Reading time 11
CoinPayments Cryptocurrency Wallet Review
CoinPayments is a multi-currency cryptocurrency wallet that allows individuals and merchants to save, send, and purchase cryptocurrency payments.
CoinPayments is primarily aimed at economy platforms and also assumes a platform for numerical payments rather than a wallet for crypto investors.
Features
CoinPayments is a multi-currency wallet that allows companies and individuals to store, send, and acquire a wide range of numerical currency units and tokens.
The wallet, which is free of charge to set up, is available on the web and on mobile devices, which makes it possible to dispose of numbers on the Internet and the move.
Using CoinPayments, merchants can make cryptocurrency payments via API and mobile POS systems, as well as select whether to save a unit of resources in cryptocurrency or automatically convert them into fiat currency and send them to the bank result of the company.
Users have all chances to secure their account together with the support of two-factor authentication (2FA), and hardware wallets are held.
CoinPayments users additionally have all the chances to acquire cryptocurrency in addition together with the support of an attached debit or plastic card game.
Most of all, CoinPayments also provides a conversion function for cryptocurrency exchanges in the add-on.
Security
CoinPayments users have a chance to customize the 2FA account registration presence. Users can also connect hardware wallets to their CoinPayments account as an auxiliary degree of security.
Despite the presence of these security protocols, CoinPayments encountered a cyber-theft incident when XRP tokens were stolen from users’ accounts due to an error.
Even though the company has compensated all of the victimized users, this indicates that the CoinPayments closed cipher is not very trustworthy.
Privacy and Anonymity
CoinPayments asks users to register together with the prescription of their last name, a functioning e-mail address, and their location.
In addition, the users who wish to use the whole set of functions of the CoinPayments add-on, are obliged to make a person control operation.
In this way, CoinPayments users are almost privacy-solved, as all transactions without exception have all chances to be merged with their identity.
Setup
To form a CoinPayments wallet, you need to log in to the CoinPayments.net website and also click on the “Register” button.
Then you need to enter your name, user name, pass, and also location. Then you will receive a message together with proof of e-mail address. After that, you will be able to set up two-factor authentication.
Having entered the concept, you will be able to choose among the formation of a trader’s or individual cryptocurrency wallet. Already after pressing the “Wallet” key, you will be able to choose between the formation of a regular wallet or personalized wallet $PayByName ™.
Eventually, you will be able to get access to your multi-currency wallet and start buying cryptocurrencies.
But, to utilize all the abilities of the CoinPayments platform without exception, you also have to go through a buyer control (KYC) transaction.
Usability
Desktop
Although the CoinPayments web app has a clean design, it can be difficult to navigate for young cryptocurrency users.
Since the add-on is aimed at payments in fiat currency for online merchants, it appears and also feels like a payment concept for merchants, not a comfortable cryptocurrency wallet.
Mobile App
The mobile version of CoinPayments is more comfortable than the web platform, as it has the most common public socket while retaining all the features of the web version without exception.
This is no less, according to the convenience of use it is in no way comparable with such major multi-currency wallets, as well as Guarda Wallet or Coinbase Wallet.
Customer Service
CoinPayments guarantees buyer assistance together with the support of help specialists as well as help tickets.
But feedback in the Play Store and also the App Store reports regarding this, that there is a lot more increase in the buyer service.
Among the key complaints of users are problems together with the conclusion of funds, disappearance of funds, and slow as well as unnecessary solutions with the work of help.
Cost & Fees
Not many CoinPayments are formed free of charge, and also the special commission due to the expansion is not charged in any way during the 1st $15 000 per month, which you put in your wallet.
In the presence of the most significant aggregates, a special fee of 0.5% is charged due to the expansion of the immense amount.
CoinPayments charges 0.5% for incoming payments. Even though because of the purchase of cryptocurrencies is usually charged a special commission, on the public page of the company it is not mentioned in any way.
This is no less, you must be inclined to this, that the special commission for the acquisition of cryptocurrency, in addition, will be charged.
The special commission is also charged in the presence of the conclusion of money.
Final Verdict
CoinPayments is primarily a cryptocurrency payment solution for online stores.
Electric commerce firms that wish to make cryptocurrency payments as well as save resources in cryptocurrency will be happy with CoinPayments’ relatively low fees, the huge number of supported coins as well as a large number of cryptocurrency alternatives.
And also on the contrary, traders looking for a wallet to preserve their crypto assets will probably become frustrated with CoinPayments.
Unlike many mainstream multi-asset cryptocurrency wallets, CoinPayments in no way gives lucrative accounts or the ability to earn (income in dispersed economic bazaars (DeFi).
In addition, CoinPayments is considered a custodial wallet, which means that users do not possess their private keys, shifting the responsibility for their security to the firm.
If you have observed the failure of such cryptocurrency trading platforms as Celsius, BlockFi, and FTX, then you can imagine that keeping crypto-assets in custodial crypto-wallets can be a reason for absolute loss of money in case of insolvency or bankruptcy of the company.
For this reason, crypto investors are recommended to keep their numerical assets in non-custodial wallets, where only they have the possibility of access to their tools.
Methodology
The only one of the most important factors that should be taken into account, first of all, rather than carrying out procedures together with cryptocurrencies as well as saving them, is the presence of an optimal cryptocurrency wallet.
To help you determine which wallet will be more useful for you in general, I have performed a multilateral analysis of the best cryptocurrency wallets.
My examination procedure is created in a numerical rating modification that considers such basic conditions, as well as reliability, price, secrecy, practicality of use, customer assistance, and also functions in connection with their importance.
Our team of scientists compiled the most forty information and also laid out a broad study with the purpose of any of the 19 firms that I analyzed. Then our team of writers, representing specialists in the field, tested any wallet to express their high-quality viewpoint.
Our form gave an advantage to firms together with the most correct protection measures as well as fame.
Firms together with secured abilities like the assistance of a significant number of crypto assets, the probability of synchronization together with hardware wallets, and also the probability of commission options, in addition, took large areas.
FAQ
What do you like most about CoinPayments wallet in general?
CoinPayments has an extensive selection of coins. As we understand it, CoinPayments has a total of Sixty coins. This in this case is what I like most about service.
CoinPayments is the only one of the best alternatives in case you want to purchase payments through cryptocurrency. Another plus is the presence of a mobile add-on that functions without difficulties.
What do you dislike about CoinPayments wallet?
CoinPayments is not bad. However, we would recommend them to reduce the commission a bit. In addition, CoinPayments is the only one of the best wallets that companies can use.
What are the difficulties of deciding on a CoinPayments wallet and what benefit does it bring you?
We have customers who make payments to us with a variety of cryptocurrencies. Since CoinPayments holds a large number of coins, our customers have a large number of coin alternatives to realize payments.
What do you like most about the CoinPayments wallet?
The wallet is very easy to use and has absolutely all the necessary functions.
What do you dislike about CoinPayments Wallet?
Nothing at all, what I know is that so far everything is very good without exception.
What are the difficulties of deciding on the CoinPayments Wallet and what benefits does it bring you?
I like the fact that their special commission due to the processing of information is so low. And also all transactions are completed very quickly without exception.