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Coinify Review - is it scam or safe?

Coinify review - is coinify.com scam or good cryptocurrency exchange?

RATING: 2.3 / 1 REVIEWS ForexBrokerz Coinify

RECOMMENDED BITCOIN BROKERS


 

Trading accounts and conditions

 

Account type Min. deposit Leverage Transaction Fee Payment Fee
Standard €50 1:1 0.0001 BTC 3% card / 0.25% Bank wire

 

Coinify a Danish entry-level crypto service, which enables its users to buy and sell Bitcoin via bank wire or credit card. It has three trade levels:

 

- Level 1 – users can trade with their credit card without ID verification, but there are certain daily limits set (maximum €300/2,000 DKK with card);

 

- Level 2 – enables users to trade via bank transfer after ID verification up to €400/3,000 DKK daily via card or up to €2000 via bank wire;

 

- Level 3 - the maximum daily limits are up to €500/3,500 DKK via card or up to €10 000 via bank wire.

 

 

Coinify Advantages

 

Works with several fiat currencies

One of the main benefits of this company is that its users are able to deposit or withdraw in several fiat currencies, including some of the most popular ones: EUR USD, GBP, and DKK.

 

Convenient payment methods

In addition to the above advantage, Coinify uses two of the most popular and convenient payment methods: bank wire and credit card. Furthermore,

 


>>
Other crypto exchanges accepting credit cards <<

 

 

Competitive fees

Coinify has not presented very clearly its fees, but they appear to be in line with the average in the crypto industry. Payments via credit cards are charged 3$, those made by bank wire 0.25%, and it seems that the transaction fee is 0.0001 BTC. Keep in mind that the banks involves in the process will also charge something.

 

 

Coinify Disadvantages

 

Only Bitcoin available

This is not uncommon among entry-level services such as Coinify, yet we must mention it. If you are looking to buy or sell Ethereum, Ripple, Dash or any other altcoin, you will not find it here. Coinify offers only Bitcoin trading

 

Leverage not offered

Trading with leverage is not available at Coinify, as is the case with most similar venues. In case you are interested in Bitcoin margin trading, forex brokers might be a nice alternative.

 


>> Trading Bitcoin on margin <<

 

 

Almost all brokerages that offer Bitcoin CFDs offer some leverage. That being said, mind that BTC trading with forex brokers is significantly different than on crypto exchanges.

 

Maximum daily limits up to €2,000 for verified users

We find a bit strange that even clients that have undergone ID verification cannot trade more than €2,000 daily at Coinify. This is quite restrictive.

 

Minimum deposit requirement

Coinify has also set a minimum deposit requirement of 50. Although this is not much, most exchanges do not have any such minimum amounts set.

 

No real platform

The web-based trading interface offered by Coinify simply allow its clients to enter the amount they want to buy or sell, and select one of our supported currencies from the drop-down menu. Actually, there is no trading platform whatsoever that we can speak of. There is no order book, no charts, no order history. Here is a snapshot:

 

 

 

Conclusion

 

Operating since 2014, Coinify is an European entry-level crypto exchange, which also provides merchant services. The company, Coinify ApS is based in Copenhagen, Denmark, and is backed by Nordic Eye Venture Capital, SEED Capital Denmark, SEB Venture Capital and Accelerace. Like most crypto exchanges clobally, Coinify is not licensed, not overseen by any authority, although the company seems reliable. That being said, we'[d like to remind you that you can also trade in Bitcoin with forex brokers. Apart from offering leverage, some of them are tightly regulated.

 

 

>> Some of the most reliable Bitcoin forex brokers<<

 

 

To sum up pur recap of Coinify:

 

Pros Cons
Works with several fiat currencies Only Bitcoin available
Convenient payment methods Leverage not offered
Competitive fees Maximum daily limits, minimum deposit
Operating for several years now No real platform

 

Latest news about Coinify
No news about Coinify. Check back later.
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Traders` reviews for Coinify

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