Coinizy Debit Card Review
Coinizy is unique in the field of cryptocurrency debit cards. The company only offers a virtual debit card that can be used for online purchases. The card is backed by Visa and accepted at any online merchant that displays the Visa logo. Coinizy claims that it wants to provide those without a bank account the convenience of being able to shop online. The virtual card has also been used by some individuals to verify and fund accounts with payment processors like PayPal.
About Coinizy - Coinizy.com
Coinizy may not be the most well-known issuer of Bitcoin debit cards, but the company does have a history that can be substantiated with a little research. It was founded in 2014 and is based in Vancouver, Canada. The creators of the company have experience with multiple cryptocurrency platforms and also with payment processing in the digital age.
Yannick Losbar created the company. Losbar has been working in the financial sector for decades and understands how digital payments work. He is an entrepreneur with experience in cryptocurrencies, and he is frequently called upon to be a guest speaker at conferences for Bitcoin and other altcoins. Losbar has made it his mission to develop easier ways for people to spend cryptocurrency. This was the inspiration behind his creation of Coinizy.
There are advisors and other technical specialists who are retained by the company to maintain its proprietary wallet. These individuals also work at incorporating blockchain technology into the Coinizy platform. There is one anonymous member of the board who is said to have more than 15 years of experience in finance. Why the company makes the identity of this person a mystery is unknown. It seems that saying nothing at all about the person’s participation would be more sensible. As such, this snippet of company information has to be taken with a grain of salt.
Services offered by Coinizy
The first and foremost service offered by Coinizy is a virtual Visa Bitcoin debit card. This company does not offer individuals the option of ordering a plastic card which can be used at offline merchants or to make ATM withdrawals. The virtual card is identical in every way to a plastic debit card. It is encoded with the cardholder’s name, an expiration date, a card number, and a CVC number. All of these elements will pass the verification used by credit card processors when the card is used online.
A user first signs up and makes their order. Once the order is complete the virtual card details are delivered. There is no waiting time and the delivery of the card happens within mere seconds. The card is valid for a period of three years and then must be renewed. Coinizy limits users to three active cards at once, but cards can be removed and new ones added. New card numbers are created for the user but the cards are linked to the same account.
It is possible to add a Coinizy debit card to PayPal, and it is even possible to use the card to verify a PayPal account. It is also possible to link this card to other payment providers like Skrill, and it can also be used to receive payments from Forex trading and online casinos. The card does require verification, so anonymity is not really a viable option.
Coinizy serves 130 countries. As is the case with most Bitcoin debit card companies, citizens of the United States are not permitted to receive a card. This is also true for many residents of African nations, India, and select locations in the Middle East. Those in Russia and China, however, can receive a card. This is encouraging given the reputation of these countries with cryptocurrency start-ups.
The company has its own cryptocurrency wallet, and there is a wallet app for both the Android and iOS platforms. The apps in addition to the browser-based wallet make it easy for anyone to sign up and begin receiving Bitcoins in their wallet, although the company does not sell Bitcoins at this time. Instead, individuals are encouraged to use a service like Local Bitcoins to make purchases.
Loading a Coinizy Bitcoin Debit Card
The best way to load funds to the Coinizy debit card is by using the company’s wallet. It is also possible to make bank transfers to the card from the Coinizy website. Those who opt for this method of loading the card will not be charged any fees for loading. Of course, the Bitcoins in a user’s wallet are available immediately for spending because the wallet is linked to the card account.
Coinizy Fees and Limits
Those who wish to obtain the Coinizy Bitcoin debit card will be asked to pay a one-time fee of just $0.50 USD. There is no additional charge required to activate the card, and activation is instant. There is a monthly maintenance fee of $1 USD which is in line with the industry standard.
When the debit card is used to make purchases in the USD, there is no charge. Purchasing in other currencies cost 3%. This is a standard currency exchange rate. We like the fact that Coinizy uses Kraken, a respected cryptocurrency exchange, to determine the exchange rate for Bitcoin. This exchange is the one Coinizy uses to trade Bitcoin for the USD. The company tacks on an extra 5% charge for these transfers, which can add up to a lot of money in the long run.
There is an unverified option for receiving a card from Coinizy, but it comes with harsh limits. A maximum of $2,500 in load and purchases may be made from two single transactions. No identification is required to obtain this version of the card, but the company obviously sees this as a temporary scenario and encourages all users to become verified. There are no third-party receipts permitted to the card, either. That means money from gambling sites or payment processors cannot be added to the card.
Those who are willing to verify their identity and address will be rewarded with a card that has no limits on loads or purchases. There are no daily or lifetime limits for verified users with the exception of a $20,000 load limit per day. Two loads can be made each day up to that total.
Coinizy Service and Support
The primary way of contacting Coinizy is through email or the company’s Twitter account:
Email: [email protected]
Users may find the Coinizy website to be a little bit juvenile in its design. It features graphics and cartoons that promote making purchases with Bitcoin. The use of GIFs and other cheesy graphics may turn some users off and create the opinion that the company is not professionally representing itself.
Then there is the issue of the website’s font. Instead of using a standard font across the site, various fonts are used. This can be annoying and make the site hard to view. The FAQ of the site appears to be using a Times New Roman font which is better suited to the preparation of documents.
Speaking of the FAQ, some problems exist which will make it hard for users to locate information. In a nutshell, the FAQ doesn’t really answer any questions of significance. There is also no search function for the FAQ, and this makes looking for answers tiresome. It is far better to contact the company’s support staff and hope you receive an answer.
The website promises live chat support for ten hours each day, seven days per week. The problem is that Coinizy doesn’t make it clear when the ten hour day starts. Emails are promised an answer in 48 hours but we also find this to be spotty. Some email requests seem to be ignored, and we cannot say for sure if this is due to negligence or a small support staff.
Coinizy does not maintain the social media presence that some other Bitcoin debit cards do. They only have a Twitter account and it is not updated frequently. There are Coinzy threads, however, on popular Bitcoin forums and one can usually find an answer there.
Curiously, there don’t seem to be any scam reports online about this company. The reason it is curious is because even the best debit card issuers seem to run into problems from time to time.
Our View of Coinizy
We think Coinizy does a decent enough job of what it claims to do. That is to issue a virtual Bitcoin debit card that can be used anywhere that Visa is accepted. It will probably serve as a suitable option for individuals who have no other means of obtaining a debit card. With that being said, some concerns are present.
Transparency regarding the company leadership could be much improved. It would also be useful if Coinizy made it possible for card holders to purchase Bitcoin directly into their account. Unless you have Bitcoin to start with, this service will not be of much use to you.
We award Coinizy 3 of 5 stars on our cryptocurrency debit card rating scale.
French version of the website
Card can be purchased for just $0.50
Unlimited purchases for unverified users but there is a lifetime limit of $2500
Does not sell Bitcoin directly
USD only supported currency
No plastic card available