Coinify's administrative fees – Coinify

Coinify charges various fees in order to cover the costs of returning or re-issuing funds to traders. Here's a list of the scenarios in which we charge an administrative fee:

Bank transaction refunds (€20 / €30)

In general, we apply a fee when refunding bank transactions to traders. If the bank transaction is refunded due to a technical issue on our side, we will not apply a fee.

For refunds to EU/SEPA Bank accounts, the fee is €20.

For refunds to international bank accounts, the fee is €30.

See a list of the cases which can lead to a refund where these fees apply.

Bank transaction re-issue (€20)

If the bank transaction we sent to your account in relation to your sell trade is returned to us, we can usually re-issue it. In such a case, we will charge a fee of €20.

Keep in mind that whenever an international bank transaction is returned, it is likely that we will receive a lower amount due to intermediary banks charging their fees.

Sell trade refunds (€25/€50)

If you are unable to provide the documents required by our Compliance Department, we will refund you the amount of bitcoin equivalent to the FIAT value of your payout at the moment the refund is issued.

For sell trade refunds, the fee is €25 or €50.

Special cases

PSOF refunds (up to €250)
Coinify reserves the right to charge an administrative refund fee up to 250 EUR that will be determined on a case-by-case basis. This fee may apply when extensive resources will be required to handle the case and/or customer rejects to provide PSOF documents.

Cancelling a trade (€20)

If you've already sent us a bank transaction for your active trade and wish to cancel it and have the funds returned, we will charge a fee of €20.

Cancelling a trade from your trade history does not prevent the trade from being processed once the bank transaction has been received (as previously stated in this article). However, if you wish to cancel your trade despite sending funds to Coinify, please do the following:

Cancel the trade from the Trade History menu.
Contact our support as soon as possible and provide enough information for us to identify the trade and the bank transaction.

The faster you contact our team, the higher the chances are that we can track the bank transaction and issue a refund.

Refunds to money transfer services (TransferWise, Western Union, etc.): €40

For refunds to money transfer services, we will charge a fee of €40 or more if necessary. The reason behind this is that refunds to this kind of services are time consuming and can fail multiple times. We inform traders to never use this type of service to send us money.

Requesting your transaction back through your bank (€25)

We apply a fee of €25 when our bank receives a request directly from your bank to return the funds to your account. The purpose of this fee is to cover the cost of the case being handled by our bank.

Sending cryptocurrency to one of our addresses by mistake (up to 20%)

If you send cryptocurrency to one of our addresses by mistake, we will charge a fee of up to 20% of the amount returned. We understand that mistakes can happen and we charge a fee in order to cover our costs of handling the case. You can read more about it here.

NOTE: Keep in mind that whenever an international bank transaction is issued, it is likely that you will receive a lower amount due to intermediary banks charging their fees.

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