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As we have previously informed you, from the 30th of November 2017 the transaction fee for all Bitcoin orders (card and bank) is not covered by Coinify anymore.

The transaction fee for Bitcoin transfers is now automatically calculated in your Blockchain wallet's interface and displayed in BTC. This information is also available in the confirmation email we send after you place a card or bank order.

Why is there a fee?

The exponential growth of interest in Bitcoin and other cryptocurrencies in the past months prompted companies like ours to onboard and serve more customers in a shorter timeframe. We want to continue serving our current customers and welcome new traders. For years we have completed trade orders without Bitcoin transaction fees, but the costs of this payment method have risen significantly and covering them on behalf of all customers would be unsustainable.

Introduction of the transaction fee for Bitcoin trades is therefore a decision based on our company’s scaling needs and market development in general.

Why are fees so high?

You might have noticed that lately, Bitcoin transactions fees have increased. This increase is highly influenced by the amount of unconfirmed transactions on the network. Because there is a limited amount of transactions that can be confirmed, the higher the number of transactions awaiting for confirmation, the higher the fee needed to get miners to confirm them. 

You can keep track of the number of transactions waiting to be confirmed here: Mempool Transaction Count.

If you have any questions feel free to contact us at: https://help.coinify.com/conversation/new. We will happily answer your questions.

Best regards,

Coinify


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UPDATE 13:00 CET: Card payments are enabled again. You can continue placing your buy orders with card as usual. 

 

To all Coinify customers,

Today, Dec. 7th 2017, the card order service is temporarily disabled due to a high volume of transactions on the blockchain network. Currently, there are more than 110.000 transactions in the network mempool awaiting to be confirmed: https://blockchain.info/da/charts/mempool-count.

We expect to enable card orders soon. We will keep you updated and we apologize for the inconvenience.


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Dear customers,

The exponential increase in the interest in cryptocurrencies from media and general public, which we see as a sign of mainstreaming, resulted in a rapid increase in trade orders on our platform and those of our partners.

 

The inflow of orders has clearly exceeded our projections and we want to assure you that we do our best to keep the customer expectations to a satisfactory level while addressing the backlog. Given the current situation, we are working through the overload in Compliance, Financial and Support departments, while actively looking for solutions to better cater for the current demand.

 

Normally, resolution times are 2-3 business days for Processing bank orders, Verify KYC and Solve Support Requests. During this extraordinary period, the times mentioned before are longer than desired, though we are working round the clock to minimise the delays. On that note, we are expanding our Support and Compliance teams as well as restructuring our support platform for better efficiency.

 

Thank you for bearing with us during this challenging times.

 

Kind regards,

Coinify Team


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Dear Coinify traders using Coinify.com platform or Blockchain.info wallet, please be aware of this important customer announcement:

 

From the 30th of November 2017, The Transaction Fee for all Bitcoin transfers (buying and selling Bitcoins) will not be covered in the order amount.

 

How will this work?
When you make a buy or sell order on the 30th of November and afterwards, the Transaction Fee for the Bitcoin transfers will be automatically calculated for your order and the interface will show its actual monetary value. This information will also be available in the confirmation email we send after you place a buy bank order.

Please read carefully: New Bitcoin Transaction Fee applies to all orders (buy and sell) placed before the 30th of November, which will be processed on the 30th of November or after.



Why is there a fee?

The exponential growth of interest in Bitcoin and other cryptocurrencies in the past months prompted companies like ours to onboard and serve more customers in a shorter timeframe.

We want to continue serving our current customers and welcome new traders. For years, we have provided Trade orders without Bitcoin Transaction Fees, but the costs of this payment method have significantly risen and covering them on behalf of all customers would be unsustainable.

Introduction of the transaction fee for Bitcoin trades is therefore a decision based on our company’s scaling needs and market development in general.

If you have any questions feel free to contact us at: https://help.coinify.com/conversation/new. We will happily answer your questions.

 

Best regards,

Coinify


Read more »
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