Currently, due to the fact that we are living on the one giant crypto hype train, and anyone who did not even try to buy or sell crypto has heard something about it. With the rise of popularity of different cryptocurrencies the whole market infrastructure was built around them in order to support this new field of economy.
Probably the main part of this infrastructure is crypto payments. Because people who own some crypto need some platforms that accept crypto payments and facilitate the process of crypto exchange. As a result of this new demand, a lot of sites that deal with crypto payment processing have appeared, so now it is easy for an investor to find a payment gateway.
However, it is rather difficult to choose one cryptocurrency payments processor simply because they are different and have different attitudes to crypto payments. But today we will help you with one of these gateways because we will review the Coingate payment gateway.
Let us start from the very beginning of the Coingate which was opened as a Lithuanian-based company under the operation of the JSC Decentralized and was founded in 2014 and during these 7 years it become one of the world-renowned companies. From the start of its existence Сoingate platform concentrated on providing Bitcoin payments and processing of Bitcoin transactions. However, nowadays the company expanded, and now Coingate offers services for other crypto platforms.
In general, nowadays Coingate services are used by a great number of companies and natural persons for buying and selling crypto as well as for receiving crypto as a payment option.
As a crypto payment processor, the main service of Coingate is obviously buying and selling of cryptocurrencies, which in the case of Coingate could be done directly through a credit or debit card, which is a very convenient option for the clients. Because, in this case, Bitcoin or another crypto will be directly transferred to the personal cryptocurrency wallet of a client without any inconveniences.
Also, Coingate offers SEPA bank transfers and other international bank transfers as well.
The next important service which Coingate provides is payment proceeding, in this case, Coingate acts as a payment processor that allows different merchants, online and physical ones to accept crypto payments.
Because of Coingate different stores across the world can accept payments, track orders and manage their crypto accounts on one user-friendly platform.
Another interesting service of Coingate is the possibility for everyone to buy and sell crypto. On Coingate users can buy and sell 20 different types of cryptocurrencies, and moreover, they can do it in the most convenient way which is through a SEPA bank transfer. What is the most important fact about selling and buying digital currencies through Coingate is that the platform does not hold any money on the behalf of the users, it just creates a payment window for the buyer and seller.
In addition, recently Coingate added the possibility to buy and sell crypto through apple pay. Which is very convenient for all the IoS users around the globe.
Also, in this regard, it is interesting to note that Coingate has a whole Merchant directory that merchant directory Coingate lists merchants who allow buyers to spend crypto at their stores and rate them in more than fifty different categories. Which include gaming, software, luxury goods, and travel.
As a very pleasant bonus service, the company came up with Coingate gift cards that allow users to spend their crypto in popular shops. The list of shops that accept a Coingate gift card is pretty impressive and includes such names as
Inside the platform, Coingate integrates many different cryptocurrencies, it allows clients to buy crypto assets as well as Coingate platform takes care of the processing of crypto payments. The list of crypto includes such currencies as Bitcoin, Litecoin, Ether, Bitcoin Cash, Stellar, Tron, Tether, and many more.
In addition, it is important to mention that the platform also works with the usual fiat currency as well as with fiat currency bank accounts.
Methods of payment
Speaking of payments we can say that being Lithuanian company Coingate mainly operates with Euros as the main fiat currency and if you want to buy some crypto using EUR you can easily do it through a SEPA bank transfer.
Also, you can use other currencies via the “buy instantly” function, however in this case you can be charged conversion fees, because Coingate exchange all others currencies to Euros.
The “Buy instantly” function, despite the fact that for using it you charged additionally is a very useful feature, which works in a very simple way.
To buy crypto by using this function you just have to provide Coingate with the information on your credit or debit card, to specify the external crypto wallet, crypto that you want to buy, and amount of fiat money that you want to spend, the spending limits, in this case, are from 50 to 2000 dollars.
Afterward, you will have to provide your billing information which will be used by Simplex to safely proceed with your payment. By the way, Simplex is one of the best or even the best payment processor in the world, so you do not have to worry about the safety of the transaction.
Another interesting feature about the “Buy instantly” function is the ability to buy crypto without creating a Coingate account. Because all the crypto will be on your personal wallet which is not connected with the Coingate platform. Also, it is important to mention that the speed of Coingate as a payment processor is quite good because on average you will have the Crypto on your wallet within an hour after the completion of the payment.
Payment processing for merchants
As we have already mentioned above one of the services that Coingate provides is to allow merchants to accept cryptocurrency as a legit payment. However, it may be not clear in which ways this function works so we will explain it in this part of the article.
So, let us start from the basic stuff, a merchant can accept payments for good or merchant services in cryptocurrencies that Coingate supports, and if a buyer agrees to these terms Coingate takes care of the technical side.
If a buyer decided to pay in crypto they would have a choice between all the cryptocurrencies that Coingate payment processor supports. When the choice is done a business owner has to prepare a special document which is called a payment invoice with all the merchant fees included for the buyer while Coingate prepare an invoice for the merchant. Afterward, Coingate makes all the necessary calculations and makes the price in the chosen cryptocurrency and gives a time to a buyer for the finishing of the transaction. As the last step Coingate transfer the crypto to the merchant account.
The possibility to have an account that poses an ability to accept bitcoin or any other crypto as well as generate crypto earnings is available not only to online stores but to anyone who opens a business account at Coingate. Also, there is a possibility for businesses to become cryptocurrency payment processors. This would enable a company to accept cryptocurrencies much faster and easier.
Other options for business
It can be seen from the information above Coingate can be considered as a very convenient payment gateway and payment processor not only for physical persons but at the same time for the companies that want to run their sales in crypto. But there are many more useful features for the companies that want to buy and sell crypto than we have previously discussed.
For example, Coingate supports such features as payment buttons. This function allows businesses to design and create a button that would be placed on their site which allows them to collect Coingate supported Cryptos in one click. Moreover, such a button would enable merchants to have an orderly account of Bitcoins and other digital currencies. Also, there is an option of subscribing to the emails from Coingate which would notify about every crypto transaction.
Another interesting option for businesses is plugins that can be installed on a site and facilitate the process of payment processing.
Also, we should not forget about Coingate API which is also an instrument of crypto payment processing that makes the lives of merchants far easier.
In addition, we have to mention the billing services provided by Coingate, which allows merchants to instantly request trading fees as well as other payments from customers via emails.
As we move on in our Coingate review we have reached the point where we have to elaborate more on the possibilities that the Coingate platform provides for regular buyers of crypto.
The first possibility that attracted our attention was the possibility of viewing orders. This feature enables users to see all the transactions which they made on the Coingate. In this part of the site, viewers may see the amount of the transaction, the exact crypto that was withdrawn, bought, or seller and the exact time of the transaction. The search can be narrowed very conveniently by using filters.
Also, users could see mobile orders that they made on the Coingate platform. Regarding module orders, users are able to see the same information as for usual orders.
Moreover, on the Coingate users might see all the withdrawals that they made while using the Coingate. They can receive information on the amount of the withdrawal, its settings, and the date of creation.
How to trade on Coingate?
As you can see from the information above, Coingate offers a lot of opportunities for crypto traders, however, at the same time this platform does not provide clients with either fiat currency or cryptocurrency e-wallets. Therefore there is a question of how to buy and sell crypto on the Coingate trading platform.
The answer to this question is more than easy because Coingate is very user-friendly and you can set up virtual currencies trading very fast. So, first of all, before trading on the Coingate, you have to create an external wallet address on which you will receive your crypto bought on the Coingate.
When users have created external wallet addresses they can fill the information on them into the account setting section of the site. Here the Coingate requires such information of a user’s external wallet as the address of the wallet and title for the crypto transactions.
Also, in the same section of the site, you can provide the Coingatewith with information on your debit card, of course, if you want to use such a card for trading and as a payment method. Here you will have to provide a little bit more information than with e-wallets. Because you have to enter the name of the bank, the name of the account holder, account number, and SWIFT code.
Now we have to talk about not so pleasant part of any service provider which is the fees. Because obviously, Coingate charges its clients with different fees. So, let us start with the fees that Coingate charges as a payment processor. And here Coingate has a very modest fee, because for acting like a payment processor Coingate charge only 1% of the transaction. This rate is applied to crypto payment processing services like payment buttons, plugins, APIs, and billing.
Regarding the fees for the buying and selling of crypto the situation is a bit different. For example, for the SEPA transfers, Coingate does not charge any fees, however by default any SEPA transfer in any platform charge 3% of the transaction which traders pay. Also, it is important to mention that SEPA transfers have an upper limit of 5.000 EUR, however, it can be lifted on the request. Another good news is that there are no recurring fees on the Coingate.
Concerning bank account transfers situation is not so bright because here the fee is 8% for buying which is not a very generous offer. The daily limitations for credit card spending are pretty high on the level of 20.000$
Also, there is a possibility to make mobile payments, however, we can not say exact fees for this service because it depends on the local provider.
Another important point that we have to mention is the fees that users pay in order to withdraw crypto. For the withdrawals through the SEPA system Coingate does not charge any fees, however, the minimum amount must be not less than 50 Euros.
For international bank account transfers, the minimum amount is 250 EUR or the USD and the fee is 1% and 0.2% respectively.
All these fees can be considered network fees because you will not pay any fees while withdrawing crypto.
Countries where Coingate is available
Within its rather short period of existence Coingate has managed to become a truly global business because we can find its presence on all the continents except for Antarctica and in more than 100 countries among which the whole EU and other developed countries except for the USA. All other countries where Coingate is not present do not present much of the interest but the absence of this payment processor in the US can be a problem because of the huge weight of the investors from the US in the crypto space.
From all of the features of the Coingate, we have yet to discuss a rather generous referral program that gives the opportunity to have passive income by inviting new users to buy and sell crypto on the Coingate.
In fact, any person with a registered account at Coingate may start to use the referral program, they just have to start recommending services for the new clients through the one link which contains information on the 5 main services of Coingate.
To benefit from the referral link you have to go under one of the five scenarios which result in the receiving of the income.
The first scenario requires that a new user will enter the Coingate via your link and will buy crypto, for example, bitcoin cash for the fiat money through the SEPA payment processor. Moreover, you would continue to receive income anytime when this user makes a payment through the SEPA.
Under the second scenario, you will receive income anytime when someone trades crypto for Euros using your link.
The third scenario requires using a Congate gift card in the transaction. You will receive money when someone buys a gift card from one of the Coingate merchants using the link that you provide. Moreover, this person does not have to be registered for you to receive money.
The fourth scenario describes that you will receive money any time when a new user that used your link will give the credit card information to the Coingate. Here also the user does not have to register, because you will receive income regardless of that.
The last scenario of receiving the passive income implies that a new business has to join the Coingate platform via your link. Moreover, this last scenario has different tiers of income reward. The first tier reward is 50 EUR which the user receives when a new merchant undergoes a full verification process and receives the first order. The second tier reward amount to 200 EUR and you will receive it when a business that registered through your link will achieve a turnover of 100.000 Euros. And the third tier prize is 1000 Euros which can be received when a merchant achieves a turnover of 1 million EUR.
Also, this referral program has a bonus for the users who used the link, they will get 30 days of fee-free transactions.
Coingate affiliate program
Another chance to receive some additional income with the Coingate is to participate in their affiliate program. This program was created by Coingate in order to assist the global spread of cryptocurrencies. And in fact, it works almost like a referral program. For example, when you bring a new client to the platform you may receive up to 10% of the amount of money that this new client has spent.
You can bring new clients by using gift cards. You have to integrate advertisements of these gift cards in your content such as articles or videos, and if someone goes to the Coingate via the link in the advertisement you will receive a profit.
Our Coingate review can not be full if we would not talk about customer support on the Platform. Because site can be great as a cryptocurrency exchange platform or a payment processor however with adequate customer support it will face some problems.
And regarding the issue of customer support Coingate has some problems. Because it does not have a live chat that could help clients in a very efficient way, so in case of some problem you will have to wait.
However, the Coingate customer support section has a great FAQ, which can answer most of the questions. Also, you have the possibility to contact customer support via email.
Frequently asked questions (FAQ)
Can you trust Coingate?
In general, Coingate can be considered a safe payment processor and payment method that can be used without any worries. The long list of the supported countries only proves this message. Also, the safe verification process helps to improve the safety of the platform.
Is Coingate real?
Generally speaking, Coingate is a real and legit platform where you can buy and sell a long list of cryptocurrencies without huge problems. Also, there is no information on the internet about some huge problems with the Coingate.
How do I pay with Coingate?
Coingate provides users with many ways of payments. For example, to buy and sell some crypto you can use usual bank transfers, cryptocurrency payments, and rather rare types of payments such as mobile credit or with mobile balance.
Which Blockchain app is the best?
There are a lot of blockchain apps that can improve your future transactions in the crypto market. But it is rather hard to say which of them is the best. Because each blockchain app has its own weaknesses and advantages and right choice would depend on your aims.