Bitvo is confident that the services will reach clients with ease.
Pamela Draper is the leader of the team and the CEO and has over a decade of experience in corporate banking. She took the position in early 2018 and stated that they identified an opportunity that would ensure they improve the user experience.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.