CoinGate

What is CoinGate

CoinGate is a cryptocurrency payment gateway service that started in 2014. Its main office is in Vilnius, Lithuania. The company helps businesses to accept payments in Bitcoin and many other cryptocurrencies. For businesses, CoinGate makes it easy to receive crypto from customers around the world and then convert it into traditional currencies like Euros, US Dollars, or British Pounds. This protects the business from the price changes of cryptocurrencies. Besides payment processing for merchants, CoinGate also offers services for individuals, such as buying and selling crypto and purchasing gift cards using digital currencies.

CoinGate Features

CoinGate provides a complete set of tools for managing cryptocurrency transactions. Here are its main features:

• Crypto Payment Processing: Accept payments in over 70 different cryptocurrencies, including Bitcoin, Ethereum, and stablecoins like USDC.
• Fiat Settlements: Automatically convert received cryptocurrencies into EUR, USD, or GBP. The funds can be sent directly to your bank account, which removes the risk of crypto price volatility.
• Global Payouts: Send mass payouts in cryptocurrency to employees, affiliates, or suppliers in more than 180 countries. This is often faster and cheaper than traditional bank transfers.
• E-commerce Integrations: Ready-to-use plugins for popular e-commerce platforms like Shopify, WooCommerce, Magento, and PrestaShop make integration simple.
• Payment Buttons & Invoicing: Create simple payment buttons for your website or send email invoices to clients for direct payment with crypto.
• Gift Card Store: Use your cryptocurrency to buy gift cards for hundreds of popular brands and services worldwide.
• Account Permissions: For business accounts, you can invite team members and assign specific roles and permissions to manage different operations securely.
• Compliance and Security: CoinGate has built-in tools for Anti-Money Laundering (AML) and Know Your Customer (KYC) checks to ensure all transactions are compliant with regulations.

CoinGate Pricing Plans

CoinGate's pricing is based on a transaction fee model. There are no setup fees or monthly charges to have an account. Businesses are charged a small percentage for each transaction they process. The standard fee for processing payments is 1%. This fee applies when a merchant receives a crypto payment and it is settled. There may be different fees for other services like trading or withdrawals, but the main payment processing is very transparent. For very large businesses with high transaction volumes, CoinGate may offer custom pricing plans.

CoinGate Free Plan

It is free to create and maintain an account on CoinGate. There is no free plan in the sense of processing transactions for free. However, you do not pay any monthly subscription fees. You only pay a fee when you successfully receive a payment from a customer. This model is good for businesses of all sizes because you only pay when you make money. There is no free trial period because the service is pay-as-you-go.

How to use CoinGate

Getting started with CoinGate is a straightforward process for any business. Here are the typical steps:

1. Create an Account: Go to the CoinGate website and sign up for a business account. You will need to provide basic information about your company.
2. Complete Verification: To comply with financial regulations, you must complete a verification process. This involves submitting documents about your business (KYB) and yourself (KYC).
3. Integrate the Gateway: Choose your integration method. If you use a platform like Shopify or WooCommerce, you can simply install the CoinGate plugin. For custom websites, you can use their API.
4. Configure Payouts: In your account settings, add your bank account details or crypto wallet address where you want to receive your funds.
5. Start Accepting Payments: Once integrated, a crypto payment option will appear on your checkout page. Customers can select it and pay with their preferred cryptocurrency.
6. Receive Your Money: CoinGate processes the transaction, converts the crypto to your chosen fiat currency (if you selected this option), and sends the funds to your account.

Pros and Cons of CoinGate

Pros:

• Wide Cryptocurrency Support: Accepts a large number of different cryptocurrencies.
• Instant Fiat Conversion: Protects businesses from the risk of crypto price changes.
• Low Transaction Fees: A flat 1% fee is competitive and easy to understand.
• Easy Integration: Plugins for major e-commerce platforms make setup quick.
• Global Reach: Allows you to accept payments from and send payouts to almost any country.

Cons:

• Mandatory Verification: The KYC/KYB process is required and can take some time to complete.
• Minimum Withdrawal Amount: There is a minimum amount required for withdrawals (e.g., 50 EUR).
• Customer Adoption: Not all customers are familiar with or want to use cryptocurrency for payments.

CoinGate integrations

CoinGate offers several integrations to connect its payment gateway with popular e-commerce systems. These integrations make it simple for online stores to start accepting cryptocurrency without needing a developer.

• Shopify: An official app is available in the Shopify App Store to add CoinGate as a payment option.
• WooCommerce: A free plugin for WordPress websites that use WooCommerce.
• Magento: An extension is available for merchants using the Magento e-commerce platform.
• PrestaShop: A module that integrates CoinGate into PrestaShop stores.
• WHMCS: Integration for web hosting and automation platforms.

CoinGate Alternatives

• BitPay: One of the oldest crypto payment processors. It is very well-known and trusted, offering similar services like fiat settlement and a crypto debit card.
• Coinbase Commerce: A service from the major cryptocurrency exchange Coinbase. It is known for its simple user interface and allows merchants to self-custody their funds.
• NOWPayments: Supports a very large number of cryptocurrencies and offers many plugins and integrations. It is known for its flexibility.
• BTCPay Server: A free, open-source, and self-hosted payment processor. It offers more privacy and control but requires technical knowledge to set up and manage.

CoinGate API

Yes, CoinGate provides a well-documented REST API for developers who need custom integrations. The API allows you to create orders, manage invoices, handle refunds, and more. You can get your API authentication tokens (API Key) from your CoinGate account dashboard after your business verification is complete. Access to the API is free.

Here is a simple example using cURL to create a new payment order:

curl -X POST https://api.coingate.com/v2/orders \
-H "Authorization: Token YOUR_API_KEY" \
-H "Content-Type: application/json" \
-d '{
      "price_amount": 10.50,
      "price_currency": "USD",
      "receive_currency": "EUR",
      "title": "Order #12345",
      "description": "Payment for goods"
    }'

For full details, developers should visit the official CoinGate API documentation page on their website.

CoinGate Affiliate program

CoinGate offers a referral program that allows you to earn commissions. When you refer a new merchant to CoinGate, you receive a percentage of the transaction fees that CoinGate collects from that merchant for one year. The commission rate is typically 1% of CoinGate's 1% fee. To join, you need a CoinGate account. Inside your dashboard, you will find a unique referral link to share. Payouts from the referral program are added to your CoinGate account balance.