Review on CoinPayments Wallet by Ayu Anggraini
My coinpayments review
Let's review coin payments. We often see Coinpayments inc in the Playstore application and actually specialize in crypto currency transactions such as storage wallet, it was build for merchants, also a world-famous trading platform from Canada.
There are so many benefits or advantages of coin payments over projects in the same field.
Before discussing its strengths let's discuss its flaws and deficiency.
1) This platform has a quite expensive fee of 0.5% as a flat transaction fee for incoming payments or commercial deposits. Sometimes I have a failed transaction but coin payments show the wrong amount or bugs.
2) There is a minimum withdrawal for a several crypto currency, which somewhat disrupts the comfort in the transaction.
3) sometimes the application stops without being able to open again. It might also be caused by the device that I use to access coin payments.
4) there are several reviews from users who find hidden fees from failed transactions.
5)This platform had an accident in June 2017 where hackers managed to find a security gap in the ripple data network in coin payments and stole ripple from an investor in Taiwan worth $ 700,000
The investor did not keep the coins with higher security regardless of the bug or coinpayments themselves.
But after that incident, coinpayments managed to identify the user who stole the ripple and fixed the bug. This is something incredible and responsible act from coinpayments.
For a Regulated company this company should have an insurance and better security but i can not find any information about how they store their coins or insurance to protect the user's funds.
Advantages: Coinpayments has features that are easy to use in online transactions and are very complete compared to other wallets!
Examples include bitgo instant, which facilitates bitcoin verification, pay by name features such as unique name tags such as the cash app, the vault feature; features to store crypto for a long period of time and with a very high level of security, features FIAT settlement, payment forwarding features, features allow merchants to accept bitcoin and over 1200+ of altcoins in their store.
Coin payments offered an easy to use plugins, POS interfaces, APIs, and it is a trusted payment gateway for a merchant. This wallet has been used by 182 countries with 2.4 million business users and over 1.2bn transacted.
The coinpayments is NOT decentralized. They store your private key or password in their server and it is regulated company. You Will need to provide KYC. But this KYC also means more security for user and company to prevent future accident.
Overall, the mobile app also nice but for someone who doesnt have an online store like my self, coinpayments fee is expensive for a daily use.
Pros
- It is a Pioneer among crypto currency company
- Coinpayments provided amazing feature and innovative services than other wallet!
- It is a Regulated company
Cons
- I can not find information about funds insurance.
- Coinpayments needs to improve their security level
