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Buying Virtual Currencies with Bank Transfer

Buying Virtual Currencies with bank transfer payment at Coinify Trade Platform is very easy! See how to do it below:

 

1. Create Order 

  • Select the 'Buy' option from the left menu once logged in to your Coinify Trade account. 
  • Enter the amount you want to buy for and you will get the equivalent in Bitcoin and click on 'Continue'.
  • Select 'Bank Transfer' as a payment method and click on 'Continue'.


NOTE: The exchange rate for your trade might differ from the one displayed on the transaction window. Coinify can process bank buy orders only once the bank transfer is completed & received by us (and contains necessary reference information). As soon as the money is at our disposal, the order will be processed at the available exchange rate at the moment of processing.


2. Confirm Order 

  • Confirm order summary

Your order summary contains the following information: 

  • The amount you are buying for
  • Payment fee
  • Total cost.

You will need to confirm these details before we can direct you to our secure payment provider.

  • Add your wallet address in the corresponding field. 

Depending on which virtual currency you are buying, you need to have a wallet that can store it. Please, make sure you have access to it.

NOTE: It is very important that you enter the correct address information. We will not be able to resend your order nor can we reverse transactions and therefore it is important that you enter this information with caution.

3. Verify your Identity (First Time Buyers Only)

If this is your first order with Coinify, the system will ask you to upload documents that verify your identity and account ownership. This is a standard procedure following the Coinify AML policy.

Your documents will be reviewed (this might take up to 48 business hours) and you will be notified about the outcome via email. Once you are approved, please initiate a new order following the same steps as they were described up to this point.

4. Make Bank Transfer

Your transaction contains the following information: amount, currency and reference text (Order ID: for example #123456). 

To complete your buy order, you will need to make a bank transfer to the provided Coinify account. For smooth and fast execution, please follow these instructions very closely:

  • Make the bank transfer only to the account provided. 
    Please do not use any other Coinify bank account you might have from before.
  • Include your Order ID number as a reference text in the 'message to the receiver' of your bank transfer. 
    Your Order ID contains hash symbol followed by a number digits (example #123456) and can be found in Coinify dashboard in the 'Trade History' section.

NOTE: Not including your Order ID number as the reference text may cause delays in delivery.

The bank account has to be in your own name. 
Spouses' and corporate accounts are considered 3rd party accounts, even though you are the owner of such a company, and the transfer will be refunded with 10 EUR administrative fee applied.

 

5. Check your Order in Trade History 

Once logged in to your Coinify Trade account, you will now be able to see your order in the 'Trade History' section with the status 'Waiting for payment'. It will remain like that until we have received your bank transfer. 

Once we receive the payment and all the information is verified, the order status will change to 'Completed' and Bitcoins will be delivered to the address you requested.

To Create a Bank buy order:

Log In To Your myCoinify Account

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Published Date = 12/02/2018
Last Updated Date = 03/12/2019
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