CoinPayments Review: Dubious refund practices and inexplicable fees | ICORating


Wallet for Bitcoin & Altcoins

Dubious refund practices and inexplicable fees

1 Pending
I wanted a refund of BTC worth $5 that I accidentally paid too much. They told me, they won't refund because TX fees were too high. At the time of writing they charge a ridiculous 0.0004 BTC flat fee for everything. No consideration of individual payment characteristics like transaction size, priority etc.I asked several times for the reasons of a flat fee this high but I only got evasive answers and they didn't provide any reasonable facts. Instead they try to lull you by lengthy messages pretending their doing was common practice.I was even open to alternative solutions to get my money back like a transfer of fiat money via PayPal etc. As their first reaction to this suggestions they blamed me, I was only trying to dump my problems on them and let them pay for it.Um... yes, I thought that's exactly what a customer service is supposed to do - providing support in solving customer's issues. Well, this one has obviously other objectives.I replied that I only want some support and I don't want them to pay the fees. I was only looking for cheaper alternatives to transfer my money back. So I asked again for a refund in fiat money and told them to deduct possible fees from the refund. Suddenly, they told me they cannot transfer fiat money.This goes on over and over again. Customer raises questions and asks for solutions - CoinPayments ignores questions, evades them or finds another reason why customers cannot get their money back.I wonder how many additional income they can generate from their customers following this strategy. Well, it's up to you to think this further...--------------------------------------Update from 13.01.2021:First, the fee overview you have posted is far from complete. I use some German exchanges (, Bison etc.) and they either charge no TX fee at all or at least far lower than yours. You are already aware of this because I told your customer support.Second, the high BTC fee is not my main point. The point is, you keep the money of your customers which is illegal in most countries of this planet and you are not willing to give it back to them. Otherwise you would offer alternative refund options (fiat money / other crypto currencies with lower fees etc.) like I suggested.
06 Jan 2021 by Trustpilot

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