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Dear traders, please note this important customer announcement:

If you have a bank account with the German bank Postbank, you will not be able to use this account for buying Bitcoin via bank transfer with Coinify anymore.

 


How will this work?

This change is in effect from October 2nd, 2017. Any transfers from Postbank accounts received by Coinify after the 1st of October will be returned to the sender account.

 


Why does Coinify no longer support Postbank transfers?

We were notified by Postbank on several occasions that some of its customers’ bank accounts were being fraudulently used to send money to us.

First cases appeared in May 2017 and shortly after, we took action by introducing additional one-time verification. By doing this, we managed to catch a few cases of fraud and we returned the money back to the bank.

However, it seems that the problem experienced by Postbank is ongoing and we cannot keep performing checks and deal with the risk of being implicated in fraud. In addition, performing checks on Postbank transfers was also negatively affecting our relationship with traders since the processing time of these orders was longer than usual.

One of our goals, as a company, is to increase the overall trust in Bitcoin and this means we need to fight fraud in any way possible and this decision was a result of mentioned objective. We are sorry it has come to this and we appreciate your business.

 

 

Are there other ways to trade with us?

You are more than welcome to continue purchasing Bitcoins from Coinify with a bank order if you have an account with a different bank. We will gladly process your orders. If you have any questions, do not hesitate to reach out to our Customer Support team at https://support.coinify.com/Tickets/Submit.

 

Regards,

Coinify


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Dear Coinify traders using Coinify.com platform or platforms of our trading partners (Blockchain.info, etc.), please be aware of this important customer announcement: from the 1st of October 2017, Coinify bank orders (buying and selling Bitcoins) will be processed with a 0.25% payment fee.

 

How will this work?

When you make a buy/sell bank order on the 1st of October and afterwards, the payment fee will be automatically calculated for your order and the interface will show you its actual monetary value. This information will also be available in the confirmation email we send after you place a buy bank order or in the email you receive when your sell bank order is completed.

 

Please read carefully:

  • New bank fee applies to: bank orders placed before the 1st of October which will be processed on the 1st of October or after.
  • New bank fee does not apply to: bank orders processed before the 1st of October.

 

Examples: 

  • Buy bank order: if you buy €100 worth of Bitcoins you will be required to send a bank transfer of €100.25 (€100 plus 0.25%)
  • Sell bank order: if you sell €100 worth of Bitcoins you will be paid out, by bank transfer, €99.75 (€100 minus 0.25%)

 

Why is there a fee?

The exponential growth of the interest in Bitcoin and other cryptocurrencies in the past months prompted companies like ours to onboard and serve more customers in a shorter time frame. We want to continue serving our current customers and welcome new traders. For years, we have provided bank orders without payment 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 fee for bank orders is therefore a decision based on our company’s scaling needs and the market developments in general.

 

If you have any questions feel free to contact us at: https://support.coinify.com/Tickets/Submit. We will happily answer your questions.

 

Best regards,

Coinify


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Dear traders, we have seen an increase of trade from traders using UK banks and along with this an issue which results in us receiving less money than the trader intended to send.

When a trader makes a bank order for Bitcoins and chooses to pay in Great British Pounds (GBP), we will give him the details of our GBP account and we expect a transfer in this currency.

The issue is that some UK banks automatically convert the trader’s transfer to us in Danish Kroners (DKK) or Euro (EUR). Therefore, despite the fact that the trader initiated a transfer of GBP, his/her bank converts the GBP amount to either a DKK or EUR amount. This means that we receive a transfer to a GBP account in a currency other than the intended one. Our bank then automatically converts the DKK/EUR amount back to GBP.

We call this issue: GBP to DKK/EUR to GBP.

These two conversions result in us having less money available to use in relation to the trader’s order. And although we will use all of that money, the difference can be noticeable.

The solution to this problem is simple. When you make the GBP transfer to us, make sure that the transfer is set up so it does not get converted. Otherwise, if you cannot do this yourself manually, please contact your bank and ask them if they can disable the conversion of your future transfers to us.


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Dear customers with open and pending support requests, we have detected a technical issue blocking customer replies in several support ticket conversations from reaching us. This issue has been resolved now, meaning that the emails in transit now reached our inbox. We are aware of the delays this has caused and want to apologise for the inconvenience. Thank you for your patience and understanding while we are working on minimising the backlog.


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System Metrics Stats

Last checked

22/10/2017 16:16:46

Uptime last 7 days

100%

Avg. resp. time last 7 days

710 ms

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Check resolution: 1 minutes

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