CoinPayments

What is CoinPayments Wallet?

Keeping crypto assets secure has been one of the significant problems investors and traders have faced since the early days of Bitcoin. From crypto’s early days, most crypto investors saved their assets on exchanges/centralized exchanges. However, some of these exchanges turned out to be unreliable.

Crypto assets worth millions of Dollars have been carted away from their owners. Several self-custody wallets like CoinPayments Wallet, which give users total control of their assets, were launched to solve these issues.

CoinPayments Wallet is a crypto wallet that enables users to send, receive, store, and trade crypto assets. The platform was launched in 2013 and is owned by Alex Alexandrov. The wallet provides support for over 2000 crypto assets. These assets are bought, sold, swapped/exchanged on the platform.

CoinPayment is not just a crypto wallet. It is also a payment processing tool. With CoinPayments, merchants who wish to accept crypto as a means of payment for their goods and services can integrate this payment service into their website and accept any crypto of their choice.

CoinPayents Wallets and payment services are available for both mobile and desktop devices. For the mobile devices the application is available for both Android and Apple devices. The wallet has been growing its number of userbase since its inception.

However, the simple and easy-to-use nature of the website and application are some of the primary reasons behind the massive growth of this payment service provider.

Getting Started with CoinPayments

Setting up CoinPayment is not as straightforward as other wallets out there. Firstly, the account is divided into two-Personal and Merchant or business accounts. Also, the wallet is available for both desktop and mobile. However, the following steps explain how to get started on both mobile and desktop;

Setting Up CoinPayments On Desktop

1. Visit CoinPayments’ Official Website: Please ensure you visit the real CoinPayments site. This is crucial because plenty of scammers have cloned CoinPayments’ designs intending to scam people of their crypto assets.

2. Signup or Login: If you already have an account with CoinPayments, enter your login information by clicking the “Log in” button in the top right corner of the website. On the other hand, if this is your first time signing up, click the “signup” button and continue.

3. Input Your Details: You will be presented with the option of creating a personal or business account. The business account has more features than the personal account. Choose your preferred type of account and fill in the corresponding form with your details.

4. Verify Your Email Address: If you successfully filled out your information following the last step above, an email verification will be sent to your email address. Your email will be instantly verified if you click the verification link. 

After you have concluded the steps above, your wallet will be ready for use on the desktop. The following steps are for setting up CoinPayments Wallet on mobile;

Setting up CoinPayments on Mobile

Setting up this wallet on mobile is similar to how you do it on a desktop. Follow the steps below to set up;

1. Download the Application: CoinPayments application is available both on Apple and Android devices. Go to their respective app stores and search for “CoinPayments”. Once you locate the application, hit the download button and wait for the application to install onto your device.

2. Open the Application: You have to sign up or log in when you first open the application. If you already have an account with CoinPayments, please log in; otherwise, if you’re new to CoinPayments and don’t have an account yet, you’ll need to tap the “sign up” button to get started. Following that, a prompt will ask you for basic information like your name, email address, and password. To ensure the security of your account, a strong and original password must be chosen.

3. Enter Your Details: Input your desired username, password, and email address. Also, you must check the user agreement and privacy policy box below your details to proceed.

4. SetUp Your Pin: You must set up your pin to complete the signup process. This pin will be required for subsequent login and usage. The pin is made up of four digits. Enter a secured one and confirm to proceed. 

5. SetUp Biometric: You can choose to log in with biometrics. If you decide to, answer the question after you set up your pin in affirmation and set up your thumb on your device’s thumb sensor, and proceed.

6. Verify Your Email Address: If you input your correct email address into the first signup form, a verification email must have been sent to it. Go to your email inbox and check for the verification email. If found, tap on the “verification” link. After this last process, your wallet will be ready for use immediately. 

Cryptocurrencies & Assets Supported by CoinPayments 

CoinPayments supports over 2000 cryptocurrencies. All of these tokens can be received to the wallet, and sent out of the wallet. However, the table below contains the most popular hundred cryptos supported by the wallet; 

CoinPayments Keys and Security

Private keys are an essential aspect of most crypto wallets. With a private key to your wallet, anyone can gain unlimited access. For these reasons, keeping your private keys safe and secure in places where no one else has access except you is advisable. However, it is noteworthy that CoinPayments, as a crypto wallet, does not support using private keys. It is a unique wallet that you can access with your email address or username combined with your password. 

Other CoinPayments Wallet Features

CoinPayments is like any other wallet out there. It can send, receive and exchange coins on its platform. Moreover, CoinPayments has other unique features that only some of the numerous wallets are found. The following are some of its unique features;

Pay-by-Name Feature

CoinPayments has a unique feature that allows its users to create a name that can be used for transactions. With the created name, users on the CoinPayments platform can send crypto assets to themselves without copying and pasting any wallet address.

This is so swift and easy to use because even if your device is affected by any crypto-related virus like Trojan, you will not risk sending your crypto assets to a scammer. CoinPayments merchants can also set up and use this feature for crypto payments from their buyers.

Fiat Payments Feature

One major problem merchants on platforms other than CoinPayments face is how to get out their sales revenue in fiat currencies. This problem has been solved with CoinPayments. CoinPayments allows merchants users based in the UK and the US to cash out their sales through fiat currencies. The merchants can link their bank accounts to CoinPayments accounts to facilitate fiat withdrawals and deposits.

Cold Wallet Service

Cold wallets are offline crypto services that users utilize to secure their crypto assets. CoinPayments provides a vault service allowing users to save their assets for a specific time before spending them. This is one of the most secure ways to protect crypto assets from possible exploiters or hackers.

Multi-Coin Wallet

There are over 2000 different digital assets that can be exchanged or swapped on the platform, offering users unparalleled flexibility and choice when it comes to managing their crypto holdings.

These supported assets cut across a wide range of Blockchains. This means users can access a broad range of digital currencies spanning multiple networks and ecosystems. Whether you’re interested in popular tokens like Bitcoin and Ethereum or more niche altcoins that cater to specific use cases or industries, you’ll find many options on the CoinPayments platform.

Invoice Builder

For merchants looking to streamline their payment processing workflows and enhance their customer service capabilities, CoinPayments offers a range of powerful tools and features to help them succeed. One such tool is the Invoice Builder feature, which allows merchants to quickly and easily create and send invoices to their customers via a dedicated link.

With the Invoice Builder feature, merchants can design and customize professional-looking invoices that reflect their brand identity and incorporate all relevant details, such as product descriptions, pricing information, and payment terms. Once the invoice is created, it can be sent to customers via email or shared through other communication channels, such as social media or messaging apps.

Mobile Application

CoinPayments is much more than just your run-of-the-mill web-based payment system. It offers a comprehensive suite of tools and features designed to make digital asset management seamless and user-friendly. One of these powerful tools is the CoinPayments mobile app, which allows users to monitor all transactions in their accounts on the go easily.

Whether you’re an Android or Apple user, the CoinPayments mobile app is readily available for download from their respective app stores. Once downloaded and installed, the app provides instant access to your account information, including balances, transaction history, and other vital metrics.

API Integration

For merchants who want to offer their customers a seamless and hassle-free payment experience, CoinPayments provides a powerful API integration that allows for easy integration of its payment system directly into its website. With this integration, buyers can easily make payments for their orders without ever having to leave the merchant’s website.

CoinPayments API integration is highly customizable, allowing merchants to tailor the payment experience to their needs and preferences. From branding and design to payment options and fraud prevention measures, the platform offers a wide range of tools and features that can be customized to meet the unique needs of any business.

Shopping Cart Plugins

CoinPayments offers a wide range of prebuilt shopping cart plugins. These plugins are designed to be highly user-friendly and customizable, allowing merchants to quickly and easily integrate them into their existing e-commerce websites. Once installed, they provide a seamless checkout experience for customers, allowing them to complete their transactions quickly and easily without ever having to leave the merchant’s website.

CoinPayments Usability and Support

For a start, CoinPayments is one of the most accessible payment services to set up. It is equipped with a well-defined web interface. It has a user-friendly interface that makes navigating the app and website easy and hassle-free. It’s equipped with many functionalities that will leave a lasting positive experience with its users.

In addition to its user-friendly interface, CoinPayments is packed with a wide range of powerful functionalities that will leave a lasting positive impression on its users. From customizable checkout pages and invoice creation tools to advanced reporting and analytics features, the platform offers everything you need to streamline your payments process and optimize your business operations.

Furthermore, there’s a dedicated section for support on the CoinPayments website. This section provides answers to popular possible questions that customers may have. Also, customers who face any form of challenge interacting with CoinPayments can send messages to support and expect replies in a few hours from the support team.

In general, CoinPayments balances simplicity, usability, security, and flexibility. It is one of the most straightforward payment services and wallets to set up.

CoinPayments Reputation and Popularity

CoinPayments has maintained a good reputation since its launch in 2017. The platform has also maintained a healthy growth pattern and increased in popularity. Not only has it maintained a healthy growth pattern and grown in popularity, but it has also managed to attract a loyal following of more than one million wallet users and over 100,000 merchants worldwide.

In addition to its support to merchants and personal wallet users, CoinPayments has helped many crypto projects come into the limelight by hosting their token sales (ICO) on their platform. From the beginning of the existence of CoinPaymentss till now, no controversial reports have been published against them. Also, no significant hacks or exploitation issues have been reported against them.

However, on June 5th, 2017, there were reports that some users withdrew more than the balance of Ripple (XRP) they had in their cold wallets. It took the CoinPayments team over 6 months to explain why the bug happened.

Conclusion

After exploring CoinPayments Wallet, I am impressed with the wallet’s ability to support over 2000 crypto assets. The platform also serves as a payment processing tool that enables merchants to accept cryptocurrencies for their goods and services. The simple and easy-to-use nature of the website and application is one of the major reasons behind the massive growth of this payment service provider.

However, setting up CoinPayments is more complex than other wallets, and it is essential to be cautious of phishing sites when accessing CoinPayments’ official website. Nonetheless, CoinPayments provides enough security features to ensure users’ assets are secure.

In conclusion, CoinPayments Wallet is an excellent option for crypto enthusiasts and businesses looking for a user-friendly and secure platform to store, send, and receive cryptocurrencies.

CoinPayments Pros and Cons

Even though CoinPayments is one of the nice crypto wallet options out there, it also has some of its own pitfalls or cons. The table below contains its pros and cons;