Cryptopay is a bitcoin debit card and bitcoin wallet designed to make it easy to transfer and exchange funds, and make payments for purchases anywhere. It also serves as a platform for buying and selling bitcoins. It primarily supports euros, British pounds, US dollars, and of course bitcoins. At the time we did this review, Cryptopay already issued more than 62,00 debit cards and had nearly 300,000 thousand users and over 176 ,000 transactions processed every month.
A licensed financial services company, Cryptopay is a relatively new UK-based company established only in 2013. It is a privately held company registered in England and Wales. Its official business address is 92 Wilton Road Cryptopay was created with the goal of providing a topnotch payment solution. The company specializes in payment gateway, bitcoin debit card, bitcoin exchange, cryptocurrency, and money transfer. Cryptopay handles UK local bank transfers and SEPA bank transfers for deposits of fiat currencies.
Unlike many other bitcoin debit cards, signing up for a Cryptopay account does not require a mobile phone number. The account registration form only asks for the following details: first name, last name, email address, and password. Be careful when entering your password because you will not be asked for a confirmation. Be sure that you remember your password correctly. Also, the password should have at least 8 characters and should include numbers, capital and lowercase letters, and symbols.
The process shouldn’t take a long time. We did it in less than 30 seconds. There’s an email confirmation step you have to do but the confirmation email quickly arrives in your inbox so you should be able to proceed with the email verification immediately.
If you are using script blockers or ad-blockers, you may want to temporarily shut them down first as they may prevent you from logging in. When we did this review, we had to suspend our Firefox script blocker add-on because we couldn’t log in even after allowing all of the scripts associated with the site.
Cryptopay Account Dashboard, User Interface and Login
We’re not sure if it’s a bug or a feature but Cryptopay seems to require you to enter your username and password two times before you get to be log in. We have experienced this several times. On the first login attempt, we couldn’t log in even if we were sure that the username and password we entered were correct. We were only able to login after the second attempt. We encountered this at least 3 times.
Once you log in, you will be immediately taken to your account dashboard. It’s a simple account dashboard with four tabs: Accounts, Transfers, Send, and Referrals.
The Accounts tab shows your balances in different currencies. You don’t have to add more currencies if you want to use multiple currencies as you already have balances for bitcoin, euro, pound, and US dollar currencies by default. You can immediately proceed to making a deposit in these currencies. You have to verify your account first, though, before you can make deposits in euros. For the rest, you don’t have to verify your account but you will be making deposits in bitcoins (to be automatically converted into the currency you choose). The bitcoin-to-fiat-currency conversion is based on the sell rate indicated right below the Cryptopay logo on the upper left corner of the site.
The Transfer tab is obviously for making money transfers. You can transfer an amount from your account in one currency to another currency, through card loading and unloading, or through card transfer.
The Send tab has the options for sending money from your account to a bitcoin address you specify. It also has the Bank Withdrawal function. Obviously, you need to add your bank account here so you can use this function.
Lastly, there’s the Referrals tab for enrolling in the Referrals program and monitoring earnings therein. Cryptopay’s referral program offers a 25% discount on debit card cost as well as a 10% revenue share on all fees charged.
If you want to add or edit details in your account, change your password, start the verification process, and indicate your list of authorized devices when accessing your account, proceed to the Settings page. The Settings page can be accessed by clicking on your account name on the upper right corner of the site to display the Settings link. You may also enable two-factor authentication in the Settings page under the Security tab.
On the other hand, Cryptopay implements a session timeout for security, which seems to be similar to (or slightly shorter than) the session timeout you can observe in sites like PayPal or your online banking account. If you leave the account dashboard idle for a few minutes, you will be automatically logged out. We had to repeatedly sign in again while doing this review because we kept getting timed out (which is not really bad as it generally means good account security).
Currencies Supported and Countries Served
Cryptopay accepts the following currencies: US dollar (USD), British pound (GBP), euro (EUR), and of course bitcoins (BTC). As already mentioned earlier, you readily have all these currencies in your account so there’s no need to go through the process of adding a new currency. We like how Cryptopay set this up because it avoids confusion and makes the account interface grow on you more quickly (since it no longer changes regardless of whether or not you use all or some of the currencies).
Cryptopay claims that their cards are accepted all over the world. However, they can only issue cards to certain countries. This is on account of government regulations on financial transactions and digital currency. Cryptopay only issues cards to those in the following countries:
South Africa, Reunion, Mauritius, Seychelles, Anguilla, Curacao, Nicaragua, Antigua and Barbuda, Dominican Republic, Panama, Paraguay, Peru, Ecuador, Aruba, Bahamas, El Salvador, Saint Kitts and Nevis, Belize, French Guiana, Saint Vincent and the Grenadines, Bermuda, Greenland, Saint Maarten, Brazil, Grenada, Suriname, Trinidad and Tobago, Guadeloupe, Canada, Cayman Islands, Guyana, Turks and Caicos Islands, Uruguay, Jamaica, Chile, Colombia, Martinique, British Virgin Islands, Mexico, Costa Rica, Armenia, South Korea, Philippines, Qatar, Kuwait, Australia, Bahrain, Malaysia, Saudi Arabia, Singapore, Maldives, China, Hong Kong, Mongolia, Solomon Islands, Taiwan, Nepal, indonesia, Israel, New Zealand, Thailand, Turkey, Oman, Japan, Jordan, Papua New Guinea, United Arab Emirates, Andorra, Greece, Montenegro, Austria, Guemsey, Netherlands, Norway, Hungary, Belgium, Bosnia and Herzegovina, Iceland, Poland, Portugal, Ireland, Bulgaria, Croatia, Isle of Man, Romania, Russia, Italy, Cyprus, Czech Republic, Jersey, San Marino, Serbia, Latvia, Denmark, Estonia, Liechtenstein, Slovakia, Slovenia, Lithuania, Faroe Islands, Finland, Luxembourg, Spain, France, Macedonia, Sweden, Switzerland, Malta, Georgia, Germany, Republic of Moldova, Ukraine, Gibraltar, Monaco, and United Kingdom.
As the list shows, Cryptopay does not accept account registrations for those who are residents or citizens of the United States. It may be used to make payments to vendors in the United States, especially for bitcoin to bitcoin transactions, no account registration will be accepted from the US.
French users, on the other hand, are required to do identity verification (no anonymous use allowed). Their withdrawals area also capped at 1,000 EUR per month and there is a maximum balance limit of 10,000 EUR.
As inferred in the account dashboard tabs mentioned above, Cryptopay has the following services or functions: bitcoin wallet, bitcoin debit card, and exchange (to a certain extent). To some extent it can serve as a bitcoin exchange tab but this service or function is not similar to how it works in other sites that offers a full-fledged bitcoin/altcoin exchange platform. With Cryptopay, you can somewhat have your bitcoins “exchanged” to other currencies as you deposit them to your account, in the euro, pound, or US dollar balances. That means you can exchange your bitcoins to these fiat currencies or your fiat currencies to bitcoins or other fiat currencies but not in the typical exchange platform method.
Cryptopay offers a plastic card and a virtual debit card. These cards tout low commission and free delivery worldwide. They are also accepted by merchants or vendors wherever Visa debit cards are accepted. The plastic debit card is deemed ideal for ATM withdrawals and offline shopping while the virtual debit card is meant for online shopping and account verification procedures.
Cryptopay, unfortunately, does not come with a mobile app. However, the Cryptopay website is mobile-friendly so an app is not really that necessary. All you need is a mobile browser and a device with good enough specs. Google’s mobile speed test tool gives Cryptopay a mobile-friendliness score of 99/100 and a mobile speed score of 58/100. These numbers are close to the actual experience in using the site. It’s snappy on desktop and sufficiently fast or responsive on mobile.
There’s nothing to complain about Cryptopay’s security. It comes with the option to enable two-factor authentication. All communications with Cryptopay’s servers are secured by SSL encryption. Just like Google accounts, it also comes with the ability to remember the devices you use to log in to your account. You will be required to undertake a verification process (through email) if you access your account using a computer or device you have not used to access it before.
Moreover, as mentioned earlier, there’s also the automatic session timeout feature. If you don’t interact with the Cryptopay interface in a couple of minutes, you will be automatically logged out to make sure nobody will be tampering with your account if ever you failed to log out. Cryptopay is also fully compliant with Data Protection Act 1998 and is registered with the ICO. It also supports multisig bitcoin technology with BitGo.
Policy on Anonymity
Here’s a duo of good and bad news for those who want an anonymous bitcoin debit card. Cryptopay allows you to use your bitcoin debit card anonymously. You will not be required to do identity verification. However, if you choose to maintain your anonymity, you will have to make do with the limitations imposed (more on this below).
Fees and Charges
Cryptopay’s fees are as follows:
These are not the lowest fees among bitcoin markets but are competitive enough not to make you immediately abandon it as an option. To emphasize, delivery is free worldwide for the plastic debit card. There is however a monthly service fee of 1.00 EUR/USD/GBP and a loading fee of 1% (1.99% for third party loading options).
Cryptopay’s website already has a well-prepared summary of the account limits for the plastic and virtual debit cards so we will just copy screenshots here. We like how relatively simple the limits scheme for Cryptopay’s debit cards is. They’re mostly the same across currencies.
Limits for the Plastic Debit Card
Limits for the Virtual Debit Card
How to Make a Deposit/Withdrawal
Making deposits and withdrawals on Cryptopay is an easy process. For deposits, you just have to go to your Accounts tab and find the blue Deposit button (button only appears when you hover the mouse pointer over the account balance). There are different deposit buttons for different currency balances.
You can immediately make a deposit (in bitcoins) for the BTC, GBP, and USD currency balances. It’s different with the EUR balance as you still have to undergo identity verification.
For withdrawals, you have to go to the Send tab of the account dashboard then click on the Bank Withdrawal option. You “can’t withdraw an amount into your bitcoin wallet” if we were to strictly use the term Withdraw the way it is used on Cryptopay. You may only withdraw your funds into your bank account so you have to add a bank account. However, making withdrawals into your bitcoin wallet (fiat currency being withdrawn into your bitcoin wallet) is actually possible by using the Send Money function under the Send tab. Just enter your bitcoin wallet address and send the amount you want to withdraw.
Cryptopay provides customer support mainly through email. If you have questions, complaints, or other concerns, send them to this email address: [email protected] You may also contact Cryptopay’s admin or support team through social media. The links to their official social media accounts (Twitter, Facebook, Google+, and LinkedIn) are on the footer part of the website. Before you contact Cryptopay, though, be sure to check out the Support page of the site (link is also on the footer) as it may already provide the answers you are looking for.
Pros and Cons
- Multiple functions (bitcoin debit card, merchant tool, wallet, and bitcoin exchange)
- Simple, intuitive website
- Two-factor authentication
- Unlimited number and value of online transactions
- Anonymous use possible (by not doing identity verification for your account)
- Monthly fee imposed
- Does not accept registrations for residents or citizens of the United States
- Only up to 5 ATM transactions, loads, and unloads per day even for verified accounts
Cryptopay is a good bitcoin debit card option to consider unless you are from the United States. It comes with a number of advantages including the free worldwide delivery, the possibility of anonymous use, good security, and competitive fees and limits. Customer service is relatively good. Also, even without having a full-fledged bitcoin exchange platform, you can actually exchange your bitcoins into GBP, USD, and EUR by simply depositing your bitcoins into your account and withdrawing them in the currency you want. There are fees and charges for the process but it’s good having this function in case you need fiat money and you only have bitcoins available.