CoinPayments Review 2023
CoinPayments is a global crypto payment solution and wallet that enables individuals and merchants to send, store, and receive Bitcoin and hundreds of altcoins as payment.
Launched in 2013, it is the first payment processor to support altcoins. Since its inception, it has become a respectable and widely-used company in the crypto market. It boasts millions of users across 182 countries worldwide.
Pros and Cons
Supports more than 2,305 cryptocurrencies.
Has lots of useful features, including merchant tools and vault services.
Easy to use.
Low transaction fees.
Mobile and website support.
- Breach in 2017.
CoinPayments’ features are a major reason for its success. The platform has a wide variety of features (more than 40) that include:
Multi-currency wallet: The wallet enables businesses and individuals to send, store, and receive more than 2,305 cryptocurrencies, including Litecoin, Dogecoin, Ether, and Dash. The wallet is free to set up and available on the web and mobile.
Merchant tools: They are for merchants and offer various ways to accept crypto payments from customers. They include shopping cart plugins, payment buttons, APIs, invoice builders, mobile apps, and point-of-sales tools, which offer a simple way to accept in-person payments.
Cryptocurrency vault: The feature allows users to store their cryptocurrencies in a secure online database for as long as they want. Within the storage time, the cryptocurrencies won’t be accessible by any means.
E-commerce integration: CoinPayments is compatible with many leading e-commerce platforms like Shopify, Magneto, and WooCommerce. Merchants can also establish their own custom integrations using application programming interface (API) functionality for a tailor-made digital storefront.
Other features include digital asset management, billing and invoicing, data security, transaction monitoring and history, payment processing, status tracking, a self-service portal, payment fraud prevention, and much more.
CoinPayments uses the latest technological security mechanisms to secure clients' funds. Users can set up two-factor authentication when registering their accounts to enhance security. Additionally, they can connect hardware wallets to their account as an additional layer of protection.
It is worth noting that in June 2017, it was reported that hackers broke into CoinPayments Ripple-storing security databases and stole huge amounts of XRP coins. Six months after the breach CoinPayments managed to reimburse all affected users.
According to CoinPayments, the incident was not a hack but a network error that allowed a few users to withdraw excessive XRP coins from hot wallet XRP accounts. The company later assured users it had completed a complex back-end rebuild, including multiple new safety measures and protocols to ensure the issue never occurred again.
CoinPayments is a fairly cheap platform to use. It has a flat fee of 0.5% for all incoming payments. The platform does not charge any fees for account creation. It also does not charge any withdrawal fees to use its wallet.
There are network fees that vary depending on the cryptocurrency you are sending and how busy the networks are. They also apply when withdrawing cryptocurrencies.
Is the platform safe?
Yes, CoinPayments is a safe crypto-payment platform. The platform has never had any security breaches or incidents since the 2017 XRP incident. Its team continues to amplify its security with the best and latest security mechanisms in the market. You can be sure your funds are safe while using the platform.
CoinPayments is accessible in lots of countries across the globe. However, it is inaccessible in several countries, including Afghanistan, Algeria, American Samoa, Bangladesh, Belarus, Cambodia, Congo, Cuba, Eritrea, Iraq, Liberia, Libya, Qatar, and the US.
In July 2022, CoinPayments announced that it would cease operations in the US and advised its customers from the country to withdraw their assets before 19 July. The company blamed Anti-Money Laundering (AML) regulations and market changes for the closure of business operations in the US.
The platform's restriction in more than 30 countries is one of its few cons. If you are in any of the restricted countries, you can't use any of the platform's services.
Besides English, the platform is also available in French, Indian, Spanish, German, Portuguese, Japanese, Chinese, Russian, and Korean, among other languages.
Getting started with CoinPayments
To benefit from CoinPayments services as a merchant, you'll first have to open a user account. The process is very simple. Go to the platform's official site and click the highlighted “Sign Up” button in the top right corner.
On the next page, you will have two options, create a Personal Account or Business Account. You can choose either and fill in the required mandatory information.
After you register your account, you will have to verify your email account by clicking on the activation link sent to the email you used to register for an account with.
After you've verified your email, the next step is to sign in to your account and configure your Merchant ID, IPN, and other important credentials. How you do it is:
Go to the "Account" tab and click "Account Settings".
In the "Basic Settings" tab, you will find the Merchant ID you need to save or copy for later use.
In the "Public Info" tab, enter your full name, email ID, and the URL you want to be displayed publicly to customers for sending payments.
In the "Login & Security" tab, change the two-factor authentication (2FA) method from email to any convenient option.
In the "Merchant settings" tab, write your IPN secret code. Save and copy the IPN code for later use. Select the base currency and remember to toggle which notifications you want to receive.
The next step is to choose which cryptocurrencies you want to accept as payment. Go to the "Account" tab and click "Coin Acceptance Settings". Select the cryptocurrency you want to accept by checking the box next to each cryptocurrency and clicking "Update Coin Preferences".
There are more steps to configure to start accepting cryptocurrency as payment to your wallet, like fiat settlement, crypto coins conversion, and payment forwarding, among others. Make sure to complete all the steps to avoid any hiccups.
How to use the CoinPayments wallet
CoinPayments wallet is a mobile app that can be downloaded from the Google Play and Apple app stores for free. Once you've downloaded the wallet, sign up. The sign-up process will require your name, username, password, and your location.
You will then receive a confirmation email to confirm your email address. Next, set up two-factor authentication.
Log in and select whether to create a business or personal crypto wallet. After you've clicked "Wallet", you can choose between creating a standard wallet or a personalized PayByName wallet. Once you are done, you can start receiving cryptocurrencies in your wallet.
To send crypto, you must have some crypto in your wallet. You can buy crypto from CoinPayments using a debit or credit card, PayPal, SEPA, or bank transfers.
Once you have some cryptocurrencies in your wallet, you can send them to other wallets by pasting their public address, selecting the number of coins you want to send, and clicking the "Confirm" button.
To withdraw cryptocurrencies from your wallet, choose from other supported payment methods and select the amount you want to withdraw. CoinPayments does not charge any fees for withdrawals.
Remember that you must complete the KYC (Know Your Customer) process during your sign-up process to use all CoinPayments features.
CoinPayments has an exceptional customer support team that is prompt at delivering ready solutions to all customer queries. Users with queries must communicate by raising a ticket.
To raise a ticket, a user visits the support wizard, where they are provided with a support code (valid for one hour) and a link to submit a support ticket on FreshDesk. Besides support tickets, users can also reach the support team via social media platforms like Twitter, Telegram, and Facebook.
CoinPayments is an amazing crypto-payment platform with lots of attractive features. It is highly secure, easy to use, supports many cryptocurrencies, is accessible via the web and as a mobile app, features pretty low fees, and has a great customer support team.
There is hardly anything not to like about the platform. It is no wonder many reviewers consider it one of the best crypto-payment platforms.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.