Coinify is a secure online platform for users to buy and sell virtual currencies by utilising individual crypto trading sites, corporate brokerages, payment processing services, and Enterprise solutions via Coinify API.
Mark Højgaard and Hans Henrik Hoffmeyer founded Coinify in 2014 to mainstream the use of virtual currencies and thus help businesses and individuals to adopt financial innovation where merchants can accept blockchain payments in over 32 coins and tokens. That is way more than most other payment processors. Coinify also became the first payment processor in Scandinavia allowing real estate purchases.
Get started with a hassle-free deposit method, where you simply use your mobile device. Try Coinify through one of the exchanges below.
There are 1 crypto trading sites supporting Coinify and 2 crypto casinos which support Coinify as deposit method as seen in the toplists below.
Top 1 sites for buying, selling and trading crypto with Coinify
This is the toplist with the best crypto brokers in .This is the toplist with the best sites to buy, sell or trade cryptocurrencies with Coinify. To learn more why a certain site is ranked the way it is, you can read our review by clicking the review button.
Gate IO can be your gateway to everything related to crypto – with over 1400 cryptocurrencies to trade in a safe, quick and easy manner.
We generally recommend using an exchange or platform with good track record, great reputation and positive feedback from its customers. The better option for you as customer, the better ranking we give them.
Top 2 casinos with support for Coinify
This is the toplist with the best sites to buy, sell or trade cryptocurrencies with Coinify. To learn more why a certain site is ranked the way it is, you can read our review by clicking the review button.
Crypto Games gives way more than they take, try provably fair – you can see what players stake.
Register in seconds to enjoy instant withdrawals, full VPN support, weekly cashbacks and tournaments, along with a rewarding loyalty system.
Summary
Coinify facilitates funding users’ e-wallets, prepaid cards, and even a few gaming accounts with virtual currencies, including Bitcoin, Ethereum, and several widely used virtual coins and tokens such as AAVE, Cardano (ADA), Ankr, Avalanche, Bitcoin Cash, BNB Coin, Bitcoin Sv, Bitcoin (BTC), Compound, Dogecoin, Polkadot, Ether, Chainlink, Litecoin, Decentraland, Polygon, Maker, Nano, OKB, Qtum, Shiba Inu, Solana, Uniswap, USDC, Tether and Stellar.
The payment processor converts all crypto deposits into the users’ preferred local currency. Coinify utilises its blockchain knowledge to provide its end customers with an additional attractive payment method with no extra hassle. This assists merchants increase their customer base and growing deposits without needing prior knowledge of virtual currencies with an end-to-end service by handling the entire conversion process. It also secures conversions without charges hence assisting businesses to differentiate with an innovative deposit option. It provides industry-leading compliance solutions with full KYC, KYB, AML, and Source of Funds checks.
Advantages
+Crypto deposits through Coinify increases merchants’ customer base.
+It provides an end-to-end service hence there is no virtual currency knowledge required.
+Coinify is KYC compliant – hence limited risks from any further regulations.
+Users avoid withdrawal fees as it sends funds to an external wallet.
+A simple and secure and fiat entry into the virtual currency world.
+The first payment processor in the Nordics accepting real estate purchases.
Disadvantages
-Coinify charges rather high fees.
-It has a limited number of crypto that it supports.
-There are limited crypto sites that accept Coinify.
-Coinify focuses on businesses crypto deposits solutions more than individuals.
-The business got restrictions in some member states of the US.
What is Coinify?
It is a deposit method that bridges virtual currency and the traditional financial industries by enabling businesses and individuals to embrace financial innovation. The payment processor facilitates virtual currency deposits and converts the digital currency to the user’s preferred local currency. Customers select the cryptocurrency option when depositing an amount of digital currency into their account or e-wallet. Coinify mobile payments indicate the amount and scan the QR code to send the virtual currency to the provided address. The payment processor then converts the cryptocurrency and deposits it to a user’s Coinfiy merchant account. It does not require any knowledge of virtual currency as it provides a fully compliant end-to-end service with secure conversions with no charges.
Transfer and handling costs
There is a handling fee for completing the trade, a network fee to cover the cost of sending crypto, and a partner fee for costs incurred by a partner. It also charges various fees to cover the costs of returning or re-issuing funds to traders. Bank transaction refunds apply unless it is due to a technical issue on the Coinify side. There is a €20 fee for refunds to EU/SEPA Bank accounts and €30 for refunds to international bank accounts. Cancelling a trade incurs a €20 while refunds to money transfer services such as Transfer Wise and Western Union have a fee of €40 or more if necessary. If a user sends cryptocurrency to one of the Coinify addresses by mistake, they incur a fee of up to 20%.
Transaction speed
Transaction speeds with Coinify is instant once the transaction is complete which depends on the payment method used. BTC transfer with a card to your wallet is within 30 minutes while altcoins are within an hour.
Bank transfers rely on when Coinify receives the transfer, the inclusion of the Trade ID reference and Coinify ApS, and bank account details matching your KYC information. Bank transfers in EUR, GBP, and CHF usually arrive fast in its accounts. When it receives your bank transfer, it performs the necessary checks and processes the crypto to your wallet within 15-30 minutes. A delay in transfer may also be due to the payment processor requesting additional documents such as Proof of Source of funds.
Coinify Deposits
1. Choose Coinify from the list of deposit options.
2. Simply scan a QR code or copy & paste the payment details into your wallet
3. Put in the deposit amount and press GO.
4. Finalise the transaction with a verification method of your choice, such as Face ID, Touch ID, or PIN code on your mobile device.
The cryptocurrency payment is valid for only 15 minutes due to the exchange rate between Crypto and whichever fiat currency the product is valued in. Once you make a payment, it credits the merchant instantly and they are the only ones who can issue a refund.
Which are the main countries where Coinify is used?
It supports several countries, including the United States of America, Australia, Belgium, Brazil, Switzerland, Germany, Denmark, Spain, the United Kingdom, Kenya, and South Africa. However, it also does not support some jurisdictions including Russia, Ukraine, Cuba, Syria, North Korea, New York, and Connecticut.
How do I set up Coinify?
Access its website and select to sign up as a business or individual
Input details of your profile including email address and password
Merchants also provide details of their business profile
Verify your account by providing the required documents
Businesses can start their integration via API, Web integration, or send hosted invoices by email
Set up your payment settings
Add payment accounts
Can you withdraw with Coinify?
Yes, it converts any withdrawal made from traditional currencies into Bitcoin. Users can select the Bitcoin withdrawal option and enter the Bitcoin wallet address to which the withdrawal is to be sent.
Reputation of Coinify
Several online forums describe it as more suitable for businesses than individuals. Several of its products are aimed at merchants than consumers. This makes it an attractive deposit method for merchants. It has fewer cryptocurrencies available than other deposit methods and it lacks a custodial wallet. This attracts users who want to fund their external wallets and avoid withdrawal charges. However, beginners find it challenging to set up a separate wallet. The main alternatives to Coinify include Coinbase, BitPay, and Crypto.com.
Coinify FAQ
Below are some of the most frequently asked questions about Coinify.
Is it safe to use Coinify for cryptocurrencies?
It is a safe deposit method for cryptocurrencies. Users must always use trustworthy links such as from CryptoLists.com and avoid spam email or SMS links.
Is Coinify instant?
It will deposit funds instantly once the transaction process is complete. However, the transaction process depends on the payment method used.
When was Coinify founded?
The payment processor was founded in 2014.
Where is the mother company based?
It is based in Copenhagen, Denmark.
Which is the biggest competitor of Coinify?
Since Coinify mainly is classified as a payment processor, the biggest competitors in the crypto market are Banxa, Mercuryo and Moonpay and Simplex.
