Is BitPay Safe & Transparent? Pricing, Security & User Feedback

By Phillip Parker|Updated: September 22, 2025|Since: July 18, 2014

CPO was created by business owners to help others avoid unethical and expensive merchant account providers. To support the continued operation of this website we sell advertising to ethical... processors who have earned top marks in pricing, support, and business practices. Some of the recommendations found on this website may be paid placements.

Overview

In this review of BitPay, we explore its role as a cryptocurrency payment processor and how it helps merchants accept Bitcoin and other digital currencies. We cover its main services, including merchant crypto payment processing, wallets, prepaid cards, e-commerce integrations, and mobile app features. The review also examines its fee structure, payout options, and the impact of past security incidents. In addition, we highlight customer feedback on issues such as transaction holds and support delays, while also considering regulatory concerns and overall performance. By the end, you will have a clear understanding of whether BitPay is a practical choice for businesses entering the crypto payments space.

This company is led by Jim Lester. Visit the owner profile for additional background information.

This company is led by Stephen Pair. Visit the owner profile for additional background information.

Security Measures and Customer Service

We’ll also examine BitPay’s security measures, particularly in light of past security incidents. We’ll evaluate the company’s customer service efficiency based on user feedback and online reviews to understand how well they respond to customer needs and issues.

Legal Challenges and Their Impact

In addition, we’ll discuss the legal challenges BitPay has faced and how these have affected the company’s operations. Understanding these issues helps provide a fuller picture of the company’s reliability and stability.

Fee Structure and Costs

Lastly, we’ll break down BitPay’s fee structure and overall costs, giving a clear view of the financial aspects of using their services. This will help potential users understand what to expect when using BitPay for cryptocurrency payment processing.

Company Background and Growth

BitPay is a virtual currency processor that specializes in helping merchant accounts accept Bitcoin and other cryptocurrency payments. The company also provides crypto wallets and prepaid cards. Founded in 2011 and headquartered in Atlanta, Georgia, BitPay has grown rapidly. In early 2013, the company secured $510,000 in funding from various investors. By the end of that year, it gained support from Horizon Ventures, an investment firm operated by China’s wealthiest man. BitPay partners with many other financial companies, including Banxa, Method Financial, ZenLedger, BlueSnap, MoonPay, Xeni, Gr4vy, BigCommerce, and Polygon Network.

2014 Phishing Scam

In late 2014, BitPay lost more than $1.8 million in Bitcoin when its chief financial officer fell victim to a phishing scam. These losses do not appear to have been a breach of BitPay’s systems or a mass ripoff of BitPay users, but instead seem to represent an isolated incident for which the company has paid a steep price.

Mobile Wallet Hacking

In November 2018, BitPay warned its users about an infected code created to steal private wallet keys from people who use the Copay (its open-source wallet) app. A hacker was able to create a backdoor into the service by setting up malware in an open-source library that Copay was reliant on. Those using Android and iOS versions 5.0.2 through to 5.1.0 of its Copay app were most at risk and are advised to avoid opening the app again, to update their affected wallets, and to then transfer funds from compromised wallets to version 5.2.0 wallets. The company has stated that BitPay wallets were not affected by the malicious code.

About The Author

Phillip Parker

CPO Creator & Founder

Since 2009, I have researched over 1,000 merchant services providers and published hundreds of payment education-related articles. This work has received national recognition, and my expertise in payments is regularly sought by large media outlets such as CNN, MSN, and INC Magazine, among dozens of others.

Shortly after graduating from college, I was recruited into a sales role with a credit card processor. Only later did I realize that the so-called "training" centered on selling expensive processing agreements... layered with hidden fees and long-term contracts. In my earliest transactions, I unknowingly steered friends and family into costly arrangements after they trusted my recommendation. When I fully understood the structure of what I had been selling, I resigned immediately and committed myself to exposing those practices. That commitment became the foundation of this website.

As Has Appeared In

About Us

CardPaymentOptions.com

Established 2009

This website was launched in 2009 as a modest blog dedicated to exposing questionable marketing and pricing practices within the credit card processing industry and how they negatively impact small business owners. What began as a side project has since evolved into a widely recognized platform advocating for transparency, accountability, and ethical standards in merchant services.

Our Research Methodology

Pricing & Fees

We analyze all costs including rate structures (interchange-plus, tiered, flat-rate, etc), monthly fees, equipment costs, early termination fees, and hidden charges. This data is gathered from service agreements, statements and client feedback.

Features & Technology

Evaluation of POS systems, e-commerce integrations, mobile capabilities, reporting tools, recurring billing..., and developer resources. When possible, we directly test services and hardware. Otherwise, we rely on client feedback and public information.

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