About CoinPayments
CoinPayments is a digital payment gateway founded in 2013 that enables merchants and businesses to accept and manage payments in over 2,000 cryptocurrencies. It serves a global audience, with specific integration support for European users, and offers features such as a multi-currency wallet, automated coin conversion, and a Point of Sale (POS) solution for in-person payments. The platform provides plugins compatible with various ecommerce solutions, making it suitable for online stores. CoinPayments also enables mass crypto payouts for businesses paying staff or affiliates and prioritizes security through features like cold vaults and multi-signature wallets. While CoinPayments supports Euro (EUR) for payouts in some scenarios, its primary focus remains on cryptocurrency handling rather than direct fiat transactions. The company conforms with KYC/AML standards, which is important for compliance in Europe, although the platform is not a full traditional payment processor or bank. The emphasis is on ease of integration, broad cryptocurrency support, and low transaction fees around 0.5%.
What are alternatives for CoinPayments
👍 Pro's of using CoinPayments
- Supports over 2,000 cryptocurrencies, giving merchants extensive payment flexibility.
- Competitive transaction fee structure (generally 0.5%), making it cost-efficient for most sizes of business.
- Seamless integration with leading ecommerce platforms, streamlining crypto acceptance for online stores.
- Automated coin conversion reduces the risk from cryptocurrency price volatility.
- Additional business features such as mass payouts and enhanced security through cold storage and multi-sig options.
👎 Con's of using CoinPayments
- Direct payouts in Euro are limited and may depend on third-party partners, with additional steps or fees often required.
- The regulatory landscape surrounding crypto payments in Europe is evolving, impacting tax and compliance requirements for users.
- Customer support has been reported as inconsistent or slow, particularly with complex issues or disputes.
- Storing funds on CoinPayments exposes users to counterparty risk unless opting for self-custody or cold storage.
- The platform's fee structure can be complex beyond basic transaction fees, with network and withdrawal fees potentially increasing total costs.
