Coinify | About Coinify | blockchain currency payment

One of the most significant considerations for any cryptocurrency consumer is the selection of the right and the best wallet. This is really important because wallets store users’ funds and the protection of their funds depends solely on the wallet.

One such wallet is Coinify.

The Coinify wallet offers an easy-to-use platform with an intuitive interface. Coinify is a stable online marketplace that provides an easy way to buy and sell bitcoin and other assets.

But is Coinify stable enough to store the money? Is it a trustworthy service?

In this article, we will give you a detailed guide on the Coinify Wallet and its overall aspects. Let us look into this Coinify wallet review in detail now.

  • What Is Coinify?
  • Coinify Features
  • Coinify Fees and Limits
  • Coinify Supported Currencies
  • Is Coinify Wallet safe?
  • How to register on Coinify?
  • How to recover the Coinify password?
  • How to buy crypto assets using Coinify?
  • How to sell crypto assets using Coinify?
  • Coinify Pros and Cons
  • Conclusion
  • Recent Updates
  • Coinify Wallet FAQs

What Is Coinify?

Coinify is a cryptocurrency wallet with open access. Its Innovative technologies are provided in Europe, Asia and other countries. Coinify supports some of the most major coins such as BTC, ETH, ERC-20 tokens and other cryptocurrencies.

Coinify was set up in Denmark by a group of young developers. The business was founded in 2014 and is funded by SEED Capital Denmark, SEB Venture Capital and Accelerace.

Coinify Features

Coinify Fees and Limits

When you make a buying or selling order, the transaction charge for the handling of the transaction will be automatically determined for your order and the app will display the real numerical value.

These details will also be included in your Buy Order Receipt, which Coinify will deliver to you by email. The Network transaction costs add up to the cumulative costs you pay for making the order.

Coinify Supported Currencies

Currently, the following Cryptocurrencies are being supported by the Coinify exchange

  • Bitcoin
  • Bitcoin Cash
  • BNB Mainnet
  • Bitcoin SV
  • Dash
  • Ethereum Classic
  • Ethereum
  • Litecoin
  • Nano
  • OKB
  • OmiseGo
  • Tron

Is Coinify Wallet safe?

The private keys are held only by the user and encrypted in the browser. As a result, each transaction allows the owner to input a password. Coinify also allows for the option to set separate passwords for each asset.

Coinify wallet produces a seed phrase for all consumers. Often, the service does not hold private keys on a third party server. 

How to register on Coinify?

Navigate to the Official Website and then click on the “Sign Up” button.

Then select “myCoinify” from the pop-up menu.

Now comply with the Coinify Terms of Service and related policies and click “Sign Up” to proceed.

Then you will be given a confirmation mail. Click on the link to validate your email address and proceed to register.

You will then be directed to the “About You” page where you need to specify your legal name, legal surname, residential address and country of birth.

Once the form is filled, click on “Continue”.

How to recover the Coinify password?

If you have forgotten your password, you can take the following steps to reset your password:

Select the “Forgot Password” button on the login tab.

Type the email address you signed up to.

An email will be sent to the e-mail address you entered in order to restore your password.

Select the “Reset Password” button, which will direct you to the new password tab.

After you have created a new password, you will be brought back to the home page to log in with your new password.

How to buy crypto assets using Coinify?

Pick the currency and the amount you wish to buy and choose “bank transfer” as the mode of payment.

Check your information and enter your correct wallet address.

 After you have submitted your order by clicking on the “Complete Order” button, the bank information required to complete the bank transfer will be displayed. You will also get an email verifying the creation of a bank transaction.

After you have made a bank payment, your order will be processed

To check the status of your payment log in to your Coinify account, you will be able to see your transaction in the “History” section of your account.

How to sell crypto assets using Coinify?

Pick the currency and the amount you wish to sell and choose the appropriate mode of payment.

Check your information and enter your correct wallet address.

After you have submitted your order by clicking on the “Complete Order” button, the bank information required to complete the bank transfer will be displayed. You will also get an email verifying the creation of a bank transaction.

After you have made a bank payment, your order will be processed

To check the status of your payment log in to your Coinify account, you will be able to see your transaction in the “History” section of your account.

Coinify Pros and Cons

Pros

  • It is open-source
  • It is simple to download
  • Supports the major cryptocurrencies
  • Acquire crypto for a fiat currency
  • Users can create more than one wallet for various currency types.

Cons

  • Customer support responses reported to be sometimes slow
  • Supports only few coins
  • No synchronisation of the Blockchain
  • There is no multi-signature
  • Compulsory checks

Conclusion

This wallet is perfect for people who often run cryptocurrency operations. But there is one complication; you can’t start working with a wallet without going through complete authentication. This is a huge drawback for consumers who trust their privacy.

Recent Updates

  • On Sep 14, 2020, Coinify makes buying and selling easier than ever alongside our partner StexExchangeR.

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