Are you a merchant who wants to accept cryptocurrencies but don’t know how to set it up? Do you want to convert your Bytecoin to USD or EUR? Perhaps you simply need a safe place to store your precious funds. If so, this review is for you.
Many crypto payment services have proliferated since the hype of Bitcoin several years ago. Some of them went big while others flopped. Coinpayments, one of the winners, was founded in 2013. This review is about their service, features, and overall reliability.
Coinpayments offers two main services. It is a crypto payment gateway as well as an online storage wallet.
As an online platform, you need to have the internet in order to access your wallet.
Coinpayments is available as a web and mobile application, supporting Windows, Android and iOS devices.
Coinpayments allows merchants to accept digital currencies as payment for goods and services. Furthermore, they allow fiat settlements as well.
If you’re a merchant, you have the option to exchange your cryptocurrency earning for fiat money, which will be deposited directly to your bank account. This settlement feature is only available for United States and Euro sellers.
Multiple Altcoin Support
While the majority of digital currency wallet providers store hundreds of altcoins, most payment settlements or gateways only accept a handful. Bitpay, for instance, one of the more popular crypto settlement service providers, support eight cryptocurrencies only.
At the time of this writing, Coinpayments supports over 1,700 digital currencies. This is probably their most remarkable feature, which no competitor can hold a candle to.
Normally, bitcoin settlements take several minutes on a good day. This could, however, drag for hours if transaction volume spike, meaning more users are utilizing the network for payments.
To bypass this drawback, the Coinpayments system utilizes the so-called GAP600 Instant Confirmations to enable near-instant payment settlements.
On top of everything, the platform also auto allows conversions between different currencies.
The vault is a super-secure online storage that enables users to safely store funds for a set period of time, which won’t be accessible by any means. You could think of it as a treasure temporarily transported to another dimension.
In the unlikely event of a security breach in the Coinpayments system, hackers won’t be able to steal your vault-sealed funds since access is forbidden for a specific period.
This concept was proven to be effective in the XRP hack in 2017. At the time, there was a massive breach, where an astounding amount of XRPs were stolen from users’ wallets.
Fortunately, all users who secured their XRP funds in the vault managed to dodge theft and keep their investments safe.
The platform charges a flat fee of 0.5% for payments, which is actually small relative to other similar service providers. Moreover, receiving payments through an external wallet incurs an additional network fee, which varies depending on the digital currency.
Alexa Alexandrov is, the founder, chairman, and CEO of Coinpayments. His vision is to help shift the global money supply from institutions run by private interests to an open, predictable and transparent money system. So far, so good.
With over a thousand supported currencies, coin conversion options, low fees, fast settlement, a secure vault, Coinpayments is easily one of the most customer-centric and underrated crypto payment gateway and wallet storage service providers out there.