Cryptocurrencies have high market value these days as more and more investors worldwide show a keen interest in trading. Cryptocurrencies, once bought, are not immediately sold and therefore need to be stored in a safe place. Though they can be stored in the exchange from where they are bought, crypto exchanges are not always safe, and there is no better alternative than storing the crypto holdings in a reliable wallet- whether hardware or software. CoinPayments is a digital wallet that allows users to send, receive or store their crypto holdings safely without incurring any higher fees for using the wallet’s services. In this CoinPayments review, important points like the CoinPayment’s features, CoinPayments fees, how to use CoinPayments, etc., have been included.
CoinPayments Wallet Summary
|Wallet name||CoinPayments Wallet|
|Type of Wallet||Hot Wallet|
|Supported Hardware Wallet||No|
|Charges||Charges TX/Withdrawal Fees|
|Customer Support||FAQs & Support Wizard|
What Is CoinPayments?
CoinPayments Inc. is a Vancouver-based crypto payments platform and an online cryptocurrency wallet founded in 2013. The platform enables users to easily transact with leading cryptocurrencies like Bitcoin, Ethereum, Litecoin, and over 1900 other cryptocurrencies. Since its inception, the platform has established itself as an industry leader by fuelling crypto adoption through fast and secure easy-to-integrate solutions for merchants to accept payments in cryptocurrency. These include exclusive e-commerce shopping cart plugins, payment buttons, custom-made APIs, digital crypto wallets, PoS interfaces, and many other business tools.
CoinPayments boasts of its partnership with almost all leading e-commerce platforms, including Magento, Prestashop, Shopify, WooCommerce, Opencart, and lots more. To date, the platform has processed more than US$10 billion in crypto payments serving over 70,000 merchants in over 200 countries all across the world. Thus, with millions of active users, CoinPayments can be considered as one of the world’s most comprehensive cryptocurrency payment platforms. It charges a flat commission of just 0.5%, thereby positioning itself as one of the cheapest payment options in the cryptocurrency industry.
Quick Summary of CoinPayments Wallet
- CoinPayments is a comprehensive digital asset payment solution as well as a robust online wallet established in 2013.
- CoinPayments integrates with leading e-commerce platforms of the world.
- Hosts advanced technological features like shopping cart plugins, PoS interfaces, APIs, $PayByName, etc.
- Supports over 1900 cryptocurrencies, including the leading ones like Bitcoin, Litecoin, and Ethereum.
- Supports Fiat currency settlements for the US or the UK-based customers.
Features of CoinPayments
CoinPayments offer the following interesting features to users:
- Multi-Coin Wallet: There are over 1900 altcoins supported on the CoinPayments wallet, and therefore users get a varied list to choose from.
- Auto Coin Conversions: This is the default feature of the CoinPayments wallet that allows users to convert coins to other denominations automatically and thus saves a lot of time for the users.
- PoS (Point of Sale): The Point of Sale feature facilities on the CoinPayments platform support offline stores and accept in-person payments that most other cryptocurrency wallets cannot offer due to the absence of the PoS features.
- GAP600 Instant Confirmations: This is yet another advanced feature hosted on the CoinPayments platform that allows for faster payment confirmations than any other conventional payment method.
- Shopping Cart Plug-Ins: CoinPayments supports a shopping cart plugin feature that can be integrated with the existing site of the customers, and therefore customers don’t need to uninstall the existing plugin for installing the CoinPayments plug-in.
- Supports mobile applications that are compatible with both iOS and Android devices.
- Charges a flat commission of 0.5% for all commercial transactions and an additional service charge for using particular services of the wallet.
- Security breaches reported in 2017, but the team settled the issue within 6 months by paying back the stolen Ripple coins to the users.
- $PayByName Purchases: This is yet another advanced feature on the wallet that allows customers to generate custom usernames and execute transactions using those names. These unique usernames can also be used by the merchants to accept the crypto after each trade. Users can receive or send payments without the need to copy and paste the wallet addresses.
- Fiat Settlements: CoinPayments supports fiat settlement for the merchants settled in the US or UK. Therefore, users can directly link those settlements with their bank account.
- Vault Service: As the name implies, this feature allows users to securely store their coins in a cold wallet for a specified time before spending them.
- AirDrops: CoinPayments wallet supports the crediting of AirDropped coins. However, they are credited to the users’ account instead of crediting them to the wallet itself, which sometimes becomes troublesome when users claim those airdropped coins to their individual offline wallet.
- ICO: CoinPayments at times serves as an ICO hosting platform that allows users to deal with the upcoming ICO’s, including Escrow.
CoinPayments Wallet Review: Pros and Cons
|Easy-to-use.||Security breaches happened in 2017.|
|Supports multiple altcoins.|
|Offers vault services that add an extra layer of security.|
|Generally, an online wallet but also supports a mobile version of the wallet- mobile app.|
|Flat fee structure.|
Getting Started with CoinPayments
Getting started with CoinPayments involves the following steps:-
The account creation process on CoinPayments is pretty simple. Users need first to visit the official website of CoinPayments and click on the SignUp button on the top right-hand corner, which will direct them to a page bearing a form that has two options: Personal Account and Business Account.
Users can choose either of the two, and the respective form will open with some mandatory fields to be filled in by the users. After users register their accounts on the wallet, they need to verify their email account by clicking on the activation link sent to the email account that they used while registering on the platform.
Configuring the Merchant Account
After verifying the email id, users can easily log in to their cryptocurrency wallet using the sign-in credentials. Now they are required to configure their Merchant ID, IPN, and other important details. For this, users need to do the following:-
- Go to the ACCOUNT tab and click on the ACCOUNT SETTINGS.
- In the “BASIC SETTINGS” tab, one can find the Merchant ID that they need to Save or Copy for later use.
- In the “PUBLIC INFO” tab, enter the full name and email id, along with the URL displayed publicly to customers for sending payments.
- In the “LOGIN & SECURITY” tab, change the 2FA method from email to Google Authenticator or any other convenient options.
- In the “MERCHANT SETTINGS” tab, the user needs to write their IPN Secret code, a random string of characters. Save or copy the IPN Secret code somewhere for later use. Select the base currency and also toggle which notification emails one intends to receive.
Start Accepting Cryptos
Now the user needs to customize the Coin settings, which crypto coins they want to accept as payments:-
- Go to the ACCOUNT tab and click on COIN ACCEPTANCE SETTINGS.
- One needs to select the cryptocurrency they wish to accept as payment by checking the box in front of each cryptocurrency and clicking on “Update Coin Preferences.”
These are the minimum settings that one needs to configure to begin accepting cryptocurrency payments (incoming payments) to their wallet. Leave the rest of the options for later use like fiat settlement, crypto coins conversion, payment forwarding, etc.
As per various CoinPayments wallet reviews available, it is one of the cheapest wallet service providers globally that charges a flat 0.50% transaction fee for processing crypto transactions. Apart from the transaction fees, the platform also charges an additional service fee from its users for using the various services on the wallet that depend on the transaction rates and the crypto coins in question. But if users wish to convert crypto coins on the platform like BTC to LTC, the conversion rate will be calculated as coin TX fee + conversion partner’s fees. You can get the full CoinPayments Fees structure by clicking here.
Setting Up and Using CoinPayments Wallet
CoinPayments app can be easily downloaded from Google Play Store or Apple Store for free. Log into the account on the CoinPayments platform and select the preferred cryptocurrencies. Then click on either of the two options: Send or Withdraw.
If the user wants to send crypto coins to any wallet address, they need to paste the public address, select the number of crypto coins they want to send, and click on the “Confirm” tab. For withdrawing crypto coins, they need to select the supported payment methods and select the amount they want to withdraw before clicking on the “Confirm” button. There are no withdrawal charges on the platform.
CoinPayments Mobile App
CoinPayments supports a well-built mobile app that is compatible with both Android as well as iOS devices.
CoinPayments Supported Currencies
CoinPayments supports the following cryptocurrencies:-
- Bitcoin (BTC)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Velas (VLS)
- Empress Gold (AEG, etc.)
Is CoinPayments a Safe Platform?
Yes, as per the CoinPayments reviews available online, it appears to be one of the safest cryptocurrency wallets that employ the latest technological security mechanisms to protect clients’ money. The platform also never stores users’ private keys instead of letting them save them in their personal devices.
Although an incident of security breaches happened in 2017, many Ripple coins were stolen from the Ripple security databases. However, the team could return the Ripple coins to the holders within 6 months of the breach, which again signals towards the platform’s competencies in securing the client funds. On the other hand, the crypto coins stored in the vaults were safe.
The CoinPayments support team is very impressive and prompt in delivering ready solutions to all customer queries. All support-related issues need to be communicated via raising a ticket which is responded to within 24 hours. For raising a ticket, users have to visit the support wizard where they will be provided with a support code (that will remain valid for 1hr) and a link to raise a support ticket on FreshDesk.
Users can open a support ticket by using the support code provided on the wizard. Otherwise, the customer support team can also be contacted (not for service-related issues) by filling up a form with the user’s name, email id, subject, and message on it. The customer service team can also be contacted via social media platforms like Twitter, Telegram, Facebook, etc.
CoinPayments Wallet Review: The Verdict
If the infamous Ripple break-in of 2017 can be overlooked, CoinPayments appears to be an amazing wallet and crypto payment solution with many attractive features. The team behind the company is focused on building a multi-functional and safe platform by bringing further advancements in its features and core offerings.
It is also not that easy to find a cryptocurrency storing wallet that supports over 1900 altcoins; CoinPayments is the one. Thus, there are no reasons to dislike the platform. So if one is looking for a best online crypto wallet, they can try CoinPayments, and as per the CoinPayment wallet review, it will meet their purpose.