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Things You Need to Know When Buying Virtual Currencies from Coinify

You are always welcome to contact Coinify support and we will guide you through the process. Yet, we recommend that you read the instructions found in this article carefully, as it holds answers to most of the questions you might have.

The article contains the most crucial information to help you avoid mistakes and successfully complete your transactions.

To buy and sell Bitcoin on myCoinify platform, first, you have to complete an Identity Verification with Coinify.

1.  In Case You Are Buying with Card:

  • Have sufficient funds available on your card to cover the amount you are purchasing Bitcoins for.

  • Have a credit card issued in your name and have a billing address. Anonymous cards will not be accepted.

  • Make sure that your card has 3D-secure as we process transactions only from cards that have the 3D-Secure feature activated.

  • Have documents that verify identity and account ownership as this will be required when you reach a total volume of €3000 in orders for all Blockchain customers and €1000 for customers who use directly Coinify Trade platform.

  • Be aware that the fact that your identity verification has been successful does not imply that all your future card orders will be accepted.

2.  In Case You Are Buying with Bank Transfer:

  • Wait until you get the approval of your verification documents before making the bank transfer. Never send a bank transfer unless you have created an Order for it and have an Order ID.

  • Always include the Order ID as 'message to receiver'  when sending a bank transfer. Not doing so might cause delays in the processing of the order and administrative fees. 

  • Send one transfer for one order as it's not possible to combine several transfers related to one order. 

  • Send the bank transfer from the account in your name. Spouses' and corporate accounts are considered a 3rd party, even though you may be the owner of such a company, and the transfer will be refunded. In this case, 10 EUR administrative fee will be applied.

NOTE: All steps in the buy flow for both card and bank orders are absolutely necessary to complete a transaction. Your orders will not be delivered if any of these steps are not completed in a timely manner.

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Published Date = 12/02/2018
Last Updated Date = 08/01/2020
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