About CoinPayments
Overall judgement
CoinPayments Review scores
Transaction fees
Functionalities
Accepted cryptocurrencies
Ease of setup
Customer support
Positives
- Free and easy integration
- 0.5 - 1% transaction fee
- Over 130 cryptocurrencies are accepted
- Large amount of smart functionalities
Negatives
- Requires a full KYC
- Bad review (2.6/5) scores, mainly due to refund/KYC issues
Transaction fees
CoinPayments stands out with its remarkably low and competitive transaction fees. While the advertised fee for all crypto payments is 0.5%, it’s worth noting that a slightly higher fee of 1% is charged on incoming token payments. Although this differs from the initial advertisement, the fee remains highly competitive and represents excellent value for users.
The low transaction fees offered by CoinPayments provide users with a cost-effective solution for processing cryptocurrency payments. By keeping fees at a minimum, CoinPayments enables merchants and individuals to maximize their financial gains when transacting in cryptocurrencies, making it an attractive choice for those seeking economical crypto payment processing.
Functionalities
CoinPayments offers a comprehensive range of payment methods and smart functionalities for crypto payment gateways:
Online payment gateway:Accept cryptocurrency payments through pre-built integration or the CoinPayments API.
Offline payment gateway:Set up in-person payments using the CoinPayments mobile app or website. Merchants can enter the amount to charge the customer, including the cryptocurrency, and hand over the payment device for the customer to complete the transaction.
Invoice builder: Generate a crypto checkout link that can be emailed to clients using the CoinPayments invoice builder.
Payment buttons: Create visually appealing payment buttons with an integrated checkout page. Suitable for fixed prices only.
Donation widget: Generate a donation button that allows customers to edit the donation amount.
Besides the above mentioned methods of payments CoinPayments has also integrated multiple smart functionalities to enhance the merchants experience:
Anti-volatility: four methods are employed in order to prevent volatility.
- Auto-convert: Incoming crypto is automatically converted in real-time (to a more stable currency).
- Forwarding: Incoming crypto is instantly sent to a specified wallet.
- Auto-sweep: Automatically withdraw and/or convert crypto to another coin once a day, reducing transaction/gas fees.
- Fiat Settlement: Convert incoming crypto to fiat currencies like USD and EUR in real-time.
Discounts & Mark-Ups: Merchants can adjust prices for transactions in specific currencies. For example, a 0.5% discount can be offered for customers paying with USDT.
Accepted cryptocurrencies
CoinPayments sets itself apart as one of the leading crypto payment gateways by offering merchants the ability to accept a vast range of over 130 different currencies. This extensive selection is among the highest available options provided by the best crypto payment gateways in the industry. CoinPayments ensures that all major currencies are included in their accepted currency list, ensuring broad compatibility and convenience for merchants.
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- BNB
- USD Coin (USDC)
- Binance USD (BUSD)
- Ripple (XRP)
- Dogecoin (DOGE)
- Cardano (ADA)
- Solana (SOL)
During the setup process, CoinPayments presents merchants with a setup wizard that allows them to specify the currencies they wish to accept. Merchants have the option to either accept all 130+ currencies or manually select the specific currencies they prefer. We highly recommend including the following:
- The most popular cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and BNB, to cater to a wide range of users and ensure compatibility with major digital assets.
- All stablecoins, including popular options like Tether (USDT) and USD Coin (USDC). Stablecoins are commonly used for payments due to their pegged value to fiat currencies, providing stability and reliability.
- Cryptocurrencies that are well-suited for payments, as outlined in our blog. These currencies include assets like Ripple (XRP), Nano and Stellar (XLM), which have features and characteristics specifically designed to facilitate efficient transactions.
While it is possible to include smaller and less-known coins among the accepted currencies, it is important to consider their limited user base and low impact on order volume.
Ease of setup
CoinPayments offers a wide selection of over 20 pre-built integrations, making it incredibly convenient to seamlessly integrate their services into your webshop. These integrations are designed to facilitate a smooth and efficient setup process, enabling merchants to quickly start accepting cryptocurrency payments. With the availability of these pre-built integrations, CoinPayments significantly reduces the technical barriers associated with integrating their payment gateway into different e-commerce platforms. Some of these platforms with pre-built integrations are shown below:
- WooCommerce
- Magento 2
- Shopify
- Prestashop
- OpenCart
- Zen Cart
- Shopware
- WHMCS
- Ecwid
In addition to the pre-built integrations, CoinPayments also offers a robust API that allows for a customizable integration. This API enables developers to tailor the integration according to their specific requirements, granting them greater flexibility and control over the payment process. With the API, merchants can create a seamless and personalized payment experience that aligns perfectly with their webshop’s design and functionality. The API documentation can be found here.
Safety
The payment gateway of Coinpayments is safe considering they employ manual transactions. This is the best practice in the crypto payment gateway industry. While CoinPayments has an excellent track record in terms of security, it’s worth noting that they experienced an incident in 2017 where funds were stolen from their platform due to a bug. However, it is important to highlight that CoinPayments promptly addressed the issue and took full responsibility for the incident. They have since implemented enhanced security measures to prevent such incidents from occurring in the future.
Frequently asked questions
As mentioned in this CoinPayments review, CoinPayments is a leading crypto payment processor that was established in 2013. It started as a Bitcoin payment processor but quickly expanded to include a wide range of altcoins. Today, it is one of the largest cryptocurrency payment processors worldwide, serving a vast network of over 100,000 merchants.
CoinPayments has established itself as a reputable and legitimate crypto payment processor since its inception in 2013. While they experienced a security incident in 2017, they promptly addressed the issue and have since implemented enhanced security measures. CoinPayments is considered safe for processing crypto payments and has a track record of facilitating over $10 billion worth of transactions across 190+ countries.
To use CoinPayments, you can integrate their services into your webshop or online platform using their pre-built integrations or API. They offer over 20 pre-built integrations, including popular platforms like WooCommerce, Magento, and Shopify, making it easy to set up and start accepting cryptocurrency payments. Alternatively, developers can utilize the CoinPayments API for a customizable integration tailored to their specific requirements.
CoinPayments functions as a crypto payment gateway that allows merchants to accept various cryptocurrencies for payments. They offer an online payment gateway through pre-built integrations or their API, as well as an offline payment gateway for in-person transactions. Merchants can generate crypto checkout links with the invoice builder or create visually appealing payment buttons. CoinPayments also provides a range of smart functionalities such as anti-volatility measures, auto-conversion, forwarding, auto-sweep, fiat settlement, and the ability to offer discounts and mark-ups on specific currencies.
CoinPayments does have a KYC (Know Your Customer) requirement for using their crypto payment gateway. To comply with their KYC process, users are typically required to provide the following information:
- Copy of ID: A valid identification document, such as a passport or driver’s license, is requested to verify the user’s identity.
- Selfie image: Users may be asked to submit a selfie image as an additional measure to confirm their identity.
- Proof of address: CoinPayments may require users to provide documentation that verifies their residential address, such as a utility bill or bank statement.
- Basic information: Users are typically asked to provide basic personal details, including their name, email address, and other relevant information.
- Questionnaire: CoinPayments may include a questionnaire or additional verification steps as part of their KYC process to ensure compliance with regulatory requirements.
Please note that specific KYC requirements may vary depending on the user’s jurisdiction and the nature of their transactions. It is advisable to consult CoinPayments’ official documentation or contact their support for precise and up-to-date information regarding their KYC procedures.
