Coingate offers a wide range of services, including a crypto store and a trading platform. The company also offers web point of sale systems for merchants.
Users can purchase cryptocurrencies by debit or credit card, via global bank transfers or directly from their external wallets. They can access their trade history through the dashboard feature.
Buying and Selling Cryptos
A cryptocurrency exchange is an online platform that allows people to buy and sell digital currencies. When buying or selling cryptos, CoinGate charges a flat fee of 1%. This fee covers the transaction processing costs and network fees.
To purchase cryptos, users must first sign up with CoinGate and choose the verification level they want to use. Tier 1 verification requires a personal ID document photo and a live image of the user’s face. Users can upload a passport, ID card, or driving license.
Once the verification process is complete, CoinGate will deposit the purchased cryptocurrency into the selected external wallet. Users can then exchange the cryptocurrency for another crypto or fiat currency. CoinGate is a multiproduct platform that supports business needs through its payment platform and individual needs through trading and gift cards. It also supports dozens of different cryptos. This makes it an ideal solution for businesses and consumers alike. Moreover, the platform is completely secure and has never experienced any hacks or data loss.
Cryptocurrency users often move their assets between custodial wallets (like CoinGate) and non-custodial ones such as a personal bank account or another cryptocurrency exchange. This is a good thing, as it keeps the price of each transaction low, even during times of high network congestion.
When you make a payment on CoinGate, the purchased cryptocurrency is automatically deposited to your external crypto wallet. You can select your preferred cryptocurrency from the dropdown menu. The service also offers a ‘Pay in wallet’ option which allows you to use a Lightning-enabled Bitcoin wallet for instant payments and zero blockchain network fees.
The platform supports both BTC and more than 70 other cryptocurrencies as payment methods. Depending on the merchant setup, they can be either instant or recurring payment options. In addition, CoinGate offers a comprehensive reporting dashboard and customer support. In terms of pricing, it is not the most competitive, but its fees are in line with other competitors.
Creating an Account
CoinGate’s registration process is straightforward. Users are asked to provide their email address and password. They are then redirected to their dashboard where they can check the status of their purchases and sales. They can also view their trading order history with details such as the category, amount, and created date.
Coingate enables businesses to integrate crypto payments using several methods, including payment buttons and API integration as well as official plugins for the biggest e-commerce platforms. This way, customers can purchase products and services from more than 70 cryptocurrencies. Moreover, users can also exchange their cryptos for fiat currency and get their money instantly.
To learn more about CoinGate’s business solutions, check out the company’s website. It has an extensive FAQ section as well as a blog where users can find answers to their questions. In addition, there is a dedicated customer support team available to answer any queries. Users can also contact them via email or phone.
Despite the crypto market being a bit volatile, CoinGate has been able to keep its users safe with the use of several security measures. For example, the company keeps its digital assets in cold storage, preventing hackers from accessing them. Additionally, the platform offers 2-factor authentication to protect its users’ accounts.
Furthermore, CoinGate takes a proactive approach to the prevention of money laundering (ML) and terrorist financing (TF). To that end, it performs due diligence checks on all customers and verifies the obtained information against reliable and independent sources.
Moreover, CoinGate supports Layer-2 solutions such as Lightning Network withdrawals for BTC and Polygon, which can significantly lower transaction costs and speed up payment processing times. The platform also aims to live up to the “what you see is what you get” principle by offering transparent fees on all its services. For instance, merchants are charged a flat 1% fee for accepting crypto payments. The platform also offers various tools for business-to-business transactions, such as billing service.