About Coinbase Commerce
Coinbase is a well-known cryptocurrency exchange that has been operating since 2012. Their founders had a vision that Bitcoin should be easily and securely sent and received by anyone, anywhere.
One step towards realizing this vision, and something many people may not know, is that Coinbase also offers a crypto payment gateway called Coinbase Commerce. This allows businesses to accept payments from customers worldwide, regardless of their location or currency.
In this Coinbase Commerce review, we will explore various aspects of the payment gateway, including its features, benefits, and how businesses can integrate it into their payment systems. Whether you’re a business owner looking to streamline your payment process or a cryptocurrency enthusiast interested in the latest developments in the industry, this review will provide you with valuable insights into Coinbase Commerce.
Coinbase Commerce Review scores
Ease of setup
Coinbase Commerce charges a flat fee of 1% for all transactions processed through their platform, including withdrawal fees. This fee is competitive and similar to what other cryptocurrency payment gateways charge. However, there are some alternative platforms that offer lower fees, which can be as low as 0.5%.
Coinbase offers multiple functionalities. One of the most interesting is their ability to provide the choice for a ‘self-managed’ or a ‘Coinbase-managed’ account. The key differences are mentioned below:
- Self-managed: you will manage your own wallet and private keys. In order to withdraw funds, you will have to link your normal Coinbase account. This type of account can be set-up with only an email address.
- Coinbase-managed: Coinbase will manage your crypto wallet and secure your private keys. Settlement will be automatic and free in either fiat or cryptocurrency itself. You need to register, provide business documents, ID’s and proof of addresses for multiple stakeholders in the company for their compliance review. See all required documents here.
After setting up your desired account type, you can use any of their other functionalities, such as:
- Online crypto payment gateway: accept crypto payments on your website.
- Offline crypto payment gateway (point-of-sale): accept crypto payments in your physical store.
- Invoicing system: easily create and send invoices to your customers.
- Donation widget: accept donations in cryptocurrency
Coinbase Commerce accepts a total of 13 cryptocurrencies, which is on the low side compared to other payment services. Unfortunately, similar to Crypto.com Pay, BNB and Binance USD (BUSD) are not supported, likely due to their association with Coinbase’s biggest competitor, Binance. Although Coinbase Commerce does support the acceptance of some lesser-known smaller currencies like ApeCoin, Bitcoin Cash and DAI, the lack of support for BNB, BUSD and more of the top 10 cryptocurrencies overall, is slightly disappointing.
Ease of setup
Coinbase Commerce offers a limited range of integration options as they offer only pre–built integrations for Shopify and WooCommerce. These pre-built integrations make the integration process quick and easy, allowing merchants to quickly start accepting payments. For those using other webshop platforms, Coinbase Commerce provides a custom API with detailed documentation to help merchants create a custom connection.
Coinbase Commerce is one of the safest crypto payment gateways available, as they employ a manual checkout process. This form of payment is widely regarded as the most secure option when dealing with cryptocurrencies. Furthermore, Coinbase is a publicly traded company, listed directly on the stock exchange, which adds another layer of trustworthiness and reliability. Therefore, Coinbase Commerce can be confidently considered a highly safe and secure payment service provider.