CoinGate Review 2021 | Fees, Pros, Cons | Accept & Buy Crypto

Introduction

As a link between traditional and decentralized marketplaces, the Lithuanian headquartered firm CoinGate creates blockchain-friendly technologies as part of its efforts to become an all-in-one platform for everything crypto. Over the years, its team has developed several new products in order to move closer to this objective.

CoinGate offers both Bitcoin and real-time Euro settlements to shield merchants from cryptocurrency price volatility. In addition to a simple yet powerful API, it has developed over ten shopping cart modules, payment buttons, instant billing, as well as Point-of-Sale systems for retail enterprises.

Its goal is to make accepting Bitcoin and other digital currencies as a form of payment as simple as possible for any online or retail business.

In particular, the fintech payment gateway provides cryptocurrency payment processing services for businesses and enterprises of all sizes, having executed over 1.5 million transactions, completed 1.4 million merchant orders, and has registered over 260,000 users to this date, showing a solid market acceptance for the platform.


What is CoinGate and why customers use it

CoinGate was founded by Dmitrijus Borisenka, Jonas Gilys, and Irmantas Baciulis in 2014. For many clients since then, CoinGate’s permission-based account managementfiat payments to bank accounts, and brand new email billing functionality have made it their preferred payment processor.

Not only does CoinGate offer merchant services but also a platform for buying and selling several crypto-assets with a single payment. In fact, CoinGate has been described as a crypto payment processora trading platform, and a gift card retailer all in one.

By providing multiple options for setting up crypto payments for any online or physical business, the firm moves cryptocurrencies closer to widespread use. Payment buttons, web-based Point-of-Sale applications, API connectivity, and official plugins for the largest e-commerce platforms are all options.

Since customers using CoinGate can make purchases using credit/debit cards, SEPA bank transfer, or mobile balance, they can sell their coins for fiat currency. Additionally, with the option to convert to fiat, every CoinGate merchant may now accept over 70 cryptocurrencies using the firm.

CoinGate’s supported currencies. Source: coingate.com

Whatsmore, strengthening the firm’s reputation is its solid business relationships as it collaborates daily with world-renowned companies such as Simplex, Changelly, and DAOpay, to mention a few.

Recently, Hostinger, a well-known web hosting firm, has partnered with CopinGate and will continue to accept crypto payments for their services.

Indeed, there are more than 100 countries, including over 50 local currencies payment options for merchants supported by the cryptocurrency payment services provider. The full list of supported countries can be found here.

Watch the video: Introduction to CoinGate

CoinGate features and products

Accept Crypto Payments (for eCommerce platforms)

Through CoinGate´s integrated features, retailers can accept crypto payments in Bitcoin, Ethereum, and Litecoin, among many other cryptocurrencies.

On top of this, merchants can also take advantage of a fully integrated and adaptable platform creating a cryptocurrency payment infrastructure to keep tabs on orders and manage their crypto earnings.

Additionally, the fast registration process means that customers can get started in no time, use a wide range of tools and enjoy a user-friendly interface.

Listed below are some of the advantages of accepting cryptocurrency payments over traditional payment methods via CoinGate:

  • Low fees;
  • Irreversible payments;
  • Micro-transactions;
  • Unsurpassed customer privacy;
  • More prospective clients.

Note: Virtually any online or physical store can accept crypto payments utilizing CoinGate’s capabilities. This works by the merchant offering a service or a product for sale, and then the buyer uses cryptocurrency and selects CoinGate from the payment choices to pay for the product or service.

How it works?

As soon as users pick the CoinGate option, they’ll be given a choice between several different cryptocurrencies. The merchant then prepares a cryptocurrency invoice for payment, and CoinGate generates a payment invoice for the merchant. CoinGate then calculates the price of the goods in the cryptocurrency of the buyer’s choosing and provides a payment window for the consumer.

Then once the merchant gets paid in crypto, CoinGate gathers and transmits the merchant’s profits back to them in Euros, Bitcoin, or any other supported digital currency.

The ability to accept crypto payments and trade as a company is available to anyone who creates a Business Account. A firm may completely integrate into the crypto space by becoming a cryptocurrency payments processor.

Integration

There are more ways to integrate your business payment solutions to meet your customers’ needs, such as an API, plugin payment buttons, or Point-of-Sale integration, which we will cover in-depth below.

CoinGate’s integrated payment solutions. Source: coingate.com
Plugins and modules

This add-on integration allows consumers to pay securely and quickly with any approved cryptos using CoinGate’s official Plugin modules that merchants can download and install with just a few clicks.

Payment buttons

Business owners with Payment buttons may collect payments in a variety of digital assets with the click of a button designed by you. Merchants can create a unique design that meets their demands, keep track of orders and receive alerts with CoinGate notifying via email each time you are paid.

CoinGate API

The CoinGate API is appropriate for a wide range of applications for online businesses and merchants interested in accepting cryptocurrency as a payment option. Firms may use this new fully customizable payment method without the need for deep technical expertise or the risk associated with exchange rate changes because CoinGate controls the payment flow from checkout to settlement. This works best with enterprise-level integration.

Billing

Businesses can utilize custom billing services in various ways, as these features make this crypto payment system ideal for a wide range of business scenarios. Using instant or recurring email billing, merchants may request payments in 70+ cryptocurrencies from their consumers or B2B partners around the globe.

Buy Instantly (for retail customers)

The Buy Instantly function allows you to buy cryptocurrencies using a credit or debit card for an extra charge by providing the relevant information and specifying the wallet address, coin, and quantity to purchase from $50 to $20,000.

From here, continue to the payment page and input your billing information to complete your purchase. Simplex, a well-known global payment processor, handles your credit card payment safely and swiftly using the latest encryption technology.

The Buy Instantly service does not require the creation of an account. After completing a brief verification process, you will have your cryptocurrency within one hour. However, it’s essential to keep in mind that you’ll need a suitable external wallet to buy cryptos on the platform.

Merchant Directory (list of stores that accept crypto)

The ‘Merchant Directory‘ allows customers to find online stores that offer products and services for more than 70 digital currencies.

CoinGate’s Merchant Directory. Source: coingate.com

Bitcoin, Ethereum, Litecoin, and XRP are just some of the prominent cryptocurrencies accepted by businesses in the Merchant Directory.

Customers can choose from retailers ranging from gaming, consumer goods, entertainment, luxury goods, software & web services, and travel.

In terms of spending, crypto users can select one of over 150 online shops that accept cryptocurrency utilizing the online Coingates Merchant Directory.

Gift Cards

Consumers may use Bitcoin and other cryptocurrencies to purchase more than 1,000 gift cards for world-renowned e-commerce websites and businesses such as Amazon, Netflix, Xbox, and many more.

Gift cards purchased through CoinGate come with their own set of perks, in addition to rapid email delivery 99.9% of the time. Whatsmore, any voucher you purchase will be sent directly to your email address, or you may send it to someone else as a present directly from the checkout window.

By paying for subscriptions with gift cards instead of credit and debit cards, customers may avoid geographical restrictions and utilize the subscriptions without any constraints, all from the comfort of an app.

Coingate gift cards. Source: coingate.com

In addition, you can pay lower network fees – using the Lightning Network option for Bitcoin and Litecoin transactions when buying gift cards on CoinGate, giving the user a meaningful way to spend crypto.

Trading

Buy & Sell

You may acquire Bitcoin or any other cryptocurrency directly with Buy & Sell to your personal wallet without making any initial payments by using a simple SEPA transfer from your bank account without including complex exchanges.

All cryptocurrency purchases are delivered straight to the user’s external wallet, whereas when crypto is sold, all fiat is sent to a designated SEPA bank account within 24 hours.

Additionally, customers can buy Bitcoin and other cryptocurrencies with Apple Pay, although the Apple Pay payment option is only available when using an iOS device.

Overall, Coingate offers a variety of depositing methods, including wire transfer, debit card, and even Klarna, a Swedish payment intermediary service provider.

Buying and selling crypto. Source: coingate.com

Watch the video: How to buy crypto on CoinGate with a bank transfer

Orders

CoinGate’s Dashboard feature allows users to view their trading order history. “Orders” may be accessed by selecting “Trading” from the dropdown menu.

For example, users may see their order/withdrawal status as well as the order/category, withdrawal quantity, and date. Users can narrow searches further by using filters.

Mobile Orders

Users may also check the progress of their orders and withdrawals made using mobile platforms.

“Mobile Orders” may be accessed from the “Trading” drop-down menu. In the same way as with orders, users are given information on the status of orders/withdrawals, category, amount, and creation date.

Withdrawals

Furthermore, users may examine all withdrawals via the “Withdrawals” page accessible under the “Trading” dropdown menu.

A user may check the status of their account and the amount, category, payout setting, and creation date.

CoinGate does not allow users to deposit or withdraw crypto or fiat money for trading. Therefore, all purchases and sales of crypto are performed directly from external wallets.

External wallet compatibility

CoinGate will instantly transfer all cryptos acquired on the platform into your selected external crypto wallet since CoinGate does not provide customers with distinct crypto and fiat-wallet accounts.

To hold acquired cryptos and earnings from crypto sales, individual users supply external wallet addresses for purchases, sales, and withdrawals.

Before trading cryptocurrency or making any payments, customers must select “Payout Settings” from the “Accounts Settings” option under the “Dashboard” drop-down menu.

Creation of a new payout setting. Source: coingate.com

Individual wallet addresses must be entered here, along with a title for future transactions.

Creation of a new payout setting Bitcoin external wallet address. Source: coingate.com

You can provide your crypto or fiat account information by selecting the following options:

  • Title (Optional) although it’s recommended;
  • Address for cryptos, provide the external wallet address;
  • After that, click on “Save payout setting.”

As illustrated below, the method is similar for fiat currency bank accounts but requires additional information.

  • Title (Optional);
  • Name of Account Holder;
  • Name of Bank;
  • Bank SWIFT Code;
  • Account Number (IBAN).
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