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Coinizy.com Debit Card Review

Coinizy.com Debit Card Review

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Coinizy is offline (11/12/17)

Coinizy offers a cheap virtual debit card that is backed with bitcoins or USD. VISA card is accepted at almost all online merchants worldwide. The idea is to give the unbanked population like teenagers and others an option to fund the PayPal account in an easy and cheap way.

Online shopping for anyone with Coinizy bitcoin debit card

About Coinizy

Coinizy is based in Canada, Vancouver since 2014. The startup has been founded by Yannick Losbar, a seasoned entrepreneur who has in depth experience in the payment industry. His knowledge of payment processing and digital currencies led him to launch Coinizy as a solution to spending bitcoins in an easier way. He is frequently appearing at bitcoin conferences and events.

Coinizy bitcoin debit cardThe company employees couple of advisors to develop and maintain the wallet  and support the blockchain based solution. Beside many French advisors from tech and finance companies the company also lists a mysterious high-profile individual – without mentioning his name – as one of their advisor who has 15+ experience in the fintech industry. It is not known why they are not disclosing his name, even though he is working at a reputable Financial Institution, without real names, this isn’t much of an information.

Coinizy on Social Media

Services provided by Coinizy

Services Provided

Coinizy provides a virtual VISA debit card. There is no option to order a plastic card. But the virtual card has all the options to make purchases online, it has the cardholder name, the expiration date, 16 digit card number and a CVV code.

Instant approvalAfter sign up the virtual card details is delivered to the Coinizy clients within 10 seconds and the card is valid for 3 years. Coinizy users may possess up to three active cards linked to one account. If a user wants to add a fourth card to his account, they can remove the existing cards 6 times during the lifetime of the account. This means than even more card numbers can be generated with keeping the Coinizy user name and billing details.

The Coinizy debit cards are compatible with PayPal. The PayPal account can be verified with the Coinizy debit card, or it can be used as a funding method to top up the balance at PayPal.  The cards can be funded from other alternative payment providers (Neteller and Skrill) and from forex and gambling sites as well after account verification.

The website is showing a map of the 130 countries where Coinizy provides their services. They are excluding United States, most countries in Africa and in Middle-East and India from their services. But Europe, Russia, China and almost all countries in South-America along with Australia and the Pacific region can benefit from the Coinizy virtual VISA bitcoin debit card.

Coinizy bitcoin debit card is available in 130 countries

Loading the Coinizy bitcoin debit card from the internal Coinizy account if free. At this point users cannot buy bitcoins at Coinizy directly. The website directs the clients to Local Bitcoins, to some 99Bitcoins articles where it is described how to buy bitcoins using credit cards or PayPal.

Unverified users may us the card without identification up to 2500 USD limit. This means the top ups and the purchases are maximized at 2500 USD that can be fulfilled from two transactions. Users without verification however are unable to receive funds to their cards from third parties (where the name of the sender is not the same as the receiver).

Verified users on the other hand have no limits on purchases, no daily limits or lifetime load limits apply. They only maximize the maximum top up amount that is 20000 USD per day, that can be funded from two transactions.

The Coinizy wallet is available on Android and iOS devices. These apps makes Coinizy a cross platform service  beside the browser based e-wallet.

Coinizy platform

Fees and Pricing Schedule

The Coinizy bitcoin debit card activation is instant and free.  Monthly account management fee cost 1 USD.  Virtual bitcoin debit card has a one time issuance fee of 0.5 USD.

Coinizy bitcoin debit card costs 0.5 USDThey charge nothing for using the Coinizy bitcoin debit card for purchasing in USD currency. The non-USD purchases charged at 3% which is the currency exchange rate.

Coinizy uses Kraken to exchange bitcoin to USD. The exchange rate is provided by Kraken and Coinizy charges an additional 5% on their rate for buying bitcoins.

Coinizy User Experience

The Coinizy website is full of drawings and cartoon figures of products that can be bought with bitcoin debit card. The site available in English and French languages. The front page is showing a short GIF how the Coinizy card can be used for everyday purchases online.

Coinizy Support

A little annoying that the font type is not integrated everywhere across the site, sometimes they use their own font, but the FAQ is Times New Roman. Not a big thing, but looks a bit unprofessional. If only that would be the biggest problem of the FAQ. The Question and Answer section of the site has some details about Coinizy cards, but in many cases even their proposed question is not answered properly in the Q&A. No search function is available either on the site. But at least they are offering at the end of each question to contact them.

Online shopping for everyone 1Coinizy operates a live chat available 10 hours a day 7 days a week. Although they do not provide the opening hours. They guarantee however to respond to email queries within 48 hours after the submission.

The social media presence of Coinizy is very weak. Apart from a Twitter account and an open topic on Bitcointalk, the company has no Facebook, Google or Insta, Youtube accounts.

No scam reports or complaints are available about Coinizy.

Overall Conclusion

Online shopping for everyone 2Coinizy offers virtual VISA bitcoin debit cards to the unbanked population to be able to spend bitcoins online. The cards are compatible with PayPal and has no limits on online purchases for verified users. The fee schedule is fairly transparent and average. However the company does not have an option to buy bitcoins directly onto their account, so clients must possess bictoins first before using Coinizy services. The social media presence is very week of the company that can distract possible future users as there isn’t much track of the company’s online presence.

Pros:

  • website available in French
  • cheap initial card fee
  • no limits on online purchases for unverified users

Cons:

  • cannot buy bitcoins directly
  • only available in USD currency
  • only virtual card is available
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