Reviews

CoinPayments Review

June 14, 2022

CoinPayments claims to be the first and leading cryptocurrency payment processor worldwide. Many of its clients seem to agree and add the company has the lowest fees in the industry. The platform allows merchants to accept all cryptocurrencies, including Bitcoin and Litecoin. To date, CoinPayments can accept more than 120 digital currencies.

The e-wallet has some innovative features to help merchants grow in their industries. Among these features are:

  • Point-of-sale interface
  • Cryptocurrency invoice builder
  • Multi-signature wallets
  • Long-term storage vaults
  • Mobile and desktop support
  • Industry-low transaction fee at 0.5%

The system can provide merchants with APIs and plugins. It can also integrate well into leading e-commerce platforms, such as Shopify, WooCommerce, Magento, Opencart, and many more.

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CoinPayments Merchant Services

Cryptocurrency Payments

CoinPayments is the only payment processor and e-wallet worldwide that accepts all digital coins on one platform. It can accept more than 2,290 coins.

High-risk Payment Processing

The nature of this e-wallet platform means it can work with high-risk industries. The company does not discriminate, so users can find support for their high-risk businesses.

Point-of-sale (POS)

CoinPayments also provides a device so that a client can process cryptocurrency payments in person. That will allow your business to expand its services and market reach.

 

CoinPayments Fees, Rates & Pricing

Processing Fees

CoinPayments has one low transaction fee for all incoming payments. The prevailing rate is 0.5% for all incoming crypto payments. Plus, there is a 1% transaction fee for incoming token payments.

CoinPayments will impose a 0.5% fee to deposit payment to your wallet while forwarding the payment to an external address will also charge a 0.5% and the additional network fee. CoinPayments has a 0.5% + network fee for forwarding payments by batch nightly.

CoinPayments also has a wallet service. Deposits are free for the first $15,000 a month and 0.5% after that. Conversions will require a conversion partner and network fees. If you withdraw from your CoinPayments wallet to any address, there will be a network fee.

Additional Fees

The company has transaction fees for withdrawal of Bitcoin, Bitcoin Cash, Litecoin, Vellas, Bytecoin, Permission, Beam, BNB Coin, BitcoinBam, BNB Coin, Bitcoin Vault, Bitsz, and many others.

Hidden Charges

There are no reports of CoinPayments having hidden charges.

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CoinPayments Complaints

There are some complaints about CoinPayments about how users have a hard time transferring and withdrawing money if the value of the cryptocurrency is too low. Some customers are also complaining about the customer service.

Rip Off Reports

CoinPayments was involved in a rip-off issue because customers lost their XRPs from the Ripple Wallet. Apparently, long-term users of the service made errors and withdrew XRPs from other clients’ wallets. The company reached out to the affected users and promised to get them back their XRP. CoinPayments reminded users to use the vault, a free platform feature, to secure their money.

Other Complaints

There are no other complaints about CoinPayments except for the dismal customer service. However, some customers said the service has vastly improved.

 

CoinPayments BBB Rating

CoinPayments is listed in the Better Business Bureau (BBB), but it is not accredited and rated.

The BBB is responsible for accrediting and rating payment processing companies based in the United States, Canada, and Mexico. Most merchants choose companies listed with the BBB because they can file a complaint with the bureau.

BBB Reviews

There are no reviews about CoinPayments on the BBB website.

 

Is CoinPayments Legitimate?

CoinPayments is a legitimate cryptocurrency payment processing company. It has profiles on various business networking sites. On Twitter, it has more than 37,000 followers. The page is also regularly updated. It also has a profile and reviews on Trustpilot.

Despite having a lot of positive highlights, ScamAdviser gave CoinPayments’ website a low trust rating because the owner’s identity is hidden, and the reviews are either poor or negative. Among the positive reasons to browse the website are:

  • The site was put up years ago
  • Alexa ranking is high because of site traffic
  • Many backlinks
  • Valid SSL certificate
  • Average review score
  • Advanced technologies
  • Online shopping features

Scams

There is at least one report that called CoinPayments a scam. The client said that the company refused to transfer the cryptocurrency payment to the merchant because it was considered late. Also, the value of the crypto was different from when the invoice was created.

Lawsuits

CoinPayments is facing a lawsuit filed in 2021. The Writ of Summons and Statement of Claim alleged unjust enrichment and breach of contract. The company was also implicated in other cases involving cryptocurrency transfers from clients to merchants or vice-versa.

 

CoinPayments Customer Reviews

CoinPayments has many online reviews, a mix of positive and negative. On the website G2, it has a four-star rating out of 11 reviews, but on Trustpilot, the company received 2.8/5 stars based on 200 reviews.

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Most reviews said it is an excellent cryptocurrency wallet and payment processing solution. It accepts all kinds of coins, including XRP. Many customers also noted that the app is easy to use, and the customer service has vastly improved from years ago.

However, while most customers had a good experience with CoinPayments’ customer service team, others did not. There are also many negative reviews from dissatisfied customers. According to these customers, their complaints were not appropriately addressed. Some of them even lost funds and called the company a scam.

CoinPayments replied to the reviews, thanking the positive ones and explaining the negative feedback.

 

Conclusion

You can check out CoinPayments if you need a cryptocurrency payment processor. There are not many e-wallets out there that accept all kinds of cryptocurrencies. CoinPayments prides itself on being at the top of its class. However, you should be wary of the negative complaints the company received. It is best to clear these issues with the company before signing up for an account.

You should read the scope and limitations of the e-wallet because many users tend to misconstrue what it can do. They lost funds because they didn’t take the time to understand how this e-wallet and payment processor work.

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