Cryptocurrency Wallet

CoinPayments- The Cryptocurrency Payment Wallet

Author: Sohrab Khawas

Sohrab Khawas right arrow

Author

    news-image

    Coinpayments Inc is a company that specializes in cryptocurrency payments and transactions. It strives to become the leading trading and crypto exchange platform in the world and also the most popular cryptocurrency storage wallet.CoinPayments uses 18 technology products and services including Google Analytics, WordPress, and Apache Web Server

    It provides easy to use checkout systems and shopping cart integration for Bitcoin, Litecoin, Ethereum, and other altcoins. The wallet is a multi-currency wallet. It will not be difficult to transfer from one currency to another within time.

    Coinpayments launched the integration for Eureka Coin on twitter which is ready for trade.

    • DID YOU KNOW?
    • Coinpayments has a huge user base of over 2.3 million business and user accounts across 182 countries.
    • Since inception in 2013, the company has registered 10 times growth each year near to $1 billion in business transaction volume.
    • It announced a $30 million Series A funding via the Bank to future global online investment platforms.

    CoinPayments is ranked 34,925 among websites globally based on its 834,323 monthly web visitors.

    A Brief introduction to Coinpayments

    Coinpayments was founded by Alex Alexandrov on 01 Aug 2013 based in Vancouver, Canada. The easy to use platform offers prebuilt plugins and integrations for all the major e-commerce platforms, including Shopify, Woocommerce and Magento. With hosted wallets, conversion and fiat settlement functionality, CoinPayments leads the way in furthering the adoption of cryptocurrencies.

    How to create an account in Coinpayments?

    STEP 1: Create a new account by filling the form.

    CoinPayments Create Account

    After submitting the form, an email will be sent to the email address provided. You need to activate the account by clicking on the link provided in the mail. 

    You will be directed to the login page wherein you need to enter login Id and password. A code will be sent through email which you need to enter in the box as given below.

    Enter Your 2FA Settings

    There are no KYC or any identification verification for Coinpayments registration.

    STEP 2 – Choose Payment Methods.

    To start accepting cryptocurrencies, you need to set up a merchant account and select your payment methods. There are four options of how to select payments which include,

    • All supported coins – Accept all coins
    • Selected Coins – Accept particular coins
    • Coins with Auto Convert – Auto convert coins that you choose
    • Fiat Settlement – Accept coins but payments will be done in bank or Paypal account.
    Merchant Account CoinPayments

    STEP 3: Configure Your Merchant Account

    Once you have selected your payment method, you need to configure your wallet. Here you need to choose the destination address for the coins as well as conversion settings. Fiat settlement integration can also be done here.

    Coin Acceptance Settings on CoinPayments

    Once that’s all set you’ll be taken to the integrations section, where you can set up shopping cart plugins, payment buttons, APIs, the POS system and more. You can also move over to the merchant tools section for a more comprehensive selection of customization options.

    STEP 4 – Start Accepting Crypto.

    Coinpayments Features

    gap-600

    GAP600 Instant Confirmations

    CoinPayments supports GAP600 Instant Confirmations making Bitcoin payments faster than ever before.Gap 600 offers solutions specifically for Payments Processors, Crypto Exchanges and gaming platform by offering,

    • Instant Bitcoin and Bitcoin Cash Payment confirmation.
    • Risk and Fraud mitigation
    • Seamless, 1-Hour API setup
    • Multiple risks level subscriptions
    • Enables powerful, instant customer experience (CX)
    gap-600

    Vault

    Protect your coins in the vault, requiring a time amount you specify before being able to spend them.

    The Coinpayments Vaults are a feature that allows users to store their cryptocurrencies into a super-secure online database. The main speciality of this feature is you can set a time limit for which they won’t be accessible by any means. There is no possible way to break into the database.

    vault

    Mobile Apps

    Access your account, accept payments in person, and convert coins anywhere with our mobile apps for Android and iOS.

    Coinpayments is usually an online wallet and trading platform, but it is also available as a Mobile App. It allows you to access your wallet, perform transactions and accept payments. The mobile version of the Coinpayments wallet is available on Android and IOS devices.

    mobile-apps

    Auto Coin Conversion

    Auto convert for some of our coins, saving you the trouble of moving funds, wasting time and fees.

    This feature will allow you to convert your entire balance into another coin. However, there is a minimum amount to be set and the conversion pair should be supported.

    auto coin conversion

    Point of Sale (POS)

    Simple interface for in-person transactions.

    point of sales

    Multi-Coin Wallet

    Optionally store your coins in our secure online wallet. 

    Coinpayments supports over 1000 altcoins.

    Coinpayments Fees and Wallet services

    This platform is an industry leader in low fees. The current fees are

    • Incoming payments- Payments that are credited to the coinpayments wallet are charged 0.50% fees.
    • PAyments which are forwarded to any external address are charged 0.50% fee and coin transaction fee(TX fee).
    • In the case of Commercial deposits wherein addresses are created with Coinpayments API, they charge a fee of 0.50%.
    • For any transfers also 0.50% is charged a fee.

    Wallet services

    • For the personal wallets, Coinpayment gives a free service upto $ 15,000 and above that it charges 0.50% as a fee.
    • For the conversations, they charge TX fee and conversion partner’s fee if any.
    • They charge only coin TX fee for any withdrawals.

    Coinpayments supported coins

    The Coinpayments is a multi-coin wallet. It supports over 1000 types of coins. The detailed list of coins supported by Coinpayments is given HERE.

    Advantages of Coinpayments

    • The ability to keep dozens of cryptocurrencies in one place;
    • quick and easy exchange;
    • two-factor authentication;
    • possibility to place money in the “safe” for extra security;
    • ability to accept payment for goods and services;
    • ability to create a single tag PayByName for all wallets;
    • simple and intuitive interface.

    Disadvantages of Coinpayments

    There are no disadvantages or Cons as of now, except the hack which happened in 2017 where the security was compromised. 

    On June 5th 2017, a Ripple theft occurred which allowed few users to withdraw excessive XPR from their wallets. This was a result of an error in the system which was fixed later. And within six months all the coins were recovered and distributed among the affected customers.

    Concluding thought about Coinpayments

    If you’re in search of a good and easy-to-use cryptocurrency wallet, I recommend you just give  Coinpayments a try!

    Coinpayments is a safe and reliable platform to conduct your cryptocurrency transactions. I hope this Coinpayments review was helpful and informative for you, and that it helped you to learn a bit more about Coinpayments, both as a company and a crypto coin storing wallet!

    Show More

    Was this writing helpful?

    No Yes

    Related Articles

    Back to top button