Where does Coinify get its Bitcoins, and can I track their exchange rate somewhere?

Question

I have not found anything in their FAQ. As I understand, you can buy BTC from BTC exchanges, a place where buyers and sellers meet and agree on some price.

• If I buy BTC through Coinify, where do they get them? They only list a BTC price on their front page but no source whatsoever.

• Provided there is some exchange they use, where can I track the Euro/BTC exchange rate?

• Do I have to make multiple accounts for each exchange with the entire verification stuff each time I want to get my BTC somewhere else?

Answer 1

I asked them in an email and they provided me with the following response:

... we use a Volume-Weighted Average Price (VWAP) over multiple exchanges (not CoinJar though as the Wikipedia article said) to get an average rate that reflects most of the BTC exchange rate market. https://en.wikipedia.org/wiki/Volume-weighted_average_price

and

...each order you make will be processed with the best exchange rate we can find at the moment.