What is CoinGate?
CoinGate is a crypto-based payment gateway that enables businesses to accept cryptocurrency payments.
The company aims to bridge the gap between decentralized and traditional marketplaces by offering blockchain-friendly technologies that business owners can leverage. And over the years, the development team has created numerous products to achieve this objective.
CoinGate automates all the steps within a payment process, from the generation of invoices to payment confirmation.
So, the only action businesses need to take is to integrate the required plugins, buttons, and APIs into their systems.
Although this may seem cumbersome, CoinGate eases the process by creating comprehensive guides for merchants. The guides on the company’s website are text-based; however, merchants can see useful video tutorials on CoinGate’s YouTube channel.
CoinGate Company Overview
Founded in 2014, CoinGate is the brainchild of Irmantas Baiulis, Jonas Gilys, and Dmitrijus Borisenka. The company is currently based in Lithuania and operates under the name, JSC Decentralized.
CoinGate originally focused on Bitcoin payment processing. But over time, they adopted other cryptocurrencies, thereby gaining a wider acceptance by merchants.
Given its aim to take crypto payment processing mainstream, CoinGate provides merchants with an array of options for setting up their payment gateway. These options accommodate both physical and online businesses.
Merchants can leverage official plugins, instant billing systems, web-based PoS applications, payment buttons, and API connectivity to receive payments globally.
Plus, they can accept over 70 cryptocurrencies using the gateway, coupled with an option of converting their crypto assets to cash. Due to the crypto market’s volatility, the platform offers a real-time Euro settlement to shield users from sudden market swings.
CoinGate is available to users in over 100 countries, offering over 50 local currency payment options.
Although the company is popularly known for providing services to merchants, it also allows everyday crypto users to easily buy and sell several assets.
CoinGate is generally tagged an “all in one” platform because they offer crypto payment, trading, and gift card retail services on one platform.
In a bid to strengthen its reputation, CoinGate has built solid partnerships with other renowned companies, including Changelly, Simplex, and DAOpay. Also, it partnered with Hostinger, a web hosting platform, in August 2021, enabling them to accept crypto payments for their services.
Overall, CoinGate provides services to businesses of all sizes as well as everyday users. Today, the platform boasts of over 348,000 users, 2 million merchant orders, and 2.1 million completed transactions.
As of writing, CoinGate does not have a native token. They only allow users to trade other cryptocurrencies on their platform.
CoinGate exchange review: Pros and Cons
As a payment gateway for crypto funds, CoinGate does what it needs to. But what are it’s key advantages and disadvantages?
- Multiple currency options
CoinGate allows merchants to accept payments in over 70 cryptocurrencies, including Bitcoin and Ethereum. Plus, they also have an option to convert their assets to fiat to avoid crypto market volatility.
- Improved platform security
Blockchain technology is generally secure, but hackers have found a way to get around it and steal users’ funds. To prevent this, CoinGate stores all assets in a secure cold storage wallet.
Crypto assets stored in cold wallets are offline and secured with private keys. So, the one way to steal funds is by getting the private keys, which is almost impossible.
- Newbie friendly
The platform has a straightforward interface, with navigation buttons and relevant information in clear typography. This makes it easy for even new users to set up their accounts.
However, if by any chance a user gets confused, he can refer to the detailed resources provided by CoinGate. These resources make the entire process less intimidating.
Users can also contact the customer support team via email for highly technical issues. They have a quick response time, helping users to solve queries promptly.
- Multiple integration options
CoinGate recognizes the varying preferences and needs of different businesses. As a result, they offer multiple integration options, such as:
- Payment buttons
- WordPress plugins
- PoS solutions
- Absence of dedicated wallets
CoinGate operates more like a payment gateway than a crypto exchange. So, unlike other notable cryptocurrency exchanges, CoinGate does not allow users to create dedicated crypto wallets.
CoinGate stores all funds in the company’s wallets and users must link external wallets to use the platform.
- Above-average trading fees
CoinGate’s trading fees are considerably higher than other exchanges. The average trading fee is between 0.01% to 1%; however, CoinGate charges its users 3%.
CoinGate Supported Cryptocurrencies
CoinGate supports 70+ cryptocurrencies, improving users’ flexibility. Here are some notable cryptos that the platform supports:
- Binance Coin
- Bitcoin Cash
CoinGate charges varying amounts in fees for its various services. These include:
Coingate merchant fees
CoinGate does not charge any upfront fees for its tools. However, merchants are required to pay a 1% processing fee for all transactions, meaning that all plugins, buttons, APIs, and PoS systems are subject to this commission.
Coingate buy and sell fees
Users are required to pay these fees depending on their purchasing method. The various fees that apply here are:
- SEPA bank transfers - 3% for buying and selling
- Credit/Debit cards - 8% for buying only
- Mobile balance and alternative fees - depends on the user’s location
Coingate withdrawal fees
CoinGate’s withdrawal fees also differ depending on the user’s withdrawal method. Here is a rundown:
- SEPA bank transfer - free
- International bank transfer - 1% for Euro accounts and 0.2% for US Dollar accounts
- Crypto - free, but the user has to pay the network fees
CoinGate Deposit Methods
Users on the platform can use two deposit options: credit/debit card and SEPA bank transfer. It is worth noting that the latter is only available to users in Europe.
CoinGate trading services offered
Since CoinGate is more of a payment gateway than an exchange, it does not offer the traditional trade options that users can find on exchanges.
Generally, the platform allows users to swap cryptocurrencies for fiat and vice versa. But here are the details of the CoinGate’s trading services:
- Buy Instantly: This function allows users to buy digital assets using debit or credit cards.
- Merchant Directory: Customers can leverage this service to find merchants that accept crypto payments. Here, they can find and purchase a wide range of items, including consumer goods, travel packages, entertainment services, and luxury products.
- Gift Cards: CoinGate offers users the opportunity to buy gift cards for popular businesses and e-commerce platforms such as Xbox, Netflix, Amazon, etc.
- Buy and Sell: Users can explore this option to acquire cryptocurrencies and have them sent to their external wallets.
CoinGate secures users’ accounts with two-factor authentication. Here, users are required to download an authenticator app and link it to their accounts. The app will help them generate secure codes whenever they wish to log in, while also preventing hackers from gaining access.