Are you an online merchant, serious about accepting digital currencies as a mode of payment??
Then this review is for you, Coingate is Perfect solution for your Digital payment needs.
Coingate is a payment gateway for blockchain payments. It provides merchant services to businesses and individuals to accept Bitcoins(BTC) and over 50 altcoin payments like Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Stellar(XLM), Bitcoin Cash (BCH), etc. Additionally. This also allows users to trade Cryptocurrencies in Europe and Worldwide. Buy and Sell Cryptocurrency for debit or credit card, Supporting BTC, LTC, ETH, BNB and BCH purchases.
Coingate- A brief History
Coingate was founded by Jonas Gilys, Dmitrijus Borisenka and Irmantas Bačiulis in 2014 incorporated in Vilnius, Lithuania. It is basically a Bitcoin Payment Processor(BPP) that provides a digital currency platform providing merchant service to businesses and individuals. Individuals can also trade Bitcoin on this platform. It bridges the gap between the cryptocurrency owners who are looking for ways to use their coins and the business owners who are more enthusiastic about accepting crypto payments.
Coingate is loaded with features for both businesses and traders.
For Business/Merchants, Coingate is loaded with the following features,
- Bitcoin Point of Sale – This feature allows a business to accept Bitcoin payments on any internet supported device.
- E-commerce Plugins – Coingate integrated with many e-commerce plugins. (Discussed below)
- Bitcoin Payment API – Fully customized API allows integrating Bitcoin payments with over 50 currencies in any online business.
- Payment Button – This feature enables you to record the transaction details like amount, sender details, etc. By customizing settings you can get notifications too.
- Accepts over 50 Altcoins – Coingate accepts Bitcoins and over 50 Altcoins like XRP, Ethereum, Litecoin, etc. A detailed list of supported coins is provided HERE.
- Instant conversion to EUR/USD
- Shapeshift.io integration
- Changelly integration
For the traders, Coingate offers the following features,
- 24- hour withdrawal facility
- Top-level protection with 2-Figure Authentication using Google Authenticator.
- Document encryption.
Why Should I Choose Coingate?
- Some merchants accept Bitcoins manually creating a lot of issues and hassles for the merchants. Coingate addressed the issue by sending payments directly to the merchant’s accounts automatically.
- The same merchant has to further exchange BTC for Fiat currency. The merchant gets BTC in his wallet which needs to be exchanged through an exchange if he wants to get USD/EUR. Coingate simplifies the process by sending payments and also converting them into fiat currencies instantly.
- Coingate updates the real-time price by comparing it with the multiple exchanges and chooses the best one. Coingate by doing this offers the minimum rates.
Technical Details: What all COingate supports?
- Cloud Hosted
- Small Business
- Large Enterprises
Coingate is available in over 100 with 40+ local currencies supported. See the list of countries here
Coingate Fee Structure
Coingate offers a different fee structure for merchants, traders, and withdrawals.
- For Merchants – Coingate charges 1% as processing fees. There are no registration fees or recurring fees. The service includes free SEPA transfers and Bitcoin payouts as well as customer support and reporting dashboard.
- For Traders – Coingate applies 3% buying and selling fee deposits funds.
- For Withdrawals – Withdrawals to Bitcoin is free of charge, however, the customer has to pay the network transaction fee. Euro withdrawals using SEPA bank transfer costs nothing but customers need to pay the bank charges depending on the services opted.
Coingate Affiliated Program
Coingate provides referral links that allow receiving 1% of the fees paid by traders who registered using your link. Referred customers will be paying 0.5% – 1% lower fees than regular 3%.
Referrers will get a percentage of total payments that the referred customer makes.
Coingate API –
Integrate Coingate API to Start receiving crypto payments. From checkout to payment settlements, Coingate will manage everything. Anyone, without deep technical knowledge, can use fluctuating price rate and zero risks.
Coingate Plugins and Withdrawals Platforms
- WooCommerce CoinGate Plugin: This plugin allows you to accept the Bitcoin and Altcoin on your WooCommerce store.
- Magento CoinGate Plugin: Magento CoinGate Plugin offers you to accept Bitcoin and Altcoin.
- OpenCart CoinGate Plugin : Obtain Bitcoin and Altcoin on your OpenCart CoinGate Plugin
- PrestaShop CoinGate Plugin: PrestaShop CoinGate Plugin provides space to allow the Bitcoin and Altcoin.
- VirtueMart CoinGate Plugin: This plugin accepts Bitcoin as well as Altcoin on your VirtueMart store.
- WHMCS CoinGate Plugin: Thus, this plugin accepts Bitcoin and Altcoin on your WHMCS store.
- ZenCart CoinGate Plugin: You can register for an account at https://coingate.com for production.
However, this method is used to withdraw EUR. Your bank may collect fees for receiving payments. Henceforth, for more knowledge about fees, you can contact banks
- International bank
You can withdraw EUR and USD through this platform. However, the only thing is you have to pay all transaction fees.
1% of the transaction fee will be charged for withdrawal amount. Therefore, using this method you can withdraw EUR and USD.
You have to pay for all the transaction fees for the withdrawal amount. Thus, you can withdraw EUR and USD using this method.
You can withdraw BTC using this method and the company will pay the Bitcoin network transaction fee.
Recently on FEB 01 2019, Coingate added XRP Payments,
- More importantly, all the Bitcoins are stored in Cold Storage.
- They create the withdrawal immediately as well as operate it within 24 hours after obtaining the payment for the exchange of Bitcoins
- Using Google Authenticator, you can secure your account with 2FA.
- All the documents uploaded will be coded in an encrypted format.
Benefits of Coingate BPP – PRO’s
- Top-notch security
- Over 50 Altcoins supported
- Various payment options
- Real-time price updates
- Regular news updates on Coingate
- 24/7 Customer support service
Limitations of Coingate – CON’s
- Not all currencies are supported
- No free trial feature supported
For Guide of How to use coingate , Click here
Concluding thought on Coingate BPP
In the times where Cryptocurrency is all overused, it is far that every small and large enterprise business will accept bitcoin or cryptocurrency payments. Coingate can be the ultimate solution for merchants to do so. The Best of this is that the platform not only provides payment accepting API also a Trading platform to Buy and sell cryptocurrencies globally with 40+ local currencies. We have also read some negative remarks and reviews about the services but comparatively very little to good ones. You can still give a thought to Coingate before thinking to start receiving cryptocurrency for your business.
Coingate is a Bitcoin wallet. With CoinGate, traders can buy and sell Bitcoin, allowing them to perform trades in the cryptocurrency market within a safe and secure environment.
It is another payment option for those who want to buy digital assets on CoinGate. the express checkout allows you to purchase without having a CoinGate account.
The wallet has a 1% processing fee.