We review sell trades during work days, and we aim to process them as soon as we receive the cryptocurrency sold by the trader.
In order for us to accept your sell trade, you must broadcast your cryptocurrency transaction to the network within the 15 minutes during which we guarantee the rate. In this case, we will lock the exchange rate, and your trade's state will change to "Processing". We can now review and process the trade which normally takes up to 24 hours.
Once your sell trade is processed you can receive your payout via bank transfer or credit card. By offering both bank transfers and credit card payouts, we aim to provide you with more flexibility and convenience when selling your cryptocurrency.
Bank Transfer Payout
Bank transfer payout takes up to 5 business days, depending on the type of bank transaction and the number of intermediary banks involved. Occasionally, transfers may be delayed by, but not limited to, bank holidays varying in different countries, funds transfer delays, and compliance checks.
To make sure we can send you a bank transfer for your trade, the following requirements must be met:
- Use a bank account registered in your own name as a payout account. Spouse's and corporate accounts are considered 3rd party, and we cannot issue bank transfers to them. This applies even if you are the owner of the company.
- When registering your payout account, make sure all the details, such as name and account number, are correct and complete.
We suggest you always use the same bank account to receive payouts in a given currency. Otherwise, some extra compliance checks might apply.
Credit Card Payout
The time it takes for the funds to appear on your credit card depends on your card issuer's policies. Some issuers reflect the credit immediately, while others might take a few days to process.
Considering these factors, the entire process—from initiating the sell order to receiving the funds on your credit card—can range from a few minutes to several business days.
Important
- To make sure you receive your payout, it is important to consult with your bank and find out whether they accept transfers from companies working with cryptocurrencies. It is your responsibility to check this before creating sell trades. If your bank does not accept our transfer, it will be returned to us. Both the return and the re-issuing of your transfer to you will incur fees either from intermediary banks or from Coinify. Please read more about this here.
- Keep in mind that Coinify can place your trade on hold while we conduct Compliance checks. Despite any delay that can result out of this, the exchange rate of your trade will not be affected and you will receive a payout for the same amount as promised. You will be notified by email in the even of your trade being put on hold for such a check.
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Under the 5th AML Directive, virtual currency platforms are now under the legal obligation to implement Customer Due Diligence (CDD) procedures for the purposes of anti-money laundering and countering the financing of terrorism (AML/CFT). In January 2020 the 5th AML Directive transposed into national law and Coinify is now registered with the Danish Financial Authorities. This means that Coinify is now legally obliged to conduct customer due diligence on our clients and ensure compliance with all applicable laws and regulations necessary to forestall and prevent money laundering. Take a look at our Legal Page to learn more about the Compliance checks Coinify performs.