What is the crypto withdrawals lock and how can I enable it?

Crypto withdrawals lock explained

The crypto withdrawals lock is a security feature on Bitvavo that blocks the withdrawal of crypto from your account. This measure ensures that no one, including you, can withdraw crypto from your account, thereby safeguarding your crypto against unauthorized access, such as hacks or scams. This feature allows users to continue trading while significantly increasing the security of their accounts.

Why Use the crypto withdrawals lock?

The crypto withdrawals lock is particularly useful for users who:

• Do not frequently perform crypto withdrawals or do not plan to withdraw crypto in the near future.
• Want to protect their crypto from being withdrawn in case of unauthorized access to their account.

By enabling this feature, you reduce the risk of losing your crypto due to unauthorized activities, providing peace of mind and enhanced security.

How to enable the crypto withdrawals lock

Follow these steps to enable the crypto withdrawals lock on your Bitvavo account:

1. Navigate to Security:

   • Go to the Security section on the Bitvavo website.

2. Click on "Enable Lock":

   • Find the option to enable the crypto withdrawals lock.

3. Read the Explanation Carefully:

   • Make sure you understand how the lock works and its implications.

4. Swipe the lock or type "Confirm":

   • On the website: Enter the word “confirm” to activate the lock.
   • In the app: Swipe the lock at the bottom of the screen from left to right.

5. Lock Enabled:

   • The crypto withdrawals lock is now active on your account. Withdrawals to external wallets are no longer possible.

Important Notes

• Disabling the Lock: If you need to withdraw assets later, you must follow a similar process to disable the lock, which includes identity verification steps. You can read the instructions to disable the crypto withdrawals lock here.