Are the digital currency on my account safe?
The security of your digital currency is Bitvavo’s highest priority. Bitvavo has, among other things, the following measures in place to ensure the security of your digital currency:
- Stichting Bitvavo Payments
All of the customers’ digital currency are, in principle, stored in an omnibus account issued by Stichting Bitvavo Payments, which is entirely seperate from Bitvavo B.V. This way, the results of Bitvavo B.V. can not have any impact on the funds of the users of Bitvavo.
- Cold Wallets & Insured Custody Providers
Most of the digital currencies of our users are stored on so-called ‘cold wallets’. These wallets are not connected with the internet. Stichting Bitvavo Payments is, for most digital currencies, using the services of Insured Custody Providers. These Insured Custody Providers are specialised in storing digital currencies in a safe environment and are insured up to an amount of EUR 255 MIO to mitigate potential risks as much as possible.
To guarantee that you withdraw your digital currencies quickly, Bitvavo keeps a percentage of the stored digital currency on a so-called ‘hot wallet’.
- Multisignature Wallets
The cold wallets which Stichting Bitvavo Payments uses are multisignature-wallets. Because of this, only a select number of Bitavo employees have access to the cold wallets and they are only able to access it together.
By taking, among other things, the measures mentioned above, your digital currencies stored at Bitvavo are, in principle, extremely well secured. However, besides the security measures Bitvavo has implemented, it is also key that you secure your Bitvavo account as described in more detail here.
Although Bitvavo takes all abovementioned measures, it is always recommended to withdraw your digital currencies to your own external (cold) wallet to ensure that you are completely independent. How you could withdraw digital currencies to an external wallet is explained in more detail here.