Coinpayments is amongst the numerous digital currency wallets available. The review of Coinpayments highlighted the unique features that differentiate Coinpayments from other wallets.
In this Coinpayments review, we will discuss the features, pros, and cons, and also analyze whether your assets are safe with the Coinpayments wallet.
Introduction
Coinpayments is a wallet for storing digital currency founded in 2013 in Vancouver. The company is a multi-asset crypto wallet specialized in global cryptocurrency payments and transactions. Coinpayments review revealed that with the Coinpayments wallets, individuals and businesses can send, receive and store different tokens and digital currencies. Also, for merchants, they can receive Cryptocurrency payments through mobile POS systems or APIS. They can decide to keep the funds in cryptocurrency form or convert them into fiat currency and then send them to a company bank account.
Coinpayments specifically target crypto traders and investors. Coinpayments disclosed that they seek to become the leader in Crypto payments and also become the most popular cryptocurrency storing wallet. This seems feasible because of their unique features.
Review of Coinpayments Features
Fees overview
Coinpayments has different fees for different transactions. For incoming payments, users pay 0.5%. For commercial deposits (Callback Addresses created with Coinpayments API), users are charged 0.5%. if you want to buy cryptocurrency using a bank card, Coinpayments partner Mercuryo will charge you 3.95%. This review of coinpayments showed that the flat fee of 0.5% competes favorably with other companies and makes them unique.
For individuals, for the first $15,000/month you will place into your wallet, you will not pay any deposit fee. However, for service fees, withdrawals, and conversions, the fees will depend on the transaction rates and prices of the coin.
Security
Coinpayments has good measures in place to enhance security. In the past, they had an incident of cyber theft when some of their XRP tokens got stolen from some of the user’s accounts. All the users that were affected were reimbursed. They made it in such a way that users will be responsible for the security of their assets. When you set up your account, Coinpayments set up your two-factor authentication, using your email.
There is also an option of connecting your Trezor hardware wallet to your account which will add to the security of your account. Also, to further enhance your security, you can set up your multi-signature wallets and place your holding in vaults. The vault is an additional security feature that allows you to store your Cryptocurrency in a secure online database. Once you store your cryptocurrency in the vaults, you can map out a time when it can’t be accessed by any means.
From the review of Coinpayments’ security features, we noted that they designed it in such a way that the users will be responsible for the security of their assets.
Account creation
Like every wallet, to be able to use Coinpayments, you need to set up an account. You can do that by following these simple steps.
- Go to Coinpayments.com and select sign up.
- Input the required details like your name, username, password, and location.
- A confirmation email will be sent to you, go ahead and confirm your email.
- Also, in your email, you will receive a two-factor authentication code.
- Choose the type of wallet you want to create (personal crypto wallet or merchant account).
- Next is to choose between creating a personalized $PayByName or a standard wallet.
- After choosing the wallet, you can now access your multi-currency wallet and start receiving cryptocurrencies. It is also important that you complete the KYC process to give you access to all the features on the platform.
The pay-by-name is a feature that enables users to create unique name tags which they can use to make quick transactions.
How to create coinpayments account
Account Management
You can access and manage your account through the web application, or mobile app. From our review of the Coinpayments web application, we found it has a different feel when compared to the normal crypto wallet. The application is similar to a merchant payment system because it was designed as a digital currency payment for online merchants. Although the web application has a simple design, new crypto users may find it hard to handle.
For the mobile application, you will find it easier to navigate than the web application. It has all the features of the web version, yet it still presents a simpler user interface.
Customer service
You can reach out to customer service through email, support wizard, and support tickets. The user’s review on coinpayments revealed that the support team is always slow to respond.
BitGo Instant
Coinpayments integrated this software called BitGo instant to make transactions on Coinpayments easier and faster. BitGo could be a big lifesaver on days when transactions seem slow. Slow transactions occur frequently in Bitcoin transactions. BitGo is just an additional feature, it doesn’t tamper with your security or privacy. It only functions to make your Coinpayments transaction much easier.
Read: CoinJar review
Major supported cryptocurrencies.
Coinpayments supports different cryptocurrencies but the top on the list is:
Pros of Coinpayments
- A large number of tokens and digital currencies – the review on coinpayments showed that it has over 2,315 digital currencies and tokens. This means that with your coinpayments wallets, you can store as many tokens as you wish without having the need to get other wallets.
- Offers easy transactions for merchants – with coinpayments, merchants can easily receive crypto payments. For the payment method, the merchants can accept different digital currencies. They can also decide to hold the funds they received in form of cryptocurrency.
- Highly secure – Coinpayments ensures that they put different features in place to secure the assets of their users.
Cons of Coinpayments
- Lack of open source code – when a wallet is not open source, it means that not everyone has the access to vet the codes. This is sometimes considered not safe enough. Wallets that are open source are generally considered more secure.
- Non-Custodial – Coinpayments are non-custodial meaning that as a user, you will have to trust the company with your funds. The company is in possession of your private key thereby holding your crypto for you. To some, this is not safe.
- A record of hacking – the company has a major dent which occurred in 2017 when XRP tokens were stolen from the token. This made them lose many customers as people began to doubt their safety. However, no such incidence has occurred again ever since.
Is Coinpayments Legit?
From our review on Coinpayments, it is legit. Coinpayments only had one case of hacking and it occurred in 2017. Everything about them is transparent.
One major thing that stood out among them is that after the Ripple storing security databases were hacked, they handled the situation well. Most of the users who had Ripple coins lost them as a result of the hacking. However, the users who have their ripples stored in vaults were safe.
A few months after the hacking incident, Coinpayments painstakingly paid back all the Ripple coin that was stolen. This is a big step that endeared so many people to them. Ever since then such a thing has never happened again. They have gotten even better in their services.
Is Your Cryptocurrency Safe with Coinpayments?
Coinpayments has very strong security features which keep its user’s assets safe. With their two-factor authentication, vaults, KYC processes, and other security features, your assets are reasonably safe with them.
From your end, ensure that you create an account using a strong password. Your password should not get into the hands of a third party.
Final thoughts
Coinpayments is a digital currency with several unique features. From our review on Coinpayments, we can say that the goal of being the no 1 digital currency wallet looks feasible. Asides, from the case of hacking they experienced in 2017, the company has maintained a clean record. If you are okay with them being non-custodial and also not having an open-source code, then you can transact with them.