When you create a bank trade our system will show you an indicative value of your trade amount in cryptocurrency. This amount is calculated based on the current exchange rate offered by Coinify and it is only an indication of what your funds are worth at the moment you're creating the trade.
The actual exchange rate that will be used to calculate the final amount of cryptocurrency you will receive for your funds is the one offered by Coinify at the moment of processing your trade.
We can only lock the exchange rate and secure a final cryptocurrency amount for your trade once we have received your transfer and performed the checks needed for us to process the trade. This means that the exchange rate we use to calculate your final cryptocurrency amount for your bank trade will be different (i.e. it will be either higher or lower) from the one shown to you when you created the trade.
This is why it's important to follow our guidelines in order to avoid any delays in the processing of your trade:
1. Always include your trade ID in your bank transfer's message to receiver field and Coinify Aps in your bank transfer's receiver field.
2. Always send a bank transfer from an account in your name.
3. If we need Proof of Source of Funds or Enhanced Proof of Source of Funds documentation in order to process your trade, don't postpone this and provide us with the requested documents as soon as you can.
Why we do it like this
With bank trades we can never know whether the trader will actually send us a bank transfer. Therefore if we locked the exchange rate and secured a cryptocurrency amount for each bank trade created, we would take on a significant financial risk if the traders never actually send us funds for their trades.
We process bank trades daily (Monday to Friday) during business hours whenever we have performed the necessary checks on the bank transfers we receive from traders. Bank trades are processed regardless of what the exchange rate is at the moment of processing in relation to the exchange rate displayed when the trade was created.