CryptoPay – Is It Good?
Cryptopay is a veteran European exchange service. Established all the way back in 2013 (ages in the cryptocurrency world), Cryptopay presumes to let you manage Bitcoin hassle free. It’s also one of the very few cryptocurrency exchanges that allows you to have an actual physical card for you to purchase anything directly with your Bitcoins.
But how good is CryptoPay? Is CryptoPay trustworthy? Is their plastic card actually any good? And, most importantly, how does it stack up against other platforms?
What Does CryptoPay provide?
CryptoPay is a European cryptocurrency exchange which biggest feature is their VISA debit plastic card. For 15 Euros/Dollars/Pounds you can use your CryptoPay plastic card by loading it up with GB Pounds, Euros or US Dollars, converting those to crypto and use that to pay for all sorts of goods and services, or even withdraw them for fiat in an ATM! The cards are equipped with a chip, contactless technology and a pin to be as safe as the regular debit card. There’s also a virtual card option that you can use for online shopping and account verifications. This one is only 2.50 Euros/Dollars/Pounds.
There was a notorious incident with their debit cards, when all of their cards were withdrawn. However upon closer examination it seems that it was the company handling the cards (WaveCrest) the one that was at fault. However they apparently worked night and day and had the money back into everyone’s accounts in 48 hours.
The wallet is slightly better and more intuitive than your average wallet. It lets you convert your Euros, GBP and Dollars into bitcoins after connecting the bank account to the exchange. The layout lets customers store different amounts of currency within the same account. That means that sending and receiving money, even in other currencies is much more convenient.
Cryptopay’s website is simple and elegant with a lot of blue to unify the look. It’s easy to navigate and simple to find what you need within just a few clicks. Registering is simple and, although you will need to follow KYC/AML proccedures, they’re not as bothersome as some other websites.
To verificate your account you’ll need to send over your ID and a proof of residence. No selfies or other more annoying and inconvenient verification requirements. After just a few hours your account should be verified and ready to go.
You’ll also be rewarded for inviting your friends to use Cryptopay. Cryptopay lets you invite other people and gives you 10% revenue share while giving your referrals a 25% discount when ordering their debit card.
They also have live customer service which means you can get immediate attention to your queries—as long as you contact them at British service hours that is. Still, it’s probably better than having to send an email and wait till someone decides to reply to you.
Although they tend to focus more on their British clients, CryptoPay is available in most countries, including most of America and Europe as well as China, Russia and the Middle East. However Cryptopay isn’t currently available for citizens and residents of the USA and its territories due to the US financial regulations and digital currencies policies.
CryptoPay Rates and Buying Limits
CryptoPay doesn’t charge a fee when withdrawing or depositing to your wallet and instead only charges a dynamic small conversion fee to or from fiat:
CryptoPay fee: 1%
Also, if you are going to use the card, you should know that besides the 15 Euros/Dollars/Pounds you also have to pay 1$/€/£ every month, a dynamic conversion fee of 3% and a 1% fee for loading money. Those fees are usually higher than if you were to simply withdraw your crypto to your bank account and wait till the funds clear, which is usually a couple of hours.
- Customer Care: CryptoPay seems to have a pretty great customer care, dealing with small and large issues in a timely manner.
- Longevity: Founded in 2013, they’re definitely not a new and shady platform looking to scam you.
- Low fees (besides card fees): As long as you don’t use the card, the small conversion fees and free options for deposits and withdrawals are a great plus!
- Expensive card fees: With the cost of the card plus the fees for loading it plus the monthly fees, unless you absolutely need a bitcoin card, this one may be too expensive for some.
- No US support: US citizens will have to go elsewhere for their crypto needs.
- No love for alt-coins: Besides Bitcoin they only support LTC, XRP and ETH.
Go to CryptoPay
Is CryptoPay Good For Bitcoin?
CryptoPay is a great bitcoin exchange platform for anyone who wants to have a plastic card to access their crypto. However the issue with it is that you’d obviously have to use the CryptoPay wallet to go with your card. Wallets from currencies are usually not the best way to go since they aren’t as stable as actual crypto wallets, especially the ones with cold storage.