Expert Review & Feedback: CoinPayments Crypto Payment Service 2024
In this article, I delve into the key features and services of CoinPayments. We’ll explore the reasons for its esteemed reputation in the cryptocurrency ecosystem.
Pros and Cons
When assessing the reliability of CoinPayments as a payment platform, it’s essential to consider user reviews. This is why I will kickstart with the pros and cons to provide a fair analysis that does justice to both positive and negative feedback.
Pros
- Wide range of supported cryptocurrencies – Supports over 2300 cryptocurrencies
- Seamless crypto transactions
- Provides additional security through vaults
- Offers a Point of sale (POS) system to merchants
Cons
- The platform’s code is not open-source
- Known history of a security breach (a large-scale theft in 2017)
- Customer support can be slow
About CoinPayments
In the early days of cryptocurrency, transactions were complicated and cumbersome. However, thanks to wallets like CoinPayments, with technological advancements, crypto transactions are now much easier and more accessible.
Founded in 2013, CoinPayments Inc. is a Vancouver-based cryptocurrency payments platform and online cryptocurrency wallet. The platform makes it simple for you to exchange popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more.
Since its inception, the platform has become a market leader by promoting the adoption of cryptocurrencies by providing quick, secure, and simple-to-integrate solutions for businesses to accept cryptocurrency payments.
Some offerings include interfaces for point-of-sale (PoS) systems, digitally tailored APIs, cryptocurrency wallets, and other valuable business tools.
In terms of numbers, CoinPayments has processed over US$10 billion in crypto payments for more than 70,000 merchants in over 200 countries worldwide. Furthermore, it charges a flat commission of just 0.5%. This way, CoinPayments continues to pave the way for the widespread adoption of cryptocurrencies in the global economy.
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CoinPayments Use Cases
CoinPayments provides a ranging payment gateway that seamlessly integrates into a variety of business models. Whether your business operates online or in-store, whether products or services, CoinPayments offers effortless integration into your payment system. This opens up a world of possibilities for businesses across different industries.
Due to its adaptability, the platform has gained popularity among businesses operating in the iGaming, forex, and e-commerce industries. These sectors frequently seek streamlined payment solutions to ensure the processing of transactions between customers and businesses.
Suppose you are a gamer heavily involved in the iGaming industry. CoinPayments might be a good option in that case, as it provides a reliable payment gateway for online casinos, sports betting platforms, and other gaming websites.
Likewise, if you are a forex trader, the platform is a great way to transact seamlessly between you, other traders, and brokers.
CoinPayments is also widely used in the e-commerce sector. With the growing popularity of online shopping, businesses need a reliable and efficient payment solution to process customer payments.
By integrating CoinPayments, e-commerce businesses can offer their customers a wide range of payment options, including cryptocurrencies, and enjoy secure and efficient transactions.
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Available currencies
CoinPayments currently supports a staggering 2,300 digital coins. This vast selection exemplifies the platform’s dedication to providing users with flexibility and compatibility in managing their assets.
The available currencies at CoinPayments are constantly being updated, but some of the most popular cryptocurrencies include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Tether, Dogecoin, Dash, and Monero. CoinPayments also supports several less popular cryptocurrencies, such as Zcash, Ripple, and EOS.
The platform’s commitment to inclusivity is evident in its support for lesser-known cryptocurrencies and up-and-coming projects. CoinPayments empowers you to delve into and invest in emerging coins, enabling you to stay off the curve while potentially seizing exciting new opportunities in the crypto market.
Besides the variety of cryptocurrencies, CoinPayments also facilitates transactions involving currencies such as USD, EUR, GBP, CAD, AUD and JPY. This feature makes it an exceptional choice for merchants seeking to accept both cryptocurrency and traditional fiat currency payments.
With its broad selection of supported currencies, CoinPayments gives users the freedom to manage and diversify their cryptocurrency portfolios.
Whether you’re an experienced trader or are just beginning your cryptocurrency journey, the platform’s broad coin support guarantees that you can find and conduct business with digital assets that are consistent with your objectives and interests.
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Fees
Before checking out any new cryptocurrency platform, you’ll of course want to research the cost (fees) of transactions. CoinPayments aims to give users transparency and clarity regarding network fees.
CoinPayments likes to keep things accessible; their pricing is as simple as it gets. They relentlessly advocate their flat 0.5% tax, which seems like a fantastic deal compared to other companies’ fluctuating fees, especially when discussing more significant amounts of cryptocurrency.
However, the fees charged by CoinPayments do vary depending on the services utilized, such as service fees, conversions, and withdrawals. The coin prices and transaction rates determine these fees.
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CoinPayments Features
“Success in finance depends on attention to detail and understanding the individual components that drive the whole system.” – Howard Marks.
With so many options for crypto wallets out there, the small details do matter when choosing the right one for you. I took my time to examine the features the multi-currency crypto wallet offers.
Here is a more detailed look at the features:
Multi-Coin Wallet
Think about the convenience of being able to manage all of your cryptocurrencies in a single place — which the multi-coin online wallet from CoinPayments makes possible. There is no need to switch between wallets or be concerned about compatibility problems.
With this user-friendly platform, you can securely store and access more than 2,310 cryptocurrencies. Regardless of your level of cryptocurrency expertise or knowledge of digital assets, CoinPayments puts you in control.
Auto Coin Conversion
The Auto Coin Conversion feature of CoinPayments is the ideal choice if you’re looking for a way to mitigate cryptocurrencies’ volatile and unpredictable nature. With this revolutionary feature, you can easily navigate the constantly shifting cryptocurrency market by automatically converting coins and protecting yourself from price fluctuations.
This intelligent feature handles the conversions on our behalf, making sure we get the expected value from our transactions.
Global Payments
CoinPayments has the payment options you need for your growing business. Their global services will assist you in overcoming the obstacles and costs frequently connected with cross-border transactions, enabling you to adopt a more effective and economical strategy.
Additionally, you can harness the power of instantaneous, inexpensive crypto transactions, opening up new global business opportunities.
Cryptocurrency Vault
This vault-like functionality allows you to store your cryptocurrencies in a cold wallet, providing extra security against potential risks. Whether you are a long-term investor or simply looking to protect your funds for a short period, the CoinPayments Cryptocurrency Vault is designed to meet your needs.
Consider it your digital fortress, where you have complete control over your assets.
Point of Sale (POS)
Ready to transform your in-person transactions? Say hello to CoinPayments’ Point of Sale (POS) solution. This groundbreaking feature allows you to revolutionize how you accept payments by incorporating cryptocurrency transactions into your business.
No more limitations or complexities of traditional payment method. Whether you own a store, restaurant or any establishment, integrating payments via the POS system unlocks exciting opportunities.
Auto Forward
The CoinPayments Auto Forward feature simplifies sending payments to your wallet. By leveraging this functionality, you can streamline fund transfers, saving time. Imagine having the ability to set up automatic payments. With just one easy setup, CoinPayments will automatically forward payments to your designated crypto wallets.
Mobile App
CoinPayments has created Android and iOS apps to help you manage your account, convert cryptocurrencies, and receive payments. The app has received positive feedback on both the Google Play Store and the App Store, indicating its user-friendliness and high quality.
Users have given the app a positive rating of 3.3 on the Google Play Store and 3.8 on the App Store.
GAP600 Instant Confirmations
The CoinPayments notable GAP600 Instant Confirmations feature ensures that your payment confirmations happen at lightning speed. No more waiting around for transactions to be verified like with traditional payment methods. With this feature, you can swiftly proceed with your payments, ensuring that your transactions are processed without delay.
PayByName Purchases
This unique functionality lets you accept cryptocurrency payments without disclosing your wallet address. Instead, you can generate a PayByName tag (preceded by the $ symbol) to receive payments. This allows people to send you payments more efficiently, especially if they are unfamiliar with cryptocurrency wallets.
Shopping Cart Plugins
Through CoinPayments’ shopping cart plugin feature, you can seamlessly transition to accepting cryptocurrency payments. No need to start from scratch or spend hours setting up, as CoinPayments makes it simple to set up your store with their payment solution by providing prebuilt e-commerce plugins for all the major platforms.
You can transform your online store into a crypto-friendly destination in just a few minutes.
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How to Open a CoinPayments Account
After gaining an understanding of CoinPayments and its fundamental features, it becomes important to familiarize yourself with the process of creating an account and wallet. The following guide will lead you through the steps.
Step 1: Create an Account
To start with CoinPayments, the first step is to sign up for an account. You have the option to create either a personal or business-level account.
Once you have filled out the form and clicked the “Register” button, you will receive an email from CoinPayments. To finalize your registration, click the activation link in that email.
Afterwards, you will be redirected to a login page where you can enter your username and password, which will generate a code sent to your mail to complete the login process.
Step 2: Choose Payment Methods
After logging in, you can set up either a Merchant Account or a Wallet. I chose the merchant account since I wanted an account that could accept cryptocurrencies. When selecting the Merchant Account, the initial step will involve choosing your payment methods. You’ll have four options to consider for selecting payments. These options include:
- All supported Coins: You have the flexibility to accept coins supported by CoinPayments. Although offering this range of options gives your customers choices, it also comes with the potential risk of accepting cryptocurrencies that may be less desirable or have a lower value.
- Selected Coins: If you have specific cryptocurrency preferences and want to offer your customers a tailored payment experience, this could be your most effective option.
- Coins with Auto Convert: As discussed earlier, you can enable the conversion of your chosen crypto with this option. However, please note that this option will be necessary to utilize the ShapeShift exchange integration service.
- Fiat Settlement: This allows you to accept cryptocurrencies as a payment method while still receiving your settlement in fiat. This feature connects the world of currencies and the longstanding traditional financial systems.
Which payment method you accept depends on the unique needs of your business. However, I advise choosing the streamlined “selected coins” option.
Step 3. Configure Your Account
You can set up your wallet once you’ve decided on your payment method. Select where you want the coins to be sent in this step and adjust your conversion settings. If you plan to use fiat settlement platforms, you can also integrate them here.
If you encounter any difficulties during the process, refer to their FAQ section for assistance. However, if you have an inquiry regarding your account, it is recommended to contact their support desk. CoinPayments provides a ticket support system that you can access directly from your account to address your concerns.
Now that you’ve completed the three steps, you are ready to dive into the world of cryptocurrencies and start accepting them as payment on your website.
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CoinPayments’ Security Measures
If you’re familiar with CoinPayments’ infamous security breach in 2017, it’s understandable to question the platform’s safety. However, it’s crucial to examine CoinPayments’ current status to evaluate its security for cryptocurrency transactions.
Back in June 2017, CoinPayments suffered a significant loss of Ripple (XRP) from its users’ hot wallets due to a discovered bug. A user found and exploited this vulnerability, draining XRP from others’ wallets.
Despite this unfortunate event, CoinPayments’ response was commendable. They reimbursed all affected users within six months for every stolen XRP and promptly resolved the bug that allowed the breach.
Interestingly, this incident remains the only major theft in CoinPayments’ history, and it was specifically tied to integrating Ripple technology. Since the 2017 setback, CoinPayments has considerably ramped up its security measures, restoring user trust and confidence.
It also says a lot about the company that their response to the breach was so swift and customer-centric.
The platform implements robust security protocols, which include:
- SSL encryption
- Two-factor authentication (2FA)
- Cold storage wallets
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Customer Support
CoinPayments offers its customer support service through a support wizard and support tickets. Any support-related issues must be reported via a ticket, which receives a response within 24 hours. You must go to the support wizard to open a ticket.
You will receive a support code (which is only good for one hour) and a link to open a ticket on FreshDesk.
By entering the support code found on the wizard, you can create a support ticket. Alternatively, you can contact the customer support team by filling out a form with your name, email address, subject, and message (not for service-related issues).
Social media networks like Twitter, Telegram, and Facebook are another way to contact the customer service team.
Reviews on the Play Store and App Store, however, indicate that there is room for improvement in terms of customer service. Top user grievances include trouble withdrawing, missing money, and slow, unhelpful support team responses.
Affiliate Program
CoinPayments introduced this feature in response to popular demand: the Affiliate System. You can earn passive income by sharing your referral link as a user. When merchants sign up through your link and start using CoinPayments, you will receive a percentage of their five-year transaction fees.
This affiliate program is a game-changer, allowing you to monetize your network and expand your earning potential. By leveraging your influence and encouraging merchants to join CoinPayments, you not only help them unlock the benefits of our platform but also secure a consistent stream of revenue for yourself.
Frequently Asked Questions
Is CoinPayments safe and secure?
CoinPayments prioritizes security, and has implemented measures to protect user accounts and funds. These measures encompass the utilization of two factor authentication (2FA) encryption and the storage of funds in cold storage wallets.
How do I get started with CoinPayments?
You must register for an account and provide identification proof before using CoinPayments. Once your account is verified, you can start accepting cryptocurrency payments.
What fees are associated with CoinPayments?
CoinPayments uses an open pricing model. Deposits are typically free, but transaction fees, which are calculated as a percentage of the total transaction amount, can differ depending on the cryptocurrency being used, among other things.
What is the difference between a merchant account and a wallet account?
With a merchant account, you can conveniently receive cryptocurrency payments from your valued customers. Meanwhile, a wallet account enables you to securely store your currencies. CoinPayments allows you to have both a merchant account and a wallet account.
Does CoinPayments have a mobile app?
Absolutely! CoinPayments provides an application that caters to Android and iOS users. This app enables users to manage their accounts, conduct coin conversions, and access a range of features while on the move.
What is the procedure for integrating CoinPayments into my website?
Integrating CoinPayments into your website is a breeze thanks to the prebuilt plugins designed specifically for ecommerce platforms such as Shopify, WooCommerce and Magento. To get started, simply choose the plugin that aligns with your platform.
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Conclusion
Since the regrettable breach in 2017, CoinPayments has made substantial strides in security and trust recovery. The incident undeniably raised user apprehensions, but the platform’s extensive security enhancements have been noteworthy.
Based on my thorough analysis, it’s evident that CoinPayments is a secure avenue for cryptocurrency transactions. However, it’s paramount that you exercise vigilance when using any crypto platform.
Adopting security measures like setting a unique password, activating two-factor authentication (2FA), and consistently keeping tabs on your account activity can dramatically minimize potential risks.
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