Coinpayments – review and feedback on the service for accepting payments in the crypto currency.

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Coinpayments – review and feedback on the service for accepting payments in the crypto currency.

If we calculate the total world turnover of popular crypto currency in 2020, and compare the data with the figures that were recorded at the very beginning of the appearance of digital money, then the reasons for this unprecedented interest in this independent payment facility become clear. If the usual fiat money obeys the traditional laws of financial circulation and the formation of exchange rates ( which are written about as much useful information as in the context of international trade, and to meet the needs of national economies), the BTC, Litecoin, Dash or ZCash exist and operate according to their rules .

And every owner of exchangers, purses, or other trading platforms specializing in operations with digital money, tries to systematize as much as possible the “laws” to which these financial instruments are subject. But it is almost impossible to do this: bitcoin (the ancestor of crypto-currency) and, for example, any other digital money can not be summed up under common denominators. In this respect, even Mongolian tugriks and US dollars have much more “common points of contact” than VTS, ETH or other crypto-munitions.

An old enough resource CoinPayments (registered in 2020) is of interest for both miners, experienced experts in the exchange of digital currencies, and ordinary fans of cryptonyms who plan to turn their hobby into a source of stable income. But what can this platform offer to connoisseurs of digital money?

Basic parameters of Coin Payments

The development of an alternative financial system was inevitably accompanied by the creation of various projects related to the mining of crypto-currencies, using BTC, Ethereum, Litecoin, etc., as a universal trading tool for paying the cost of the necessary products / services (and, according to specialists dealing with development issues , this trend will continue for at least the next 10-20 years). One of such trading platforms is CoinPayments.

Main features of the platform

The resource works with the most popular crypto-currencies (their number is constantly increasing). Each purse is protected by blocking technology, which at the moment is one of the most reliable, and the scope of its use is actively used in a wide variety of activities.

в—Џ User-friendly and intuitive interface allows you to work on the site even for beginners, without the relevant experience.

в—Џ Opportunity to enter into transactions with fiat currencies.

в—Џ The application provided by the CoinPayments programmers allows the site’s clients to carry out the planned operations using mobile gadgets (the administration of the resource guarantees complete security of the personal information and financial resources of its customers).

в—Џ Users of the resource can block money for a certain period of time, as well as accumulate donations on their website.

в—Џ Having registered a login on CoinPayments, the customer of the service can use a digital POS-terminal to receive money from customers of his online store.

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How is the activity monitored?

One of the main drawbacks of the resource under consideration is the lack of the necessary competent authorities in this case, which have all the necessary powers to exercise supervisory functions, issue licenses and other permits. This factor, of course, negatively affects the business reputation of the web resource, but most of the “old” customers do not attach much importance to it. Every experienced user who has studied the demo version of CoinPayments demo version trusts this exchanger for 100%, without worrying about the security of the financial assets and personal information (objective websites fully confirm the personal observations of experienced customers of the resource in question). At the same time, many experts believe that such factors often prove much more effective than numerous licenses, permits or other documents that provide the right to engage in financial activities, including exchange transactions.

What you need to know about working with Coin Payments: an overview of the highlights

Studying about the exchanger CoinPayments reviews compiled by dissatisfied users can be found in the network a lot of negative information about the resource, but professionals do not recommend using it as an objective indicator. Of course, every web resource that specializes in commercial activity will always have such “well-wishers”, therefore, when making your opinion about the site, always try to study all available sources (giving preference to experienced professionals).

Available currencies

The main currencies of the resource are BTC and Litecoin. To date, users can exchange or use for their online store almost all known in our country crypto-currencies, as well as widespread fiat money. And if you reject all the emotional, dissatisfied characteristics, as well as the responses of “customers” ordered by Coin Payments, you can say that this resource is developing well, is not going to position itself, exclusively as a highly qualified exchange resource, and according to analysts’ forecasts, following the chosen development strategy , it will very soon become a multi-functional trading platform with a great future.

CoinPayments: The Payment Processing Service For Cryptocurrencies

CoinSutra » Cryptocurrency » CoinPayments: The Payment Processing Service For Cryptocurrencies

Cryptocurrencies are good but can be quite tricky to handle. People in the cryptoworld might agree with me on this.

Its usability, undeniably, is continuously improving day by day with new tools and services but it continues to be a big mountain of learning for its users.

And when I say users, one needs to understand who they are.

Users here means the HODLers, traders, and the businesses accepting these currencies.

I want to also point to the fact that while we may have decent services for HODLers and traders, the same is not the case for businesses.

Accepting cryptocurrencies in exchange for your products and services is still cumbersome. And that’s because there are 100s and 1000s of cryptocurrencies out there.

One user wants to pay in X currency while the other wants to pay using another coin.

This creates a bottleneck in their acceptance, but there is one organization working hard to solve this problem – CoinPayments.

And in today’s review, we are going to look at what it has to offer.

What Is CoinPayments?

CoinPayments is a Canadian company offering payment processing services for cryptocurrencies since 2020.

It allows merchants to accept Bitcoin and over 600 altcoins in their store through easy to use plugins, APIs and POS interfaces. With over 2,000,000 vendors across 182 countries around the world, CoinPayments.net is the most comprehensive multi-cryptocurrency platform available online.

They also provide simple and easy-to-use shopping cart plugins that a merchant or eCommerce owner integrates on their platform.

Plus, they also provide PoS (point of sale) terminals to accept in-person payments while serving customers at offline stores.

That’s why CoinPayments is one of the most popular cryptocurrency payment processing service amongst business owners around the world.

CoinPayments: Features

CoinPayments, as the name suggests, is a proper payment tool and offers some cool features for payment processing. Here are some of those:

  • Multi-Coin Wallet: You can manage more than 600 coins optionally in CoinPayments’ online wallet. However, it is not recommended for longer durations.
  • Point of Sale (PoS): Use CoinPayments’ simple interface to accept in-person payment in your store or for your business.
  • Shopping Cart Plugins: CoinPayments offer plugins for all the popular web carts used today. Simply register and install a plugin to integrate CoinPayments with your new or pre-existing checkout sections. Check all plugins here.
  • GAP600 Instant Confirmations: CoinPayments supports GAP600 instant confirmations against 60 minutes confirmations making Bitcoin payments faster than ever before.
  • Auto Coin Conversions: For some coins CoinPayments support coin conversion from one coin to another, saving you time and fee.
  • Fiat Settlements: If you are a US or UK merchant then you can get fiat settlement directly to your linked bank accounts
  • Vault: Secure your coins in a cold wallet by setting a time before spending them.
  • AirDrops: CoinPayments provides air drops of new coins and tokens to the users so that everyone benefits.
  • Mobile Apps: In the mobile era, CoinPayments has mobile apps for both iOS and Android in place through which one can access their account, accept payments in person, and convert coins anywhere.
  • CoinPayments ICO Marketplace: It also provides an ICO hosting platform providing payment solutions for your upcoming ICO including escrow
  • $PayByName: This is the coolest features, where you make your custom names and “pay by name”. It helps merchants in accepting all types of coins and fiat via this unique name. For example, CoinSutra will accept payments on $CoinSutra.

CoinPayments Fees

CoinPayments claims to be the cheapest service for crypto payments in the world. Here is their fee break-up:

Incoming Payments – To Balance (funds go to CoinPayments Wallet) 0.50%
Incoming Payments – ASAP/Nightly (funds are forwarded to external address) 0.50% + coin TX fee
Commercial Deposits (Callback Addresses created with our API) 0.50%

Apart from that, they charge a service fee for their wallet as per the chart below.

Personal Deposits (Addresses made on your wallet’s page or Deposit Addresses on our API) First 30,000 USD equivalent monthly: FREE
After that: 0.50%
Conversions coin TX fee + conversion partner’s fees (if any)
Withdrawals coin TX fee

Note: TX is the transaction fee.

CoinPayments Controversy Over Hacked Ripple

CoinPayments in year (June 2020) lost a significant amount of user’s Ripple (XRP) from their hot wallet.

As per the company, there was a bug in their hot wallet which the other users of CoinPayments exploited to siphon away all the XRPs.

It is worth highlighting the fact that the company did the right thing by accepting their mistake and then went to work on their recovery process to refund all the affected users.

Here is a statement after they successfully refunded all the affected users and strengthened their security.

How To Use CoinPayments

To get started on CoinPayments, you need to register using your email ID and name. Then confirm your mail ID and log in with your 2-FA authentication code.

This is how the first landing page after login will look like:

You can then navigate to the wallet section or make your $PayByName and explore other options for integration of your CoinPayments processor under ‘Merchant tool’ option:

Conclusion – Is it Safe To Use CoinPayments?

CoinPayments is undeniably a legit and safe service.

If you are writing it off based on one unfortunate incident that happened in 2020, you are missing out on their years of hard work in the industry. I am giving it another chance as they have improved their security standards and responded wisely to the XRP theft.

Moreover, a thing to understand with crypto is that you should not trust anyone and also know that the infrastructure surrounding crypto is in its infant stages.

So before transacting in huge amounts of money in any online services, think twice and always use hardware wallets like Ledger Nano S.

Or in case of CoinPayments too, you have an option of ‘Vault’ which you can use to lock down your coins in case you are planning not to use them; its free. Having done this, you will avoid a significant amount of risk while using such online services.

Lastly, it is always good to be first in adopting technological revolutions around the world to scale your businesses. Through CoinPayments, you have the chance to increase the flexibility of doing business with crypto.

Share your experience: Have you used CoinPayments for payment processing or as a wallet? How has your experience been? Let us know in the comment section below.

Want us to review any other services in the crypto realm? Comment below or write to us.

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An award-winning blogger with a track record of 10+ years. An international speaker and author who loves blockchain and crypto world.

After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.

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CoinPayments Tips to Avoid a Cryptocurrency Scam

Digital currencies are an increasingly hot area with a mind-blowing 3000% growth in market capitalization in 2020 alone. As interest in digital currencies continues to grow, it is important to understand the risks. New users of cryptocurrencies often fall prey to common mistakes or scams, and CoinPayments is committed to supporting and educating users in avoiding these pitfalls.

We been around the crypto world since 2020 and we have seen our fair share of scams and schemes. Below are 12 tips from CoinPayments to protect yourself against cryptocurrency scams, grouped into three easy to remember mantras: Know Who You’re Dealing With, Know the Rules of the Game and Safety First.

Know Who You’re Dealing With

The world of cryptocurrencies is not exempt from one of the most basic laws of business: deal with people you trust. The lure of making big money in the crypto world often causes frenzied activity and rash decisions, creating an environment ripe for scams. The best way to safeguard yourself against falling for a scam is to do your research and get to know all parties involved in a transaction.

  1. Do some internet stalking: Always do a thorough read through of the feedback for vendors who are using CoinPayments. Check how new they are, if other users had a good experience, and how many transactions they have processed. A strong set of publicly verifiable reviews and/or articles involving the vendor is a good sign that they are trustworthy and will not scam you.
  2. Practice double checking: CoinPayments is developing the cryptocurrency ecosystem by offering a free API, which encourages more and more vendors to accept digital currencies. This means that potentially untrustworthy players can easily download the API and also offer CoinPayments digital payments processing. Please note that we do not endorse all merchants who use CoinPayments. Always verify a vendor’s reputation with your customer service representative, or through your own research.
  3. Watch out for Madoff wannabes: Bernie Madoff successfully stole from over 52,000 victims before he was finally sent to jail in 2009. We may look back at one of the biggest Ponzi schemes in history and laugh at other people’s naivete, but remember that fraudsters can prey on anyone. Cryptocurrency is still a very new, fast-moving and highly misunderstood industry. This provides a prime opportunity for fraudsters to engage and scam users, like you. Stay very aware and suspicious of both High-Yield Investment Programs (HYIP) and Multi-Level Marketing schemes (MLM), also known as pyramid schemes. Any scheme promising high short-term returns is highly suspect, and if it sounds too good to be true, it probably is.

Know The Rules of The Game

Cryptocurrency has already massively disrupted the traditional banking system that has existed for centuries. With disruption comes paradigm shifts, and with new paradigms there are new rules. Below are some crucial “Rules of Crypto” to avoid losing coins and educate yourself on the workings of blockchain.

  1. Remember no do-overs: Remember in grade school when do-overs where a thing? When your siblings or friends would be nice enough to give you another shot at whatever game you had invented? Unfortunately there are no do-overs in crypto. Once you have sent a transaction, it is irreversible and there are no refunds or chargebacks. Our historic use of credit cards conditioned us to believe that there is always a possibility for refunds and chargebacks. Credit card companies take a fee from vendors to be the intermediary with you, the customer. The goal of blockchain and cryptocurrencies is to provide a means for peer to peer transaction, thereby cutting out the middleman. This eliminates the possibility of chargebacks in that process.
  2. Remember no return to sender either!: In the classic Elvis Presley song “Return to Sender”, he’s had a quarrel with his lover and keeps trying to send her a letter. It keeps coming back with three words she’s written on it: “Return to Sender”. While he may have been unlucky in love, at least Elvis had a heads up that his letter did not arrive (or rather it had arrived, but had intentionally been sent back). In the crypto world, if coins are sent to the wrong address they will NOT be labelled “return to sender” and sent back to you. Always ensure you are sending your coins to the correct address. Once a transaction is logged on the blockchain, it’s final.
  3. Does not play well with others: We know it’s difficult to keep straight the ever increasing number of cryptocurrencies (there were 1,634 listed on Coin Market Cap at the time of writing). However, it is critical to remember you cannot send one type of coin to another type of coin’s address (for example, sending Bitcoin to an Ethereum address).
  4. Watch for hidden fees: Different blockchains and coins have different fee structures (miner fees, network fees, etc.) A common mistake that crypto rookies make is sending micropayments when the network transaction fee is higher than the actual amount being sent. Given that the network fees in particular can vary depending on when you are sending your coin, always be sure to double check this and ensure the fees do not exceed the value of your transaction. As noted above, all transactions are final.
  5. Be specific: Certain coins require detailed information (besides just the address) when sending. For example, coins such as Ripple (XRP), New Economy Movement (XEM), Stellar (XLM), ByteCoin (BCN) and Steem (STEEM) require an additional payment id, destination tag or memo to be filled out in order to be sent successfully. Not doing so could result in lost coins. Never leave a required field blank when you are sending cryptocurrency.

Safety First

  1. Don’t go phishing If your Spidey Sense goes off when you’re reading an email because everything seems normal but there’s SOMETHING ABOUT IT, then STOP. Phishing is one of the most common methods that cryptocurrency scammers use to steal coins. They will typically disguise themselves as a well-known service (a vendor or wallet that you are familiar with) by slightly misspelling the URL in an email, and providing a seemingly legitimate reason for you to open the link and fill in your private information.A practical way to avoid phishing scams is to never clink links in emails. Go directly to the official site and login using your credentials there instead. Phishing scams are usually advertising an offer or a deal, and scammers trick you into entering your login details on their false site instead of the official one. By logging in via the official site you remove the risk or entering your private information on a compromised site.
  2. Keep those 2FA codes on lock: Two-factor authentication (2FA) is as critical in the crypto world as it is elsewhere for preserving your account security. Always use two-factor authentication when it is an available option, and try and keep the second factor of authentication different than your email address (e.g. use Google Authenticator on your phone).
  3. Private keys: There is NEVER a situation where anyone BUT YOURSELF needs your private key. Regardless of the context, this information should never be given out. Be especially alert to scams that request private key information.
  4. Practice common computer sense: all the things we know we should do regularly but perhaps let slip: regular anti-virus scans, keeping your operating system up to date and being wary of attachments in emails. These are rules of the game that STILL APPLY to cryptocurrencies. You should also strive to maintain different passwords for your email, crypto exchanges, etc and to change them on a regular basis. Lastly, do not publicly announce that you are holding large amounts of cryptocurrency, as this makes you a prime target for hackers.

In conclusion, cryptocurrencies will continue to reshape the payment landscape and provide flexibility to you the user. As with any other type of transaction, it is critical to Know Who You’re Dealing With, Know the Rules of the Game and remember Safety First. By keeping in mind the tips listed above, you are well on your way to a worry-free cryptocurrency experience!

CoinPayments: Accept Payments with Cryptocurrencies

CoinPayments is a reliable gateway for accepting payments via cryptocurrencies.
It supports 70+ coins, including Bitcoin and Litecoin.

In this article:

Installation

To add CoinPayments payment method to your online store:

  1. Open the CoinPayments app page.
  2. Click Get app and log in to your Ecwid account.
  3. Click Install. The app will be installed into your Ecwid Control Panel right away.
  4. Click Open app to access the settings and configure this payment method in your store.

Setup

  1. Sign up for an account with CoinPayments, or skip this step if you already have one.
  2. Go to your Ecwid Control Panel → My Apps.
  3. Click Open app next to the CoinPayments app.
  4. Fill out the Merchant ID field. You can find your Merchant ID in Account →Account Settings → Basic Settings in your CoinPayments account.
  1. Fill out the IPN secret field. You can set your IPN secret value in Account →Account Settings → Merchant Settings in your ConiPayments account.
  1. Fill out the Replace store currency with crypto coin (optional). This field allows you to convert the order total to the set cryptocurrency at 1:1 ratio. If the field is empty, the order total will be converted to crypto coins at the current exchange rate.
  2. Click Save settings.

Now the CoinPayments option will be available to your customers at checkout.

CoinPayments Wallet Review

CoinPayments is a wallet service platform where you can buy, sell and exchange at a flat transaction fee of 0.50%. It is an integrated payment gateway for cryptocurrencies such as Bitcoin, Litecoin, Monero, Zcash, Dogecoin, Ethereum, etc.

What Is CoinPayments?

CoinPayments is a Canadian platform that caters toward merchants who sells their services online. It supports 100 + types of payment transactions and you are free to add and withdraw payments as needed.

The official site claims:

“CoinPayments is the first and largest payment processor of over 575 cryptocurrencies. It boasts over 1,673,500 vendors across 182 countries around the globe. Also, the platform offers a huge variety of services and merchant tools.”

Currently, the platform integrates many popular shopping carts used in eCommerce stores including PrestaShop, Woo Commerce, Opencart, and Magento. It also offers a POS system to accept payments in person.

CoinPayments Wallet Features:

BitGo Instant:

This feature makes bitcoin payments easier and faster than usual

Secured With BitGo:

BitGo secures CoinPayments hot wallet, where multisig technology protects all the company’s funds.

Mobile Apps:

You can access your account and convert coins anywhere using the mobile apps. It available on both Android and iOS.

Vault:

This feature allows you to lock your coins in the system vault. So, you need to wait for some time before spending your coins (max of 56 hours).

Auto Coin Conversion:

It allows automatic conversion of 55+ coins saving both fees and time

Multi-coin Wallet:

You can create and store coins on multiple wallets

Point of Sale:

It offers an add-on feature “point of sale” which you can use to accept payments in person.

Fiat Settlements:

The US and Europe-based merchants can have fiat settlements directly to their bank accounts.

Pay By Name:

This unique feature allows you to store the details about individual users. It is similar to the “fingerprint technology” whereby the fingerprint portrays unique identity of the user.

The Merchant Tools

How to Use CoinPayments?

Set up an account and choose the fields according to your preference:

Enter the personal details including:

  • A unique username
  • Email and password
  • Select a Time Zone
  • Reading and confirming the terms of service

Email Verification process: A link is sent to your email address, you need to verify your email by clicking on the link.

An Account Wizard helps newbies to get familiar with how the wallet services and merchant payment works.

The wallet service offers 2 options:

  1. A normal wallet: By which you exchange your coins
  2. $PayByName: By which you can create a unique tag to receive payments from all coins

The merchant payment offers 2 options:

  1. Choose all the coins available
  2. Select your coins of preference.

CoinPayment Fee Charges

CoinPayments is an industry leader in low fees!

Fees

  • It charges a modest 0.5% on all incoming payments
  • Commercial deposits are paid at 0.5%
  • Withdrawal attracts the coin transaction (Tx) fee
  • Wallet services are free of cost

CoinPayments Security

Multi-signature and 2-factor authentication process provides good security to its users.

June 2020, CoinPayments made headlines for a bug by which thousands of dollars’ worth of Ripple (XRP) was stolen from users’ accounts. One investor claimed to experience loss of $700,000 USD worth of Ripple.

Reports made by CoinPayments say that the people who stole ripple tokens from other users were not hackers but long-standing customers of the platform.

On the other side, CoinPayments seems to be designed by keeping merchants in mind. It is popular with businesses that are keen to accept altcoins.

This platform offers a good user experience for any merchants or users trading.

Easy to use and provides adequate assistance for newbies.

Final Note

CoinPayments is a popular cryptocurrency payment platform which merchants are using around the globe. You can accept payments online via convenient address system, or you can accept payments in-person via POS system. Mobile apps are also available for iOS and Android. So you have many choices here!

You can learn more about CoinPayments or start using the payment platform by directly navigating to its official website.

Thank you for scrolling along the review.

You can also follow us on Twitter and Telegram for more updates on crypto trends.

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