Is my hosted wallet well secured?
The security of your hosted wallet is Bitvavo’s highest priority. Bitvavo has the following measures in place to ensure the security of your hosted wallet at Bitvavo:
- Stichting Bitvavo Payments
All of the customers’ digital currency are saved in an omnibus account issued by Stichting Bitvavo Payments, an entity entirely seperate from Bitvavo B.V. This way the results of Bitvavo B.V. can not have the slightest impact on the funds of the users of Bitvavo.
- Cold Wallets
Most of the digital currencies of our users are stored on so-called ‘cold wallets’. These wallets are not connected with the internet and are stored in a secure place. This way, these cold wallets cannot be hacked. To guarantee that you can sell or withdraw your funds quickly, Bitvavo keeps a percentage of the stored digital currency on a so-called ‘hot wallet’.
- Multisignature Wallets
The cold wallets which Bitvavo uses are multisignature wallets. Because of this, only a select number of Bitvavo employees have access to the cold wallets and they can only access them together.
By taking, among other things, the above mentioned measures your hosted wallet is extremely well secured. Nevertheless, you are of course free to withdraw your funds to your own external wallet to ensure that you are completely independent. How you could withdraw your funds to an external wallet is explained in more detail here.