What is a cooldown period and for how long is it in place?
Bitvavo uses a so-called cooldown period before allowing withdrawals of the digital currency you bought to an external wallet. This cooldown period has been put in place to provide us and other authorities with the time necessary to check whether a user’s account is suspicious or fraudulent and to prevent irreversible transactions with these accounts.
How does the cooldown period work?
The cooldown period is only in place after you have created your account and deposited funds on it. The standard cooldown period is 24hrs, however this could be increased up to a period of 72hrs for high risk customers, during which you will not be able to withdraw your bought digital currency. Once the cooldown period is finished, it will not bother you again as long as you does not use a different bank account for new deposits.
Can the cooldown period be disabled?
If you want to withdraw your bought digital currency before the cooldown period has ended, you can do this after you successfully passing a video verification. In this video verification we will ask you several questions to verify that it is you who would like to unlock the account. It is also important to have your identity document at hand. If you want to arrange a video verification to disable your cooldown period, please contact our support team by sending an email to email@example.com.