Cryptocurrencies have been triggering tidal wave in the market lately, because of its unique, decentralized characteristics, powered by the blockchain technology. Of which, Bitcoin has been the most popular cryptocurrencies existing since 2009. You can transfer coins between individuals without any third party tracking your transaction, and there lies the beauty of the technology behind cryptocurrency.
When the user uses cryptocurrency as a mode of the payment system, the transaction goes through a payment gateway at a fixed exchange rate, which automatically converts to the respective fiat currency in order to avoid the volatility of the cryptocurrency market. But some of the payment gateways do not convert into fiat currency automatically, enabling the merchant to hold the digital currency as long as he wants in a secured cryptocurrency wallet.
Through a cryptocurrency payment gateway, the merchants can make a transaction in cryptocurrencies and encourages a quick exchange of the crypto into fiat currency. The cryptocurrency payment gateways tend to offer much lower fees than the credit card payment platforms (credit card to bitcoin payment gateway). Bitcoin is the most commonly supported cryptocurrencies by almost all of the crypto payment gateways. The best part about cryptocurrency gateways is that they can integrate with shopping cart software, e-commerce platforms, billing and accounting solutions, point-of-sale systems and many more.
In order to qualify for inclusion in the crypto payment gateway category, a product must:
CoinSwitch can be considered as one of the best cryptocurrency payment gateways, where you can convert Bitcoin and around 300+ altcoins into fiat and then can trade using the CoinSwitch exchange platform. You can even buy cryptocurrencies like Bitcoin, Ethereum, XRP, Litecoin, Bitcoin Cash and BNB by a credit or debit card on CoinSwitch platform. CoinSwitch is partnered with many gaming platforms like Stake.com, Trust Dice, One hash and many more. CoinSwitch comparatively charges a lesser fee than others, i.e, 0 to 0.49%.
Coinbase is not only the largest crypto exchange in the United States but also one of the accredited and biggest exchanges in the world. Coinbase adheres to all the legal procedures necessary for being a crypto payment gateway, and hence its also one of the most trusted crypto exchanges.You can convert cryptocurrencies to fiat currencies instantly without having the merchant to have a request for withdrawal. In a matter of 2-3 days, the merchant would receive the payment in his bank account. Coinbase even doesn’t charge a fee on the first $1 million of transactions, after which it levies a merchant fee of 1%. The only drawback is that it is not available in all the countries in the world.
CoinGate has been getting great feedback on the user-friendly app it has designed, where the payments can be monitored from the phones. It supports around 40 cryptocurrencies and is one of the most preferred payment gateways by the merchants in 2019. CoinGate even offers a series of plugins and allows for bitcoin payment button creation on any website.CoinGate usually charges a fee of 1% on every transaction, that usually takes an hour or so. The CoinGate merchant list includes Kasbah, a local cafe in Oslo, mmoga.com, nuvoo.io and many more.
CoinPayments is one of the best cryptocurrency payment gateways which accept Bitcoins and around 1400 altcoins, which is integrated into proper websites like Shopify, Opencart, Magento and many other plugins. CoinPayment gives instant confirmation by supporting GAP600. They have a simple interface, which can be used by non-technical users also. CoinPayments supports over 2,500,000 vendors across 182 countries. Here you will easily understand how to use CoinPayments.
BitPay is also one of the best cryptocurrency payment gateways, that has an upgraded feature- you can set the withdrawal transaction speeds to whatever frame, it's required. This feature is really advantageous for merchants who prefer withdrawals to be set up at intervals. BitPay even has the “two-factor authentication” feature that is an extra element to keep your account secure.
BitPay has a simple payment gateway, which has been streamlined even for non-technical minded merchants. BitPay offers a cap of $1000 worth of daily transactions and $10,000 worth of annual transactions before it levies a 1% transaction fee. The drawback is that BitPay only supports in around 38 countries, not all the countries are being supported.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!