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Bitvo review

Buy and sell crypto assets with free deposits and no trade fees with Bitvo, a Canadian crypto exchange.

  • 24/7 responsive customer support.
  • Withdrawal fees

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1

Fiat currencies

11

Cryptocurrencies

Details

Product Name Bitvo Cryptocurrency Exchange
Fiat Currencies CAD
Cryptocurrencies BTC, ETH, ADA, XRP, DOGE, UNI, LTC, BCH, DASH, USDC and QCAD
Deposit Methods Cryptocurrency
Express Interac e-Transfer
Wire
Cash or Debit at Canada Post
Trading Fee $0 (competitive spread)
Deposit Fees $0
Withdrawal Fees 1% ($15 minimum)

Overview of Bitvo

Bitvo is a Canadian cryptocurrency exchange based in Calgary, AB and founded in 2018. It is led by a small team with decades of experience in the fields of technology, banking, capital markets, security, financial services and transaction processing.
Bitvo aims to be a premium cryptocurrency exchange through a foundation of superior customer service, zero trading fees and quick easy funding and withdrawal options. It is currently offering 11 different cryptocurrencies for exchange as well as a Bitvo Cash Card and a personalized OTC desk for large volume users. Finder’s Bitvo review will help you decide if it fits your needs.

  • If this is your first exchange: Bitvo has done a good job integrating legacy banks to make the movement of funds to and from the exchange very fluid.
  • If you’re switching exchanges: Bitvo’s Cash Card is a useful option for frequent traders who may want to access funds when traveling outside of Canada.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Bitvo pros and cons

Pro

  • 24/7 customer service
  • Same-day registration and funding
  • Zero trading fees

Con

  • 1% withdrawal fees
  • Limited on cryptocurrencies offered
  • Lack of earning features (staking, farming or lending)

Verdict: Is Bitvo any good?

Bitvo fills a niche for larger volume/institutional traders who want direct access to cryptocurrency and are more comfortable dealing with legacy banking. The customer service and OTC (over-the-counter) trading options for larger traders ($25,000+ single trade) make Bitvo a good option for institutions entering into cryptocurrency. Having cryptocurrency experts with experience in legacy banking can provide a solid bridge for institutions new to the industry. Bitvo does a very good job with its customer service, offering 24/7 availability through phone, email or live chat. This is a major advantage over competitors and is something that new users may appreciate.

What to know about Bitvo

Bitvo is a smaller cryptocurrency exchange. It currently has 11 cryptocurrencies listed, and the team’s experience and contacts in the legacy-banks system allow for a more fluid movement of funds to and from the exchange. Bitvo engages in best practices for its security and is registered with FINTRAC. It has not experienced a successful hack to date.

Despite excellent customer service and a quick and easy funding option, the exchange does not offer as much for smaller investors as its competitors. The overall feel of the exchange is more akin to a legacy bank than a cryptocurrency exchange. It does offer zero fees on trades and deposits, but it charges a 1% withdrawal fee, a spread on bid/ask transactions and fees associated with its Bitvo Cash Card.

Finder ratings: Bitvo

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Supported cryptocurrencies

Bitvo currently offers 11 different cryptocurrencies. The selection of cryptocurrencies is mainly focused on financial cryptocurrencies for providing payment options and resolving transactions. There is also the addition of some other level one blockchains, such as ETH, ADA and UNI, that facilitate smart contracts. DOGE is also listed as one of the cryptocurrencies that are offered. The following assets are offered:

Transferring fiat and cryptocurrency

Bitvo guarantees that all funds will be deposited into users’ accounts the same day for both withdrawals and deposits. Cryptocurrency deposits and withdrawals depend on network congestion but are executed immediately. If Bitvo fails to deposit your funds within the day, it credits you the withdrawal fee.

Bitvo Fees and costs

Bitvo does not have any deposit fees, but it charges a 1% fee for all withdrawals with a minimum of $15 on all withdrawals. There are fees for every time you use the Bitvo Cash Card too.

Fiat withdrawal and deposit fees
DepositWithdrawal
$01% (minimum fee of $15)
Crypto withdrawal and deposit fees
DepositWithdrawal
Dependent on speed of the underlying
cryptocurrency network
1% (minimum fee of ($15)

What is it like to use Bitvo?

Does Bitvo have good customer support?

One of the main attractions to Bitvo over other cryptocurrency exchanges is the responsiveness of its customer support service. It boasts a 24/7 support team that can be reached via phone, live online chat or email.

Support offeredContactWait times
EmailCheck mark in green-filled circlesupport@bitvo.com30 mins
Live chatCheck mark in green-filled circleHelp chat (bottom right of every page)Instant
CallCheck mark in green-filled circle1-833-86BITVO

(1-833-862-4886)

Instant
FAQCheck mark in green-filled circleBitvo support pageInstant

Trading on Bitvo

One of the major benefits to Bitvo over some of the larger competitors is that it does not charge trading fees. It operates with a spread between the bid and ask pricing for the cryptocurrencies it lists, but these are reasonable differences.

Price spreads

Bitvo does carry a spread that can be easily seen when buying and selling cryptocurrencies.

Trading fees

Bitvo operates with zero trading fees.

Bitvo promotions

For a cryptocurrency exchange still in its relative infancy, there are few promotions or opportunities for new users to take advantage of outside of the Bitvo Cash Card. Unfortunately, the Bitvo Cash Card feels more like a service from a legacy bank rather than a promotion from a cryptocurrency exchange.

Bitvo Cash Card

The Bitvo Cash Card is a tool that Bitvo users can take advantage of. Unfortunately, unless you have funded your Bitvo account with $25,000 in the previous 12 months, there will be a registration and activation fee associated with it. ($10 plus applicable taxes).

The Bitvo Cash Card operates as a prepaid Visa that can be loaded from your Bitvo account. Even though the Bitvo exchange can only operate within Canada, the cash card can be used worldwide anywhere that Visa is accepted.

The cash card does come with fees attached to it that you should familiarize yourself with.

Bitvo fig 5

Bitvo trust rating

Bitvo is fully compliant and registered with FINTRAC. It participates in best practices for handling cryptocurrencies between hot and cold wallets and has not experienced any hacks to date on the exchange.

Past hacks

Bitvo has not experienced any hacks to date.

Security audits

Bitvo has carried out Exchange Due Diligence Reports through the third-party intermediary Blockchain Intelligence Group as recently as September 29, 2021.

Insurance

Bitvo keeps 95% of its digital assets in cold storage with BitGo Trust Company. It has US$100 million in insurance through BitGo Trust Company in the event of a hack.

Signing up on Bitvo

Step 1: Register
On the Bitvo homepage, click “Register” in the upper right corner. Enter an email and password, agree to the terms and submit. Verify your email address through the link it sends. Then log in to continue.

Bitvo fig 6

Step 2: KYC
Fill out the information requested by Bitvo. Once the information is entered, KYC is complete.

Bitvo fig 7

Step 3: Link bank or deposit crypto
The next step is to fund your account. If you have crypto, you can deposit supported assets and begin trading. If you need to link a bank account, it is a simple process where you connect your bank account to Bitvo. This step effectively fully verifies your identity. Once funded, you can begin trading.

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Compare Bitvo vs other crypto exchanges

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Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

24
cryptocurrencies

Limited time only: Free $40* when you sign up and fund your Bitbuy account.
At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.
Netcoins Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD, USD

11
cryptocurrencies

Buy Bitcoin and 5 other cryptocurrencies instantly using this straightforward broker.
NDAX Cryptocurrency Trading Platform
Bank transfer (ACH)
CAD

30
cryptocurrencies

Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Frequently asked questions about Bitvo

Is the Bitvo Cash Card free to use?

No. The Bitvo Cash Card requires $10 +applicable taxes to request the card unless you have funded a minimum of $25,000 within 12 months. The card also has a $1.00 ATM withdrawal fee, a 3.00% foreign currency exchange fee and a $1.00 fee on all other transactions.

How do I withdraw from Bitvo?

To withdraw fiat or cryptocurrency, you will need to first log in to your Bitvo account. From there, you can select the tab “Withdraw from my Account” and follow the directions. The account that fiat is withdrawn to must be owned by you and you will be unable to withdraw any funds without first completing the ID-verification process.

Is Bitvo safe?

While no exchange can guarantee absolute security, Bitvo does engage in best practices. Bitvo only holds 5% of customers’ funds in hot wallet storage, which it contracts out to the third-party wallet provider BitGo. The remaining 95-100% of customers’ funds are stored in an offsite third-party financial institution that is only accessible via multiple signatures. These signatures are trusted individuals and geographically diverse.

Does Bitvo charge withdrawal fees?

Yes. Bitvo charges a 1% withdrawal fee with a minimum of $15 per withdrawal. Withdrawals include transferring money to your bank account, using your Bitvo Cash Card or withdrawing cryptocurrencies.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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