Coinify

Overview of Coinify

Coinify is a leading player in the virtual currency exchange world that primarily functions as a gateway for businesses and individuals to conduct transactions using various cryptocurrencies. Established in 2014, the Denmark-based company has been at the forefront of facilitating digital currency adoption, focused on simplifying the complexities often associated with the use of virtual currencies.

Pros and Cons

Security

Coinify recognizes the vital importance of security in the digital currency exchange landscape. To this end, the company has implemented a number of measures designed to protect the user's assets and personal information.

In handling financial transactions and personal data, Coinify highlights its strict adherence to the General Data Protection Regulation (GDPR), which provides a standard for data protection and privacy for individuals within the European Union. This also extends to the export of personal data outside the EU. Adherence to GDPR ensures the privacy and security of personal data offered to Coinify by its users.

Coinify holds strict anti-money laundering (AML) and counter-terrorist financing (CTF) policies. These policies provide an added layer of security to the platform's operations and help to prevent illicit activities that could endanger user funds or the reputation of the exchange.

Cryptocurrencies Available

Coinify offers a variety of digital currencies for trade, the exact number of supported cryptocurrencies is over 20. The platform caters to popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), among others. This multitude ensures that both businesses and individual traders have access to a wide range of options for their digital currency transactions.

Fees

Coinify charges several fees when using their exchange platform for buying and selling cryptocurrency. Here's a breakdown of the main ones:

Intermediary bank fees: Intermediary bank fees are charges and is varying depending on factors such as the amount of the transaction, the destination country, and the specific banks involved in the transfer process. We advise traders to contact Coinify directly or refer to their terms and conditions for detailed information regarding intermediary bank fees associated with their services.

Inactivity Fees: Coinify imposes an inactivity fee of EUR 30 per month on merchants who haven't received any payments to their account for six months or more. This fee is applicable to maintain the account, incentivizing regular activity and preventing dormant accounts.

How to Buy Cryptos？

Buying cryptocurrencies on Coinify is a streamlined process designed for ease of use. Here's a step-by-step guide on how to do it:

1. Create an Account: Register for an account on the Coinify website. Basic information will be required for this registration process.

2. Verify your Account: Once registered, you'll need to verify your account by providing the necessary identification documents. This is in line with Coinify's adherence to anti-money laundering (AML) and counter-terrorist financing (CTF) regulatory measures.

3. Navigate to the Buy Option: After successful verification, log in to your account. From the dashboard, select the 'Buy' option.

4. Select your Cryptocurrency: You'll then be presented with a list of available cryptocurrencies. Select the one you wish to purchase.

5. Enter the Amount: After selecting your preferred cryptocurrency, enter the amount that you'd like to buy either in your fiat currency or in the amount of the cryptocurrency.

6. Payment Method: Choose your preferred payment method (bank transfers or cards) and provide the necessary details.

7. Confirm the Purchase: Confirm your purchase by approving the transaction. Make sure to review the details before final confirmation.

8. Transaction Complete: After the transaction is approved, your purchased cryptocurrency will be transferred to your specified wallet.

Payment Methods

Coinify offers multiple payment methods to accommodate the varying preferences of its users. The platform allows for transactions using both cryptocurrencies and traditional fiat currencies.

For fiat currency payments, Coinify supports standard bank transfers and credit/debit cards. Users can directly link their bank accounts and cards for swift transactions on the platform. This provides a seamless transition for users who are accustomed to traditional banking methods, thereby easing their migration towards digital currency trading.

However, it's important to note that while cryptocurrencies can get transferred almost instantly, traditional banking methods involves a waiting period. External factors, such as the operating hours of the bank and the time it takes for the banks to process these transactions, can influence this delay. Typically, bank transfers can take between 1 to 3 business days, while card transactions can be faster.