Cryptocurrencies are exceptional, but can be quite tricky to handle. Its usability is undeniably growing day by day with new tools and services. Today, there is a variety of crypto storing wallets, but with such a huge variety to pick from it may become difficult to select the right one. So in this CoinPayments 2020 Review I am going to explain about the CoinPayment wallet and its features.
What is CoinPayments?
CoinPayments is a multi currency wallet and payment processor, that allows merchants to accept hundreds of altcoins and Bitcoin into their stores through plugins, such as POS and APIS interfaces.
CoinPayments started back in 2013. It became the first payment processor to support altcoins, at that time no one offered support for cryptocurrencies outside of Bitcoin. Therefore, CoinPayments seized the opportunity to create a payment processing solution and a multi currency wallet. CoinPayments is the most comprehensive multi currency platform online, with over 2.2 million users across 182 countries worldwide.
CoinPayments is a genuine tool and offers some cool features for payment processing, which i have listed below:
- Point of Sale (POS) – Point of sale terminals to accept payments in person, while serving customers at offline stores.
- Multi Coin Wallet – You can manage more than 650 coins optionally. However, it is not recommended for longer duration’s.
- Shopping Cart Plugins – CoinPayments offer plugins for all the popular web carts used today.
- Vault – Secure your coins in a cold wallet by setting a specific time before spending them. This becomes like treasure hidden within a vault, there is no possible way to break into the database. In case of a hacking attempt or a security breach, the culprits cannot steal the crypto within the vault, because it would require a specific period to pass.
- Fiat Settlements – If you are a UK or US merchant then you can get fiat settlement directly to your linked bank accounts.
- Mobile Apps – CoinPayments has mobile apps for both Android and IOS, which someone can access their account, convert coins anywhere and accept payments.
- Auto Coin Conversions – CoinPayments support coin conversions from one coin to another for some coins.
Accepting Payments with CoinPayments API
Variable Payments – (get call back addresses.) This payment method gives you an address, any coins received by it are deposited into your CoinPayments wallet. The buyer can send any amount of coins as many times as they want. You can assign a client an address they can use to ” top up ” its your choice.
Fixed Price Payments – ( Create Transaction. ) You choose a price in cryptocurrency or fiat and what type of coin to receive. The buyer has to send the amount of coins returned by the API in order for the transaction to go through. This type of payment method also has a multitude of payout options from storing in your CoinPayments wallet, converting to another coin, settling in fiat currency or forwarding to another crypto wallet.
It is said that CoinPayments is the cheapest service for crypto payments in the world. Here is their fee break up:
- Commercial deposits – ( callback addresses) created with their API – 0.50%
- Incoming Payments – To balance (funds go to CoinPayments wallet) – 0.50%
- Incoming Payments – Nightly / ASAP (funds are forwarded to external addresses) – 0.50% = coin TX fee (Transaction fee.)
They also charge a service fee for their wallet:
- Personal Deposits – ( Addresses made on your wallet page or deposit addresses on their API.) – First 30,000 USD equivalent monthly: FREE. After that 0.50%.
- Withdrawals – Coin TX fee.
- Conversions – Coin TX fee + conversion partner’s fees( if any.)
How to Use CoinPayments
To get started you need to register your name and email ID. It will send you a conformation code for your mail ID, then you log in with your 2 FA Authentication code.
After you log in this is what your landing page looks like:
You can then navigate to the wallet section or you can make your $PayByName and explore other options.
Is CoinPayments a Safe Platform?
In 2017, hackers broke into the CoinPayments Ripple storing security databases. Naturally, the people that had kept their XRP coins in vaults managed to avoid this hacking, however others weren’t as lucky, as huge amounts of Ripple was stolen form users that held this coin. Six months after the breach occurred, CoinPayments managed to give back every ripple coin that was stolen, to the people who were affected.
Other than that, the team ensured their community that this situation is never to be repeated again. CoinPayments do have a spotless track record, as this is quite rare for companies as ambitious with their projects as this one. Moreover, I am giving CoinPayments another chance as they have significantly improved their security standards and have responded wisely to XRP theft. A thing you should understand with crypto is that, you should not trust anyone and be aware that the infrastructure surrounding crypto is in its infant stages. This is why before transacting huge amounts of money into online services, think twice and always use hardware wallets such as the Ledger Nano S.
CoinPayments Pros and Cons
- Great Fees.
- Has Vaults.
- Supports more crypto than you may ever need.
- Secure( Despite 2017 incident.)
- 2017 Ripple theft incident.
Its not every day that you will find a crypto wallet that can store more than half of the cryptocurrencies out there. The features that I have presented in this CoinPayments 2020 Review are just a few key points out of many more.
Honestly, if you manage to overlook the 2017 Ripple break in, you will see that CoinPayments offers interesting features. The team is adamant on building a mulit-functional platform. If you are in search of a good and easy to use crypto storing wallet, be sure to give CoinPayments a try. I hope this review was helpful and that it helped you to learn more about CoinPayments, both as a crypto coin storing wallet and a company.
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