As Bitvavo grows in numbers, many new features are introduced. One of these new propositions is a leveling up of users’ assets security via the Bitvavo Account Guarantee.
Hereby, accounts who have been victim of a loss of funds due to malicious actors can be reimbursed up to 100.000 EUR.
When are you eligible for a reimbursement on Bitvavo?
There are two main factors that are important when it comes to possible reimbursements.
In order to be eligible you must have completed all the Know Your Customer – KYC steps and are eligible to trade. Also your Bitvavo account must be open for a minimum of 30 days after you are eligible to trade.
The funds must also be withdrawn from your Bitvavo account without your permission or participation. For a detailed overview of the User Agreement document.
What actions get covered by the Bitvavo Account Guarantee
- Withdrawal of crypto: When scammers gain unauthorized access to your account and withdraw your crypto to another wallet.
- Withdrawal of EUR: When scammers gain unauthorized access to your account and withdraw your euro to a bank or online account.
- Sim swap attack: When scammers basically take over control of your mobile phone’s number and withdraw funds from your account.
What actions are not covered by the Bitvavo Account Guarantee
- Incorrect transactions: When you sent crypto using the wrong email address or public key and can’t recover your funds.
- Buying, selling or sending crypto: When you buy, sell, convert, or send crypto using your account and regret it. Sending your crypto to scams are included here.
- Loss of profits: When your crypto or fiat gets converted into BTC into ETH, but does’nt leave your account. Possible drops in value will not be reimbursed. Funds have to leave your Bitvavo account.
What to do to get reimbursed?
If there are problems regarding malicious activity, contact Bitvavo as fast as possible. See the Bitvavo contact page to learn more.
When your account is fully locked, provide as many details as possible accompanied by an official police report of stolen funds.
After an extensive investigation, positive unauthorized activity and eligibility Bitvavo will reimburse your lost funds.
Conclusion
The goal of this guarantee, which is in fact not a regulatory requirement or a part of the EU deposit guarantee schemes – DGS is to provide a level of protection to the Bitvavo user. Where you can use crypto with greater confidence, thus making a step in the right direction to mainstream adoption.
