CoinGate is a payments platform that offers customers to pay safely with bitcoin and 70+ other cryptocurrencies. Further, it is a Lithuanian-based fintech company founded in 2014 by Dmitrijus Borisenka. CoinGate is a simple and easy-to-use platform that provides 3 levels of verification to secure the user’s account. Therefore, here’s a brief CoinGate review:
Table of Contents
Summary
- It is a Lithuanian-based Fintech Company.
- Secure Cold storage for Cryptocurrencies.
- 70+ Cryptocurrencies are Listed.
- Simple and Easy to Use Interface.
- Users can buy 1000 gift cards with cryptocurrencies.
- Supports over 100 Countries and 50+ local currencies.
What is CoinGate?
CoinGate is a Lithuanian-based fintech company founded in 2014 by Dmitrijus Borisenka. Further, it is a crypto payment gateway that allows merchants to use bitcoin and other cryptocurrencies for their business and accept payments. CoinGate charges a 1% transaction fee for transactions.
How to get started with CoinGate?
To use CoinGate, users have to visit the CoinGate website and create an account.
CoinGate provides 2 types of accounts:
- As a Person
- As a Business
Users can signup based on their requirements.
Create a personal account: Users can sign up in 3 ways like Google, Facebook, and Email. Further, the platform provides 3 tiers of security to protect users’ accounts from any threat and 2 step authentications. After signing up, the user has to fill in account details and verification documents. These details are mandatory to fill before trading cryptocurrencies on CoinGate.
Create a business account: To create a business account, you’ll have to fill in specific details like business name, business mail, country/ region, and website address.
CoinGate Account Verification Process
There is 3 tier verification on CoinGate: Tier 0, Tier 1, Tier 2. Users have to get verified by completing all tiers of verification.
Tier 0: Tier 0 basically be completed by creating an account at this tier; Users can exchange cryptocurrencies for up to €200. 50 EUR is rewarded when the user completes verification and receives its first paid order.
Tier 1: Tier 1 is a standard verification process. Here users can buy and sell up to €1,000 worth of cryptocurrencies per month (max. €5,000). The reward of 200 EUR is given to the merchant. For the completion of Tier 1, users have to fill in the mandatory details like Phone to take live Photos, Proof of identity, Passport (Face photo page) or National Id (Front and Back), and the User has to take a selfie for verification.
Tier 2: To unlock tier 2, the user has to complete the tier 0 and tier 1 verification process. At this tier, the user gets full service of CoinGate and a reward of 1000 EUR when a merchant gathers a sale of €1,000,000.
CoinGate Review: Interface
CoinGate has a simple and easy-to-use interface. Further, the platform is intuitive and has gained merchants over 300k+ users, with 1.7 million+ merchant orders and 1.8 million+ transactions made, until the time of writing.
CoinGate Gift cards
CoinGate provides 1000+ gift cards of various product-based websites. Users can buy a gift card with bitcoin or other cryptocurrencies with low fees and instant delivery. Users can choose between their favourite categories.
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CoinGate Review: Trading options
Buy: Users can buy different cryptocurrencies from one account. Users can use their credit and debit cards in other countries except India to make payments. The default payment option is the euro in India.
Sell: User can sell their cryptocurrency and receive the euro in India. To receive the amount user has to add a euro payout address.
Exchange: Users can swap cryptocurrencies easily.
CoinGate Review: Merchant directory
It allows customers to find online stores that offer products and services for more than 70 digital currencies. CoinGate users can select one of over 150 online shops that accept cryptocurrency utilizing the online CoinGates Merchant Directory.
Also Read: Best Paid And FREE Crypto Trading Bots In 2022
CoinGate Fees Structure
The fee is only 1% which means that all buttons, plugins, APIs, and billing are subject to this commission. Payment processing will cost you 1% of the total cryptocurrency transactions.
CoinGate Review: Deposit & Withdrawal Fees
Different commissions are paid based on the purchase method in terms of fees. Credit/Debit cards incur an 8% for buying only.
Withdrawal fees
- SEPA bank transfer: Minimum withdrawal amount is 50 EUR, no withdrawal fees
- International Bank: Minimum withdrawal amount is 250 EUR, 1% withdrawal fees will be charged.
- International Bank: Minimum withdrawal amount is 250USD, 0.2% withdrawal fees will be charged.
While withdrawing cryptocurrencies from the CoinGate account, there are no fees.
CoinGate Security
Personal settings
In this section, users can add another layer of security to their account by enabling the 2-factor authentication. Users can also see and add which social account is connected to CoinGate.
2- Factor authentication:
2-factor authentication is highly recommended because it boosts the user’s account security.
To set up 2-factor authentication (2FA), the step is:
Login to your CoinGate account and locate ‘Security’ under ‘Account Settings; on the left side menu.
- Once you are there, toggle the 2FA switch to enable it.
- Install Google Authenticator on your device.
- Open the app, click ‘+,’ and scan the displayed QR code.
- On your app, the User will see a 6-digit code that changes once in a while, then enter the code and Click Enable – 2FA has been enabled!
Users have to enter the 2FA code from Google Authenticator when logging in to their CoinGate account.
CoinGate Review: Supported countries
CoinGate is supported in many countries. It supports 100 countries and 50+ local currencies for merchants, which is quite a big scale. They also have a feature for users to search if the CoinGate is available in their country or not.
CoinGate Review: Customer support
Users can visit the CoinGate customer support section by visiting the contact us section. Users can select the option provided for their issues. Users can mail their problems –[email protected], or visit the CoinGate site and hover to the contact us section. Within 24hrs, CoinGate customer service will get in touch with the User, and its support is available across multiple channels.
CoinGate Integrates with Shiba Inu
CoinGate has recently announced that Shiba Inu has been integrated as their newest cryptocurrency. Every CoinGate user can buy, sell, and trade Shiba Inu. Shiba Inu can be used by gift card shoppers. CoinGate’s merchants can accept Shiba Inu payments from their respective shoppers.
Also read, Best Shiba Inu and Baby Shiba Inu Wallets
CoinGate Review: Pros and cons
| Pros | Cons |
|---|---|
| Support for merchants: over 100 countries and 50+ currencies for merchants are accepted via its unique service | Languages: English and Spanish are the only languages supported by the platform. |
| Security: Two-factor authentication and use of cold storage puts a high priority on safety | App: CoinGate is a website-based platform. |
| 24/7 Customer Support: Users can contact customer support via email or by submitting a support request to the company’s ticketing system; | No payment service is available for Indian users. Users have to use a credit card. |
CoinGate offers 70+ cryptocurrencies. | No service is available in the U.S for users and merchants. |
| 1000 Gift cards are available, and users can buy them with bitcoin and other cryptocurrencies. | Better Alternatives are available. |
CoinGate Review: Conclusion
CoinGate is an easy and secure platform as they have 70+ cryptocurrencies available for trading and various payout options. CoinGate is trusted by 200k+ registered users, and CoinGate also provides various rewards to the users. CoinGate had recently listed Shiba Inu. Users can buy more than 1000 Gift Cards with Bitcoin or other cryptocurrencies. CoinGate supports over 100 countries, but in the U.S, they don’t provide service for users and merchants.
Frequently Asked Questions
How safe is CoinGate?
Yes, CoinGate is a safe platform for trading, and the merchants also secure the user account with 2-factor authentication. Also, the wide variety of their cryptocurrencies is held in secure cold storage.
What is a CoinGate?
CoinGate is a payment platform that offers customers to pay safely with bitcoin and 70+ other cryptocurrencies. CoinGate is a Lithuanian-based fintech company founded in 2014 by Dmitrijus Borisenka.
How many cryptocurrencies does CoinGate support?
CoinGate provides 70+ cryptocurrencies for trading and merchants.
How to register on CoinGate in the U.S?
Even though CoinGate provides services in over 100 countries, unfortunately, Users from the U.S can’t register on CoinGate as CoinGate doesn’t provide services in the U.S.
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