When you choose to buy Bitcoin from your Abra Wallet, your order is processed by Coinify.
As soon as you create the order and verify your identity from your Abra Wallet, a Coinify Trade Profile is created.
- Your profile exists only in our internal system and it is used to collect and store your personal data (only what we need to process your transactions).
- You cannot log in to your Coinify trade profile. All information related to your orders is available in your Abra Wallet App.
Coinify Trade profiles are structured on 3 levels - each one has own limits and requirements to upgrade. Most of our traders will start at Level 1 by default and move up as they place more orders and complete the identity verification requirements.
However, since currently Abra users are able to create only Bank orders to be processed by Coinify, they are obligated to first complete an identity verification which when completed successfully upgrades the trader to level 2.
⚠️ Initial level - currently not applicable for Abra users.
To advance to level 2 you need to go through an identity verification process which requires uploading an identity document such as a passport, national ID or driver’s license. Find out how to do this here. This is where all Abra users have to start to be able to create bank orders.
!Please note: The verification process can take up to 48 hrs. If there is anything obstructing the verification our Compliance department will contact you with further instructions if needed and clarification of the situation.
To upgrade your account to Level 3 you will have to reach a total of at least €1,000 bank buy orders completed and wait 5 days security delay. During the 5 days security delay, you will be able to trade as normal still having the Level 2 limits.
Buy Bitcoin with bank order: 0.25%
Find below the level structure and daily limits for Abra users illustrated in a table:
|Level||Buy with SEPA Bank Transfer|
Min. Order Amount
|Max Daily Purchase Limit||NOT APPLICABLE|
Min. Order Amount
|Max Daily Purchase Limit||50,000 €|
Min. order Amount
|Max Daily Purchase Limit||50,000 €