Bitvavo and Hyphe FAQs

What are the differences between Bitvavo and Bitvavo powered by Hyphe?

Bitvavo powered by Hyphe users can expect an almost identical product experience as Bitvavo B.V. customers. While there may be slight differences in specific features like coin offering, German users enjoy the same exceptional offering and unique selling points, including access to over 250 coins and an intuitive trading service tailored to their needs and preferences, all within a regulated framework in Germany. This is in line with our mutual commitment to providing a secure and trustworthy trading environment.

Who is Hyphe?

Hyphe is a digital asset liquidity provider supervised by the German financial regulator, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Hyphe is fully licensed to provide trading services to German customers.

How does Bitvavo powered by Hyphe work?

Hyphe will provide trading services while asset custody will be provided by BaFin-regulated crypto custodian, Tangany, and fiat on/off ramp services by Sutor Bank. Bitvavo will handle the customer trading environment.

Why should I transfer my assets to Bitvavo powered by Hyphe?

Bitvavo B.V. is no longer available for residents of Germany. Instead, residents of Germany can now make use of the intuitive trading services provided by Bitvavo powered by Hyphe. You can transfer your assets from Bitvavo B.V. to Tangany, the Bitvavo powered by Hyphe trusted custody provider, through the asset transfer process.

Bitvavo powered by Hyphe users can expect an almost identical product experience as Bitvavo B.V. customers with the same exceptional offering and unique selling points, including access to over 250 coins, and an intuitive trading service tailored to their needs and preferences, all within a regulated framework in Germany.

What’s the step-by-step timeline for asset transfer?

When you begin the asset transfer process, the following steps will be taken:

  1. Unsupported assets sold: If you hold a cryptocurrency that is not supported by Bitvavo powered by Hyphe (you can find all supported cryptocurrencies on the Bitvavo powered by Hyphe network page: https://networks.bitvavo.com/en/hyphe), Bitvavo will sell these assets and return the funds to your euro balance. You can instead withdraw the assets before the asset transfer following these instructions.
  2. Euro balance refunded: Bitvavo will return your full euro balance to your most recently verified bank account. For questions about verified bank accounts, please contact our Support team.
  3. Account history exported: Bitvavo will email you a link to download your full Bitvavo transaction history. This is important for tax purposes and you should make sure to download and save the file. For security reasons, the link will only be valid for one hour, so please check your inbox once you start the asset transfer process. You can also download your transaction history here
  4. Old account closed: Your Bitvavo account will be closed and you will be logged out.
  5. Invitation sent: Bitvavo powered by Hyphe will email you a link to create your new Hyphe account. Use the same email address as your Bitvavo account so we know where to transfer your assets. If we can't match your assets to your email, you will need to contact Support to continue the transfer process.
  6. Account created and assets transferred: When you create a new Hyphe account with your same email address and fully verify your identity and bank account, your Bitvavo assets will be transferred and you can begin trading.

Why are some assets not available in Germany?

Bitvavo powered by Hyphe does not offer all the assets that are listed at Bitvavo. This is because Bitvavo powered by Hyphe uses a different custody provider, which supports a different set of assets than Bitvavo's custody providers. You can withdraw these assets to another wallet before migrating from Bitvavo to Bitvavo powered by Hyphe. Alternatively, as part of the asset transfer process, Bitvavo can sell these assets and return the funds to your euro balance, which will then be returned to your most recently verified bank account.

How will my unsupported assets be sold?

If you hold a cryptocurrency that is not supported by Bitvavo powered by Hyphe (you can find all supported cryptocurrencies on the Bitvavo powered by Hyphe network page: https://networks.bitvavo.com/en/hyphe), Bitvavo will sell these assets with market orders and return the funds to your euro balance. If you prefer that Bitvavo does not sell these assets, you can also sell or withdraw them yourself before July 31, 2024.

 

Will I pay fees if Bitvavo sells my unsupported assets?

Trading fees on market orders executed by Bitvavo to sell unsupported assets during the asset transfer process will be reimbursed. However, if you choose to sell these assets manually, you will not receive a reimbursement for the fees.

Where will my euro balance be returned?

Any remaining euro balance in your Bitvavo account at the time of asset transfer will be automatically refunded to your most recently verified bank account. If you do not have a verified bank account on your Bitvavo account or if you have any questions about verified bank accounts, please contact support@bitvavo.com.

What will happen to my assets while they’re being transferred?

When you initiate the process, Bitvavo will manage the preparation and transfer of your assets. Keep in mind that during the transfer process, you will not be able to sell or withdraw your assets. You will regain access to your assets once you have created a new Bitvavo powered by Hyphe account and fully verified your identity and bank account.

How long will the process take?

We have designed the asset transfer process to be quick, but real times can vary. Additionally, for regulatory reasons, your assets can only be transferred once you have a fully verified account with Bitvavo powered by Hyphe. To avoid delays:

  • Wait for the invitation link from Hyphe - don’t sign up for Hyphe before your assets are ready.
  • Sign up with your same Bitvavo email address - use the same email address for both accounts so we can easily match your assets.
  • Complete the full onboarding process - answer all questions and share your details as required by regulation.
  • Verify your identity - keep a government-issued ID card on hand and complete the required steps.
  • Link your bank account - make a small deposit from a bank account in your name to your new Hyphe account.

Why can't I see my Bitvavo assets in my new Bitvavo powered by Hyphe account?

Assets will only be automatically transferred from your Bitvavo account to your new Bitvavo powered by Hyphe account if you:

  1. Started the asset transfer process within Bitvavo.
  2. Waited until you received an invitation via email from Bitvavo powered by Hyphe to create a new account.
  3. Signed up for the new Bitvavo powered by Hyphe account using the same email address that was on your previous Bitvavo account.

If you did not start the asset transfer process on Bitvavo, created a Hyphe account before receiving the invitation email, and/or did not use the same email address on both accounts, you must contact support@bitvavo.com in order to complete the asset transfer process.

Can I open a new Bitvavo powered by Hyphe account without transferring my assets?

We are happy to welcome all German customers to Bitvavo powered by Hyphe. If you have created a Bitvavo powered by Hyphe account outside of the asset transfer process, the assets you have on your Bitvavo account will not be automatically transferred. It will not be possible to do this yourself after withdrawals close on July 31st. If you’ve created an account on Bitvavo powered by Hyphe, and still have assets remaining in your Bitvavo account, please reach out to support@bitvavo.com

What if I do not want to transfer my assets to Bitvavo powered by Hyphe?

July 31, 2024 is the last day German residents can sell or withdraw on Bitvavo. German clients who have not transferred their assets by July 31, 2024 will have their account restricted. After July 31, users with assets remaining on Bitvavo will need to transfer their assets to Bitvavo powered by Hyphe using the official asset transfer process or contact Support to have their assets liquidated and the full account fiat balance refunded to their most recently verified bank account.

Why do I have to make a deposit to transfer my assets?

We request that you deposit euros into your account to verify that the bank account is in your name. This additional step ensures account ownership before we transfer the assets to your new account.

Who can register at Bitvavo powered by Hyphe?

You can register at Bitvavo powered by Hyphe if you’re a resident of Germany*. Want to create an account at Bitvavo powered by Hyphe? Instructions on how to register can be found here.

Why are staking and lending not available on Bitvavo powered by Hyphe?

It is not possible to stake or lend crypto on Bitvavo powered by Hyphe. However, you are able to participate in the Rewards program to earn rewards on certain crypto on a weekly basis. Read more about the rewards program for Bitvavo powered by Hyphe in this article.

Can I still use trading bots and other services connected via API?

Trading bots and API functionality will still be available, however you will have to set up new API keys after migrating your account to Bitvavo powered by Hyphe. 

*https://support.bitvavo.de/hc/de/articles/25631507608209-Wie-verifiziere-ich-meine-Identit%C3%A4t 

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