Cryptocurrency payments have become a popular method for online transactions, offering speed and reduced cross-border fees. ZenMarket, a leading proxy shopping service, now allows its users to fund their accounts using various digital currencies. This feature provides a modern alternative to traditional payment methods, catering to the growing demand for crypto-friendly options.
This guide will walk you through the entire process, from depositing funds to checking transaction records. We will also cover important details about supported currencies, fees, and current limitations to ensure a smooth experience.
How to Deposit Cryptocurrency into Your ZenMarket Account
Depositing cryptocurrency into your ZenMarket account is a straightforward process. First, log in to your account on the ZenMarket website. Once logged in, locate and click on the "Deposit" button found in the top right corner of the screen.
Scroll down the deposit options page until you find "Other Payment Methods." Within this section, you will see the "Cryptocurrency" option. Selecting this will redirect you to the payment gateway partner, CoinGate.
Understanding the CoinGate Payment Gateway
ZenMarket partners with CoinGate, a payment service provider specializing in cryptocurrency transactions. Since 2014, CoinGate has built a reliable payment infrastructure supporting 39 different digital currencies. They facilitate instant conversions from crypto to fiat currency, which is then deposited into your ZenMarket balance.
A transaction fee of 5% is applied to all cryptocurrency deposits processed through this gateway. This fee is standard for the service provided.
After selecting cryptocurrency as your method, you will be prompted to enter the amount you wish to deposit in your local fiat currency. The interface will automatically display the equivalent amount in your chosen cryptocurrency. You can manually select from a list of supported coins, including Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH).
Once you confirm the amount, click "Continue" to proceed to the CoinGate transaction interface.
Selecting Your Preferred Cryptocurrency
On the CoinGate payment page, your ZenMarket-registered email address and the exact amount to be paid will be displayed. It is crucial to verify that this information is correct before proceeding.
You will then see a list of all supported cryptocurrencies. For example, if you wish to pay with Bitcoin, select it from the list. You may be asked to confirm your email address again. Afterward, click the "Pay with Bitcoin" button (or the equivalent button for your chosen coin).
A new window will pop up displaying a QR code and a unique payment address. This payment request is valid for 20 minutes. If the timer expires, you will need to refresh the page to generate a new QR code.
To complete the payment, you have two options:
- Copy the provided cryptocurrency address and paste it into your wallet application to send the funds.
- Use your mobile cryptocurrency wallet to scan the QR code for a quicker transaction.
After sending the funds, the transaction will be processed. Small transactions are often confirmed almost instantly on the blockchain. However, for larger amounts, additional network confirmations may be required, which can take a bit more time for security purposes. Your patience is appreciated during this process.
You can always explore more strategies for managing and tracking your cryptocurrency transactions efficiently.
Checking Your Transaction History
Once your transaction is complete, you can verify the deposit in your ZenMarket account. Navigate back to your account dashboard and locate the "History" or "Transaction Details" section. Here, you will find a record of all your deposits, including the date, amount, and status of your cryptocurrency payment. This log helps you keep accurate financial records.
Current Limitations: Refunds and Withdrawals
It is important to note a significant current limitation. As of now, cryptocurrency deposits are final. Once you have deposited crypto into your ZenMarket account, you cannot request a refund or withdraw the cryptocurrency back to a private wallet. The funds are converted to fiat currency and added to your ZenMarket balance.
The company has stated they are actively working with their payment partner to enable cryptocurrency withdrawal functionality in the future. Users will be notified promptly once this option becomes available.
Frequently Asked Questions
What cryptocurrencies does ZenMarket accept?
ZenMarket, through CoinGate, supports 39 cryptocurrencies. Major ones include Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). The full list is available on the deposit page.
How long does a cryptocurrency deposit take to process?
Most small to medium-sized deposits are confirmed and credited to your account within minutes. Larger transactions may require more blockchain confirmations and can take longer, but this is for enhanced security.
Is there a fee for using cryptocurrency?
Yes, a 5% transaction fee is charged by the payment gateway for processing the cryptocurrency deposit. This will be displayed before you confirm the transaction.
Can I withdraw my ZenMarket balance as cryptocurrency?
No, currently this is not possible. Deposits are converted to fiat currency (JPY) and added to your balance. Withdrawals can only be processed via traditional methods like bank transfer.
What happens if my payment expires?
If you do not complete the blockchain transaction within the 20-minute window, the payment request becomes invalid. Simply refresh the page on the CoinGate interface to generate a new QR code and payment address.
Is this payment method secure?
Yes, using a established gateway like CoinGate provides a secure layer for transactions. The use of QR codes and time-limited addresses helps protect against certain types of fraud.