To perform transactions on Coinmerce, it is necessary to link and verify your bank account (IBAN). This is a one-time process where we confirm that the bank account is actually in your name. In this article, we explain step-by-step how to arrange this via the app.
Step 1: Go to the verification overview
Open the Coinmerce app and tap the 'Account' button in the bottom right of the navigation bar.
Then, tap the 'Verification' tab at the top.
Step 2: Start the bank verification
Scroll down to the bank details section. To link a new account or change an existing one, tap the large blue button 'Change IBAN'.
Step 3: Choose your verification method
You can choose between two methods under 'Connection method'. Tap the arrow to switch between iDEAL and SEPA:
iDEAL (Recommended): The fastest way to link your bank directly via your own bank app.
SEPA: A manual transfer if your bank is not in the iDEAL list or if you prefer to perform a transfer yourself.
Step 4: Select your bank and continue
Choose your bank under the 'Select your bank' option. At the bottom of the screen, you will see a notification that a verification payment of €0.01 is required. Tap the blue 'Continue' button to start the payment.
Step 5: Complete the €0.01 payment
Follow the on-screen instructions to complete the payment:
Via iDEAL: You will be redirected to your bank's secure environment to transfer the €0.01.
Via SEPA: You will see Coinmerce's bank details. Manually transfer the €0.01 from the account you want to link and always include the unique 'Reference code'.
Step 6: Verification and processing
Once Coinmerce receives the payment, we check if the name on the bank account exactly matches the name on your Coinmerce account.
iDEAL: Usually verified successfully instantly or within minutes.
SEPA: This typically takes 1 to 3 business days for the bank to process.
Important: The bank account must be in your own name. We cannot accept payments from a business account or an account belonging to someone else for verification.