Managing Settlements and Withdrawals at CoinGate

Managing settlements is one of the most important parts of accepting cryptocurrency payments. 

At CoinGate, we’ve built flexible settlement tools so that you can decide how collected payments are handled — whether you want them converted to fiat, kept in crypto, or customized for each integration.

Once payments are settled, balances can be withdrawn to a bank account or crypto wallet.

Here’s a quick guide to how settlements and withdrawals work on our platform.

Settlements via API-Based Configuration

Settlements are managed via the receive_currency parameter in your API requests or plugin configuration.

• If you specify a receive_currency in your request, CoinGate will settle your payments into that currency.
• If you don’t specify one, the system will use the currency defined in your Account Settings → Currency Settings menu tab by default. 

See our documentation for full technical details.

Default API & Plugin Settings

For most merchants, the default method will be enough.

• Simply use the receive_currency parameter in your API or plugin setup.
• Example: If receive_currency = EUR, every collected payment will be automatically converted and settled into Euros.

This way, you don’t need to worry about crypto volatility. Your collected payments will always arrive in the chosen currency.

Custom Settlement Settings (Advanced)

For businesses that want more control, CoinGate also offers custom settlement rules.

Using the Invoice Currency Settings menu (visible after creating API credentials), you can:

• Define how each accepted cryptocurrency is converted and settled.
• Override the default receive_currency parameter.
• Adjust conversion behavior per asset.

If needed, you can always switch back to default API/plugin settings at any time.

How the receive_currency Parameter Works

Think of receive_currency as your settlement currency.

• If you select EUR, all incoming payments will be converted and settled through exchanges for guaranteed fixed payouts.
• If you select a cryptocurrency like BTC, ETH, LTC, or BCH, your account will be credited directly in that asset — even if a customer pays in another coin. (Example: if receive_currency = BTC and the customer pays with ETH, you’ll receive BTC at the real-time rate.)
• If you prefer to keep the original coins, use DO_NOT_CONVERT. In this case, you’ll always receive the exact asset your customer used to pay.

This flexibility lets you decide whether you want stability in fiat, exposure to specific cryptocurrencies, or full custody of your customers’ chosen payment coins.

Making Withdrawals

Once you collect some payments, you can transfer the funds to your bank account or crypto wallet.

Steps to withdraw:

1. Go to Balances → Withdrawals.
2. Click Withdraw.
3. Select a saved contact, or create a new one:
   • For fiat: add your bank account details.
   • For crypto: add your wallet address.
4. Confirm and send the withdrawal.

See supported withdrawal currencies here. For pricing, refer to this page.

Sending Payments to Third Parties

Withdrawals are for moving funds to your own accounts only. To pay vendors, freelancers, or other third parties, use our Crypto Payouts feature. Learn about Crypto Payouts at CoinGate.