Updated: 8 may 2024
13 minutes

What You Need to Know About Cryptopay?

Cryptopay is a British cryptocurrency exchange platform that allows users to buy, sell and store cryptocurrencies. In total, the platform provides access to more than 35 cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) as well as 3 fiat assets, all made available on an easy-to-use app on all mobile phones. 

It is one of the oldest centralized crypto exchanges founded in 2013 in London, England, proving that it has a long track record of reliability. That is why over 750,000 people from over 80 countries around the world have chosen the platform and it continues to attract more clients because it provides a great all-round service.

Cryptopay

  • Insured client funds
  • User-friendly platform
  • Regulated exchange

The most important to note is security, which Cryptopay takes very seriously and stores users’ crypto holdings in cold storage while maintaining ultimate privacy for all transactions. Accessibility is also paramount and the platform has even created crypto debit cards so users can pay for products and services directly in the cryptocurrency of their choice.

Although it’s meant to make crypto accessible to individuals, Cryptopay also caters to businesses interested in crypto payments. A business that joins the platform can begin receiving and disbursing payments in crypto through an intuitive API integrated into the business for automated handling and management. 

Cryptopay has the advantage of being a versatile platform and is on both mobile versions, Android and iOS, as well as the web for businesses only. 

cryptopay homepage

Available Cryptocurrencies On Cryptopay

Cryptopay offers a diverse selection of popular cryptocurrencies to buy, sell, or store in its crypto wallet. Among them are the most popular such as Bitcoin (BTC) and Ethereum (ETH), but there are 35 more cryptocurrencies and stablecoins supported on Cryptopay. The list includes:

cryptopay available cryptocurrencies

From this list, it’s evident Cryptopay has chosen to focus on the top cryptocurrencies, with a total of 38 different currencies, but doesn’t include more minor altcoins which may be less popular and more volatile in price. 

Cryptopay

  • Insured client funds
  • User-friendly platform
  • Regulated exchange

Services and Features Offered by Cryptopay

The success of Cryptopay today can be attributed to the large number and quality of services and features the platform offers including: 

Cryptocurrency Exchange

Cryptopay allows users to buy and sell 38 different cryptocurrencies including Bitcoin, Litecoin, Ethereum, Ripple, and Dai. These cryptocurrencies can be purchased using fiat currencies such as EUR, USD, and GBP so that users don’t have to worry about conversion fees or delays.

Transactions are simple to perform, quick, and secure, with competitive transaction fees. All you need to do is select the cryptocurrency you want to buy and once the transaction is initiated, the cryptos are transferred to your online wallet and securely stored.

cryptopay features

Cryptopay also offers trading features, allowing you to buy and sell cryptocurrencies in real-time to make a profit from the difference. The app has technical analysis tools to assist you in making strategic trading decisions and increasing profits, but this feature is more suited for advanced users with experience in the market. 

Crypto Wallet

The Cryptopay platform offers a mobile crypto wallet solution for securely storing your cryptocurrencies. The platform uses a combination of hot, warm, and cold storage to maintain the security of crypto funds while also ensuring instant access whenever you need to send or spend your cryptos. 

This wallet allows you to manage more than 35 crypto assets and 3 fiat currencies whether they’ve been bought from the Cryptopay exchange or transferred from another platform. Regardless of the source, Cryptopay will provide the same level of security to free your mind of worry. 

cryptopay wallet

It has been made available on mobile, either iOS or Android, so you can access your wallet anytime, anywhere. Easy to use, the Cryptopay online wallet features an intuitive interface, making it easy even for beginners to manage their funds and transact with other users. 

So, if you are looking for a simple and secure storage solution for your cryptocurrencies, the flexibility and user-friendly nature of the Cryptopay wallet should appeal to you. 

Cryptopay Business

Businesses need to stand out to succeed and stay ahead of the competition. Cryptopay gives business owners a way to do this by providing a gateway for crypto payments so that the business can receive payments in a variety of cryptos and spend crypto to run the business just as if it were fiat currency. 

cryptopay buy and sell

To enable this, Cryptopay provides a fully customizable API that can be integrated into your business, be it an online or physical shop. The API will be integrated into your checkout system and customers will be able to send crypto to your business. Then, from your Cryptopay Business page, you can monitor transactions as they occur without having to keep separate books. 

Cryptopay Payment Cards

One of Cryptopay’s major strengths is its offering of virtual or physical payment cards, allowing you to pay for goods or services online or in person with your cryptocurrencies.

cryptopay payment

Physical Card

Offered in collaboration with Visa, the Cryptopay prepaid debit card allows you to make real-world purchases and withdraw cash from ATMs wherever Visa cards are accepted. You can order the card today and pay EUR 5 but it is still not available. The Cryptopay website only says ‘Coming Soon’ but has not yet revealed when you can expect to receive your card.

Virtual Card

On the other hand, the virtual card is free and can be created instantly today. It is ideal for settling your occasional larger purchases (up to EUR 30,000) and shopping online, as you can create a new card for different purposes to help you manage your finances. And like the upcoming physical card, you can use it just like a regular debit/credit card without having to sell your crypto first.

Fees Charged on the Cryptopay Platform

The Cryptopay platform has slightly higher fees compared to the industry average, although they vary depending on the type of transaction and the cryptocurrency involved. Here is an overview of the fees applied by Cryptopay:

  • Cryptocurrency purchase: Buying cryptocurrencies on Cryptopay with a debit card or credit card incurs a 4% fee charged by the platform
  • Cryptopay exchange fees: For the exchange of cryptocurrencies into fiat currency (GBP/EUR/USD) and vice versa, Cryptopay applies a 1% fee
  • Sending and receiving crypto: Sending crypto to another wallet involves transaction fees specific to each currency. For example, Litecoin incurs a fee of 0.001 LTC, Ripple 0.00001 XRP, etc. For other cryptocurrencies like Bitcoin and Ethereum, the sending fees vary depending on network congestion at the time of sending and will be indicated before the transfer is initiated
  • Fiat withdrawal and deposit: Sending funds to a SEPA bank account incurs fees of EUR 0.09 or GBP 0.09. SEPA bank deposits are free, while card deposits are subject to a 4% fee
  • Internal Cryptopay transactions: Cryptopay does not apply internal transaction fees. All transactions between Cryptopay accounts are free
  • Cryptopay Card Fees: The Cryptopay virtual card is entirely free while the physical card is ordered for EUR 5. The card then costs EUR 1 per month and incurs 3% charges in foreign transaction fees. You will also be charged EUR 2.50 per withdrawal in the card currency and EUR 3.50 + 3% per withdrawal in a different currency
  • Referral bonus: Cryptopay also offers a referral service that allows you to earn 10% of the fees paid by friends you have referred. Additionally, they get to pay 25% less for the physical debit card, so it’s a win-win

Cryptopay App

Most of your activities on Cryptopay will be performed through the app as it is a mobile-focused platform. Available on both iOS and Android platforms, the Cryptopay application offers a comprehensive range of features that allow you to buy, sell, transfer, and manage your funds securely and with ease.

cryptopay app

The Cryptopay app enables you to manage your entire cryptocurrency portfolio directly from your smartphone. It allows you to manage your crypto debit card(s), view your transaction history, and monitor real-time crypto exchange rates.

With just a few taps, you can place buy and sell orders while ensuring enhanced security through two-factor authentication (2FA) linked to your device’s biometric data. Carefully designed to provide an intuitive and user-friendly experience, the Cryptopay app offers smooth and straightforward navigation with everything you need just a few taps away.  

Advantages of the Cryptopay App

  • Ease of use: the app is intuitive and easy to navigate, catering to both beginners and crypto experts
  • On-the-go transaction management: the ability to manage your portfolio and transactions anytime, anywhere, as long as you have a smartphone and an internet connection
  • Full suite of features: buy and sell cryptocurrencies, store your crypto, card management, transaction history review, etc.
  • Enhanced security: thanks to two-factor authentication (2FA) with biometrics
  • Competitive fees: free to download and use; no recurring fees
  • Multiplatform compatibility: the app is available on both iOS and Android
cryptopay dashboard

Cryptopay Business App

Understanding that business owners would like to have more control over transactions, a desktop app has been made specifically for them. It is meant to allow businesses to view more details on individual transactions and see an in-depth overview of performance. Furthermore, the transactions can be separated into different cryptocurrencies so that a business can see the favorite cryptos among its customers. 

Like the mobile app, the desktop business app is also well-designed to ensure that the user experience is fluid. Using smooth transitions and well-placed buttons, navigating throughout the app is enjoyable. Not to mention the multitude of insights provided on the app to help analyze the business performance. 

Cryptopay

  • Insured client funds
  • User-friendly platform
  • Regulated exchange

Cryptopay Account Types?

On Cryptopay, you have the option to choose from two types of accounts depending on what you need. 

Personal account

This is the basic account offered to most individual users signing up to Cryptopay. With it, you can buy, sell, and securely store cryptocurrencies in the Cryptopay mobile wallet. You can also manage your funds by monitoring account transactions and performing deposits and withdrawals by bank or credit card, managing your Cryptopay cards, and trading cryptos. 

It is the ideal option for those looking for a basic account to start in the world of cryptocurrencies or simply have a reliable platform for their crypto needs. However, the personal account is only available on mobile and can’t be accessed on a desktop computer. 

Business Account

On the other hand, this one has been specifically designed for businesses that need to transact in crypto. It allows a business to receive payments in crypto and pay its staff and/or suppliers in crypto without having to handle crypto. 

The business account was created to help businesses attract new customers who prefer to use crypto to buy goods and services. This is why the account is available for both online and physical stores. 

Cryptopay: Is It A Secure Platform?

Security is a central concern for all cryptocurrency investors given the real risks of hacking and theft suffered by some platforms in the past. Therefore, it’s sensible to ask, is Cryptopay safe, what security measures does the company have in place, and what licenses and regulations apply to this exchange platform?

Let’s answer all these questions in this security Cryptopay review:

Platform Security Measures

Cryptopay can be considered one of the most secure crypto platforms on the market and in over a decade has not suffered any successful attack. To ensure the safety of your funds, it employs several advanced security measures, including:

  1. Two-factor authentication (2FA): each time you log into your Cryptopay account, you are asked to enter your password and provide a unique code sent via SMS or email. This additional layer of security protects you from potential password leaks
  2. SSL encryption: Cryptopay uses SSL encryption to secure connections between users and the platform. SSL encryption ensures that data is consistently encrypted and cannot be read or intercepted by malicious third parties even when you’re on a public network
  3. Surveillance monitoring: Cryptopay has a team dedicated to continuously monitoring potentially suspicious activities on the platform. The expert security team uses advanced tools and expertise to detect hacking attempts or risky behaviors
  4. Secure fund storage: crypto funds are stored in secure cold wallets, with a portion stored in warm and online wallets for enhanced security. Cold wallets, stored offline, are impossible to hack into
  5. Physical security: the platform’s servers are hosted in highly secure data centers that have implemented advanced security measures to protect data and funds

While Cryptopay has implemented necessary measures to protect user data and assets, it’s crucial to remember that security also depends on your caution. Therefore, do not share your account information.

Cryptopay Regulations and Licenses

Cryptopay is a legal and regulated cryptocurrency platform, meaning it holds the necessary licenses to operate legally. It is the brand name for CPS Solutions OÜ, a company registered in Estonia under registry code: 16063623. Moreover, it is registered in Lithuania as a Virtual Currency Exchange Operator under the name UAB CPS Payments. 

The company used to be licensed by the FCA as Cryptopay Limited, but the license was revoked due to changing regulations in the UK. Nevertheless, CPS Transfers is still registered and has an address in the UK, although as a Payment Institution rather than an exchange. 

These licenses allow Cryptopay to provide virtual currency services in the EU. Therefore, the platform adheres to regulations related to anti-money laundering and combating the financing of terrorism (AML/CFT) in the countries where it operates, including France. 

Its strict identity verification standards, combined with its strict adherence to regulations on the protection of personal data, allow it to comply with the EU’s GDPR. Cryptopay is committed to protecting user personal data and not sharing it with third parties without their consent.

On the tax front, Cryptopay also complies with tax regulations in each country where it operates. Cryptocurrencies are subject to specific tax regulations depending on the jurisdictions in which they are traded. 

In France, profits are considered capital gains and must be taxed as income according to the progressive income tax scale. Fortunately, Cryptopay handles the collection and reporting of the necessary tax information to assist its users in complying with these tax regulations.

Cryptopay

  • Insured client funds
  • User-friendly platform
  • Regulated exchange

How to Buy Crypto on Cryptopay?

Cryptopay is undoubtedly among the top cryptocurrency platforms you can use. Easy and fast, buying cryptocurrencies on Cryptopay only requires following a few steps. So, whether you’re a beginner or an expert, follow these steps to start buying your cryptocurrencies on the platform.

Step 1 – Open A New Account

Since Cryptopay is only available on mobile, you will need to download the app either on the App Store or Play Store. Once it’s downloaded and installed, open the app and tap on ‘Create account’. Select your country of residence and then proceed to the next step. 

cryptopay app

Step 2: Enter Your Account Information

Now it’s time to set up your account, beginning by entering your full legal name and date of birth. Next, enter your email, set a (strong) password to be used for your account, and verify your account through the link sent to your email address. You will also enter a passcode to be used for quickly signing into your account. 

Cryptopay open account

Step 3: Verify Your Phone Number

Next, enter your phone number and verify it belongs to you by entering the OTP code sent to you by SMS. 

cryptopay verification

Step 4: Verify Your Account

To comply with the law, you need to verify your identity and address. For identity verification, take a picture of one of your verification documents such as a national ID, passport, or driver’s license. Meanwhile, verify your address using a recent utility bill, bank statement, or driver’s license. 

cryptopay verification

It may take a while to get the account verified, after which you will see a green banner confirming that your account is good to go. 

Step 5: Enter Payment Details

There are different ways to pay for crypto on Cryptopay, but for this demonstration, we’re going to use a credit card. After registering your account, the banner below will likely show up; click on ‘Add my card’ and proceed to enter the details of your credit/debit card. 

cryptopay add card

Step 6: Buy Crypto

Go to ‘Transfers’ and then ‘Buy crypto’ and select the crypto you want. A window will appear, into which you enter the number of cryptocurrencies you want to buy and complete by tapping on the green button showing how much of the crypto you shall receive. 

cryptopay buy bitcoin

Validation depends on the blockchain; in the case of Bitcoin, this could take up to 10 minutes. 

For Whom Is The Platform Most Suitable?

One of the significant advantages of Cryptopay is that the platform is accessible to users of all skill levels. Both beginners and experts can benefit from simple and accessible, yet powerful features, which is what you get on Cryptopay. 

For beginners, Cryptopay has an intuitive interface that is easy to navigate – ideal for your start into the cryptosphere. Opening an account is quick and takes just a few minutes before you’re ready to start buying crypto. An extensive ‘Help’ section for frequently asked questions and live chat support addressing various issues faced by crypto beginners should fill in whenever there’s any difficulty. 

Intermediate users need more advanced features to enhance their trading experience. The Cryptopay exchange is thus made available in case you want to trade cryptocurrencies and make a profit. Unfortunately, the exchange does not provide leverage, but you can still benefit from the wide range of cryptos supported by the platform. 

If you’re an expert crypto investor and trader, Cryptopay may not be the best choice of platform. Although it has a decent range of cryptos, it still falls short of many other crypto exchanges. That being said, business owners particularly in the EU will appreciate the business features provided along with the debit card. 

Quality of Customer Service

Cryptopay Trustpilot Rating: 3.7 / 5

Cryptopay is not among the highest-rated exchange platforms on the market according to the Trustpilot rating. This is likely because there are limited ways to reach the customer support staff – live chat and help page. The live chat team is only available on weekdays, 24/5, even though crypto markets are open 24/7. 

This is a huge letdown, although it has to be said that, when available, the team is knowledgeable, provides value in resolving issues, and the response time is admirable. To cover the deficit, the help page(s) are very useful and have most of the information you may need. 

Cryptopay

  • Insured client funds
  • User-friendly platform
  • Regulated exchange

Our Final Review of Cryptopay

Our opinion of Cryptopay is overwhelmingly positive. The platform is reliable and secure with the added advantage of offering all the services and features you would need to thrive in the cryptoverse. Besides, it’s not overly complicated and you can get started with just a few taps on your phone. 

When we say Cryptopay caters to everyone, its versatility doesn’t stop there! The company caters to absolutely all investor profiles, from beginners to expert traders albeit to different extents. Even businesses are welcome to join and make crypto work for them. 

Much of this is thanks to security, ensured by numerous measures implemented to protect users’ funds and data. And in case of any issues, you can rely on comprehensive support and competent customer service to resolve your problem in time. 

Finally, concerning Cryptopay fees, they are quite reasonable when compared to the competition. The drawback? Deposits via credit card incur a 4% fee. Therefore, we recommend making deposits via SEPA bank transfer, even though it takes more time for funds to be transferred.

In summary: If you’re looking for a secure, reliable, serious, versatile, and user-friendly crypto platform suitable for everyone, there’s a strong chance that Cryptopay will meet all your needs.

Pros and Cons of Cryptopay

  • Reliable and secure
  • Quick verification process
  • Wide range of services
  • Intuitive platform
  • Cryptopay app available on Android and iOS
  • Option to order a virtual or physical payment card
  • Free deposits via SEPA transfers
  • Fewer than 40 cryptocurrencies available
  • Customer service not available on weekends
  • Expensive deposits and purchases with credit cards (4%)

Cryptopay - Frequently Asked Questions (FAQ)

To open a Cryptopay account, you need to download the app on your phone and follow the prompts. You will also be asked to take pictures of your verification and address documents. 
Cryptopay offers more than 38 different cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Dogecoin (DOGE). 
Yes, Cryptopay is registered and licensed. It also implements advanced security measures to protect the funds and personal data of its users, including cold storage and two-factor authentication. 
The Cryptopay team is not reachable by phone call, but you can contact them using live chat 24/5 or leave an email over the weekend to receive help when they’re back. 
Yes, but it’s only used for the crypto exchange and withdrawals, all other services have to be done on mobile.