Gone are the days when most people were unsure of what to do with the cryptocurrency after they got it. However, cryptocurrency owners are beginning to discover that one of the more flexible options is to sell cryptocurrencies for gift cards. It’s not simply because it enables purchases from merchants who don’t normally accept cryptocurrency. It’s because gift cards can be used for different purposes, and using cryptocurrency instead of fiat currency only adds to the benefits.
Fortunately, there are varieties of platforms where you can trade cryptocurrencies with gift cards. With that in mind, we will be conducting a review on such platforms in this guide. The name of the platform is CoinGate. Below, we will delve into everything you need to know about CoinGate, including its features, deposits and withdrawal methods, fees, security measures, among many others.
What is CoinGate?
CoinGate is an online crypto platform that supports the buying, selling, and trading of cryptocurrencies. It was launched way back in 2014 and is based in Vilnius, Lithuania. The platform also offers users the opportunity to trade cryptocurrencies for gift cards for buying goods and services. That has been in existence since September 2020. Due to its global presence, it is widely accepted in over 100 countries.
As a multi-product platform, CoinGate helps in catering for both business and individual needs through its payment platform and trading and gift card offers. It currently supports more than 50 cryptos which makes it quite reliable. The platform also has the biggest brands of gift cards available in-store and is constantly adding new gift cards. Notwithstanding, the user interface is quite straightforward and is well-secured, making it hard for hackers to invade users’ digital assets.
The key features of the CoinGate platform include:
The CoinGate platform is user-friendly. That is, it is easy to use. The registration process is straightforward, and, in terms of making deposits and withdrawals, there are not many hurdles to cross, with a simple registration process.
Supports Payment with Fiat and Cryptocurrencies
The CoinGate supports the buying and selling of cryptocurrencies with fiat currencies and allows businesses to accept payments in both fiat and cryptocurrencies.
Supports Gift Cards
The platform also offers a variety of gift cards, allowing users to spend cryptocurrency in a significant way.
24/7 Live Chat Support
The platform is known for offering much attention to its users. There is a Live Chat feature that is available 24/7 for users to lay down any issues they might be encountering.
Another notable feature about this platform is it does not take in many details other than email addresses, which are required for gift card delivery.
Well-Secured and Protected
The CoinGate platform highly emphasises security by using the best security measures to protect its users. Typical ones include 2FA authentication as well as unique security codes.
Supported Cryptocurrencies and Gift Cards
The CoinGate platform supports a wide range of cryptocurrencies and gift cards. Let’s have a look at some of them below;
- Bitcoin (BTC)
- Binance Coin (BNB)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Dogecoin (DOGE)
- Tether (USDT)
- Shiba Inu (SHIB)
- EOS (EOS)
- Nano (NANO)
- Ethereum (ETH)
- Litecoin (LTC)
- Polkadot (DOT)
- Ripple (XRP)
- Stellar’s Lumen (XLM)
- Tron (TRX), etc.
- Amazon gift cards
- eBay gift cards
- Walmart gift cards
- Apple gift cards
- Playstation gift cards
- Xbox gift cards
- Google Play gift cards
- Flipkart gift cards
- Uber eats gift cards, etc.
Getting Started with CoinGate
Getting started with the CoinGate platform is quite straightforward. To open an account;
- Click on the Sign-Up icon on the CoinGate webpage. Then, decide on whether you want to use CoinGate’s services as a person or as a business, and how you want to set up a new account. Google, Facebook, or email are all viable options in case you decide.
- If you select email, enter your email address, choose and confirm a password, and click Sign Up. However, keep in mind that by signing up, you are confirming that you have read, understood, and agreed to the terms and conditions.
- You will then receive an email confirmation after clicking Sign Up. To finish the sign-up process, click the verify email icon.
As a user, you can start trading crypto and having access to other features on the platform after completing the verification process. To buy or trade cryptocurrency;
- Head straight to the Trading page and select Buy & Sell.
- Choose the cryptocurrency you want to buy from the Currency dropdown menu, input the amount, choose your payment method, then fund your wallet address.
- By selecting Add Payout Settings on the Dashboard page, you can proceed to add your wallet address. For conducting transactions, users can add fiat currency bank accounts and crypto wallet addresses.
- Review the purchase details on the right-hand side of the page before finalizing the transaction.
- Your external crypto wallet will then be funded with your newly purchased crypto after the transaction is completed.
How To Buy Gift Cards
To buy gift cards on the platform, follow the steps below.
1. Head straight to the CoinGate Homepage and choose a card
To find the needed vouchers. Use the search feature or browse the category pages. Don’t forget to select your region and the cryptocurrency you’d like to use to make your payment.
2. Choose the gift card’s denomination and value.
Select the country where the gift card can be redeemed and the value of the gift card you want to buy once you’ve arrived at the product page for the gift card. A pop-up notification should show on the right side of the screen once you click add to cart.
3. Go over your cart and make sure you have all of the necessary information
On the right side, you’ll see all of your gift cards. Always double-check that the card you’re purchasing is legal in your country. You’ll then see blank spaces on the right side that you’ll need to fill up. All the platform requires is an email address to which gift cards will be sent.
When sending the gift to others, you may also include a personalized note. While doing this, don’t forget to put in your desired payment method
4. Proceed with the Payment
Send the correct amount to the supplied cryptocurrency address, or use your mobile wallet to scan the QR code. Payment will be confirmed as soon as it is received.
5. Go through your mails
In a few minutes, your gift cards should arrive at your email address. Delivery delays are rare, but they do happen. If you have not received your vouchers, you can file a complaint with CoinGate’s support team at [email protected].
The CoinGate platform functions more like a crypto store than an exchange. As a result, comparing Coingate’s fees to the industry average trading fee at a traditional centralized exchange can be somewhat tricky. In terms of trading fees, the fees here begin at 8%. Even when compared to other platforms that provide similar services, these costs are exorbitant.
When it comes to withdrawal fees, Coingate does not charge any when you withdraw cryptocurrency from your Coingate account. As a result, the network fees are the only fees to consider when withdrawing. The network fees are not fees paid to the exchange, but rather to the miners of the relevant crypto blockchain.
Depending on the network pressure, network fees fluctuate daily. When it comes to fees levels for crypto withdrawals, having to pay merely the network fees should be deemed below the global industry average.
The CoinGate platform looks after the assets of its users, storing the majority of them in cold storage. Generally, the platform provides two-factor authentication as a security option to users. In the cryptocurrency world, this security option is highly common.
Furthermore, 2FA provides a robust security layer that prevents anyone without the user’s mobile device from accessing the account, changing the password or other critical settings, or withdrawing funds.
Apart from that, CoinGate demands that users do some additional tasks to further protect their accounts. The obligation to verify the account can be viewed as an added degree of security, as most fraudsters will be hesitant to identify themselves for fear of being prosecuted.
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|Sign Up Terms
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CoinGate is a safe and reliable platform where users can buy, sell or trade cryptocurrencies with ease. The fact that it supports the trading of cryptocurrencies for gift cards gives it an edge over its competitors.
Going through the platform, you will see that everything about it is unique. It’s user-friendly with 24/7 customer support available for its users. It is also well secured and privacy-oriented, which is quite remarkable. Ultimately, as crypto adoption continues to become more widespread, CoinGate is well positioned among the top online crypto platforms in the world as the crypto adoption continues.