Cryptopay has been operating in the crypto space for quite some time, but as with many crypto platforms, there are users who raise concerns about its legitimacy. From claims of accounts being frozen to complaints about fees, the internet has seen its fair share of discussions on whether Cryptopay can be trusted.
Let’s take a closer look at some of the common arguments against Cryptopay and see if these concerns indicate any wrongdoing on the company’s part.
What Is Cryptopay?
Founded in 2013, Cryptopay is among the eldest digital currency service providers in Europe. Since then it has grown to become a platform which offers its users a wide range of functionality and the ability to operate with both cryptocurrency and conventional means.
As mentioned on different review platforms, by leveraging advanced security measures and an intuitive user interface, Cryptopay aims to make crypto accessible to everyone, from seasoned traders to newcomers exploring digital assets for the first time.
What Makes Some Users Think Cryptopay Is a Scam?
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Complaint |
Response |
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Cryptopay freezes accounts due to strict AML and security checks |
One of the most frequent complaints revolves around Cryptopay’s strict Anti-Money Laundering (AML) procedures, which some users claim lead to their accounts being frozen. This might sound alarming, especially for those who have experienced it firsthand, but it’s important to understand that stringent security measures are actually a good thing. These measures are in place to ensure the safety and security of all users. In an era where cybercrime and fraud are rampant in the crypto space, stringent AML protocols are not just beneficial but essential. Cryptopay adheres to robust AML and security protocols to ensure the safety of both the platform and its users. Freezing accounts may be inconvenient, but it’s a direct result of the company’s commitment to compliance with international regulations. This level of scrutiny ensures that the platform is not being used for illegal activities, protecting users from potential fraud and money laundering schemes. In fact, this could be a sign that Cryptopay takes its responsibilities seriously, offering its customers a highly secure environment. |
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The verification process is too harsh – they are collecting data fraudulently |
Another common complaint relates to Cryptopay’s tough verification process, which some users feel takes too long. While it’s true that the verification process can sometimes take time, this is a necessary step in maintaining compliance and security on the platform. Financial regulations require platforms like Cryptopay to thoroughly verify the identity of their users to prevent fraud, money laundering, and other illicit activities. A nice touch to mitigate that is a responsive support team – so that when users are unsure about why their documents were rejected or need clarification on what’s required for verification, or generally feel worried Cryptopay’s support team is quick to provide assistance. It seems to be a thing that sets Cryptopay apart from many other platforms, given that the quick customer support is one of the pros highlighted in Cryptopay reviews (more on that later). This dedication to user support reflects Cryptopay’s understanding of the importance of communication and transparency. |
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Cryptopay charges higher fees than other exchanges |
Lastly, some users express frustration with Cryptopay’s fees, which they perceive as being higher than those on other exchanges. It’s true that Cryptopay’s fees might be slightly above those of typical exchanges, but there’s a good reason for that. Unlike many exchanges, Cryptopay focuses heavily on providing a seamless and intuitive user experience. The Cryptopay platform is designed with ease of use in mind, boasting a clean interface that simplifies the process of buying, selling, and managing crypto. For those who value usability and customer experience, Cryptopay’s higher fees are justified by the superior quality of its interface. Whether you’re a seasoned trader or someone new to crypto, Cryptopay makes the process of interacting with digital assets as smooth and straightforward as possible. This level of usability comes at a premium but adds significant value for users who prioritize convenience and clarity in their transactions. |
Review Landscape: A Mixed Bag of Feedback
When evaluating Cryptopay, it’s important to consider the varied landscape of reviews that typically accompany crypto wallets and services. Users often leave highly polarized feedback, with some praising the platform while others express dissatisfaction. This contrast in reviews can often be attributed to how individuals perceive the same processes – what one user views as a necessary security measure, another might see as an inconvenience.
Cryptopay currently has a 3.1 score on Trustpilot that, while relatively low, is still above the average for the industry. However, this score should not be the sole focus; it’s essential to delve into the individual reviews.
A closer look reveals that many negative reviews stem from users who struggle with the verification process or the typical blockchain difficulties (like choosing the correct network for the transaction) — often those who are newer to the platform and unfamiliar with the policies.
Here’s an example of the review that is triggered by a simple security check, which irritates most of the crypto users. But the review is improved as soon as the check is over.
Another example reflects one of the recent reviews showing a client mistakenly sending funds over an unsupported network. Every case of such a kind is usually quite difficult to fix and resolve with custodial wallets and it seems that Cryptopay support team has done their best to find that solution, still not satisfying the client.
We have reached out to Cryptopay to clarify this post and here’s what received as an explanation from Cryptopay:
The client first contacted us in March 2024, frustrated about the inability to recover funds he sent via the Arbitrum chain. At that time our wallet provider BitGo did not support this network, which we explained to the client but promised to find out if they plan to integrate it in the future.
After a while BitGo confirmed that they will launch ARB support soon and that a recovery tool will be developed. However, this implementation faced continuous delays. We shared several ETAs provided by BitGo, and eventually the recovery tool was available in September. We notified the client of the refund procedure, sharing the requirement BitGo provided us with: the recovery would come with a fee of 0.19 ETH, which was more than the amount of funds stuck on the ARB chain.
Naturally, this news greatly upset the client, who felt the fee was extortionate, this was followed with accusations regarding Cryptopay stealing his funds. The support team explained that the fee was set by BitGo and that Cryptopay had no control over the cost. We also emphasized that Cryptopay doesn’t have access to the client’s funds.
The case ended with the recovery tool being available but attached to a high fee set by BitGo. The client remained unhappy and decided not to proceed with the recovery. Our goal was to maintain transparency and client-focused approach throughout the process but it was constrained by the technical and financial limitations set by their wallet provider, BitGo.
Conversely, the positive reviews consistently highlight Cryptopay’s usefulness, intuitive design, and client-oriented approach. Long-time users tend to express loyalty and satisfaction, reinforcing the notion that those who invest their time to understand Cryptopay’s processes often become steadfast supporters of the service.
When comparing Cryptopay with its competitors, it’s clear that almost every seemingly serious and popular crypto wallet service is having trouble with a high score on Trustpilot.
While researching Cryptopay and its recent product and feature history, it was revealed that over the past year, Cryptopay had to pause or stop some of its products (including a major one – a European card program) and services in some areas. This should’ve definitely caused a wave of negative reviews from people influenced by such decisions.
At the same time historical data shows that a year ago when Cryptopay still had their Card program in the EU up and working, their score was above the industry’s average high at 4.0.
And the difference lies in one year that has passed and nearly 40 reviews that were given throughout that period – not a lot to be frank, but most likely linked to a major persisting issue.
This showcases the fact that with all main features and products fully operational Cryptopay leaves little room for clients’ dissatisfaction. And the recently announced return of the European card programme can potentially bring that level of operation back to Cryptopay.
Cryptopay’s Commitment to Transparency and Security
Beyond addressing user concerns, Cryptopay has also made significant efforts to establish itself as a trustworthy player in the cryptocurrency space.
The platform regularly publishes updates and reports that reinforce its commitment to transparency and accountability. For example there are regular revenue reports shared in their Telegram chat and channel.
The chat is fully active, whilst the channel seems to be silent for almost a year – which might mean that the marketing team has stepped down, while the support team continues to use the communications channel to keep clients taken care of.
By providing users with insights into its operations, Cryptopay seems to build trust and foster a sense of community among its users.
Furthermore, Cryptopay has acquired several licenses to comply with European regulation, in Lithuania and Estonia in particular – would be a strange idea to be getting licensed whilst still trying to pull an illegitimate business scheme. More info on those licenses for entities UAB CPS Payment and CPS Solutions OÜ can be searched correspondingly with id numbers of 305736863 here and 16063623 here.
At the same time, there’s been reports that Cryptopay’s been subject to audits by reputable organizations. Both UK entities and European ones for the Cryptopay group of companies have presented their annual financial reports for the regulators, and those are openly stored and audited on the regular basis.
These third-party evaluations and partnerships along with transparent reporting serve as a testament to Cryptopay’s dedication to maintaining high standards of security and compliance.
Industry recognition
It’s important to note that declaring Cryptopay a scam becomes increasingly difficult when considering its longevity in the cryptocurrency industry. Having been in operation for over ten years, a duration that is quite rare for a platform labeled as a scam, Cryptopay has demonstrated resilience and stability.
Throughout the years, the presence of Cryptopay team members in social media and at various industry conferences has further solidified their reputation.
Such a track record makes it clearer and more evident that Cryptopay is not just a fleeting entity, but rather a respected player in the crypto space.
Conclusion
So, is Cryptopay a scam? Based on the evidence, the answer is no. Cryptopay’s strict security measures, thorough verification process, and slightly higher fees are all indications that the platform is committed to providing a secure, compliant, and user-friendly experience. Far from being a fly-by-night operation, Cryptopay offers high levels of security, robust support, and a clean, easy-to-use interface, making it a reliable choice for crypto users who want both safety and convenience in one place.
Rather than viewing Cryptopay through the lens of skepticism, it might be more essential to appreciate the safeguards in place designed to protect users and foster a trustworthy environment.