Exchange Review

Coingate Review 2021

Team Cryptoradar by Team Cryptoradar

Updated: Dec 23, 2023

Coingate is a cryptocurrency exchange headquartered in Lithuania which offers the exchange of around 50 different cryptocurrencies. As of 2021, Coingate had successfully completed over 1 million transactions and had garnered over 200,000 registered users.

Background and History

Coingate was founded by Dmitrijus Borisenka, Jonas Gilys, and Irmantas Baciulis in 2014.

How to Buy Crypto on Coingate

Creating an Account

Signing up for Coingate is quite easy. Simply visit the website and click on the “Sign Up” button at the top right corner. On the next page, which you can also preview below, you need to select if you want to join “As a Person” or “As a Business”.\

Finally, you will be required to sign up either with your email account or your Facebook account.

Identity verification

After signing up, you need to verify your identity before you can begin trading. While this may sound complicated, it’s as easy as uploading a photo of your identity card, as demonstrated by the website’s verification center.

Provide your Wallet Information

Additionally, you need to submit the details of your personal cryptocurrency wallet before you can begin trading. If you don’t have a wallet yet, make sure to check out our guide on cryptocurrency wallets.

Buy and Sell Crypto

Finally, you can start trading cryptocurrencies. To do so, simply click the “Trading” button in the top left corner of Coingate’s website, and then choose either “Buy” or “Sell” to start trading.

Available Payment Methods

Trading Cryptocurrencies

You can buy crypto on Coingate by depositing euros through a SEPA bank transfer, direct bank transfer (China, Thailand, Indonesia, Malaysia, Vietnam), and mobile balance.

Instant Buy

The exchange also offers you to “Buy Instantly”. This option allows you to buy crypto for an additional fee with either a debit or credit card. These transactions are made in partnership with Simplex, a popular global payment processor.

Limits and Fees

Buying limits for credit cards are 20,000 EUR/USD per day and 50,000 EUR/USD per month. Purchases made using SEPA and international bank transfers are limited to 5,000 EUR per purchase. These limits can be raised upon application and on a case-by-case basis.

Trading Fees

Coingate has no hidden fees and the price you see is what you get. Traders pay a 3% fee for each transaction with no recurring fees and no fees for setting up an account.

Payment Fees

There are no fees on SEPA bank transfers and cryptocurrency deposits and withdrawals. However, when using debit or credit cards, you will be charged 5% on top of the 1% trader fee.

Merchant Fees

If you are a merchant who wants to accept cryptocurrencies in your business, Coingates crypto payment processing solution will incur a 1% fee.

Features of Coingate

Crypto Payment Processing

Coingate offers merchants the option of accepting a wide selection of cryptocurrencies as payment for their goods and services through the Crypto Payment Processing Service. This way, traders are able to use this single platform to accept crypto payments, manage their earnings, and keep track of orders. This mode of payment can be adopted by both traditional, brick and mortar stores as well online stores.

Merchant Directory

Coingate maintains and regularly updates a directory of crypto-friendly businesses around the world. This directory classifies businesses into different categories and also provides a user-generated rating for each business so users can gauge just how dependable and trustworthy each business is before engaging with them.\

Gift Cards

Coingate also allows users to spend their cryptocurrency on a collection of over 1000 gift cards from some of the most popular retailers worldwide including Amazon, Xbox, PlayStation, and AirBnB. These gift cards are sent directly to the user's email address and provide an easy way to spend one’s cryptocurrency without necessarily having to convert crypto into fiat currency.

Is Coingate Trustworthy?

Coingate uses security best-practices to keep its customers safe and sound. For instance, users can set up two-factor authentication, which is a common but effective measure for protecting access to crypto platforms. It guarantees that an outsider cannot access your account without entering a passcode that is sent to your phone.\

However, there is room for improvement with regards to transparency and customer support. For instance, there have been a fair number of complaints about incorrect or missing transactions and unresponsive customer service.

Verdict

Coingate is an easy-to-use crypto exchange and crypto payment processor. Having served more than 200,000 customers since 2014, it is a long-standing service provider in the crypto space. On the downside, however, the platform’s fees are a bit above average and, given the negative reviews, we think that Coingate should strive to streamline its services and work on its public relations to gain the trust of the masses.

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