Last Updated: 2nd October 2021.
Having cryptocurrency in your wallet either for trading or for other purposes is a really great idea.
But buying it in the right place might actually be tricky especially if you are a beginner.
With the heavy fees of most networks out there, it might be really intimidating to buy coins out there.
Coinify is one of the most trusted platforms we have out there and has it won fees as well.
As a result, the most popular question people ask me these days is whats are Coinfy fees and trading limits?
So I have decided to write this content to answer all you need to know about Coinfy Fees and Trading Limits.
Let us start!
What are Coinify Fees?
So Whats are Coinify fees and Trading Limits
Coinify fees and trading limits are the set of monetary instructions guiding the platform transactions and these instructions are applied to every transaction you make on the platform.
So let us look at all the fees on the platform.
When I say all the fees it means everything that has to do with charges of money on every transaction that you make on the platform.
Firstly, you need to note that the Coinify platform has introduced new transactions fees on the 9th of August 2018.
And the new fees have been applied to the system immediately and what is what we will be using as a guide here.
#1: Buying Of Bitcoin
The Coininfy network has started its new fees for buying Bitcoin and other cryptos on the platform.
However, the fees actually depend on the payment method that you use to purchase the coins.
Let us take a look at fees that are applied to the 3 currently accepted payments method on the network.
Firstly, whenever you purchase bitcoin on the Coinify network, with your credit or debit card you will pay 3.5% of the total amount of the transaction that you make.
Secondly, For every purchase of Bitcoin that you purchase on Coinify, you will be charged 0.7% of the total amount purchased.
Thirdly, For every Bitcoin you sell on the platform, you will be charged 1% of the total transactions made.
The first thing I think you need to keep in mind is that purchase of Bitcoin is rather fast than that of the Bank.
This is because once your payments are confirmed you will be credited immediately.
The interesting part about this is that all the payments with fees will be calculated and you will be able to see it on the total amount section before paying with your card.
And for the bank, it is still much more convenient and even safe you money on the other hand.
However, these are the things you need to keep in mind as published on the Coinify network.
After you must have created the bank trade on the network.
And you have received an email from Coinify with the title “Bank Trade Created”
You will be able to see the total amount of money that you need to pay and other charges that may apply to you.
Let us Take For Example.
If you create a £100 bank trade on the Coinify network.
The email you will get will contain fees like this.
$100 worth of Bitcoin = £100,75 ($100 plus 0.75%)
The 0.75% will be the charges.
Note that the platform only accepts one bank transfer per transaction. What it means is that you can’t first transfer money for what you are buying and then transfer the fee again.
If you do so, the team will remove the charges from the money you first transfer. So it is advisable you keep this in mind to avoid unnecessary charges.
In summary.
Coinify Fees For Buying Bticon Are:
- Buying Bitcoin With Credit Card = 3.5%
- Buying Bitcoin With a Bank Transfer = 0.75%
- Selling Of Bitcoin = 1%.
And that leads to the next chapter.
#2: Coinify Network Fees
You will come to agree with me when I said that all cryptos exchanges and wallet providers charge a network fee.
These fees are not for them but it is being paid to the Bitcoin miners.
The network fee doesn’t have a stable or particular price either, network fees are calculated base on market demand.
Let us assume if you want to buy bitcoin when market demands for it are high, you will be charged more than the network fee.
And if demand is slow, you will also be charged a low network fee. That is how it works.
The network fee you pay on Coinify is calculated to the total amount you receive in your email.
For example
£100+0.75%+Network fee.
You get the total like that before making the payment so that you know where you stand.
NOTE: Network fees are not stable. What it means is that it might be high in the morning and low in the afternoon.
Remember, it is base on market demand.
#3: Coinify Merchants Fees
Merchants can be seen as vendors on the Coinify networks who sell different items.
As of the time of writing this article, Coininfy merchants are currently charging 0% of the total transactions make on the platform.
For example, if you sell an item for £100 to a customer.
The same £100 will be credited to your account and if your account is in the same currency that you seels with.
The same £100 will be credited to your account.
However, if you sell in a different currency and have a different currency account for receiving payments.
A small tiny currency exchanging fee will be applied to your account.
The Coinify network recommends that a Merchant should have the same currency for payments, Account Currency, and payout to lower possible costs on them.
Keep in mind that if your payout requires an international payments transfer. Then wire transaction fee is applied to you.
#4: What are Coinify Trading Limits?
(We will use this section to cover both Coinify selling and buying limits so that you know what you stand what to expect before doing transactions with the platform.
The Buying Limits
The buying limits shared here are across all the Coinfy network and its partners.
Firstly, the platform supports up to £50,000 buying limits for individual purchases (Or equivalent in other currencies like $, #, and the likes).
The limits also depend on the payment method that is being used by the buyer.
For buying with a credit or debit card, your maximum limit is £1,000 per transaction.
But as for the trade paid for with a bank transfer, your maximum limit is as high as up to £50,000 per purchase.
Keep in mind that these limits can be increased based on verification and proof of where the funds are coming from.
If you have exhausted your limit in just a single trade.
It will be restored back after 1 hour of the transaction that exceeded it.
The Selling Limits
Coinify currently supports a minimum selling of £125 worth of bitcoin or other cryptocurrencies.
While the platform offers a maximum selling of £25,000 per single trade.
If your limit has been used up in a single trade, it will also be restored back after 1 hour of trading.
Conclusion
I hope I have been able to answer the question “Whats are Coinify fees and Trading Limits?”
As you can see that the fees are not so bad but can be for some users.
This is because everyone has a different point of view about different things.
You can also read an in-depth article of Coinify Review here.
With that, we have come to the end of Whats are Coinify fees and Trading Limits.
What did you see about these fees and limits?
Do you think it is okay enough or something is not right?
Do use the SmartForexHub comment section below and I will reply to you as soon as possible.