Cryptopay is a popular digital currency service provider based in the UK. It is a wallet and payment platform for merchants and consumers to carry out crypto and fiat currency transactions. The company offers its services both to personal users and businesses in the EU and also across the globe. CryptoPay’s main product is the Cryptopay debit card, which allows you to manage cryptocurrencies and fiat currencies in one card.
- Cryptopay debit card allows you to links bitcoin with traditional finances and use it like a regular debit card. You can pay for goods and services with cryptocurrency online, in-store or withdraw at ATM.
- You can open a crypto interest account/crypto savings account and earn up to 15.81% annually.
- Cryptopay allows businesses to accept crypto payments.
How Cryptopay Works
To sign-up for a Cryptopay account, you go to their official website, enter an email address and password. You can also join by downloading Cryptopay app. A verification email will be sent to your email and you’ll need to verify your email and confirm the registration. Then, select the country of residence, enter your first and last names, your date of birth and then choose your citizenship. Complete the procedure as prompted. After signing up, you can access your account both on a desktop computer and mobile devices. All the functions can be seen on the My Account menu. The platform has a user-friendly interface, making it easy to use even for beginners.
Cryptopay offers both personal and business accounts.
Users in the UK and other EU countries can access the three basic solutions that come with a CryptoPay personal account; the Cryptopay Card, bitcoin wallet, and the crypto interest account feature.
The CryptoPay Prepaid Card
The Cryptopay card is the main product of Cryptopay. It lets you spend your cryptocurrency anywhere Visa is accepted. The card comes with several features including the following:
- High spending and withdrawal limits
- It comes in GBP or EUR
- You can use it to pay anywhere Visa s accepted
- Cash withdrawals in ATMs
- Spending cryptocurrency anywhere
- Card top up can be done directly from a bank account
- Contactless payment support
- Visa verification
Read our Cryptopay Card Review.
Crypto Interenst Account (Earning)
Cryptopay offers the possibility to earn crypto interest You can open crypto interest account and earn up to 10% compound interest on crypto which is paid out daily. Crypto deposits over €50k earn higher interests.
Cryptopay offers a secure Bitcoin wallet that you can create directly on the website or Cryptopay app. The wallet is free to create. Its functionality is as follows:
- Buying, selling, storing, and selling the supported cryptocurrencies
- Buying cryptocurrency with a debit card or credit card
- Instant currency exchange between crypto and fiat
- Direct money transfer between your CryptoPay wallet and bank account through Faster Payments in GBP and through SEPA in EUR
- Connecting a wallet with a prepaid card for easy conversion of your cryptocurrency into goods, services, and cash
We strongly encourage you not to hold your bitcoin in custodial wallet whose private keys are held by a third party. Find out the best cryptocurrency wallet you can use.
Your business can start accepting crypto payments with the Cryptopay Business account. When you sign-up for a business account, you receive a crypto gateway with a guaranteed exchange rate and the management of any price volatility. Businesses get the following with Cryptopay business accounts:
- Full control of funds without chargebacks
- Daily payments in cryptocurrency paid directly to the bank account
- Possibility to increase international conversion rates
- Crediting ad debiting customer account balances with cryptocurrencies
Cryptopay Supported Countries
Cryptopay supports around 109 countries including EU members states, Australia, Canada, and the UK. However, the Cryptopay Card is only available to customers living in the UK and EEA countries. Cryptopay also plans to roll out USD cards in the near future.
Cryptopay Payment Methods
Cryptopay users can make 4 types of deposits. These include the following:
- Cryptocurreny deposits (Bitcoin, XRP, Ether, Litecoin, etc.)
- Card deposits
- Card unloads/cashout (for the UK and EEA cards)
- SEPA bank deposits in GBP and EUR via Faster Payments
You can make withdrawals in ATMs and also send crypto to external wallets. To withdraw, select the withdrawal option next to the crypto coin or fiat account for funds to be automatically converted to the corresponding currency.
CryptoPpy charges a wide range of fees starting from deposit and withdrawal fees, fees on crypto purchases and exchanges, cryptopay card fees, etc. Expect the following basic fees:
|Monthly service fee||1.00 GBP/EUR/USD|
|Card Issuance||15.00 GBP/EUR/USD for physical cards and Free for virtual cards|
|ATM withdrawal||2.50 GBP/EUR/USD for domestic ATM withdrawals and 3.50 EUR/GBP/USD for international ATM withdrawals|
|Card loading and unloading||1% flat fee|
|Crypto purchase using a bank card||4%|
|Withdrawing another currency other than the one stored in the account||3.50 GBP/EUR/USD plus 3% per transaction|
|Account inactivity fee||5.00 GBP/EUR/USD per month|
Cryptopay has 3 verification tiers and the limits depend entirely on the tier and the payment method used.
Depositing and withdrawing money by bank transfer is available only to Tier 2 and Tier 3 account holders. The minimum deposit or withdrawal amount is 10 GBP/EUR. Tier 2 account holders maximum deposit and withdrawal limit is €5, 000 per day and €15, 000 per week. On the other hand, Tier 3 accounts deposit and withdrawal limits increase up to €50, 000 a day and up to €100, 000 a week.
There is no maximum limit for cryptocurrency deposits. However, holders of any tier can deposit/buy as little as 0.00000001 BTC/ETH/LTC and 0.000001 XRP. Tier 1 account holders have a minimum withdrawal amount: for BTC/ETH it is 0.0001, for XRP/LTC is 0.001. On the other hand, the maximum weekly amount to withdraw cannot exceed €10, 000. Tier 2 increases the maximum withdrawal amount up to €50, 000. Tier 3 does not apply any withdrawal limits.
You can buy cryptocurrency with bank cards if you are a Tier 2 account holder. The minimum crypto you can purchase is 10 USD/GBP/EUR. Daily limits of €1,000 for Tier 2 and €20, 000 for Tier 3 apply. You are also allowed to buy a maximum of €5,000 for Tier 2 and €50, 000 for Tier 3 per week.
Cryptopay Card Limits
Card limits depend on the currency. A maximum card balance cannot exceed 50, 000 EUR, 45, 000 GBP, or 58, 000 USD. The daily maximum ATM withdrawal limit is 400 GBP, 500 USD, and 450 EUR.
Is Cryptopay Safe to Use?
Yes. Cryptopay is a safe and legitimate platform, licensed and regulated in Estonia and Lithuania. In the UK, the Cryptopay Visa prepaid card is issued by PayrNet Ltd, authorized by Visa and regulated by the Financial Conduct Authority. Additionally, it is covered by the Financial Services Compensation Scheme, ensuring added protection for users.
The company employs automated transaction monitoring and fraud prevention systems. CryptoPpy users also have to pass through verification procedures for higher transaction limits and its 2FA enhances the protection of user accounts. Additionally, Cryptopay uses both hot and cold vaults and the MultiSig technology to prevent any fraud associated with crypto transactions.
Cryptopay Customer Support
Cryptopay has a reliable customer service available 24/7. You can access the team through email; [email protected], their official telegram channel; https://t.me/cryptopayofficial, or through their online chat.
Cryptopay is one of the best crypto service providers. However, its services might not be what you need or its fees might be a little too high for you. In this case, you can check out some of its alternatives:
- Coinbase Commerce (accept crypto payments)
- Crypto.com debit card
- Club Swan debit card (membership/lifestyle/concierge card for crypto and traditional currencies)
Find out our review of Top Crypto Interest Accounts
Final Thoughts on Cryptopay Review
With the wide range of features and benefits, Cryptopay is a great solution for cryptocurrency users. The possibility of paying with crypto almost anywhere in the world, its high security, crypto payment gateway for businesses, and the many services it offers makes it highly convenient. The downside to it is the many different fees, unavailability of the Cryptopay card in some countries, and inaccessibility of some of its services to unverified users.
What is Cryptopay? What is it used for?
Cryptopay is a platform for easy crypto buying, sending crypto to others globally, spending crypto with a Visa card, selling crypto, managing a crypto wallet, and automatically convert crypto to GBP or EUR.
Is Cryptopay safe and legit?
Cryptopay is a safe and legitimate platform, licensed and regulated in Estonia and Lithuania. In the UK, the Cryptopay Visa prepaid card is issued by PayrNet Ltd, authorized by Visa and regulated by the Financial Conduct Authority. However, it is not covered by the Financial Services Compensation Scheme.
What are Cryptopay supported countries?
Cryptopay supports around 109 countries including EU members states, Australia, Canada, and the UK. However, the Cryptopay Card is only available to customers living in the UK. At the moment, Cryptopay is not available in the US.
What currencies are available on Cryptopay?
Cryptopay supports both cryptocurrencies like Bitcoin and fiat currencies like Euro and GBP.