What is a cooldown period and how long is it in place?
Bitvavo uses a so-called cooldown period before it is possible to withdraw your bought digital currency to an external wallet. This cooldown period has been put in place to give time to us and other authorities to check if a user’s account is suspicious or fraudulent and to prevent irreversible transactions.
How does the cooldown period work?
The cooldown period is only in place the moment you make your account and you connect your bank account. In principle the cooldownperiode is 24hrs, however this could be increased up to 72hrs for high risk customers, in which you are not able to withdraw your bought digital currency. Once the cooldown period is finished, it will not bother you again insofar you do not add a new bank account.
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 passed the 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 do a video verification to disable your cooldown period, please contact our support team by sending an email to firstname.lastname@example.org.