Bitpay is one of the biggest crypto payment companies in the world. It works differently than most crypto exchanges since it’s not designed to trade crypto: instead, the platform offers products that allow you to buy, store and spend your crypto, including a crypto debit card.

In this Bitpay review, we’ll discuss the platform’s features, including fees and possible issues, so you can decide if it’s the right crypto payment provider for you.

Pros & Cons of Bitpay 

Pros

• Spend crypto to buy goods and services
• Convert crypto to cash automatically
• Physical and virtual prepaid debit cards
• Cashback rewards
• Comes with both desktop and mobile support

Cons

• Expensive conversion fees
• Maximum spending and withdrawal limits
• High withdrawal fees 

• BitPay card is currently only available to US citizens
• They have a limited pool of supported merchants
• Intricate payment and refund processes that can intimidate newbies
• Frequent complaints related to the customer support system

About Bitpay 

Bitpay was founded in 2011 as a payment provider for Bitcoin. The company helps merchants process crypto payments directly or through gift cards. 

Bitpay worked with several famous companies, including Microsoft, Steam, and WordPress, and currently supports over 250 companies that accept crypto payments.

Bitpay allows customers access to a wide number of industries, including but not limited to electronics, health, beauty, travel, gaming, fashion, and sports.

The company launched a prepaid debit card in 2016 that allows users to purchase goods and services automatically with cryptocurrency.

The company was co-founded by Tony Gallippi and Stephen Pair and is headquartered in Atlanta, Georgia, United States, and has offices in several states around the US. The company also holds a New York Department of Financial Services license.

Crypto Coins Available on Bitpay

Bitpay only supports around 40 digital currencies, including popular digital assets like

• Bitcoin (BTC)
• Ethereum (ETH)
• USD Coin (USDC)
• Dai (DAI)
• Wrapped Bitcoin (WBTC)
• Pax Dollar (USDP)
• Gemini Dollar (GUSD)
• Bitcoin Cash (BCH)
• Binance USD (BUSD)
• XRP (XRP)
• Euro Coin (EUROC)
• Dogecoin (DOGE)
• Litecoin (LTC)
• ApeCoin (APE)
• Polygon (MATIC)
• Shiba Inu (SHIB)

You can purchase these assets on a crypto exchange and store them in your Bitpay wallet. This way, you can use them to buy goods and services from supported merchants. Payment methods include paying from your Bitpay wallet, Bitpay card, or buying gift cards. 

While Bitpay does support a fair number of businesses, it’s still a limited pool.

Fiat Currencies Supported on Bitpay 

BitPay supports over 40 fiat currencies, including EUR, GBP, AUD, CAD, and USD.

You can use the Bitpay wallet app to purchase cryptocurrencies with Apple Pay, credit cards, and debit cards. You can also use third-party providers like Changelly 1inch and Simplex to buy and swap crypto in-app.

Countries Supported on Bitpay Global

BitPay supports merchants in over 200 countries and territories. You can check if your country is supported here.

The residents of the following countries are currently prohibited from using BitPay: Algeria, Bangladesh, Bolivia, Cambodia, Ecuador, Egypt, Indonesia, Iraq, Kyrgyzstan, Macedonia, Morocco, Nepal, Pakistan, Palestinian Territory, Turkey, and Vietnam.

Please note that you may not be able to use all Bitpay features in all countries the app supports. For example, the Bitpay card is only available to U.S. residents who can use it to make purchases and withdraw from ATMs worldwide.

Bitpay Fees

Bitpay charges different fees for different services. The customers pay transaction fees f and merchants pay a processing fee. 

The wallet has an instant and automatic exchange transaction fee for bitcoin, and rates are calculated based on the volume of the digital asset being traded.

Processing Fee

BitPay charges merchants a 1% processing fee, but merchants can choose to pass this fee on to the buyer.

Currency Conversion

If you travel outside of the US, you’ll have to pay a 3% conversion fee to cover the currency conversion cost.

Network Fees and Refund Miner Fees

When you settle an invoice using the BitPay wallet, your payment goes to a BitPay address, and the network fee covers the cost of moving invoice payments.

There is a refund fee cost when you under or overpay an invoice. Initiating the refund will result in the wallet deducting the miner fee.

Deposit and Withdrawal Fees

You pay a flat fee of $2.50 for every ATM withdrawal. 

While Bitpay doesn’t charge deposit or withdrawal fees for crypto, your payment provider charges additional fees when you buy crypto via third parties. Simplex charges a 4.2% fee for buying crypto, and credit/debit purchases cost additional fees.

Finally, Bitpay also charges a $5 inactivity fee and a $10 card replacement fee.

Main Features of the Bitpay Global Platform

Bitpay offers many features, including a prepaid card and a multi-sig multi-currency wallet. Let’s see some of the most notable features of Bitpay in more detail.

Bitpay Card

The Bitpay prepaid debit card is like a regular debit card, but you don’t fund it with cash. You connect it to your Bitpay wallet or Coinbase account to deposit crypto to your card. Once you deposit the funds, it allows you to purchase goods or withdraw from ATMs.

You can use your Bitpay card everywhere that accepts Mastercards, online and in-store. You can track your transactions or freeze your account via the Bitpay app. You can also connect it to your Apple Pay and Google Pay accounts.

The card allows you to make auto-conversions between cryptocurrencies and fiat currencies. You can earn cash-back rewards at over 100,000 participating merchants.

Bitpay Wallet

Bitpay wallet is a multi-sig, non-custodial wallet. The wallet supports over 20 cryptocurrencies so you can access multiple assets on one platform. 

With the digital wallet, you can use BitPay to settle real-world invoices with cryptocurrency, fiat money, or a combination of the two.

You can set a custom transaction speed to determine how quickly an invoice payment can be confirmed. This helps you manage network fees.

Payment Processing and Third-Party Integrations

BitPay’s software allows the processing of unlimited crypto transactions from many sources. The mobile application will enable you to accept payments online, via email, and in person.

By default, BitPay comes with multiple third-party software integrations. These integrations thus enable users to sell their goods online via popular e-commerce sites, such as Magento and Shopify. It’s also compatible with code libraries to allow further backend customization.

Bitpay Merchant Directory and Help Library

BitPay users have access to over 250 merchants that accept cryptocurrency. You can see the list of all businesses that accept digital coins for goods and services, much like they would with fiat money.

To help users make the most of the application, BitPay provides a comprehensive digital resource called the “Help Library.” This feature is handy for those new to crypto and crypto payments. 

Email Billing

The invoicing and overall payment process can be sped up via convenient email billing. The platform also allows users to send automated invoices to loyal customers. 

How Easy Is It to Open a Bitpay Global Account?

Opening a Bitpay Global account is very easy. Visit the official Bitpay website or download the official Bitpay app and sign up with your phone number or email address. You’ll receive a verification code to sign in.

Once on the signup page, you’ll have to choose between setting up a personal or business account and entering the necessary information, such as your name and email address.

You don’t have to complete ID verification to sign up, but once you do, it might be necessary to complete KYC to take full advantage of the platform. 

You must complete ID verification and obtain a Bitpay ID for payments more or equal to 3,000 USD and refunds over 1,000 USD. You also need a Bitpay ID to receive a Bitpay card and use third-party payment providers, debit, and credit cards on the platform.

You must submit an official photo ID to complete the identity verification process. You may also need to provide your SSN.

How Secure Is Bitpay?

Bitpay offers industry-standard security measures. Bitpay wallets are non-custodial, so users have control of their private keys and are responsible for protecting them. Bitpay wallet is also multi-signature. As the name suggests, multi-signature wallets require several private keys to authorize transactions, so they are deemed safer. 

Bitpay also uses encryption technology to protect personal information and make transactions secure. However, like many other centralized crypto exchanges, the platform is often targeted by hackers.

Has Bitpay Global Ever Been Hacked?

Bitpay lost around 5,000 bitcoins in December 2014 as a result of a hack. Hackers targeted the company CEO and CFO’s emails and convinced the company to transfer BTC to hackers’ accounts.

BitPay had been insured by Massachusetts Bay Insurance Company, but the company refused to recover Bitpay’s losses, arguing that the fraud was outside of their coverage. Bitpay ended up suing the company.

Is Bitpay Global a Regulated Exchange?

Bitpay has an MBS certificate to operate in the US.

How Does Bitpay Compare to Other Crypto Exchanges?

We can’t really compare Bitpay to crypto exchanges because it’s not designed as an exchange. You can purchase and swap crypto on the Bitpay app, but it’s more expensive compared to most exchanges.

Bitpay can be compared to other crypto payment providers like Coingate or Coinbase Commerce. Bitpay has the advantage of being one of the oldest and most popular crypto payment providers in the world.

Does Bitpay Global Have an App?

Bitpay has a mobile app available for Android and iOS devices. The Bitpay app is available for download via both Google Play and the Apple Store.

Once you have downloaded the Bitpay app, you can sign in if you already have an account set up. If you haven’t set up your account yet, you can easily set it up on the app. 

The app carries most, if not all, of the functionality of the desktop version. One truly defining feature is that it allows users to make contactless payments using their phones. With the BitPay app, you can track exchange rates and instantly turn crypto coins into store credit.

Make sure you download the official app, as there are unofficial scam apps that can use your information to access your funds.

Bitpay Review: Final Thoughts

Bitpay is popular in several countries and is known for serving a lot of merchants in the US, among them Nintendo, Microsoft, and several others.

The platform offers a prepaid crypto card and a non-custodial wallet. Thanks to Simplex and other third-party payment providers, you can buy and swap crypto in the Bitpay app. You can purchase crypto with your credit and debit cards and through Apple Pay and Google Pay.

Bitpay card is only available to US-based users who complete ID verification.

The platform was hacked in 2014 and lost around 5000 BTC. The company has sued the insurer provider in a bid to recover their losses from the scam.

Overall, Bitpay can be useful if you want to receive or make crypto payments. However, if you want to purchase and trade cryptocurrencies, other platforms provide better fees and features. To learn more about them, check out our post on the Best 22 Crypto Exchanges and 8 Alternatives.

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