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)
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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
See our full list of pros and cons below.
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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 & 2 more |
| 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.
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
| Deposit | Withdrawal |
|---|---|
| $0 | 1% (minimum fee of $15) |
Crypto withdrawal and deposit fees
| Deposit | Withdrawal |
|---|---|
| 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 offered | Contact | Wait times | |
|---|---|---|---|
 | support@bitvo.com | 30 mins | |
| Live chat | | Help chat (bottom right of every page) | Instant |
| Call | | 1-833-86BITVO (1-833-862-4886) | Instant |
| FAQ | | Bitvo support page | Instant |
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 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.
Step 2: KYC
Fill out the information requested by Bitvo. Once the information is entered, KYC is complete.
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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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.