If you are an online merchant and serious about accepting digital currency like Bitcoin as a form of payment, then you really need to consider using a payment gateway for blockchain payments. CoinGate is one of those companies that can provide this kind of service. But are they legit and can they be trusted to use? Continue reading more of this CoinGate review to get a full perspective of how the platform works.
WHAT IS COINGATE?
CoinGate is a Bitcoin Payment Processor (BPP) which serves as an online digital currency platform that provides merchant services to businesses and individuals, basically allowing businesses to accept Bitcoin and over 50 other alternative cryptocurrencies, examples are Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Dash, among others as payment for their products via online and traditional POS options. It also enables individuals and organizations to trade Bitcoin in the digital currency market.
CoinGate was founded in 2014 and fully went live early 2015. It is incorporated in Vilnium, Lithuania and currently serving over 4,500 business clients and 80,000 registered users. Also, it has numerous payment options available.
CoinGate is simply an online marketplace, with a payment processing feature. Merchants get registered, market and sell their products for payments in Bitcoin, fiat, and other supported digital currencies. Users register in order to get products online and easily pay for with digital currencies using the various payment options made available. Also, as a marketplace which it is, it enables Bitcoin trading at the best price on the digital currency market when compared to the prices offered at various exchanges. Therefore, crypto traders can buy and sell Bitcoin with CoinGate, they can perform trades just like with normal exchanges, basking on the safe and secure environment CoinGate provides.
CoinGate helps businesses gear up for the future with Bitcoin POS, widgets, and plugins for online shopping carts like Magento, WooCommerce OpenCart, VirtueMart, etc. They also offer Bitcoin Point of Sale apps for Android and iOS for seamless mobile shopping experience for customers, and faster and safe payment processing to businesses.
Taking a CoinGate review on its benefits, CoinGate processes Bitcoin payments automatically and seamlessly, and all payouts are sent to the merchant’s accounts without any deductions apart from the processing fee.
These payouts are available in Euros, U.S. Dollars, USDT or Bitcoin.
CoinGate also carries out an automatic fiat/crypto-to-crypto conversion; this means Bitcoin payments can be converted automatically to EUR/USD. Also, a merchant can prefer payments to be made in Bitcoin but have a client/customer who wishes to pay in Ethereum or Dash, CoinGate simply accepts the Ethereum or Dash payment and automatically processes and converts it to Bitcoin preferred by the selling merchant, then pays the converted Bitcoin into the merchant’s account.
Prices of Bitcoin and other coins are constantly compared with that of other exchanges and updated in real time, making CoinGate merchants, traders and clients to pay as little as it is possible.
CoinGate protects it’s merchants by ensuring that payments are irreversible, there is a high level of customer privacy and it also has lower fees.
On CoinGate review on its fees: As regarding withdrawals, CoinGate charges no fees on Bitcoin withdrawals, charges done on advcash, SEPA, Skrill or International Bank withdrawals are all on third party basis.
For CoinGate merchants, CoinGate charges a 1% flat fee for payment processing. There are no setup or recurring fees, and no fees charged to shoppers.
On trading, CoinGate charges a 3% flat fee on all buying and selling trades executed on it.
Other purchase fees are charged by third party partners like Skrill, Neteller, Credit/Debit card providers, and others.
CoinGate BPP Features
On taking an in depth CoinGate review, here are some of it’s salient features;
- Bitcoin Point of Sale
- E-commerce Plugins
- Bitcoin Payment API
- Payment Buttons
- Accepts over 50 altcoins
- Instant conversion to EUR/USD
- ShapeShift.io Integration
- Changelly Integration
- 3% fee for buying/selling
- 24 – hour withdrawal
- Top level protection with 2FA using google authenticator
- Document encryption.
CoinGate provides referral links that allow receiving 1% of the fees paid by traders who registered using your link. Referred customers will pay 0.5-1% lower fees than the usual 3%. Referrers will get a percentage of total payments that the referred customer makes.
A CoinGate review will be incomplete without looking into a few of its achievements. CoinGate has continued to grow, innovate and expand since its inception.
In year 2017, it had a record of 100,000 paid orders, $70 million processed payments and over 3,000 merchants.
In 2018, it recorded over 300,00 paid orders, 50,000 new users got registered, LTC, ETH and ERC20 tokens were supported and accepted as a means of payment, Skrill, Neteller and Klarna was added as new payment options, new DJ-classified payment plugins were added, and it also became a Lightning Network to enable seamless and fast payments processing.
Also, in 2016 and 2017, CoinGate received both the “Rising Star” award and the “Great User Experience” award from FinancesOnline.
CoinGate is a great online payment processing service platform, but it also has its own competitors which act as alternatives to it in the market/industry, they include; BitPay, 2Checkout, Stripe, SecurionPay, Paysafe, Cayan, and Splash.
You can choose to get regular updates from CoinGate’s ever-active blog or check out its live website to get more news updates, information about CoinGate, or get registered.
CoinGate is a great Fintech company that is continually growing. With CoinGate, you can buy, sell and trade digital currencies, all within a safe and secure environment, with real-time constant price updates and seamless automatic payment processing with low and acceptable fees for trades and payments. Also, you get to either offer products (wares and services) and receive payments or get products offered to you and easily pay for them, all with your preferred payment option. CoinGate is the online marketplace for both online small and enterprise business entrepreneurs and crypto traders.
- Trade Fees
- Top-notch security
- Over 50 altcoins supported
- Various payment options
- Real-time price updates
- Regular news updates on CoinGate blog
- 24/7/365 Active customer support service
- Not all currencies are supported
- No free trial feature
Jesus Cedeño is a certified doctor turned cryptocurrency expert, writer, and investor who lives in New York City. Jesús specializes in cryptocurrency product reviews, tutorials & technical analysis. Follow him on LinkedIn to stay up to date on his latest work on blockchain, decentralization and crypto investments.