CoinPayments is a payment platform that supports over 65 different coins. Find out
how CoinPayments works today in our review.
What Is CoinPayments/?
CoinPayments is a Canadian cryptocurrency payment platform that accepts over 65 altcoins at a flat transaction fee of 0.50%. The payment platform is catered towards merchants or anyone who sells their services online.
In June 2017, CoinPayments made headlines for a bug that allowed thousands of dollars’ worth of Ripple (XRP) to be stolen from other users’ accounts. The issue is still ongoing as we speak. One investor claimed to have lost $700,000 USD worth of Ripple.
Today, CoinPayments integrates with a number of popular shopping carts used by eCommerce stores – including PrestaShop, Woo Commerce, Opencart, and Magento.
Another unique feature of CoinPayments is that you can “pay by name”. Each CoinPayments merchant has an address that looks like $CoinPayments. You send altcoins to that address to pay the merchant.
In addition to working with eCommerce businesses, CoinPayments offers a POS system that can be used to accept payments in person.
Today, CoinPayments claims to be “the first and largest payment processor of over 65 cryptocurrencies.” The platform is used by 234,500 vendors across 182 different countries.
It’s popular among businesses who want to accept cryptocurrencies, but don’t want to go through the process of individually accepting each currency. With CoinPayments, they can accept over 65 popular cryptocurrencies at once.
CoinPayments Features
CoinPayments comes with all of the following features:
BitGo Instant:
CoinPayments supports BitGo Instant, which makes bitcoin payments faster than usual.
Secured With BitGo:
The CoinPayments hot wallet is secured by BitGo, which means all of the company’s funds are protected by multisig technology.
Vault:
You can “Vault” your coins, which means you set a required amount of time before being able to spend them. This locks your coins down securely.
Mobile Apps:
Access your account, accept payments in person, and convert coins anywhere using the mobile apps available for Android and iOS.
Fiat Settlements:
US-based and Europe-based merchants can have fiat settlements directly to their bank accounts.
Auto Coin Conversion:
Some coins are available for auto conversion, so you avoid the hassle of moving funds around on your own.
Point Of Sale (POS):
CoinPayments has a simple POS interface that allows you to accept transactions in-person.
Multi-Coin Wallet:
Store your coins in a secure online wallet.
“We would like to remind everyone that any coin stored for extended period should always be Vaulted.”
The “Vault” service is a free platform that helps users protect funds by locking them down for a certain period of time. Understandably, some users are seeing this as a “victim blaming” response. Making matters worse is that this was entirely the fault of CoinPayments: it was a bug in their system that allowed the leak to take place.
Many of the users who lost Ripple appear to have been using two factor authentication – something that would typically prevent a situation like this.
In any case, the issue is still ongoing.
CoinPayments Fees And Pricing
CoinPayments has a basic fee structure. Here’s how it works:
Incoming Payments: .50%
Commercial Deposits (Callback Addresses Created with the CoinPayments API): .50%
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