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 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
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. In 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 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 currency stored at Bitvavo is extremely well secured. Nevertheless, you are ofcourse free to withdraw your funds to your own external (cold) wallet to ensure that you are completely independent. How you withdraw funds to an external wallet is explained in more detail here.