Our desire is to deliver a transparent, convenient and fast service. At the same time, just like other financial institutions, we must adhere to strict AML and KYC procedures.
We refund bank transfers in these cases:
The bank transfer amount is much higher than the trader's daily trading limits or below our minimum amount to process buy trades (50 EUR)
- The handling fee is paid through a separate bank transfer. In this case, we refund the transfer only if the amount is higher than our administrative fees
The name on the bank account used to send the transfer is different than the name in the document used to verify the trader's account
The bank transfer comes from a corporate bank account*
The bank transfer comes from a sole proprietorship account*
- The bank transfer comes from a money transfer service (e.g. Wise, Western Union)
The trader sends two bank transfers for the same trade (and does not create a new trade). The transfer that could not be processed will be refunded
The trader sends a bank transfer without creating a trade (and does not create one)
The trader refuses or fails to submit Proof of Source of Funds documents. This is a mandatory check that needs to be completed in order to continue trading
- The trader refuses or fails to provide documentation for our additional identity check. This is a mandatory check used verify the authenticity of the account's identity and the security of the bank transfer.
Important: when issuing refunds for the above cases Coinify will deduct an administrative fee from the transfer amount.
*Only Corporate Trade accounts approved by Compliance are allowed to send transfers from corporate bank accounts or sole proprietorship accounts.