Estimated reading time: 6 minutes
You can buy, sell and even store Bitcoins using Cryptopay. The platform has also put in places all the necessary features needed to streamline currency exchange processes, thus easily and quickly accessing Bitcoin or cash on the fly. On top of that, Cryptopay has also introduced a Visa Card which users can load with Bitcoin and spend it online/perform withdrawals through ATMs worldwide.
With that said, should you go ahead and sign up at Cryptopay? Are these benefits real or just marketing hype?
To answer that question, we have decided to put together a review with the aim of analyzing the kind of service that is offered by Cryptopay.
Cryptopay is a very professional platform where regular people can easily and affordably access the Bitcoin network.
It was launched back in October 2013 by some two Russian guys (George Basiladze and Dmitry Gunyashov) who have knowledge of the blockchain technology. These guys wanted to transform how Bitcoin is accessed and handled by regular people like me and you.
George Basiladze holds a MsC in finance. He posses several years of experience as a research analyst in various financial fields. He has also worked with many Russian investment firms.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
His partner, Dmitry Gunyashov, has experience in the e-commerce industry. He has successfully built several payment systems in the last 7 years of working in this industry.
The business is operated out of London. So far, Cryptopay has issued 121248 prepared cards. They have 735420 active users on their platform. On average, they process 484278 transactions every month.
Therefore, the professional qualifications for those who pioneered this platform is in order. Their experience is also in order, meaning that they have a vision and strategy on how to make this platform the best Bitcoin storage and exchange on the internet.
The service which they are offering here is quite self explanatory. If you visit the site, the first thing you will see is that Cryptopay is giving users the opportunity to conveniently link their bank accounts with the platform so that they can buy, sell or store Bitcoin using a special digital wallet that has been integrated on the platform.
That way, users can safely and conveniently convert their USD, EUR or GBP into Bitcoins and vice versa.
The wallet has a special feature that lets users store different currency amounts within the same account. What this means is that users can send and even receive money fast and conveniently.
If you own Bitcoin in your Cryptopay wallet, you will be issued with a prepaid card which you will then use to spend your Bitcoins offline if you wish to.
The best thing about this card is that it is accepted at all POS terminals and all other outlets where Visa cards are accepted.
There are currently millions of merchants worldwide who are accepting accepting Visa cards. As a client of Cryptopay, you can access and pay for these services, whether online or offline, thanks to the prepaid Cryptopay card.
But there is also another special feature which this platform has introduced. That feature allows users to possess Virtual cards. These are widely accepted just as much as plastic Cards are accepted around the world.
To top up your Cryptopay account, you simply have to perform a bank transfer in your preferred currency. That will purchase you the amount of Bitcoin that you were intending to purchase.
Banking institutions that are eligible for this process should be based out of 28 SEPA countries in Europe. That’s a disadvantage for those who don’t reside in Europe. However, Cryptopay has a solution for this setback. Those who order their prepaid cards are not limited to this requirement.
Another pitfall that we just learned about is that customers who are from the US and India are not illegible for this prepaid plastic card.
In addition to this, the country has also excluded some 120 countries from being illegible to receive this card. Some parts of Africa and Middle East have also been excluded too.
When you select a standard service on this platform, your plastic card will be shipped to your provided address free of charge.
If the customer is based in Europe, they should be able to receive their debit card within 3 weeks and up to 5 weeks if they are based outside Europe (in any of the supported jurisdictions).
Cryptopay touts itself as a very affordable service. In fact, they claim that their service does not attract unnecessary or hidden fees like other exchanges do.
According to them, they are one of the cheapest Bitcoin exchanges in the world.
We need to see if this is true.
If you’re going to use a virtual card, the company will charge you $2.5. However, if you’re going to use their plastic card, that cost is $15.
With the plastic card, you can perform daily withdrawals of 2,000 USD at ATMs. However, there is a limit of 10K on single top ups.
One important aspect of this company is that it now allows people to use their service without having to undergo a verification process.
If you choose not to verify your identity, then it means your limits for ATM withdrawals and top ups will be small. For example, an unverified user only has a daily limit of $400 in ATM withdrawals.
Also, whether you are verified or unverified, Cryptopay is allowing up to 2 daily ATM withdrawals. But online purchases can be done without any limit.
Now, even though the service claims that their fees are minimal, and that they don’t add unnecessary fees in transactions, we have established that this platform still charges fees that are related to buying and selling BTC. This is 3% per transaction.
If you have the plastic card with you, it will attract a monthly maintenance fee of $1. Loading fee for this card is $1. Domestic ATM transactions are $2.50 while international ATM users are charged $3.50.
While opening a Cryptopay account, users must pay attention to the base currency that they want to open an account with. This is because a fee of 3% will always apply when a user wants to convert one form of currency to another.
This affects you in the sense that if you want to pay or withdraw money in a different currency from the one you’re account is set up in, you will pay the 3% fee.
As a Bitcoin enthusiast living in one of the supported countries, Cryptopay gives you all the reasons in the world to use their service.
They also have several convenient deposit methods which allow their customers to buy Bitcoin on their platform. And with Cryptopay Flex Accounts, you can hedge your Bitcoin against price fluctuations which is really a good thing. It’s definitely worth it.
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