If you are looking for a cheap, easy, Paypal-friendly virtual debit card with no extra stress, Coinizy might be the right solution for you. The philosophy behind Coinizy is to enrich the demographics that are generally without bank access (such as teenagers and underprivileged adults) the ability to spend and receive with a debit card cheaply and reliably. Coinizy is great for first-time bitcoin users, who may still be asking questions like, “Where can I spend bitcoin?” or “What are bitcoins?”
About Coinizy/Kardiz
Coinizy was first launched in 2014 and has been operating in Vancouver, Canada since then. It was founded by veteran entrepreneur Yannick Losbar, whose professional knowledge of digital currencies and the payment industry led him to understand the problem that many people without bank accounts and cards face. He has chosen bitcoin to launch his solution—by allowing everyone access to a debit card, he believes that people will become empowered with the opportunity.
Several advisors work with Coinizy to help keep the company moving forward, stepping up with the latest developments in blockchain technology. One high-profile but unnamed advisor is listed with over fifteen years of experience in fintech; not much else is known about this advisor or the others though.
What Services Does Coinizy Provide?
Coinizy doesn’t believe in opting for a plastic card and focuses solely on providing virtual VISA debit cards for its users. This virtual card is as good as any plastic card, with its own CVV code, 16-digit card number, expiration date, and cardholder name, enabling it to do any online purchases a regular card could accomplish.
After registering, you will have access to your Coinizy card in less than ten seconds. Every account can have a maximum of three cards, and if they require a new card, they are allowed to remove or delete an existing card six times for each account.
The great thing about Coinizy debit cards is that they are easily compatible with PayPal, which can sometimes make you go through hoops to get your card working. The card can be funded directly from your PayPal balance, but it also accepts funding from alternative payment providers like gaming sites and Forex, after your account has been verified.
Coinizy supports users from 130 countries around the world, making it easy to get into bitcoin trading. This excludes the US, India, and most countries in the Middle East and Africa. Almost every other place in the world works smoothly with Coinizy.
While you cannot buy bitcoins directly from Coinizy, you can load your bitcoin debit card from your internal account for free. The website also helps users find where they can buy bitcoins using PayPal or credit cards, so there’s no added hassle of figuring it out on your own.
As an unverified user, you have a maximum of 2500 USD withdrawal limit. You also cannot receive your funds from third parties if you are not verified if the sender of the funds does not share the same name as you, the receiver.
As for verified users, they have less or no limitations when it comes to purchases, lifetime loading, or daily withdrawals. The only maximum limit you have to deal with as a verified user is a maximum load of 20,000 USD per day to your card.
As it is available on both iOS and Android devices, the Coinizy wallet is accessible and easy to use with its cross-platform abilities.
How Much Does Coinizy Cost?
Coinizy is free and quick, and activating and ordering your card can be done in just five minutes. They charge a monthly maintenance fee of 1 USD, and virtual cards are charged a one-time fee of 0.5 USD. Actually using the Coinizy will surprisingly accrue you zero fees, making it a very good deal for those who prioritise every cent of their dollar. Their only recognisable fee is the 3% currency exchange rate, which is standard across the market.
Talking about the Bitcoin exchange rate, Coinizy uses their own exchange rates. From our calculations, they have an average margin of ~5% on top of the Bitcoin Average price.
How Is Coinizy’s User Experience?
Coinizy’s target audience is those who wouldn’t otherwise have access to debit cards or bank accounts, so they try to keep their user experience easy to understand, young, and playful. They have a very pleasing site that is filled with cartoon infographics and drawings, teaching users how to go about the bitcoin debit card process. Available in both French and English, the site does a great job of guiding its users through its system.
However, their site may be a little annoying to bitcoin veterans. Their FAQ isn’t totally transparent with their answers and there is no search function available on the site. However, if you have any concerns they do offer a live chat service available ten hours per day, for every day of the week. Email queries are guaranteed to have responses within a maximum of two days, although there have been reports about unanswered support e-mails and slow response time.
Conclusion
There aren’t many downsides to registering with Coinizy. They have a clear message: they want to provide their services to the target market that doesn’t regularly have access to debit cards. And they reflect this message in their services and fees: they are completely compatible with PayPal and have no limits for online shopping. Their fees are average as well when compared to competitors. The only downside may be that you can’t buy bitcoins directly from Coinizy, meaning you have to buy bitcoin from another platform before you can begin with Coinizy.
Without this option to buy bitcoins instantly, Coinizy does a good job of teaching you how to buy bitcoins with a credit card, or buy bitcoin with a debit card. You won’t be left wondering how to buy bitcoin or sell bitcoin online with their instructions. The company also has a very weak online presence, but this should have little to no effect on your user experience. And if you do not deal in USD, you may be turned off by Coinizy’s USD-only currency option.
Summary:
- Great for students and people with no bank accounts
- Low fees
- Can’t buy bitcoins back with card balance
- USD-only
Pros And Cons
- Easy to set up, clean interface
- Works with a broad range of online stores/services
- Cheap cost for card issuance
- Great limits for Unverified Accounts
- Limited to Online Payments only
- Does not offer option to store Bitcoins
- There are scam complaints found on the web
- Recently changed their name from Coinizy to Kardiz
Crypto info 