Knowing the Secure Payment Gateways for Cryptocurrency and Forex Brokers around the Globe
To begin with, a ‘cryptocurrency payment gateway’ is a platform that allows traders and merchants to receive payments globally in the form of cryptocurrencies through the sale of goods and services. It is a kind of a ‘payment processor’ for digital currencies and digital wallets.
Today, merchants are not only able to receive digital payments through these highly secure gateways but also receive fiat money/fiat currency in exchange. These crypto-payment gateways act as intermediaries between the client and the merchant. By integrating these crypto-payment gateways, a business can now accept payment on eCommerce platforms, websites, Android applications, and, in some cases, brick & mortar stores.
How does it Work? – An Overview of the Payment Mechanism
When a customer buys a product or service using cryptocurrency as the payment method, the said transaction goes through a 100% secure digital payment gateway at a fixed ‘currency exchange rate’. Thus, it automatically gets converted to government-issued or fiat currency, enabling the merchant to get past the ‘high’ volatility rate in the crypto market. However, there are a few exceptions. Some cryptocurrency payment gateways do NOT automatically convert crypto to fiat money, thus allowing businesses, merchants and traders to hold the digital currencies in their crypto wallets as long as they wish.
Product Qualification Criteria for Inclusion in Crypto-Payment Gateway
- Ability to process and accept crypto payments.
- Integrate all transactions with eCommerce platforms.
- Secure storage of cryptocurrencies in e-wallets.
- Able to utilize blockchain technology to encrypt transaction-related information.
Some Popular Cryptocurrency Payment Gateways for FOREX Brokers
Cryptocurrency and blockchain payment gateways offer comparatively lower fees than traditional credit card payment systems and can be customized to track all payments; they are trendy among merchants. Bitcoin and USDT are the most used cryptocurrency, followed by Ethereum Pay, Litecoin & Bitcoin Cash. The most popular gateways or cryptocurrency payment processors are Coinbase, CoinGate, CoinPayments, CoinsBank, Coinify, CoinsPaid, Coinomi, UniPayment BitPay, NowPayments, ShopifyGateway, AlfaCoin, GoURL, and more. Let’s look into some of the most used gateways and platforms—the top 7 picks.
PassimPay
PassimPay offers a game-changing crypto payment gateway ideal for diverse online ventures, including the dynamic landscape of online casinos. Boasting support for 45+ cryptocurrencies and individual fee conditions ensures flexible transactions. Security is paramount with static wallets and automatic cold wallet withdrawals, while the round-the-clock support ensures seamless operations. The lightning-quick and hassle-free setup, coupled with easy integration, make it an optimal choice, empowering businesses of all types and sizes to implement crypto payment effortlessly.
Coinbase –
It is a system or platform where merchants across the globe can trade in, accept, and track miscellaneous digital currencies all in one place. Thus, it is a highly secure platform for crypto transactions, where one can store or save currencies offline. Here, merchants can link their bank accounts with digital wallets and trade in different digital currencies and cryptocurrencies.
Unipayment –
It is regarded as the most affordable crypto-payment processing platform, offering the ‘lowest-in-class’ processing & transaction fee; UniPayment also supports popular currencies like Ethereum and Bitcoin. Moreover, merchants can accept payments on this platform without getting into standard formalities like Know Your Customer (KYC) or adding bank details. Moreover, this crypto payment processor offers free API integration support & plugins that seamlessly integrate into websites, thus enabling merchants to accept payments online in their digital wallets.
CoinGate –
This payment gateway is a perfect solution for individuals, merchants, and businesses that want to trade in cryptocurrency. With just one transfer, a trader can buy crypto from various sources and sell it in exchange for fiat currency. Merchants can also exchange their revenue earnings in fiat currency. This platform is highly secure for Crypto and FOREX brokers, as they can store cryptocurrencies in ‘Cold Storage’.
CoinPayments –
This payment processor supports cryptocurrencies like Litecoin, Bitcoin and Ripple, making it a highly sought-after crypto gateway application for traders and merchants. Here, users are charged a transaction fee of only 0.50%, which is comparatively cheap. Moreover, users can avail of a 50% discount on hosting fees and rebates on online withdrawal charges. And, with the availability of mobile Apps on IOS and Android, it is one of the top 10 payment gateways in 2023.
BitPay –
It is a US-based crypto payment system wherein users can trade in cryptocurrencies globally, thus enabling them to buy, sell, store, or swap their currencies from one secure and ‘easy-to-use’ platform. Here, users can purchase digital currencies using their credit & debit cards. Also, one can buy gift cards using crypto from their digital wallets. With best-in-class security features, BitPay supports miscellaneous cryptocurrencies, helping merchants convert their Bitcoins to USD for emergency spending. This gateway has a transaction fee of 1%.
ShopifyGateway –
It’s arguably the world’s most popular crypto payment gateway for cryptocurrency-based transactions and trade. It offers top-notch security, apart from being exceptionally user-friendly. Through this payment gateway, users can accept digital currencies into their wallets from any part of the world and at any time of the day or night. This platform allows for the highly transparent, fast, and seamless processing of payments.
GoURL –
A crypto payment processor and service provider offering Bitcoin plugins to users that easily integrate with WordPress websites. Here, merchants can accept cryptocurrency payments without the need for a website. This secure payment gateway charges a commission of 1.5% for its services, and it is 100 FREE of cost if the user goes via a crypto wallet. A perfect payment processing platform for merchants who value anonymity and security. With this highly secure platform, a merchant gets a clear breakdown of transactions completed within 30 seconds.
An Overview
These were some of the secure cryptocurrency payment gateways that forex brokers and crypto traders can take full advantage of, especially when it comes to cost-cutting, faster, efficient, and seamless transactions, which is better than conventional methods of payments like debit & credit cards. When you adopt these new technologies that are seen as a component of an alternative financial system, it is bound to show the desired results, both in terms of payment acceptance and affordability. And, when businesses use such highly flexible payment gateways, it becomes easier for users to replace mainstream currencies or fiat money in the everyday trade of goods & services. I hope this blog post or article can inform readers about the trending crypto-payment platforms.
