Coinify

Coinify is a secure online platform that enables users to buy and sell virtual currencies through various crypto trading sites, corporate brokerages, payment processing services, and Enterprise solutions via the Coinify API.

Founded in 2014 by Mark Højgaard and Hans Henrik Hoffmeyer, Coinify aimed to mainstream the use of virtual currencies, making it easier for businesses and individuals to embrace financial innovation. Merchants can accept blockchain payments in over 32 coins and tokens, far surpassing most other payment processors. Additionally, Coinify became the first payment processor in Scandinavia to facilitate real estate transactions.

Start using Coinify with a simple and hassle-free deposit method, where all you need is your mobile device. Explore Coinify through one of the exchanges listed below.

Summary

Coinify enables users to fund their e-wallets, prepaid cards, and even a few gaming accounts with various virtual currencies, including Bitcoin, Ethereum, and many popular 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 user’s preferred local currency. Coinify utilizes its blockchain expertise to provide an additional convenient payment method with no hassle. This helps merchants expand their customer base and increase deposits without needing prior knowledge of virtual currencies, offering an end-to-end service that handles the entire conversion process. It also ensures secure conversions without fees, helping businesses stand out with an innovative deposit option. Coinify offers industry-leading compliance solutions with comprehensive KYC, KYB, AML, and Source of Funds checks.

Advantages

• Crypto deposits through Coinify help expand merchants’ customer base.
• End-to-end service, eliminating the need for knowledge of virtual currencies.
• KYC compliant, reducing risks from future regulations.
• Users avoid withdrawal fees as funds are sent to an external wallet.
• A simple and secure way to enter the virtual currency world.
• The first payment processor in the Nordics that accepts real estate purchases.

Disadvantages

• Coinify charges relatively high fees.
• Supports a limited number of cryptocurrencies.
• Limited number of crypto sites accept Coinify.
• Coinify focuses more on business crypto deposit solutions than individuals.
• The service is restricted in some US member states.

What is Coinify?

Coinify is a deposit method that connects virtual currency and traditional financial industries by enabling businesses and individuals to embrace financial innovation. The payment processor facilitates virtual currency deposits and converts the digital currency into the user’s preferred local currency. Customers choose the cryptocurrency option when depositing digital currency into their account or e-wallet. Coinify mobile payments display the amount and allow users to scan the QR code to send virtual currency to the provided address. The payment processor then converts the cryptocurrency and deposits it into the user’s Coinify merchant account. No knowledge of virtual currency is needed as Coinify offers a fully compliant end-to-end service with secure conversions, all without extra charges.

Transfer and handling costs

Coinify charges a handling fee for completing the trade, a network fee to cover the cost of sending crypto, and a partner fee for any costs incurred by a partner. It also imposes various fees to cover the costs of returning or re-issuing funds to traders. Bank transaction refunds apply unless the issue is on Coinify’s side. A €20 fee applies for refunds to EU/SEPA bank accounts, and €30 for refunds to international bank accounts. Cancelling a trade incurs a €20 fee, while refunds to money transfer services such as TransferWise and Western Union can cost €40 or more. If cryptocurrency is mistakenly sent to a Coinify address, a fee of up to 20% applies.

Which are the main countries where Coinify is used?

Coinify 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 does not support some jurisdictions, including Russia, Ukraine, Cuba, Syria, North Korea, New York, and Connecticut.

Transaction speed

Transaction speeds with Coinify are instant once the transaction is completed, depending on the payment method used. BTC transfers to your wallet are completed within 30 minutes, while altcoins typically take an hour.

Bank transfers depend on when Coinify receives the transfer, the inclusion of the Trade ID reference, and the matching of Coinify ApS and bank account details with your KYC information. Bank transfers in EUR, GBP, and CHF generally arrive quickly in Coinify’s accounts. When Coinify receives your bank transfer, it processes the crypto to your wallet within 15-30 minutes. Delays may occur if Coinify requests additional documents, such as Proof of Source of Funds.

Coinify Deposits

1. Select Coinify from the list of deposit options.
2. Scan a QR code or copy and paste the payment details into your wallet.
3. Enter the deposit amount and click GO.
4. Finalize 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 exchange rate fluctuations between crypto and the fiat currency the product is valued in. Once payment is made, it credits the merchant instantly, and only the merchant can issue a refund.

How do I set up Coinify?

To set up Coinify:

1. Visit the website and select to sign up as a business or individual.
2. Enter your profile details, including email address and password.
3. Merchants also provide business profile details.
4. Verify your account by submitting the required documents.
5. Businesses can start integration via API, Web integration, or by sending hosted invoices by email.
6. Set up payment settings and add payment accounts.

Can you withdraw with Coinify?

Yes, Coinify converts any withdrawal made from traditional currencies into Bitcoin. Users can choose the Bitcoin withdrawal option and enter the Bitcoin wallet address to which the funds will be sent.

Reputation of Coinify

Online forums generally describe Coinify as better suited for businesses than individuals, as many of its products are designed for merchants. This makes it an attractive deposit method for businesses. It offers fewer cryptocurrencies compared to other deposit methods and lacks a custodial wallet, making it more appealing to users who want to fund external wallets and avoid withdrawal fees. However, beginners may find it difficult 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 secure deposit method for cryptocurrencies. Users should always rely on trustworthy links, such as those from Criptochipy.com, and avoid links from spam emails or SMS messages.

Is Coinify instant?

Coinify will deposit funds instantly once the transaction process is completed. However, the speed of the transaction process depends on the payment method used.

When was Coinify founded?

Coinify was founded in 2014.

Where is the mother company based?

The company is based in Copenhagen, Denmark.

Which is the biggest competitor of Coinify?

As Coinify is primarily classified as a payment processor, its biggest competitors in the crypto market are Banxa, Mercuryo, Moonpay, and Simplex.