CoinPayments is a crypto wallet that provides an easy-to-access platform for crypto users and businesses. The company boasts more than 1,000,000 users and serves over 100,000 merchants worldwide. Very low processing charges and minimal risk of fraud are some of the key features of this crypto tool.
What is CoinPayments Wallet?
With the help of CoinPayments Wallet, traders can hold over 2,260 crypto coins on a single platform with this wallet. It offers fiat conversion options and gift card purchases too. For businesses, the service assures minimal risk of fraud with the absence of chargebacks. So, let us get started on the important features and other characteristics of this wallet in our review.
|CoinPayments Wallet Summary|
|Wallet name||CoinPayments Wallet|
|Wallet’s Type||Hot Wallet|
|Supported Hardware Wallet||No|
How does CoinPayments Wallet work?
As per the info present in the FAQ section, to use this platform, you need to open an account first. You can log in to your account and use the What Coins To Accept menu. The vendor recommends bitcoin, Litecoin, and Peercoin as coins with a stable exchange rate. You can enter your wallet payment address and check the enable box.
For converting crypto to fiat currency, the vendor recommends the purchase of gift cards or shopping items with the coins. You can also make the conversion in the various crypto exchanges present.
The vendor offers a mobile app that is compatible with iOS and Android platforms. Its interface is simple and easy to navigate.
Features of CoinPayments Wallet
The important features of this platform that the vendor focuses on are:
- More than 2,260 coins are accepted by this wallet and it boasts countless features.
- Businesses can expand their reach instantly with low-cost transactions.
- In-person money transactions can be done using the crypto coins.
- To avoid volatility, the wallet offers an automatic coin conversion option.
- The crypt vault feature protects your coins in a safe and secure way.
- You can send payments to other crypto wallets at any given time.
What kind of a wallet is CoinPayments?
It is a hot wallet with no supported hardware wallet. It does not have cold and cloud storage options.
How to send cryptocurrencies using CoinPayments?
Sending crypto coins through this platform is done easily in the following steps:
- Login to your account created on the platform
- Choose the coin you want to send
- Paste the public address and the number of coins you want to send
- Click on the confirm tab
What currencies does CoinPayments Wallet accept?
Although the vendor mentions the service can accept more than 2,260 coins, the main currencies it recommends are BTC, LTC, BCH, and Velas.
Is CoinPayments wallet safe?
The vendor assures that this is a safe wallet that uses advanced security measures to safeguard the client’s money. You need not store your private keys with the service. Rather, you can use your devices to store the keys. The vendor assures the coins in the vault are highly secure.
Does CoinPayments wallet charge fees?
For payments towards commercial activity, the incoming payments and commercial deposits are charged 0.5% of the amount transferred. The charges for the wallet service are 0.5% after the first $15,000 deposit up to which there are no charges.
For conversions, the coin transaction fee and conversion partner’s fees are charged and in the case of withdrawals, a fee for the coin transaction is provided. When compared to the fees charged by other similar platforms, it is not expensive.
Customer support & reviews
For support, a support code is present for creating a support ticket, which the vendor answers within 24 hours. The support can help with the working of the crypto coins, purchasing them with fiat money, issues related to merchants, refunds, and more.
We found 165 reviews for the service with a rating of 2.5/5 on the Trustpilot site. Here are a few of the user reviews:
From the above reviews, we can see that although the support and user experience are commended, some users feel the company is a scam.
CoinPayments Wallet pricing
The company charges for the payments, commercial activity, and for using the wallet service. You can find the charges in the table below:
Additionally, charges are present for coin transactions or withdrawals.
CoinPayments Wallet vs competitors
When compared to competitor wallets, this platform has the basic features and nominal charges. The safety vault and the number of supported coins are added advantages for this platform.
Final thoughtsFinal thoughts
- Ease of use
- Supports over 2000 coins
- Vault services
- Is a hot wallet and hence security risks are present