CoinPayments Wallet Review: Features and How-to-Use Guide

CoinPayments was founded in 2013 as a global payment platform for cryptocurrencies and other digital assets and it was the first multi-coin payment project in the world. It is a privately held company and is run by CEO Alex Alexandrov. Five years after its launch, the CoinPayments wallet has grown to an enormous size, with support for transactions in 1085 different types of cryptocurrencies, with over 938,000 vendors worldwide, spread out across 223 regions. The platform allows users to buy and sell assets using a cloud wallet that is hosted and supported by the company.

01.CoinPayments Features & Fees

As the name suggest, CoinPayments specializes in offering different payment options to different parties for cryptocurrencies and assets. The wallet itself offers a lot of features that are quite attractive for any trader. One of them is of course the wide plethora of currencies that it supports, which is over a thousand. Along with that you can use the Point of Sale function, that allows you to carry out in-person payments in your facilities. One of the other great things it can offer, CoinPayments has a shopping cart plugin for some of the most famous web stores today, allowing you to shop with your currencies.

All of that is amazing, but it doesn’t stop there. The wallet also allows the use of GAP600 confirmations, which allow instantaneous transactions, opposed to the Bitcoin’s long confirmation period that can take up to several hours. The CoinPayments wallet also has some quality of life features that just make it straight up a joy to use, like the automatic coin conversions. The wallet automatically converts your currency to the necessary coin, saving you time and fees along the way. As an US or UK citizen, you can also enjoy direct settlements to your bank account in fiat money. The wallet is also considered a cold wallet with its Vault function and even has a fun feature called $PayByName. You and the other participant in the trade can pick out unique names/aliases with which you can accept and send payments quickly.

Of course, that is not all. The wallet also has great mobile support, having its own app for both Android and iOS, with which you can control your account. CoinPayments receives periodical air drops of new coins and tokens for the users to freely use and enjoy and support an ICO Marketplace, where you can find financial solutions for your own ICO.

Built-in Exchange

As mentioned earlier, the CoinPayments wallet offers an in-house exchange that offers great flexibility. The wallet also offers automatic coin conversions when you are trading in any way, which will save you a lot of time and transactional fees. For example, if you are about to receive funds in the form of Litecoin, you can set it up to automatically convert them to Bitcoins according to their market values at the time of the transaction.

Additionally, if you are a citizen of the USA or the UK, you can choose to receive your payments or settlements in fiat currency directly to your bank account. This is available only for merchants and not for standard users. Merchants can sell their assets for crypto and that payment to be auto-converted to fiat at the time of the transaction and send it directly to the bank account.

Transaction Fees

Along with the wide plethora of features and flexibility that this wallet provides, all of the CoinPayments fees are actually quite acceptable and low when compared to other platforms like it. For example, all wallet related services are free of charge. All incoming payments as well as commercial deposits are charged at 0.5% of the size of the transaction itself, while withdrawals have only a small transaction fee as to in a way pay for the computing power necessary for the action. These rates are great for both standard and merchant users when you take into account all the other features and raw speed of each transaction.

Create an Address

Okay, let me go over the process of creating a new address. First, you need to go to the CoinPayments official website and log in if you had not done that already. Then, find the button titled “Your Wallets”. There, you will have some options of crypto wallets and you need to choose one. Then click on “Coin Options” and create an address.

Send and Receive Assets

Next, I would like to talk about sending and receiving assets with the wallet. First, just as before, you will need to go to the official website and go to your profile and click on “Your Wallets”. Then, for withdrawal, you need to click on the crypto wallet of your choice and then select the option “Coin Options”. Then click on “Send and Withdrawal”. You will then need to fill in your account details along with the recipient address and the amount of currency. Any other additional things will be specified on the user interface, such as the transaction fees from Coinpayments. When ready, click the “Request Withdrawal/Send” button.

In order to receive cryptocurrency, you will need to click on the Receive button and either create a new public address or if you have already done that, just copy your address and give it to the party that wants to send you the currency. You can also print it out in a QR code, which can then be scanned for the public address.

Specific Functions

There is a great number of wallets on the internet and all offer different functionality and features that are shared amongst a lot of them. I would like to shortly remind you of the unique ones that CoinPayments has, which sets it apart from the pack. The $PayByName feature allows users to set up unique aliases and use them for trading as a public address, without handling long and complex public keys. The CoinPayments platform also has a built-in ICO marketplace that acts like an ICO hosting platform that provides solutions and support for upcoming ICOs. The Point of Sale function allows you to set up in-person payments at your business facilities.

Possible Issues and How to Avoid Them

Different users have different experiences and thus potential issues can arise. Some of the most common ones are having issues with the conversion system, wallet issues when trying to carry out transactions or withdrawals, the two-factor authentication not sending you the code immediately, troubles with the marketplace etc. All the different issues can be resolved with the help of the CoinPayments Support Team. However, it is relatively easy to learn how to use Coinpayments so you should not really have many problems with it.

CoinPayments on Social Media

If you are just as interested as I am in the CoinPayments platform and wallet, you might want to constantly keep an eye on their updates and always know when anything new is being implemented. A good place to start is following their official website and social media listed below.