About CoinPayments
CoinPayments is a Canada-based payment gateway established in 2013, designed to help businesses accept a broad range of cryptocurrencies for online and in-person transactions. Targeting e-commerce shops, digital service providers, non-profits, and retail stores, CoinPayments streamlines crypto payments through plugins, APIs, and point-of-sale solutions. It supports over 2,000 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, stablecoins like USDT, and Euro-pegged tokens such as EUROC, making it one of the industry’s leaders in multi-coin acceptance.
Merchants can use CoinPayments to price goods in euros, invoice customers, and where supported receive settlements in EUR or stablecoins to minimize volatility risk. Automatic conversion features allow for seamless conversion of received cryptocurrencies into other coins or stable assets. Integration is straightforward, with numerous shopping cart plugins for platforms like WooCommerce, Shopify, Magento, and PrestaShop. Funds are held in custodial wallets maintained by CoinPayments, simplifying the user experience but also introducing certain risks.
CoinPayments enforces KYC/AML protocols to comply with international regulations, though it does not hold a full EU e-money or payment institution license. European payouts are available through regulated partners, and support for direct EUR settlement depends on location and regulatory factors. While the platform is well-established and boasts a global merchant base, users should be aware of its service limitations, regulatory position in Europe, and the implications of using a custodial provider.
Pro's of using CoinPayments
- Extensive Multi-Coin Support: Accepts over 2,000 cryptocurrencies, including major coins and EUR-pegged stablecoins.
- Low Transaction Fees: Charges a competitive 0.5% per transaction, which is below many key competitors.
- Easy Integration: Offers ready-to-use plugins for popular e-commerce platforms and a developer-friendly API.
- Euro Support: Enables pricing, invoicing, and potential settlements in EUR—valuable for European merchants.
- Automatic Coin Conversion: Merchants can reduce volatility risks by converting crypto receipts into stablecoins or EUR-pegged assets.
Con's of using CoinPayments
- Custodial Model: Funds are stored by CoinPayments, not controlled by the user—raising security and insolvency risks.
- Limited Regulatory Oversight in EU: Lacks a full EU license; direct EUR bank settlements may be restricted by country and partner banks.
- Mixed Reputation: Reports of slow support, frozen accounts, and withdrawal delays, especially for older or large accounts.
- Mandatory KYC/AML: All merchants must complete verification, which can deter privacy-focused users.
- Past Security Incidents: History of breaches (notably in 2017); no major recent incidents, but some merchants remain cautious.
What are alternatives for CoinPayments
These alternatives offer varying degrees of compliance, payout options, integration scope, and custody models to suit different merchant needs, especially within the European context.