Cryptopay

Exchange Platform

As mentioned earlier, Cryptopay is more than just an online cryptocurrency wallet. It is also a Bitcoin debit card that helps to facilitate the transfer and exchange of Bitcoin into fiat currencies. At present, Cryptopay only supports major fiat currencies such as British pounds, Euros and U.S dollars and Bitcoin. So far, the exchange has issued more than a hundred thousand Cryptopay debit card and processes nearly half a million transactions on a monthly basis.

In order to store your Botcoin with Cryptopay, you need to first open a “Flex account” with them. Through the Flex account, you can make transfer to anyone or exchange them into fiat currency such as EUR, GBP and USD to hedge against the wild fluctuations normally associated with Bitcoin. The fee for conversion is a low 1% commission for every conversion. There are other hidden fees involved and the conversion is immediate.

Through you Flex account, you can order a debit card from Cryptopay and link it to your Flex account. This will allow you to make purchases with your card or make a withdrawal in local currency from any ATM. These funds are taken directly from your flex account so you have immediate access to them at any time. For funds withdrawn from an ATM, the fees are $2.50 for local transactions and $3.50 for foreign transactions. There is also a 3% transaction fee for foreign transactions. If you load your debit card, you will be charged a 1% to 2% loading fee.

While it is not exactly cheap to use the Cryptopay debit card, this is the main feature of the Cryptopay wallet. Through its debit card, your Bitcoin holdings have the same level of acceptance as any major credit cards such as VISA and MasterCard.

The Cryptopay debit card comes in two formats, verified and unverified. With the unverified version, there are several limitations such as a USD/EUR 1000 limit for online transactions and USD/EUR 200 a single ATM transaction with a maximum of 2 daily ATM transactions. Furthermore, 3rd party loading is also not permitted. While these limitations do curtail the usability of the debit card, the restrictions can easily be lifted by getting your card verified. Apart from the physical debit card, Cryptopay also offer a virtual debit card which is ideal for online transactions. The virtual card just like the physical card is linked to your Bitcoin wallet and can be used in the same manner as the physical card.

Cryptopay has also provided an iOS app which iPhone users can download and install onto their phone. The app will allow you to manage your Bitcoin wallet as well as make transactions using your smartphone. It will also allow you send and receive funds easily.

Exchange Markets

Currently, Cryptopay only support the exchange of Bitcoin into Euros, British pounds and U.S dollars. You can fund your Flex account at Cryptopay at any time. Cryptopay accepts transfer of funds from 26 SEPA (Single Euro Payments Area) countries such as Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland and Italy. The transfer process is normally completed within a single business day.

Support

For customer support, Cryptopay offers a comprehensive helpdesk. The helpdesk features detailed information of how to open and use the services provided by Cryptopay. Apart from the detailed articles found in the helpdesk section, you can also contact the support team at Cryptopay through emailing them at [email protected] or talking to them on live chat.

Security and Fairness

As with any cryptocurrency exchange, Cryptopay was designed with security being a major priority. The exchange is in full compliant with the UK’s Data Protection Act 1998 and is registered with the UK’s Information Commissioner’s Office (ICO). Further security is provided by using BitGo’s MultiSig technology and Two-factor authentication. Cryptopay also keep the bulk of its Bitcoin holding in cold storage to prevent them being stolen. For international fund transfers, they are done through the highly secure Bitcoin protocol hence ensuring that your money is safe at all time with Cryptopay.

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