What is CoinGate? It’s a service that facilitates merchants to accept virtual currencies as a means of payment. The crypto payment gateway processes crypto payments and converts them into other cryptocurrencies or regular currencies. It also manages flows of transactions from checkouts to settlements.
| Company | CoinGate |
| Website | www.coingate.com. |
| Operator | UAB Decentralized. |
| Country | Lithuania |
| Regulator | The Lithuanian Financial Crime Investigation Service (FCIS). |
| Co-founders | Dmitrijus Borisenka, Jonas Gilys, and Irmantas Baciulis. |
| info@coingate.com | |
| Physical Address | A. Goštauto g. 8-331, LT-01108 Vilnius. |
Apart from payment processing, CoinGate offers exchange services. This allows users to purchase, sell, or trade digital currencies conveniently. Further, this virtual currency exchange operator provides merchant tools for invoicing, accounting, and crypto payments management.
Additionally, the company offers payment API developers can use to integrate crypto payments into their websites or applications. It also provides payment buttons and plugins, which enable users to integrate CoinGate services with many e-commerce platforms, such as, WooCommerce, Shopify, and Magento.
Who Can Use CoinGate?
CoinGate is available to users globally. Anyone can sign up and create a CoinGate account easily.
Is CoinGate Safe?
The short answer is YES, and here’s why:
1. CoinGate and Binance Partnership
The first signal that CoinGate is not a scam is that this entity has verifiably partnered with Binance Pay, among other different service providers. You can see the partnership details between the two entities here.
2. Verified Founders
CoinGate’s website shows that CoinGate was founded by three individuals namely, Dmitrijus Borisenka, Jonas Gilys, and Irmantas Baciulis, even displaying their images. I’d like to point out that this information is accurate because I was able to verify it on Crunchbase, a reliable source of information about prominent individuals and companies.
3. CoinGate’s Compliance
According to the coingate.com website, CoinGate, operates under UAB “Decentralized”. The website states that UAB is authorized as a virtual currency exchange and wallet operator in Lithuania, as shown in the screenshot below. Indeed we were able to verify this information in the VASP registry, which is maintained by the Centre of Registers (Registrų centras). Registrų centras is a Lithuanian state-owned enterprise.
The registry serves as a database of all registered Virtual Asset Service Providers (VASPs) operating within Lithuania. It entails only firms that comply with all the laws, regulations, as well as legal and financial standards set forth by the Lithuanian government applicable to VASPs.
Potential Red Flags About CoinGate
While Coingate exhibits several indicators of lawful operation and legitimacy, we’d like to state that we also noticed some red flags, suggesting that its customer satisfaction levels might not be consistently high. For example, we observed the following issues:
1. A Negative Review On Google Reviews
We found a review on Google Reviews, as shown in the screenshot below, where the reviewer lamented about UAB Decentralized delaying their withdrawal request by asking for irrelevant information repeatedly:
As you can see, the customer explained that their company was a normal, registered business with VAT and other relevant documents. They also made it clear that their business was not some shady offshore entity.
These clarifications suggest that there were unnecessary withdrawal processing delays on the part of UAB Decentralized(the company behind Coingate) due to unnecessary, repeated requests for irrelevant information. Could it have been a deliberate tactic by UAB to avoid processing their withdrawal requests?
2. CoinGate Gift Cards Issues
CoinGate also asserts itself as a gift card store that offers a wide range of CoinGate gift cards to buyers. The company claims to offer an endless variety of cards from which customers can select, and pay for using virtual currency or fiat money.
However, we went through several CoinGate reviews on Trustpilot and couldn’t fail to notice that many customers were not happy with CoinGate gift cards.
For example, a Trustpilot user by the name “IH” recently lamented about attempting to buy a gift card only for the company to fail to process the transaction despite deducting money from their bank account. Similarly, another customer with the username “dowlar.com” recently warned that it issues blank gift cards that hold zero monetary value.
Final Thoughts
Coingate seems to be a lawfully operating virtual currency exchange and payments facilitator, taking its compliance details into account. However, we urge potential customers to seek further clarification and conduct additional research before engaging with the company. We observed some red flags, indicating that the company’s customer satisfaction levels are not always high.
Report A Scam To The Relevant Authorities And Start Pursuing Your Funds From Here
Have a complaint about coingate.com or another entity? Lost money to a dubious entity fraudulently? If you answered yes to any of these questions, go to this page to report the incident and seek help. You may also send an email to scamread@scamreader.info.
Please note that we are not a scam recovery service. We are just a consultancy service offering expert advice and guidance on the steps to take to pursue action with the help of the authorities against a scammer. Without professional guidance, it’s easy to file a claim that quickly gets rejected by the police due to many issues, such as not following the reporting guidelines or submitting insufficient evidence.