{"id":625774,"date":"2023-06-12T10:13:56","date_gmt":"2023-06-12T10:13:56","guid":{"rendered":"https:\/\/info.cashtocode.com\/?post_type=product&p=625774"},"modified":"2024-01-16T14:29:04","modified_gmt":"2024-01-16T14:29:04","slug":"bitpay-exchange","status":"publish","type":"product","link":"https:\/\/info.cashtocode.com\/en-ca\/reviews\/bitpay-exchange\/","title":{"rendered":"BitPay exchange review"},"content":{"rendered":"\n
7.2<\/span>Expert Score<\/span><\/div>
Editor's comment<\/div>BitPay is one of the world\u2019s biggest crypto payment companies with products that are aimed at both individuals and businesses. Despite BitPay\u2019s versatility, there\u2019s a plethora of high fees and no rewards program which lets you earn a percentage back on your debit card purchases. The advantages are that you can buy and store crypto in your wallet in order to spend crypto like cash with the BitPay card if you\u2019re a customer, while thousands of businesses also use the platform to accept or send crypto payments globally.<\/div><\/div><\/div>
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Coin coverage<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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4.7<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Fees<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.8<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Security<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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9.3<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Features<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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8.2<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Payment methods<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7.2<\/div>\r\n\t\t\t\t\t\t\t<\/div><\/div>
PROS<\/div>
  • Buy and store crypto in a wallet\r<\/li>
  • Spend crypto like cash with BitPay card\r<\/li>
  • Businesses can accept or send crypto payments globally \r<\/li>
  • Integration with 250+ merchants \r<\/li>
  • Top-rated mobile app<\/li><\/ul><\/div><\/div>
    CONS<\/div>
    • High fees\r<\/li>
    • Low number of cryptos \r<\/li>
    • No ability to earn rewards on purchases<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n

      Cryptocurrencies<\/h2>\n\n\n\n

      BitPay offers 15 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Polygon.<\/p>\n\n\n\n

      Bitcoin (BTC)<\/td>Available<\/td><\/tr>
      Bitcoin Cash (BCH)<\/td>Available<\/td><\/tr>
      Ethereum (ETH)<\/td>Available<\/td><\/tr>
      Wrapped Bitcoin (WBTC) <\/td>Available<\/td><\/tr>
      Dogecoin (DOGE)<\/td>Available<\/td><\/tr>
      Polygon (MATIC)<\/td>Available<\/td><\/tr>
      Litecoin (LTC)<\/td>Available<\/td><\/tr>
      Apecoin (APE)<\/td>Available<\/td><\/tr>
      Shiba Inu (SHIB)<\/td>Available<\/td><\/tr>
      USD Coin (USDC)<\/td>Available<\/td><\/tr>
      Dai (DAI)<\/td>Available<\/td><\/tr>
      Gemini Dollar (GUSD)<\/td>Available<\/td><\/tr>
      Pax Dollar (USDP)<\/td>Available<\/td><\/tr>
      Binance (BUSD)<\/td>Available<\/td><\/tr>
      Euro Coin (EUROC)<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, digital payment platform CoinGate supports over 70 cryptos. However, compared to its competitors, BitPay offers a debit card<\/strong> that you can use anywhere where MasterCard is accepted.<\/p>\n\n\n\n

      Payment methods<\/h2>\n\n\n\n

      Customers can withdraw $2,000 a day<\/strong> or $25,000 a month with the BitPay card and there\u2019s a high maximum balance limit of $25,000. While there\u2019s no deposit limits for the BitPay card, you can spend up to $10,000 a day. BitPay hasn\u2019t disclosed its withdrawal and deposit limits for businesses but does state on its website that it's subject to KYC verification levels. <\/p>\n\n\n\n

      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      VISA withdrawal limit <\/td>$2,000 a day or $25,000 a month requires KYC verification and ID check <\/td><\/tr>
      MasterCard withdrawal limit <\/td>$2,000 a day or $25,000 a month requires KYC verification and ID check <\/td><\/tr>
      Google Pay withdrawal limit <\/td>$2,000 a day or $25,000 a month requires KYC verification and ID check <\/td><\/tr>
      Apple Pay withdrawal limit <\/td>$2,000 a day or $25,000 a month requires KYC verification and ID check <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Purchase limits<\/h3>\n\n\n\n
      Payment method<\/td>Limits<\/td><\/tr>
      VISA daily purchase limit  <\/td>$10,000 requires KYC verification and ID check<\/td><\/tr>
      MasterCard daily purchase limit  <\/td>$10,000 requires KYC verification and ID check <\/td><\/tr>
      Google Pay daily purchase limit  <\/td>$10,000 requires KYC verification and ID check <\/td><\/tr>
      Apple Pay daily purchase limit  <\/td>$10,000 requires KYC verification and ID check  <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, Kraken requires KYC checks to buy, sell or exchange cryptos and the company asks you for a government-issued ID or passport and proof of residential address, which can be a utility bill, letter from your local municipality or house rental agreement. In addition, you need to provide a <\/strong>proof of funds (POF) documen<\/strong>t that covers all deposits or withdrawals via the particular funding method you use. The company accepts tax returns, letters from an accountant stating assets, bank or equities statements, pay stubs showing two years previous income or an accountant's letter stating real estate holdings and inheritance for POF verification. <\/p>\n\n\n\n

      Similarly, Bitstamp requires multi-step KYC verification <\/strong>to buy, sell or exchange cryptos and the company asks you for proof of identity, which can be a drivers licence, government-issued ID or passport,<\/strong> as well as proof of residential address, which can be a utility bill, correspondence from a government department or bank account statement.   <\/p>\n\n\n\n

      CashtoCode eVoucher <\/h2>\n\n\n\n

      You can\u2019t fund your account with a CashtoCode eVoucher as this isn\u2019t offered at BitPay.  <\/p>\n\n\n\n

      Trading fees<\/h2>\n\n\n\n

      Customers using the BitPay card don\u2019t pay transaction fees but they need to pay a relatively high 2% conversion fee<\/strong> and a flat $2.50 fee every time they cash out funds at an ATM. The card has zero annual or maintenance fees, but there\u2019s a $10 issuance fee to receive the card and a $10 re-issuance fee if it\u2019s lost. Businesses pay monthly transaction fees that are based on the volume of payments they process with BitPay. <\/p>\n\n\n\n

      Monthly amount <\/td>Transaction fee<\/td><\/tr>
      Up to $500,000<\/td>2%<\/td><\/tr>
      $500,000-$999,999<\/td>1.5%<\/td><\/tr>
      $1,000,000+<\/td>1%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Staking<\/h2>\n\n\n\n

      BitPay doesn\u2019t offer a staking program.<\/p>\n\n\n\n

      Is BitPay exchange safe?<\/h2>\n\n\n\n

      BitPay has been in operation since 2011, amassing over three million users across the world and has a range of security measures in place. Customers can also manage their BitPay card transactions through a safe non-custodial wallet<\/strong>.<\/p>\n\n\n\n

      Trustpilot<\/td>1.4 star<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      A very low percentage of users (4%) rate BitPay with five stars<\/strong> on Trustpilot, which is a low indicator of safety. The most common issues raised are related to account, refund and payment concerns, with many users even alleging that BitPay has stolen funds from their accounts. In addition, BitPay underwent a large-scale hack in 2015 whereby 5,000 Bitcoin, amounting to $1.8 million, was stolen via the account of the company\u2019s Chief Financial Officer, Bryan Krohn. However, people praise them for a great mobile app. <\/p>\n\n\n\n

      Security<\/h3>\n\n\n\n

      BitPay has industry-leading security measures <\/strong>in place such as multi-signature wallets and a bug bounty program to secure its web network. The company passed its security and compliance audit known as the Service Organization Control 2 (SOC 2), which is a renowned criteria developed by the American Institute of CPAs. In addition, BitPay is regulated by the De Nederlandsche Bank as a payment service provider, pursuant to Section 23b (1) of the Money Laundering and Terrorist Financing Prevention Act.<\/p>\n\n\n\n

      Safe coins storage<\/td>An undisclosed amount of deposits are held in cold storage.<\/td><\/tr>
      Two-factor authentication<\/td>Two-factor authentication via SMS verification is required at BitPay.<\/td><\/tr>
      Information security<\/td>End-to-end data encryption of customer and business information. <\/td><\/tr>
      Platform security<\/td>Accounts are secured with multi-signature wallets and state-of-the-art facial verification technology. <\/td><\/tr>
      Network security<\/td>A bug bounty program.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In comparison, Kraken has a broader range of security measures in place such as external audits of proof-of-reserves (PoR), data encryption at a system level which adheres to ISO 27001 standards<\/strong>, advanced infrastructure with secure cages that are under 24\/7 surveillance by armed guards, alarm systems and video monitors, granular API key permissions, PGP signed and encrypted email, SSL encryption when users browse the online site and internal Kraken Security Labs team.<\/p>\n\n\n\n

      All customer funds held on Bitstamp are backed 1:1 in custody, while 95% of crypto is securely stored offline<\/strong> in bank-grade Class III vaults and custodians hold insurance for client assets in cold wallets. The exchange is highly regulated with over 50 licenses globally, such as the coveted BitLicense from the New York Department of Financial Services (NYDFS) and over 180 of their staff members perform compliance, legal, risk, security and internal audit functions. They even have a Bitstamp Board Risk and Audit Committee in place. <\/p>\n\n\n\n

      How to start trading at BitPay exchange?<\/h2>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      You need to create an account in order to register with BitPay and this can be done by:<\/p>\n\n\n\n

        \n
      1. Visiting the homepage and inputting your full name and email address so you can create a password and start the process. <\/li>\n\n\n\n
      2. You have to specify if you\u2019re opening an individual or business account. <\/li>\n\n\n\n
      3. You then need to verify your email address.<\/li>\n\n\n\n
      4. After verifying your email address, you are redirected to a page where you can set up your crypto wallet and purchase the BitPay debit card. <\/li>\n\n\n\n
      5. To set up your crypto wallet and purchase a BitPay debit card, you have to complete KYC verification.<\/li>\n\n\n\n
      6. Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.<\/li>\n<\/ol>\n\n\n\n

        KYC<\/h3>\n\n\n\n

        After filling in your account details, you need to go through KYC verification <\/strong>and this process is required for any individual or business who wants to use the platform. Passing KYC checks also unlocks functionalities such as the ability to spend crypto like cash with the BitPay debit card.<\/p>\n\n\n\n

        You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport but you don\u2019t need to submit a selfie. <\/strong><\/p>\n\n\n\n

        Customer support<\/h2>\n\n\n\n

        Customer service options are limited at BitPay with only an online Help Center that displays FAQs and no phone support or live chat.<\/p>\n\n\n\n

        Live chat<\/td>No live chat  <\/td><\/tr>
        Phone support<\/td>No phone support<\/td><\/tr>
        Email<\/td>support@bitpay.com<\/td><\/tr>
        FAQs<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        BitPay uses a ticketing system<\/strong> where you need to fill in an online form that includes a subject, description and additional attachment option. For users who are dealing with emergency account issues, there\u2019s no way to speak with customer service on the phone or through live chat. <\/p>\n\n\n\n