Cryptocurrencies are good but can be quite tricky to handle. People in the crypto world might agree with me on this.
Its usability is undeniably continuously improving with new tools and services, but it continues to be a big mountain of learning for its users.
And when I say users, one needs to understand who they are.
Users here means the HODLers, traders, and businesses accepting these currencies.
I also want to point out that while we may have decent services for HODLers and traders, the same is not the case for businesses.
Accepting cryptocurrencies in exchange for your products and services is still cumbersome. And that’s because there are 100s and 1000s of cryptocurrencies out there.
One user wants to pay in X currency while the other wants to pay using another coin.
This creates a bottleneck in their acceptance, but there is one organization working hard to solve this problem – CoinPayments.
And in today’s review, we are going to look at what it has to offer.
What Is CoinPayments?
CoinPayments is a Canadian company offering payment processing services for cryptocurrencies since 2013.
It allows merchants to accept Bitcoin and over 600 altcoins in their store through easy to use plugins, APIs and POS interfaces. With over 2,000,000 vendors across 182 countries around the world, CoinPayments.net is the most comprehensive multi-cryptocurrency platform available online.
They also provide simple and easy-to-use shopping cart plugins that a merchant or eCommerce owner integrates on their platform.
Plus, they also provide PoS (point of sale) terminals to accept in-person payments while serving customers at offline stores.
That’s why CoinPayments is one of the most popular cryptocurrency payment processing service amongst business owners around the world.
CoinPayments, as the name suggests, is a proper payment tool and offers some cool features for payment processing. Here are some of those:
- Multi-Coin Wallet: You can manage more than 600 coins optionally in CoinPayments’ online wallet. However, it is not recommended for longer durations.
- Point of Sale (PoS): Use CoinPayments’ simple interface to accept in-person payment in your store or for your business.
- Shopping Cart Plugins: CoinPayments offer plugins for all the popular web carts used today. Simply register and install a plugin to integrate CoinPayments with your new or pre-existing checkout sections. Check all plugins here.
- GAP600 Instant Confirmations: CoinPayments supports GAP600 instant confirmations against 60 minutes confirmations making Bitcoin payments faster than ever before.
- Auto Coin Conversions: For some coins CoinPayments support coin conversion from one coin to another, saving you time and fee.
- Fiat Settlements: If you are a US or UK merchant then you can get fiat settlement directly to your linked bank accounts
- Vault: Secure your coins in a cold wallet by setting a time before spending them.
- AirDrops: CoinPayments provides air drops of new coins and tokens to the users so that everyone benefits.
- Mobile Apps: In the mobile era, CoinPayments has mobile apps for both iOS and Android in place through which one can access their account, accept payments in person, and convert coins anywhere.
- CoinPayments ICO Marketplace: It also provides an ICO hosting platform providing payment solutions for your upcoming ICO including escrow
- $PayByName: This is the coolest feature, where you make your custom names and “pay by name”. It helps merchants in accepting all types of coins and fiat via this unique name. For example, CoinSutra will accept payments on $CoinSutra.
CoinPayments claims to be the cheapest service for crypto payments in the world. Here is their fee break-up:
|Incoming Payments – To Balance (funds go to CoinPayments Wallet)||0.50%|
|Incoming Payments – ASAP/Nightly (funds are forwarded to external address)||0.50% + coin TX fee|
|Commercial Deposits (Callback Addresses created with our API)||0.50%|
Apart from that, they charge a service fee for their wallet as per the chart below.
|Personal Deposits (Addresses made on your wallet’s page or Deposit Addresses on our API)||First 30,000 USD equivalent monthly: FREE|
After that: 0.50%
|Conversions||coin TX fee + conversion partner’s fees (if any)|
|Withdrawals||coin TX fee|
Note: TX is the transaction fee.
CoinPayments Controversy Over Hacked Ripple
CoinPayments in the year 2017 (June) lost a significant amount of user’s Ripple (XRP) from their hot wallet.
As per the company, there was a bug in their hot wallet which the other users of CoinPayments exploited to siphon away all the XRPs.
It is worth highlighting the fact that the company did the right thing by accepting their mistake and then went to work on their recovery process to refund all the affected users.
Here is a statement after they successfully refunded all the affected users and strengthened their security.
How To Use CoinPayments
To get started on CoinPayments, you need to register using your email ID and name. Then confirm your mail ID and log in with your 2-FA authentication code.
This is how the first landing page after login will look like:
You can then navigate to the wallet section or make your $PayByName and explore other options for integration of your CoinPayments processor under the ‘Merchant tool’ option:
Conclusion – Is it Safe To Use CoinPayments?
CoinPayments is undeniably a legit and safe service.
If you are writing it off based on one unfortunate incident that happened in 2017, you are missing out on their years of hard work in the industry. I am giving it another chance as they have improved their security standards and responded wisely to the XRP theft.
Moreover, a thing to understand with crypto is that you should not trust anyone and also know that the infrastructure surrounding crypto is in its infant stages.
So before transacting in huge amounts of money in any online service, think twice and always use hardware wallets like Ledger Nano S.
Or in the case of CoinPayments too, you have an option of ‘Vault’ which you can use to lock down your coins in case you are planning not to use them; its free. Having done this, you will avoid a significant amount of risk while using such online services.
Lastly, it is always good to be first in adopting technological revolutions around the world to scale your businesses. Through CoinPayments, you have the chance to increase the flexibility of doing business with crypto.
Share your experience: Have you used CoinPayments for payment processing or as a wallet? How has your experience been? Let us know in the comment section below.
Want us to review any other services in the crypto realm? Comment below or write to us.
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- 3 Smart Ways To Keep Your Cryptocurrency Wallet Secure
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About Harsh Agrawal :
An award-winning blogger with a track record of 14+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who believes in blockchain and the crypto world.
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Harsh has experience of 12+ years in Fintech and 7+ years in Blockchain and Bitcoin. He has also moderated the panel of Blockchain experts and attended international blockchain events like BTCMiami, and Token2049.