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

CoinGate Review 2021 | Fees, Pros, Cons | Accept & Buy Crypto
Jordan
Major
4 weeks ago
19 mins read

In this review, we will explore CoinGate. This cryptocurrency payment gateway solution equips merchants with the ability to accept a variety of digital currencies, as well as a service to purchase and sell crypto on the spot for the retail customer.

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 management, fiat 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 processor, a 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).
Creation of a new payout setting bank account. Source: coingate.com

Pricing and Fees

The crypto payment processing fee is only 1% which means that all buttons, plugins, web-based Point-of-sale systems, APIs, and billing are all subject to this commission. Therefore, as a retailer, Coingates’ crypto payment processing solution will cost you 1% of the total amount of cryptocurrency transactions you execute.

Crypto payment processing fee. Source: coingate.com

Buy & Sell fees

In terms of fees, different commissions are paid based on the purchase method, as shown below.

  • SEPA bank transfers for buying and selling are 3%; unlike other exchanges, Coingate does not charge any additional fees. For each transaction, traders pay a 3% fee, and there are no recurring charges nor are there fees for opening an account. SEPA and international bank transfers are limited to a maximum of 5,000 EUR per purchase. CoinGate can raise limits on a case-by-case basis upon request.
  • Credit/Debit cards incur an 8% for buying only; these transactions are processed in collaboration with Simplex. A credit card’s daily and monthly purchase limitations are 20,000 EUR/USD and 50,000 EUR/USD, respectively.
  • Mobile balance and alternative methods: partners fee depends on your location.
Cryptocurrency trading methods. Source: coingate.com

Withdrawal fees

  • SEPA bank transfer: minimum withdrawal amount 50 EUR, withdrawal fee is free;
  • International Bank: (EUR) minimum withdrawal amount 250 EUR, the withdrawal fee is 1% (no less than 50 EUR);
  • International Bank: (USD) minimum withdrawal amount 250 USD, the withdrawal fee is 0.2% (no less than 50 EUR).

There are no costs when withdrawing cryptocurrency from your Coingate account; as a result, the only fees to consider while withdrawing are the network fees.

How to create an account on CoinGate (step-by-step)

Step 1: Sign up for a CoinGate account by clicking on the “Sign Up” icon as shown below on the CoinGate homepage.

CoinGate’s homepage Sign up screen. Source: coingate.com

Step 2: Pick whether you want to use CoinGate as a person or as a business.

CoinGate’s register as a person or business. Source: coingate.com

Step 3: After carefully reading through the Terms and Conditions for User and Purchaser, select how you want to create a new account either through Google, Facebook or email.

CoinGate’s Create New Account. Source: coingate.com

Step 4: Following selecting the sign-up option, you will have the choice to continue verification or take a look around the platform first.

Welcome to CoinGate screen. Source: coingate.com

Step 5: If you select ´Take a look around first,´ CoinGate will immediately direct you to its dashboard. Bear in mind that you need to complete verification to start using CoinGate Buy & Sell.

CoinGate’s dashboard. Source: coingate.com

Step 6: CoinGate allows customers to choose from a variety of verification levels.

Tier 0 Verification: In this case, people are restricted to only viewing. Users aren’t allowed to put money into their accounts.

Tier 1 Verification: The first verification level allows users to purchase and sell up to €1,000 worth of cryptocurrency every month, with a total limit of €5,000. Tier 2 verification will be required if the limit is reached. To unlock this Tier 2, you will need to add your country of residence, ID Document and take a selfie.

Tier 2 Verification: Unlocks CoinGate services indefinitely upon successful completion.

CoinGate’s account verification Tiers 0,1 and 2. Source: coingate.com

Partnership

CoinGate provides two options to generate passive income: the referral program and the affiliate program; we will explain each further detail below.

Referral program

CoinGate offers opportunities to earn passive income by introducing new users to its site via its referral program. The fintech business provides one of the most rewarding referral programs on the market.

Anyone with a registered CoinGate account may immediately begin earning rewards by recommending new clients to its services. As a preliminary note, you can use the same CoinGate affiliate link for five different CoinGate services at the same time.

As alluded to, there are five instances in which your referral link will assist you as a source of income. In certain situations, the person to whom you are referring does not even need to register an account in order for you to receive a reward. 

Below are the five scenarios:

  1. In this case, you are paid when a user clicks your link, signs up, and purchases crypto with fiat money (euros) via a SEPA bank transfer. Whenever the referred user makes a payment using SEPA, you’ll continue to earn rewards for each subsequent transaction;
  1. If someone signs up using your referral link, you will receive money every time they trade cryptocurrencies for Euros;
  1. Your referral link earns you rewards for gift card sales as well. Any customer who purchases a gift card from a CoinGate merchant through your link, regardless of whether they are registered with CoinGate or not, will give you a portion of the transaction;
  1. Coingate’s credit card service doesn’t require users to register; instead, CoinGate performs a one-time simplified KYC verification check on users sent via the Coingate one-for-all referral link. However, regardless of whether a user signs up or not, you get a commission on every credit or debit card order handled through your link;
  1. The fifth method involves inviting new businesses to connect to CoinGate´s merchant solution and start processing payments in more than 70 digital assets. 

New merchant rewards are broken down into three tiers and given out when specific requirements are satisfied, such as those listed here: 

  • Tier I50 EUR reward when the suggested firm completes full verification and receives its first paid order
  • Tier II – A prize of 200 EUR is given when a merchant attains a turnover of €100,000;   
  • Tier III – A reward of 1000 EUR is given when a merchant achieves a sales turnover of €1,000,000.

In each of the first four cases above, you receive a 1% commission on the sale or purchase of Euros, BTC, or USDT by the referral.

CoinGate’s Referrals dashboard. Source: coingate.com

In addition, all new users who sign up for a CoinGate account via the referral link and validate the account are entitled to fee-free payment processing for 30 days and fee-free trader orders (available for SEPA bank transfer methods only).

Affiliate program

By joining the CoinGate Affiliate program, you can assist the company in accomplishing its goal of spreading cryptocurrency adoption globally.

The program allows you, as an affiliate, the chance to make money with CoinGate by promoting their services. When you suggest a new client to CoinGate, for example, you may earn up to 10% of their purchases. 

By the same token, by partnering with CoinGate as an affiliate and offering popular cryptocurrency gift cards, you can help expand cryptocurrency adoption while simultaneously receiving rewards. From the sale of every gift card through your promotions, you earn a commission. 

Enroll in the CoinGate Gift Card Shop Affiliate Program. After being approved, you can start marketing their products, and you will all obtain access to their promotional assets and impact tracking tools. 

If you want to promote CoinGate, you may do so by linking to CoinGate’s Gift Card Shop in articles, generating original content in video or text reviews, and putting their advertisements into your own video integrations.

CoinGate Customer support

Users can visit the CoinGate support FAQ section and CoinGate blog to keep updated with all the latest news and answer any doubts. If they cannot resolve their issue through this facility, there is a contact form that customers can use to describe their issue on this page

Use the “Contact Us” section of the CoinGate website or send an email to [email protected] to get in touch. The customer service section at CoinGate will respond to your questions within 24 hours, and its support is available across multiple channels.

CoinGate’s Contact us page. Source: coingate.com

In order to find out more about the platform, check out CoinGate’s social pages: Twitter, Facebook, Instagram, LinkedIn, and Youtube.

Is CoinGate safe?

The firm has developed and implemented cutting-edge software to ensure stringent Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) adherence in line with EU and local legislations as well as industry best practices.

Whatsmore, the implementation of 2-factor authentication (2FA) , for example, is a solid way to safeguard access to crypto platforms and is widely used. It prevents unauthorized access to your account by requiring you to enter a passcode delivered to your phone.

Last but not least, the company keeps the majority of coins securely in cold storage, preventing its digital assets from being stolen by online hackers. Moreover, CoinGate has never experienced any hacks, loss of funds, or data leaks since its establishment.

CoinGate Pros and Cons

Pros

  • Support for merchants: over 100 countries and 50 currencies for merchants are accepted via its unique service;
  • Security: Two-factor authentication and use of cold storage puts a high priority on safety;
  • 24/7 Customer Support: Users can contact customer support via email or by submitting a support request to the company’s ticketing system;
  • Coins: CoinGate offers 70 cryptocurrencies, all of which may be exchanged for fiat;
  • Generous Referral Program: For each buy or sell that a referred user makes, CoinGate rewards the referrer 1%;
  • Buy cryptocurrency instantly: with a credit/debit card or via a SWIFT/SEPA worldwide fiat transfers;
  • Variety of products: crypto payments solution, buying and selling crypto and supports purchasing and sending gift cards;
  • Client attention: CoinGate supports crypto traders, but also businesses have the choice of using payment buttons, web-based POS software, API connections, and official plugins for the major online shopping platforms;

Cons

  • Deposits: The platform does not support the deposit of cryptocurrencies;
  • Languages: English and Spanish are the only languages supported by the platform. Users can request the addition of a new language by contacting customer service.
  • Wallet: No CoinGate wallet available.

Final thoughts

Ultimately, CoinGate, as a multi-product platform, is able to meet both the corporate demands through its payment platform and individual needs via trading and gift card services.

By the same token, all of CoinGate´s integration solutions – API, shopping cart plugins, payment buttons, and Web Point-of-Sale – meet the needs of any business, making the platform stand out. Whether e-commerce or a brick-and-mortar store, consumers will appreciate its clean UI and simple payment processes.

Lastly, CoinGate allows its clients to safely pay using Bitcoin, Litecoin, Ethereum, and over 70 other virtual currencies with no exchange rate risk when receiving payments to your bank account or withdrawing cryptocurrency for a flat 1% fee – with no hidden costs or margins.


FAQs about CoinGate

Can I make a CoinGate account in the United States?

Yes, the platform does allow US investors, as long as they go through KYC verification before investing.

Do I need to verify my identity to buy and sell crypto on CoinGate?

Yes. It is required that you have a verified trader or merchant account in order to use most of its payment methods. When using credit or debit cards, the sole exemption is the simplified KYC check.

Does CoinGate have its own wallet?

No, customers will need to supply their own external crypto wallet before all sales and purchases.

Can I buy a gift card as a present for somebody else?

Yes. Pick the “E-gift?” option at checkout and enter the recipient’s name, e-mail address, and a message to send an electronic gift card.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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