- Easy to register and use.
- It gives users the ability to use their card at an ATM machine or home.
- It utilizes three major currencies (GBP, USD, EUR).
- Offers unlimited lifetime load and unload when you verify the account.
- Free worldwide shipping.
- Not available in the United States and over 100 other nations around the world.
- The foreign transaction fee is quite high.
- Is potentially costly overall; one user claimed he lost 11% in total.
While an increasing number of people are attempting to live in ‘cryptoland,’ trying to trade and purchase items with Bitcoin is a royal pain. Normally, converting Bitcoin into cash is a tedious affair involving long delays, fees, and rip-off exchange rates. As a result, when Cryptopay was launched in March 2016, a whole lot of people were interested; but is it worthy of the hype?
What is Cryptopay?
You can find the site at cryptopay.me and it was developed by financial wizards George Basiladze and Dmitry Gunyashov. The firm’s HQ is in London, and it is an online Bitcoin wallet which acts as a link between crypto and fiat currency. It offers the following features:
You can sell, buy or store your Bitcoins safely and securely without having to worry about Bitcoin price fluctuations. This is a lifesaver when you consider that Bitcoin’s price can change by 10% in a day quite easily. It supports Bitcoin, Pounds Sterling, and Euro currencies and you can top-up your account via your BTC address, UK FPS or SEPA.
There are physical and virtual forms of this card, and it is probably the standout feature of Cryptopay. You can convert your Bitcoin into GBP or Euro with ease and withdraw your money via one of the millions of terminals worldwide where Visa cards are accepted. In other words, you can make a payment offline or online from anywhere in the world.
The traditional cards have chips and pins whereas the virtual card can be used online in any store where Visa payments are accepted. As the card is virtual, you receive it immediately. You can even top-up the cards via typical bank account transfers, and your bank account is eligible if it is in one of the 28 SEPA countries in Europe.
If you request a physical card, you will receive it within 2-3 weeks if you live in Europe and 3-5 weeks if you live anywhere else in the world. For an extra $75, you can receive the card within 3-10 working days.
Rather than write out a long list of fees, I have taken some screenshots from the official Cryptopay website to give you the full picture:
Plastic Card Fees
Virtual Prepaid Card Fees
The account limits are reasonable once you’ve been verified but you have to be careful when abroad as the 3% foreign transaction fee seems a little steep.
What is Cryptopay Like to Use?
The website is very straightforward with nothing in the way of ‘filler.’ In many ways, the easy navigation of the site is indicative of a user’s experience with Cryptopay. Registration involves providing your name, email address, and password which should take less than a minute.
We recommend verifying the account as soon as you can because it greatly improves the overall Cryptopay experience. Instead of being restricted to a daily ATM limit of €400 for example, your limit swells to €2,000. To verify the account, simply provide a government-approved ID such as a Driver’s Licence or Passport and proof of address such as a utility bill. Verification shouldn’t take more than a few hours. At this stage, you can choose between virtual or real cards, and if you opt for the former, you can start using it immediately.
When you log in, you can check the balance of your accounts. You’ll notice that there is a separate Bitcoin address for all three currencies (USD, EUR, GBP) and you can use it to load your Bitcoin balance.
There is also a great Partner Program where you and a friend can benefit with no extra fees. The program is simple:
• Sign up as a Cryptopay Partner
• Share the link on your website or send it to different people directly.
• If the recipient follows the link and uses the Cryptopay card, they receive a 25% discount.
• Meanwhile, you earn a 10% revenue share on all the fees the company charges.
Cryptopay DebitCard Verdict
We found that Cryptopay was a seamless process and it is a game-changer in the cryptocurrency niche. In terms of legitimacy, it passes every test with flying colours and for a relatively new technology; it has an impressively low rate of complaints from users. As it works offline, online and internationally, it can be used by millions of people. Despite the seeming complexity of cryptocurrency, Cryptopay somehow makes it simple.