Knowledgebase: FAQ
Account Levels Daily Limits and Fees for buying/selling Bitcoin
Posted by Coinify on 23 January 2017 03:36 PM

Coinify has 3 trade levels each with its own limits and requirements to upgrade the account. Level 1 is the initial level. All new traders are Level 1 by default.

Level 1:

Buy Bitcoin with card: minimum €50 - maximum €300/2,000 DKK daily
Buy Bitcoin with bank order: this level does not allow to buy Bitcoin with bank transfer.
Sell Bitcoin with bank order: up to €1000 a year

To advance to level 2 you need to go through an identity verification process where you upload a personal document.
- If you are trading from a Blockchain wallet, you can start the identity verification process by creating a bank buy order for any amount and the system will ask and show you how to upload the document.
- If you are trading directly on Coinify's platform, you can start the identity verification process by going to 'Account' and clicking on the green button which says 'Start KYC process'.

The verification process is handled by our compliance team and can take up to 48 hrs depending on how busy they are. If you are a Blockchain trader, this first bank order will not show in your Order/Trade History as it is not an actual order but a document upload. Once you are approved, you will be level 2 and can start trading with the following limits:

Level 2:

Buy Bitcoin with card: minimum €50 - maximum €300/2,000 DKK daily
Buy Bitcoin with bank transfer: minimum €50 - maximum €1,000 daily
Sell Bitcoin with bank order: minimum €50 - maximum €10,000 daily

Advancing to Level 3 will only increase your buy order limit for bank transfers, no changes on sell or card orders. To upgrade your account you will have to reach a total of at least €1,000 bank (buy OR sell) orders completed and wait 14 days security delay. During the 14 days security delay you will be able to trade as normal, however, you will still have the Level 2 limits. 

Level 3:

Buy Bitcoin with card: minimum €50 - maximum €300/2,000 DKK daily
Buy Bitcoin with bank transfer: minimum €50 - maximum €10,000 daily
Sell Bitcoin with bank order: minimum €50 - maximum €10,000 daily

NB!: Please note that the daily limit is calculated per 24 hrs. I.e if you have reached your daily limit at 17:00 in the afternoon, you will have to wait until next day 17:00 to be able to trade again.

Fees:

Buy Bitcoin with card: 3% Payment Fee
Buy/Sell Bitcoin with bank order - 0.25% Payment Fee (for all orders processed on the 1st of October or later - please click on this link to read our announcement about bank fees)

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