CoinPayments – Bitcoin & Cryptocurrency Payment Processor Wallet?

CoinPayments is a payment platform that supports over 65 different coins. Find out how CoinPayments works today in our review.

What Is CoinPayments?

CoinPayments is a Canadian cryptocurrency payment platform that accepts over 65 altcoins at a flat transaction fee of 0.50%. The payment platform is catered towards merchants or anyone who sells their services online.

In June 2017, CoinPayments made headlines for a bug that allowed thousands of dollars’ worth of Ripple (XRP) to be stolen from other users’ accounts. The issue is still ongoing as we speak. One investor claimed to have lost $700,000 USD worth of Ripple.

Today, CoinPayments integrates with a number of popular shopping carts used by eCommerce stores – including PrestaShop, Woo Commerce, Opencart, and Magento.

Another unique feature of CoinPayments is that you can “pay by name”. Each CoinPayments merchant has an address that looks like $CoinPayments. You send altcoins to that address to pay the merchant.

In addition to working with eCommerce businesses, CoinPayments offers a POS system that can be used to accept payments in person.

Today, CoinPayments claims to be “the first and largest payment processor of over 65 cryptocurrencies.” The platform is used by 234,500 vendors across 182 different countries.

It’s popular among businesses who want to accept cryptocurrencies, but don’t want to go through the process of individually accepting each currency. With CoinPayments, they can accept over 65 popular cryptocurrencies at once.

CoinPayments Features

CoinPayments comes with all of the following features:

BitGo Instant:

CoinPayments supports BitGo Instant, which makes bitcoin payments faster than usual.

Secured With BitGo:

The CoinPayments hot wallet is secured by BitGo, which means all of the company’s funds are protected by multisig technology.


You can “Vault” your coins, which means you set a required amount of time before being able to spend them. This locks your coins down securely.

Mobile Apps:

Access your account, accept payments in person, and convert coins anywhere using the mobile apps available for Android and iOS.

Fiat Settlements:

US-based and Europe-based merchants can have fiat settlements directly to their bank accounts.

Auto Coin Conversion:

Some coins are available for auto conversion, so you avoid the hassle of moving funds around on your own.

Point Of Sale (POS):

CoinPayments has a simple POS interface that allows you to accept transactions in-person.

Multi-Coin Wallet:

Store your coins in a secure online wallet.

Ripple Stolen From CoinPayments Accounts Due To Bug

In June 2017, CoinPayments made headlines for a devastating bug. Apparently, certain CoinPayments users found a bug that allowed them to withdraw Ripple from other users’ accounts. Some users lost thousands of dollars. One investor from Taiwan claimed to have lost 2.45 million XRP tokens – or about $700,000 USD.

It’s a big deal, and the issue is still unfolding. The CEO of CoinPayments issued a statement:

“We have done a full review of our systems and added additional checks and protections to make sure similar issues don’t occur in the future.”

In addition, CoinPayments claims they know exactly which users stole the Ripple. Surprisingly, these users weren’t hackers. They didn’t have to execute complex hacking techniques. Instead, they appear to have been average users who found a bug in the system:

“Their detailed personal information has been collected and they all have been contacted to return the funds immediately. We are in communication with some already and reclamation process has begun with the help of our lawyers.”

In the meantime, users have setup a Facebook group where they’re debating on forming a class action lawsuit. While the company is waiting for the thieves to return the lost Ripple, CoinPayments will dedicate 1/4 of their revenue directly to the affected users. All coins recovered will be evenly distributed among all affected accounts as those come in.

Many users are criticizing CoinPayments’ response to the hack. Specifically, CoinPayments added a memo to their statement saying,

“We would like to remind everyone that any coin stored for extended period should always be Vaulted.”

The “Vault” service is a free platform that helps users protect funds by locking them down for a certain period of time. Understandably, some users are seeing this as a “victim blaming” response. Making matters worse is that this was entirely the fault of CoinPayments: it was a bug in their system that allowed the leak to take place.

Many of the users who lost Ripple appear to have been using two factor authentication – something that would typically prevent a situation like this.

In any case, the issue is still ongoing.

CoinPayments Fees And Pricing

CoinPayments has a basic fee structure. Here’s how it works:

  • Incoming Payments: .50%
  • Commercial Deposits (Callback Addresses Created with the CoinPayments API): .50%
  • Wallet Service: Personal deposits are free.
  • Withdrawals: Coin transaction (Tx) fee.

Interestingly, CoinPayments currently subsidizes bitcoin withdrawals for customers, so you pay a flat transaction fee of 0.00020000 instead of the full transaction fee. This only applies to wallet withdrawals and does not apply to payments or commercial items.

You can view additional information about CoinPayments fees on their website.

CoinPayments Conclusion

CoinPayments is a popular cryptocurrency payment platform used by merchants around the world. You can accept payments online through the convenient address system, or you can accept payments in-person using the POS system. Mobile apps are also available for iOS and Android.

Obviously, CoinPayments is in a bit of turmoil at the moment due to the recent Ripple hack. However, the company claims to have patched the bug, and they’re working on compensating users as we speak.

To learn more about CoinPayments, or to start using the payment platform today, visit them online at

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  1. WHAT DO I DO?!?!?! DID YOU JUST STEAL MY MONEY!?!?! This is ridiculous, No one on your site has been able to give me any support or answers. I have been waiting for my conversion and its 12x's longer than the max you say it will take and I have had other subsequent transactions that I made already complete. I tried to make a ticket but need a support code, I go to the designated page to get a support code and there is nothing there but general information and no way to obtain a support code. Then my complaints are answered with robo emails that say no human will read my complaints until I get a support code and send me back to the same damn page. I don't trust coin payments and am going to transfer what isn't locked down in a conversion to another wallet. How do I get my pending conversion to go through. And don't tell me like you told some other people on this facebook site that this is not the place for support because I am sure not getting it on the support page on coinpayments!! If this gets resolved I will clear it up here and in any other places I am commenting otherwise if this message is here they have not released my money and haven't gotten me any support and in the meantime Bitcoin is skyrocketing and my money is doing nothing!!!

    • I am having the same problems. Conversions aren't going through and instead being cancelled, without informing me of the reason. There is no where (I can find) to obtain a support code to open a support ticket from the website given. Did you ever find a solution to this?

    • CoinPayments is a great platform and they have always been good to me. I don't know why you weren't able to find the support system. They respond in a day or so unlike everyone else in the industry.

      On the topic of the Ripple Theft, I know they reimbursed everyone for the stolen Ripple restoring trust in the company for me.

  2. I lost my BTC on they have exchange partner Changelly. After several emails they say they do not give me the BTCs. I tried to exchange BTC (0.00393854) approximated 30 USD and they say ( and Changelly) that the value is less than the minimum value. I received no warning to warn that the value was low. I directly used the balance of my wallet and the convert button was visible. Without the minimum value the convert button does not appear. I simulated an exchange the next day and the minimum value was 0.000693 much smaller than the amount I wanted to exchange.

    They no longer respond to my emails.


  3. beware of coinpayments, they use an incorrect input filter for the tag destination in their xrp / ripple exchanges. this cost me 20,000. they know this and still use it. i would use binance or any other platform before using these guys, avoid them.

  4. Coinpayments is definitely a pure evil greedy scam! They don't care about anything besides making money. Why? Because they let JUST ANYBODY sign up as a merchant without any verification/KYC process, meaning the PERFECT OPPORTUNITY FOR CRIMINALS TO MAKE MONEY VIA SCAMS!

    I used Coinpayments on a website that I assumed was legit because of Coinpayments logo so I purchased. ONLY TO FIND OUT NOBODY HAS LEFT FEEDBACK FOR THE SELLER UNTIL AFTER THE PAYMENT WAS MADE!!!!

    I was scammed for $2,187.00 and this all could have been prevented if Coinpayments simply warned me before purchasing that I was in fact, THE FIRST CUSTOMER!!

    Coinpayments could care less though because as long as they get their cut why not let serious criminals operate? Why not fuel everything wrong with the crypto-world like money laundering and scams! Who cares right? I have never seen such a company enable criminals like this one!


  5. This is a pure scam. How the F do the Canadian authorities allow such POS to scam people is hard to comprehend. They are a fly by night bunch of slimebags, the whole ‘company' is 9 people with Alex Alexandrov playing CEO. AVOID them people!

  6. Hi,

    Thanks for the comprehensive article about CoinPayments – the detailed breakdown you provides a great summary of our service!

    There were just a few points I’d like to clarify:
    1) 0.5% processing fees are only charged to merchants using our platform commercially. All users sending and receiving transactions from the wallets are only subject to the network fee of the particular coin.
    2) As of December 2017, we have FULLY REPAID all users who suffered losses from the Ripple theft. See our full statement here:
    3) Support (like most crypto companies today) is a bit of a pain point that we are continuously working to improve. We get many common support requests and have setup a support wizard to answer the majority of these requests and a ticketing system for everything else.
    4) The majority of our negative reviews come from users of our platform who are new to the crypto space and don’t understand that we can’t help them if:
    A) They send bitcoin to an Ethereum address (or any coin to a different coin’s address)
    B) They sent a legitimate transaction, we can’t reverse it
    C) They request a refund of a micro transaction where the network fee is higher than the amount of the transaction

    CoinPayments has been in business since 2013. We have always operated professionally and can assure you that we are NOT a scam!

    We appreciate your time in writing about us and if we can help you out in any way, please feel free to reach out.


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