Name | Coinify Wallet |
Released | 2014 |
Wallet type | Web-Based, Hot wallet |
Price | Free |
latforms supported | Linux, Windows, macOS |
Cryptocurrencies supported | Bitcoin, Bitcoin Cash, Ethereum Classic, Ethereum, Dash, Litecoin and more |
Mobile support | No |
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.
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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?
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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 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
- Payments: Coinify Payments enable online and brick-and- mortar vendors and PSPs to accept virtual currency while accepting payments in real currencies at no extra expense.
- Deposits: Enable customers to make deposits in their accounts with direct virtual currency deposits and receive amounts of traditional money.
- Withdrawals: Helps companies carrying client funds to provide Bitcoin with an appealing service to encourage transactions for their clients.
- Invoices: Enables Company and Technical Firms to provide the alternative of paying invoices paid in conventional currency with virtual currencies, and Coinify can resolve the invoice at face value.
- Trading Solution: Allow consumers to swap goods quickly between conventional and virtual currencies without leaving their website or app.
- Wallet Trading Solutions: Improve customer interaction by making it convenient for the customers to switch between conventional and virtual currency without ever leaving the app.
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?
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Step 1:
Navigate to the Official Website and then click on the “Sign Up” button.
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Step 2:
Then select “myCoinify” from the pop-up menu.
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Step 3:
Now comply with the Coinify Terms of Service and related policies and click “Sign Up” to proceed.
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Step 4:
Then you will be given a confirmation mail. Click on the link to validate your email address and proceed to register.
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Step 5:
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.
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Step 6:
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:
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Step 1:
Select the “Forgot Password” button on the login tab.
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Step 2:
Type the email address you signed up to.
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Step 3:
An email will be sent to the e-mail address you entered in order to restore your password.
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Step 4:
Select the “Reset Password” button, which will direct you to the new password tab.
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Step 5:
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?
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Step 1:
Pick the currency and the amount you wish to buy and choose “bank transfer” as the mode of payment.
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Step 2:
Check your information and enter your correct wallet address.
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Step 3:
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.
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Step 4:
After you have made a bank payment, your order will be processed
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Step 5:
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?
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Step 1:
Pick the currency and the amount you wish to sell and choose the appropriate mode of payment.
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Step 2:
Check your information and enter your correct wallet address.
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Step 3:
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.
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Step 4:
After you have made a bank payment, your order will be processed
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Step 5:
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.
- On Sep 10, 2020, Coinify joins forces with yet another partner: redotcom
- On Sep 10, 2020, CEO Mark Højgaard recently sat down with Change hero for a talk about all things Coinify and cryptocurrency.
- On Sep 09, 2020, Coinify is excited to announce that we are expanding our community with the introduction of qtum
Coinify Wallet FAQs
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Can I cancel the sell trade?
You are able to cancel sell trades from “Trade History” in your Coinify Trade account if you change your mind before sending the cryptocurrency.
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How to reset your Coinify password?
If you have forgotten your password you can reset your password. Click “Forgot Password” at the login page and then follow the instructions to create a new password.
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Is there a Coinify mobile app available?
No, there is no Coinify wallet mobile app provided yet on Google Play and Apple Store.
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Is Coinify wallet safe?
Coinify wallet is comparatively safe as it creates a seed phrase for all users. Also, the service does not store private keys on a third-party server.
Coinify Wallet Ratings
Summary
Coinify is a cryptocurrency wallet with open access. Its Innovative technologies are provided in Europe, Asia and other countries.
Summary
Article Name
Coinify Review
Description
Coinify operates the use of digital currencies in favorable circumstances. Read the review to understand about Coinify and blockchain currency payment
Author
Qadir AK
Publisher Name
Coinpedia
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