What is the Web3 Wallet powered by Bitvavo and how does it work?

This article explains what the Web3 wallet powered by Bitvavo is, how it differs from your standard Bitvavo account, and what Bitvavo can and cannot support you with.

The Web3 wallet is a crypto wallet that gives you direct access to decentralized financial services (DeFi) on the blockchain. Unlike your standard Bitvavo account, the Web3 wallet lets you hold and control your crypto yourself. You use this wallet to send or receive crypto assets without a central party being involved.

Difference between trading on Bitvavo and the Web3 wallet

On Bitvavo, the storage of your crypto is managed for you. With a Web3 wallet, you manage everything yourself. Find an overview of the most important differences below.

Bitvavo

When you trade on Bitvavo, you use our exchange to buy and sell crypto. Your assets are held securely within our custody structure, meaning that we manage your private keys for you. You log in with your email address, password, and Two-Factor Authentication (2FA). Bitvavo operates as a regulated platform, which means your assets and transactions are handled within a controlled and supervised environment.

Web3 wallet

The Web3 wallet (also known as a decentralized wallet) is a self-custodial wallet that lets you access and manage crypto directly on the blockchain and engage in crypto transactions on DeFi protocols. The Web3 wallet gives you control over your assets and transactions without a central intermediary. You are responsible for how you use the wallet.

Bitvavo support

Whether you are navigating the basics of blockchain or troubleshooting technical hiccups, Bitvavo support is here to ensure your Web3 experience is as smooth as possible. Here is a breakdown of what we can help you with and where our reach ends.

What can Bitvavo help you with?

App functionality

If something in the Web3 wallet is not working as expected, please contact support if:

• Balances are incorrect: Your wallet is not displaying the assets you know you hold.
• Missing transactions: A transaction you initiated is not showing up in your history.
• Failed actions: You are trying to send, receive, or swap, but the app is giving you errors or will not process the request.
• General bugs: Any technical glitch preventing you from using your wallet features.
• Transactions from Bitvavo: We can provide insight into transactions you have sent from your Bitvavo account to your Web3 wallet.

Education

Web3 can be complex, and we are happy to help you understand the basics. You can contact us for explanations on:

• Fees: Different fees you pay for deposits, withdrawals, and swapping.
• Price: How prices are determined when swapping assets.
• Networks: Information about different chains.
• Security: Understanding how your private keys work.

Wallet access and recovery

Your Web3 wallet is non-custodial, meaning you are in control of your wallet. Bitvavo does not have access to your full private key. If you lose access, we can guide you through the recovery process to regain access to your wallet. This process is designed to be secure and requires multiple verification steps.

What can Bitvavo not help you with?

The Bitvavo Web3 wallet is a non-custodial wallet. This means that only you have access to your wallet and your funds.

• Lost private keys: Your private keys are the only way to restore access to your wallets outside of the Bitvavo app. Store them securely at all times. Never share your private keys with anyone. Bitvavo or other legitimate parties will never ask for them. Anyone who does is trying to gain access to your funds.
• Incorrect transactions: Transactions cannot be modified or reversed once processed.

Frequently asked questions