Our review of CoinGate crypto platform: 2.5/5

Good to know

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CoinGate in brief

Our opinion of CoinGate

CoinGate is a cryptocurrency payment processor that enables merchants to accept digital currencies for goods and services. We liked its simple integration process, which allows businesses to add crypto payments via APIs, plugins, and payment buttons. The ability to settle transactions in fiat currencies is another useful feature, reducing volatility risks for businesses. The wide selection of over 70 cryptocurrencies provides flexibility for both merchants and customers looking to pay in different assets.

However, we would have liked clearer fee structures, as additional costs apply when converting crypto to fiat and settling payments, making it less competitive compared to other payment processors. The lack of registration with Canadian financial regulators raises concerns for businesses operating in Canada, as there are no local investor protections. Another drawback is the limited customer support, with no live chat or phone assistance, making it difficult to resolve urgent transaction issues.

Who is CoinGate best for?

While CoinGate functions well as a basic crypto payment gateway, it lacks advanced features like staking, lending, and buyer protection, which could be important for users looking for a full-service financial ecosystem. The platform is best suited for businesses looking to accept cryptocurrency payments but not for traders seeking advanced investment tools.

Before you decide upon CoinGate, compare the best crypto platforms in Canada:

Let's find out more about our test results on CoinGate.

Reliability and Security 3/5

CoinGate, established in 2014, is a Lithuanian-based fintech company specializing in cryptocurrency payment processing services. Over the years, it has expanded its offerings to include trading options and has integrated support for over 70 cryptocurrencies. As of the first half of 2021, CoinGate reported a total of 240,000 registered users, with 52,000 new users joining during that period. 

In 2021, CoinGate was recognized with the Global Brands Award for Most Innovative Cryptocurrency Payment Gateway in Europe, highlighting its commitment to advancing crypto payment solutions. 

For Canadian traders, it's important to note that CoinGate is not registered with Canadian regulatory authorities such as the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC). This lack of local regulatory oversight may raise concerns regarding investor protection and compliance with Canadian financial regulations.

To mitigate risks, CoinGate employs security measures such as two-factor authentication (2FA) and secure payment protocols. However, the absence of Canadian regulatory approval means that users may not benefit from the same level of protection as they would with platforms registered within Canada.

Cryptocurrencies Available 3/5

CoinGate is positioned as a crypto payment processor rather than a traditional exchange, meaning its primary focus is on facilitating cryptocurrency transactions for businesses rather than offering a full trading platform. The platform supports over 70 cryptocurrencies, including Bitcoin, Ethereum, and various altcoins, making it more versatile than some smaller payment gateways. However, it lacks features such as NFT trading, futures, or a wide range of DeFi tokens, which are available on more comprehensive exchanges.

Our opinion on CoinGate's offerings

With support for major cryptocurrencies but limited asset diversity beyond payment coins, CoinGate scores 3/5 for market and asset diversity. While it provides a strong selection for payments, it lacks NFTs, leveraged products, or advanced investment tools, making it less appealing for users looking beyond basic transactions.

Services and Tools 2.5/5

CoinGate is primarily a cryptocurrency payment processor, meaning its services are focused on enabling businesses to accept and process crypto transactions rather than offering traditional trading and investment tools. While the platform provides some additional features, it lacks many advanced financial services found on full-service exchanges.

• Crypto card: ❌ Not available – CoinGate does not offer a debit or prepaid crypto card for spending funds.
• Lending & Borrowing: ❌ Not available – There are no options for users to lend or borrow crypto on the platform.
• Staking: ❌ Not available – Unlike many exchanges, CoinGate does not provide staking opportunities to earn passive income.
• Farming: ❌ Not available – No yield farming or DeFi staking features.
• Instant Crypto Payments: ✅ Available – Merchants can accept and settle crypto payments in multiple digital assets and fiat currencies.
• Recurring Billing & Invoice Payments: ✅ Available – Businesses can set up automated invoice processing and recurring crypto billing for customers.
• Gift Card Marketplace: ✅ Available – Users can buy gift cards with crypto for major retailers.

Fees and Commissions 2.5/5

CoinGate positions itself in the market with a transparent fee structure, primarily charging a 1% flat fee for merchant payment processing services. 

To provide a clearer perspective, here's a comparison of CoinGate's fees with the average fees of other cryptocurrency exchanges:

Note: The market average fees are approximate ranges based on data from various exchanges.

Our opinion on CoinGate's fees and commissions

While CoinGate offers a straightforward 1% transaction fee for merchants, its credit/debit card purchase fee is notably higher than the market average. Additionally, the 0.5% fee (with a minimum of €50) for non-SEPA bank transfer withdrawals can be considered steep, especially for smaller transactions. Considering these factors, CoinGate's fee structure may be less competitive for certain services compared to other platforms.

Customer Reviews 3.6/5

CoinGate has a Trustpilot rating of 3.6/5 based on 1,376 reviews, indicating mixed feedback. While some users appreciate its crypto payment processing and merchant services, others report issues with customer support, high transaction fees, and delays in fiat withdrawals.

Here are some recent reviews from Canadian users:

• Mark L (January 10, 2025): "I used CoinGate to accept Bitcoin payments for my small business, and the integration process was pretty straightforward. However, when I needed customer support for a delayed transaction, it took over three days to get a response. The 1% merchant fee is decent, but the withdrawal process to my bank took longer than expected, which was frustrating. It’s a good service, but they need to improve their support system."
• Sarah T (November 22, 2024): "I’ve been using CoinGate’s gift card marketplace to spend my crypto, and I really like how easy it is to purchase things with Bitcoin. The payments are processed quickly, and I’ve had no major issues so far. That being said, the credit card purchase fees are way too high, which is a big downside. If you’re just using it for payments, it’s a solid option, but I wouldn’t use it to buy crypto directly."
• Daniel R (September 5, 2024): "I tried using CoinGate to buy crypto with my Visa card, and I was shocked by the 8% fee—it’s much higher than other platforms. Also, the verification process took almost a week, which was longer than expected. I wouldn’t recommend this platform if you’re just looking to buy crypto. There are better alternatives with lower fees and faster customer service."

How does CoinGate compare to other Crypto brokers?

CoinGate is primarily a crypto payment processor, but when compared to other platforms, it lacks the trading, investment, and financial tools that many crypto users expect. Below is a comparison of its key features against three other well-known brokers.

Conclusion of our analysis of CoinGate

CoinGate offers a convenient crypto payment solution, but it lacks the financial tools, trading options, and services that other platforms provide. We liked the instant payment processing for merchants and the ability to convert crypto to fiat, which makes it a strong choice for businesses. However, we would have liked to see lower fees for credit card purchases, as the 8% fee is significantly higher than competitors.

The absence of staking, lending, and a crypto card makes CoinGate less appealing for those who want more than just a payment gateway. Additionally, the lack of Canadian regulatory registration may raise concerns for users looking for more protection and compliance with local laws. While the platform serves a niche purpose, users looking for a well-rounded crypto experience may find other options more competitive.

Before opening an account on CoinGate, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with CoinGate?

CoinGate offers two primary account types to cater to different user needs: Personal and Business accounts. Below is a summary table highlighting the key characteristics of each account type:

CoinGate provides a streamlined experience for both individual users and businesses, ensuring that each account type has access to the tools and services necessary for their specific needs.

Personal Account

The Personal Account is tailored for individuals interested in engaging with cryptocurrencies. Users can buy, sell, and exchange a variety of digital assets directly through the platform. Additionally, personal account holders have the option to purchase gift cards from numerous retailers using their crypto holdings.

To access trading services, users must complete an identity verification process to comply with regulatory standards. Withdrawals can be made to personal bank accounts or crypto wallets, providing flexibility in managing funds.

Business Account

The Business Account is designed for companies looking to integrate cryptocurrency payments into their operations. Businesses can utilize CoinGate's payment gateway to accept various cryptocurrencies from customers, with options for settlement in fiat currencies or crypto.

The platform supports multi-user access, allowing the assignment of specific roles such as Administrator, Accounting, Developer, and Support to different team members. This facilitates efficient management of crypto transactions, invoicing, and settlements. Business verification is required to ensure compliance and to activate payment processing services.

How do deposits and withdrawals work with CoinGate?

CoinGate offers various deposit and withdrawal methods to accommodate user preferences. Below is a detailed overview:

Note: Timeframes are approximate and can vary based on network conditions and banking processes.

In comparison to other platforms, CoinGate's SEPA bank transfers are competitive, offering fee-free withdrawals with a reasonable processing time. However, the 0.5% fee (with a minimum of €50) for non-SEPA transfers is higher than many competitors, which often charge lower fees without a minimum threshold.

The 8% fee for credit/debit card purchases is notably above the industry average, where fees typically range from 2% to 4%. Additionally, while cryptocurrency withdrawals only incur network fees, the €50 minimum withdrawal amount may be restrictive for users with smaller balances.

Overall, while CoinGate provides a variety of deposit and withdrawal options, users should carefully consider the associated fees and minimums, especially for non-SEPA and card transactions.

Does CoinGate offer crypto staking?

CoinGate does not offer staking services. Unlike many cryptocurrency exchanges that allow users to earn passive income by staking Proof-of-Stake (PoS) assets, CoinGate is primarily a payment processor and does not provide staking rewards or staking pools. Users looking for staking options must consider other platforms that support assets like Ethereum (ETH), Cardano (ADA), and Polkadot (DOT).

CoinGate does not provide crypto lending services. The platform does not support borrowing, lending, or interest-earning accounts, meaning users cannot lend their crypto to earn interest or borrow funds against their holdings. Many competitors offer annual percentage yields (APY) ranging from 2% to 12% on lending programs, but this feature is missing from CoinGate’s ecosystem.

Good to know

Since neither staking nor lending is available, users seeking passive income options from their crypto holdings will need to look elsewhere. CoinGate remains focused on payment processing rather than investment services, making it less appealing for those looking to generate returns on their crypto assets.

How are revenues generated by CoinGate taxed?

In Canada, income generated from cryptocurrency transactions through CoinGate is taxable. Since the platform functions as a payment processor rather than a traditional exchange, users must classify their crypto activities based on how they use the platform—either as business income, capital gains, or taxable earnings from crypto transactions.

How Crypto Transactions Are Taxed

• Business Income: If CoinGate is used for accepting cryptocurrency payments for goods or services, the revenue is classified as business income and is fully taxable. Merchants must report crypto payments in Canadian dollars (CAD) based on the fair market value at the time of receipt.
• Capital Gains Tax: If a user buys and sells cryptocurrencies using CoinGate’s exchange feature, any profit is considered a capital gain, and 50% of the gain is taxable at the individual’s marginal tax rate. If a sale results in a loss, it can be used to offset other capital gains.
• HST/GST on Crypto Payments: Merchants using CoinGate for business transactions must charge GST/HST on crypto payments just as they would for fiat payments, based on the value of the goods or services provided.
• Crypto-to-Fiat Conversions: When businesses convert crypto payments to fiat using CoinGate’s settlement feature, they must track any gains or losses incurred due to fluctuations in crypto value.

How to Declare Crypto Income in Canada

• Track Transactions: The Canada Revenue Agency (CRA) requires detailed records of all cryptocurrency transactions, including the date, amount, market value in CAD, and purpose of each transaction.
• Report on Tax Return:
• Business income should be reported under the business income section of the T1 or T2 tax return.
• Capital gains should be reported on Schedule 3 (Capital Gains and Losses) of the T1 tax return.
• Convert Crypto to CAD for Reporting: All amounts must be converted into Canadian dollars using the exchange rate at the time of each transaction.

Watch out!

CoinGate does not provide tax reports, so users must manually track their transactions or use crypto tax software. Failure to properly report income can result in audits, penalties, and interest charges. Merchants and traders using CoinGate should consult a tax professional to ensure compliance with Canadian tax laws.

Contact: How to contact CoinGate customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.