Don't use Coinify with Ledger

[dkbit98]

Coinify is a service used for buying and selling bitcoin and other cryptocurrencies, company is started in Denmark back in 2014 but they are better known as ledger hardware wallet partners.
There are some forum topics about Coinify showing how they are calculating ridiculously high fees, but that is just a start.

Some of you may remember this year ledger Valentines deal when they offered $ Vouchers for purchasing their Love Packs.
If we dig a bit deeper and see below, we can see that ledger was offering limited $15 voucher for purchasing ledger Nano S, and $25 voucher for purchasing ledger Nano X with their partner Coinify:


https://shop.ledger.com/pages/ledger-valentines-promo-terms-conditions

Everything looks fine so far, but there was a catch and this was used as bait for spending money on purchasing ledger and customers were being forced to buy crypto over Conify if they want to claim their vouchers,
and we have example of one guy who had to purchased $61 worth crypto to get $25 voucher.
He was unable to use bank transfer, and his only option was to use credit card with 4.25% fee but that didn't work also, so he never received his voucher and he felt fooled by both ledger and coinfy.

To find all the special rules you need to dig and search in ledger website fineprints and you will find out that many countries are not eligible, but this guy double checked and he was living in eligible country.

Redeeming a Coinify voucher

To redeem a Coinify voucher, you must meet the following requirements:

- Be in an eligible country, state, or territory. Please refer to our Eligibility page to see if you are eligible.
- Use a payment method accepted by Coinify.
- Purchase a minimum of $50 in the crypto of your choice on the Coinify exchange accessible through Ledger Live.
- If you meet these conditions, you can redeem your voucher by entering it in the promo code field when reviewing your transaction on the Coinify interface through Ledger Live.

https://support.ledger.com/hc/en-us/articles/360020980654-Buy-crypto-with-Ledger-Live-mobile


What kind a voucher is that forcing you to buy more coins along with hardware wallet you already purchased?
I don't know, but this was probably one of the worst promos I ever saw in crypto, and now you have people screaming all over how Coinify is a scam.

Hope someone reads this - Don't use Coinify and don't fall for this bs again.

[The Sceptical Chymist]

Yeah, I wish reputable companies like Ledger and others would stop associating themselves with (and promoting) sketchy partners.  I think I tried to use Coinify once and couldn't because of where I live, but it wasn't a big deal as I just wanted to try it out.

I appreciate the warning about this, though it's not one of the worst promotions I've seen, and I'm still a fan of Ledger as a hardware wallet.  No HW wallet should be a sacred cow, and there need to be extreme skeptics who look at stuff like this.

[bob123]

It's not just about "Don't use Coinify with Ledger", but about to not use coinify at all.
And even better would be to not use any "instant exchange" at all. All of them have ridicilous fees and a pretty high percentage of them systematically scam people for "AML reasons" and further require proof of identity etc.

If you don't want to get milked like a cow and don't want to send selfies with your ID to some shady services, don't use that nonsense. Regardless of whether it is coinify, changelly, changenow, changescam ..  or what the current "best instant exchange" is.

[dkbit98]

Trezor announced they also added Coinify (now partners with Invity) with their Trezor Suite wallet for buying crypto and they have zero fees until April 7.
I didn't try this myself but I don't recommend using this option same as for ledger.