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 wish to withdraw your purchased digital currency while the cooldown period has not yet ended, this is possible after submitting 'Proof of funds'. This concerns documentation from which it can be deduced that the deposited funds have a legitimate source.
If you want to disable the cooldown period earlier, you can submit a request to our Support by sending an email to email@example.com.