Is Cryptopay a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Cryptopay is a good crypto exchange to start trading with. In this article you will learn whether Cryptopay is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Cryptopay
Cryptopay is an online cryptocurrency exchange headquartered in London and registered with the Financial Conduct Authority (FCA). It has provided services since 2013, has its own CPAY token, and is currently available in 122 countries. Using the Cryptopay mobile app and web platform, you can buy, exchange, withdraw and store 37 cryptocurrencies. The Cryptopay exchange takes deposits in euros, US dollars, and pounds sterling, and also supports withdrawals in fiat currencies. It issues virtual and plastic Cryptopay Visa cards that can be used to pay online (including cryptocurrencies) or at physical sales outlets.
| 💰 Account currency: | EUR, USD, GBP, cryptocurrencies |
| 🚀 Minimum deposit: | Cryptopay cards - USD/GBP1, Visa/MasterCard - EUR/USD/GBP10, bank transfer - 10 euros, cryptos - BTC/LTC/ETH 0.00000001, XRP 0.000001 |
| ⚖️ Leverage: | Not provided |
| 💱 Spread: | 1-4% |
| 🔧 Instruments: | 37 cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
Cryptopay Pros and Cons
👍 Advantages of trading with Cryptopay:
•Activities are under the supervision of the British regulator FCA;
•loyal requirements for the minimum deposit are 10 US dollars, pounds sterling, or euros when replenishing from a card;
•a wide range of instruments include Bitcoin + 36 altcoins;
•storage of crypto assets on hot and cold wallets;
•the ability to connect two-factor authentication for secure entry into the trading application;
•protection against phishing and brute force using multi-signature technology;
•professional support service in 7 languages and 24/7 chatbot.
👎 Disadvantages of Cryptopay:
•high exchange fees for trading and exchange;
•withdrawal commission for both fiat and cryptocurrencies;
•lack of effective investment solutions and no ability to trade with leverage.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
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Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
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Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
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Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
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Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
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Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
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Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Cryptopay Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Cryptopay offers traders the following conditions.
| 💻 Trading platform: | Web platform on the site, mobile applications (Android and iOS) |
| 📊 Accounts: | Standard |
| 💰 Account currency: | EUR, USD, GBP, cryptocurrencies |
| 💵 Replenishment / Withdrawal: | Cards (Visa, Visa Delta, Visa Electron, MasterCard, MasterCard Debit, Cryptopay), PayPal, bank transfer, crypto |
| 🚀 Minimum deposit: | Cryptopay cards - USD/GBP1, Visa/MasterCard - EUR/USD/GBP10, bank transfer - 10 euros, cryptos - BTC/LTC/ETH 0.00000001, XRP 0.000001 |
| ⚖️ Leverage: | Not provided |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | 1-4% |
| 🔧 Instruments: | 37 cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market |
| ⭐ Trading features: | 20 out of 37 cryptocurrencies cannot be sold to other traders or withdrawn, they can only be bought and then exchanged for other coins |
| 🎁 Contests and bonuses: | Yes |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Cryptopay commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
Cryptopay commissions vary depending on the type of transaction. For the purchase of cryptocurrency, the broker withholds 4%; for any exchange (Crypto-Crypto, Crypto-Fiat, Fiat-Fiat), the broker withholds 1%. Withdrawals to a third-party wallet are charged LTC 0.001 or XRP 0.00001. The commissions for other cryptocurrencies depend on the network load. No commission is charged for deposits by any means. For withdrawal of funds to a bank account in the SEPA zone, the broker takes EUR 0.09. Monthly commission for storing assets after being inactive for a year: for fiat wallets, it is USD/EUR/GBP 10; for cryptocurrency wallets, it is 0.3% of the amount stored in the account.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | 4% | Yes |
Investment programs of Cryptopay
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Cryptopay offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The Cryptopay exchange has its own token called CPAY. A trader can buy it on the partner exchange HitBTC and receive a share of the income for it every month, provided it is stored in an ERC20 compatible Ethereum wallet.
Cryptopay developers are also working on Earn, an option similar to staking. The announcement of its launch will appear on the exchange's official website. The CryptoPay exchange does not offer any other investment solutions yet.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Cryptopay’s affiliate program:
Under the terms of the referral program, the current client receives 10% of the trading commission of each connected referral. The minimum withdrawal amount is BTC 0.0001.
Referrals from the EEA countries and the UK, who signed up using the link of an active client, receive a 25% discount on the first order of a Cryptopay payment card.
Conclusion. Is Cryptopay good for beginners?
The Cryptopay cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Cryptopay could be considered as a good cryptocurrency exchange for a start.
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FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.