Cryptocurrency: Fee varies SEPA: none Bank card: 4%
Overview of Cryptopay?
Cryptopay is a stylish and user-friendly crypto wallet and app that lets you easily trade a large range of cryptocurrencies, move and manage your assets, and even spend your crypto (OK, quickly convert and then spend your crypto) using a virtual C.pay debit card. Once it launches its upcoming earn product, you’ll also be able to earn up to 10% on crypto holdings. Its impressive array of features makes it a convenient and well-designed entry-level app. The main drawback is its slightly eye-watering fee of 4%. It’s also worth keeping in mind that if you don’t conduct a transaction for 12 months or longer, Cryptopay will start charging you a storage fee.
If this is your first exchange: You will find an easy to use entry-level app which has everything you would need for an all-in-one, practical, day-to-day crypto account.
If you’re switching exchanges: You gain access to a large range of cryptocurrencies and a user-friendly crypto wallet. However, this comes at the expense of a comparatively high fee for buying and selling.
Pros and cons of Cryptopay
Sleek, user-friendly app
You can trade a large range of cryptocurrencies instantly
Crypto debit card is easy to set up and use
The all-in-one crypto app is streamlined and convenient
Fees are a slightly eye-watering 4%
You’ll need to be fully verified in order to buy cryptocurrency
You’ll only be offered a flat rate price when buying and selling
No FSCS protection
Verdict: Is Cryptopay any good?
Cryptopay boasts an impressive array of features, including the ability to earn up to 10% on your crypto (once Cryptopay’s savings account is turned on), and use your crypto for everyday spending via its debit card.
While it offers a very convenient way to buy and sell a big range of cryptocurrencies, the prices you’ll be offered are far from the most competitive. Serious crypto traders and investors may want to look elsewhere. But for beginners, Cryptopay is a convenient and well-designed entry-level app that’s worth a look.
Finder ratings for Cryptopay
Transferring money or assets
Fees and costs
Ease of use
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.
If you are looking for a crypto exchange that supports a wide range of currencies and provides other features such as an all-in-one crypto wallet and prepaid debit card, then Cryptopay could be a strong contender.
Having said that, while it is easy to get registered and set up, deposits to your account can take some time. Making a card payment to buy crypto may therefore be the quickest option, but then you will need to contend with the fees.
And it’s the fees that are a bit of a sticking point. They are on the high side, with fees attached to fiat currency withdrawals as well as crypto transactions.
Cryptopay has two tiers when it comes to supported cryptocurrencies. There are the ones that users can receive, store and withdraw and the ones that can only be bought with a bank card and exchanged to other supported currencies if you need to withdraw them.
Receive, store and withdraw: BTC, LTC, XRP, SNX, LINK, USDT, UNI, AAVE, USDC, MATIC, ZRX, ETH
If you are mainly using Cryptopay for its crypto wallet, then it is worth knowing that you can only send and receive BTC, ETH, LTC and XRP with this feature.
Transferring fiat and cryptocurrency is relatively straightforward with Cryptopay. You can deposit GBP into your account through a bank transfer. However, it is important to note that the funds can take up to 2 hours during business hours. During our trial, it wasn’t instantaneous – so you may be stuck waiting for a couple of hours for funds to appear. We also found the bank was unable to check the Cryptopay account details, but as long as you are happy with this the transfer can still go ahead.
Cryptopay’s fee structure is relatively straightforward – if a little on the high side. It charges a fee of 4% for buying cryptocurrencies and a fee of 1% for exchanging cryptocurrencies to supported fiat currencies. For sending funds to an external account, a miner fee is charged. These fees fluctuate but you’ll be shown the fee when confirming the transaction. Cryptopay also has fees for withdrawing fiat money, and a monthly storage fee of £10 or 0.3% of the amount of crypto held if your account is considered inactive for 12 months or longer.
Fiat withdraw and deposit fees
Crypto withdrawal and deposit fees
What is it like to use Cryptopay?
Cryptopay is a well-designed entry-level exchange that opens the door to a wide range of cryptocurrencies.
Getting signed up is relatively simple. Identity verification can be done through Cryptopay’s app, and if you have all your documents to hand, is completed in a matter of minutes.
The Cryptopay all-in-one wallet lets your store a variety of cryptocurrencies in one place.
Cryptopay’s mobile app is easy to use. You can complete your account registration through it, see live coin prices, as well as buy, sell and exchange all at the touch of a button.
If you want to find out more about how to use Cryptopay and its fees, then the exchange has an extensive list of FAQs that can be accessed online or via its app.
Cryptopay’s Visa debit card has generous spending limits and allows you to spend your funds anytime, online or in-app. You can even choose between having a physical card or just a virtual card.
Does Cryptopay have good customer support?
Cryptopay main method of customer support is a live chat feature within its app. However, when we tried to access this, we received the message that response times were slower than normal and there seemed to be nowhere to type your question while waiting. Not ideal in the fast-paced world of crypto.
Alternatively, you can email firstname.lastname@example.org or visit the Help Centre which has a comprehensive amount of FAQs.
Contact us form
Unclear – message read saying its response times were slower than normal
List of services on Cryptopay
Earning on Cryptopay
Although not available just yet, Cryptopay is planning on launching a crypto savings account that will allow you to earn up to 10% interest on BTC, ETH or USDT. Interest will be paid daily, and if you have an open-term plan, you will be able to cash out instantly.
The interest will be paid into your Savings wallet, so you will be able to benefit from compound interest (earning interest on your interest). Savers who have deposits of €50k or more will be able to unlock a higher interest rate.
VISA debit on Cryptopay
Cryptopay’s Visa debit card can be used anywhere Visa is accepted. Its stand out feature is that you can use cryptocurrencies to spend up to €30k in a single online transaction. So if you have the fund and are looking to make a big purchase, this is one way to do it.
It’s a prepaid card and can be used worldwide. You can also instantly access the virtual version of your card while you wait for your physical card to be delivered. Or simply choose to just have a virtual card and avoid the initial fee.
It is worth keeping in mind that fees do apply, including a monthly management fee of £1 and an unloading and loading fee of 1%. You can also expect to be hit with fees for ATM withdrawals at home and abroad.
Promotions on Cryptopay
Cryptopay has a partner programme that enables you to earn Bitcoin when friends or family you have referred join up. To become a partner, you will need to share the link with whoever you are referring. They will receive a 25% discount once they follow the link and order a debit card, and you will receive a 10% share of all the fees Cryptopay charges.
Cryptopay has not had any past hacks.
Cryptopay uses both hot and cold vaults in order to protect your funds. It also utilises MultiSig technology to sign cryptocurrency transfers.
You can take advantage of Two-factor authentication, which will give you a unique OTP generated by the app every time you log in or make a transaction.
Cryptopay is registered in the UK but is not currently on the Finanical Conduct Authority’s cryptoasset register. Crypto trading isn’t regulated, but the FCA keeps a register of firms and they must pass checks for anti-money laundering and anti-terrorism activity.
Signing up on Cryptopay
Head to Cryptopay’s website and click on “Sign up” in the top right corner.
Once you have entered your email address you will receive a verification email almost instantly. Click on this to be taken back to Cryptopay’s website.
When you have provided some details including your country of residence, Cryptopay will encourage you to download its app to complete the identity verification process. Simply scan the QR code provided.
Log in to the app and follow the identity verification process. You will need to take a selfie of your face, a picture of either your driving license or passport and either a current utility bill or bank statement. This last step is not always required with other crypto exchanges and may slow you down getting started if you don’t have a utility bill or bank statement to hand.
You will need to wait for your identity to be confirmed before you can get online and access the app. In our road test this only took a few minutes.
Cryptopay comparison table
Table: shows partner brands and other brands, sorted by popularity
Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
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*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.
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