Coinify is a website that helps you to buy, sell and accept virtual currencies. They have been in business since 2014 and claim to have a Professional team with virtual currency experience since 2010.
Buying And Selling Virtual Currencies With Coinify
Here is the first screen you see after you sign up and verify your email.
It’s pretty basic. Clicking on the first menu of the left which says “Buy”, you can buy Cryptocurrency with fiat (fiat is your local currency like dollar, euro, INR, etc)
Clicking on the second menu from the left which says “Sell” you can sell back your crypto to fiat. One way this can help you to make money is by buying crypto with fiat when crypto price is down.
For example, now crypto is price is down. You can buy crypto with fiat and then wait till the price of crypto goes up and then you sell back your crypto to fiat, and make easy money.
Clicking on the third menu from the left which says “Trade History” shows you a detailed statistics of your all your buying and selling done on the platform.
The fourth menu which says “Account” lets you change your password and restore access to your account, just incase you forget your password. It also lets you submit your KYC form. KYC means Know Your Customer.
Without submitting a KYC form, Coinify puts a limit on your trade amount. But after you submit KYC form your trade limit is increased.
The fifth menu which says “Log out” logs you out of the system.
More Services Offered By Coinify
Coinify Offers 5 more different services for it’s users.
Payments
If you are a payment service provider, with coinify you can now allow your merchants to accept virtual currencies without really having to hold any currencies yourself.
Coinify allows you to add more 15 virtual currencies or crypto currencies to your payment methods. You can get started with this service just by signing up on their platform.
Deposits
With coinify you can allow your customers load their prepaid debit cards or e-wallets directly with up to 15 other virtual currencies like bitcoin, ether, and many more, all with a single API implementation. You can get started with this service just by signing up on their platform
Withdrawals
Now you can offer withdrawal in Bitcoin to your customers. They enter the amount they want to withdraw in fiat, and then put their bitcoin wallet address, and coinify handles everything and sends them the requested amount to their wallet. This is more suitable for betting sites. You can get started with this service too just by signing up on their platform
Invoices
You can invoice your customers in bitcoin or other virtual currencies and receive payouts in your local currency directly to your bank account. You can also get started with this service by signing up on their platform.
Payments For Marketplaces
This enables marketplaces on the web to increase their payments environment and provide more options for their payment service providers. You will have to contact coinify specially for this, not just by signing up on their platform.
Is Coinify Scam Or Legit?
Let’s find out. On trustpilot it has a rating of 4/5 great rating with 1,517 reviews. 57% of people say excellent. 13% of people say great, 7% of people say average and 5% of people say poor, while 18% of users say bad. It’s kind of like a mixed feeling here, but the overall review says great.
Scamadviser gives it a trustscore of 100%
Alexa ranking is also great, showing that the site has grown to have many users. They are in business.
Forexbrokerz says Coinify is not licensed or overseen by any authority but the company seems reliable.
From the above, I would score it 70%. I think they are legit, but as with every platform, there could be some complaints here and there, where the fault may come from the user or from the company.
Pros
Great company with many services for it’s merchant and payment providers.
Been in the business for a long time, so should be more reliable.
Much good online reviews.
Cons
Not every country is on their list. They currently operate with 70 countries.
I received my registeration email verification in the junk box.
Website landing page design not so great.