If you’ve ever wondered, “Is MoonPay legit and safe?” or wanted a simple way to buy crypto, you’re in the right place. In this MoonPay review, we’ll break down everything you need to know about this popular platform.
MoonPay makes it easy for anyone to buy and sell cryptocurrencies or even NFTs using regular payment methods like credit cards or bank transfers. But with so many crypto platforms out there, you’re probably asking, “What makes MoonPay different?” or “Are the fees worth it?”
Don’t worry, we’ve got you covered. From how MoonPay works to its pros, cons, and fees, this guide will help you decide if it’s the right choice for your crypto journey.
MoonPay is a fintech company that supports buying and selling cryptocurrencies and NFTs. Founded in 2019, it is now a major crypto platform in the Web3 ecosystem. MoonPay’s core offering is exchanging fiat currencies, like US dollars or Euros, for cryptocurrencies such as Bitcoin and Ethereum. It has an easy-to-use payment gateway that integrates with over 500 partners, including crypto exchanges, crypto wallets, and NFT marketplaces.
The company offers “MoonPay Balance”. This lets you add money to your account and use it instantly to buy crypto. No fees for these purchases, and you can withdraw them back to your bank anytime. It’s flexible and hassle-free. The platform supports over 50 crypto assets, so there’s plenty of choice. The approval rates for transactions are also very high, meaning fewer delays.
Apart from crypto payment solutions, MoonPay also expanded into Web3 services. In 2022, it launched HyperMint, a platform for creating and managing NFTs, attracting brands like Puma and Universal. This positions MoonPay as more than a payment company.
Pros
- Easy buy, sell, and swap 50+ cryptocurrencies
- Accepts multiple payment methods, including credit cards, bank transfers, and local payment options
- Advanced encryption (AES-256) and compliance with regulatory KYC standards
- Integrates with wallets, exchanges, and NFT marketplaces like OpenSea
- It offers a non-custodial MoonPay wallet to store BTC, ETH, SOL, or XRP
Cons
- No advanced crypto trading tools like futures trading or margin trading
MoonPay Features & Security
- Buy, Sell, Swap, and Hold Crypto in MoonPay Wallet: MoonPay allows you to buy and sell cryptocurrencies and NFTs using fiat money. You can start by entering the amount and choosing your preferred digital asset. Payment options like credit cards, bank transfers, and mobile wallets make the process fast. Crypto or NFTs are sent to your wallet in minutes after the transaction is completed.
- Crypto Wallet and Exchange Integration: It integrates with popular cryptocurrency wallets and exchanges. Supported platforms include Trust Wallet, MetaMask, and exchanges like Bybit and OKX.
- NFT Checkout: MoonPay’s NFT Checkout helps with buying and selling NFTs. You can purchase NFTs with a credit or debit card. This feature supports multiple blockchains, including Ethereum and Solana.
- Multiple Payment Methods Supported: It offers various payment options like credit/debit cards, SEPA transfers, UK Faster Payments, Apple Pay, PayPal, Venmo, and Google Pay. It even supports localized methods like PIX in Brazil and YellowCard in Nigeria. This flexibility ensures you can choose the most convenient option for your transactions.
- Mobile App: The MoonPay mobile app provides a user-friendly way to buy and manage crypto and NFTs on your smartphone. Available for iOS and Android, the app supports over 50 cryptocurrencies and multiple blockchain networks. It’s designed with simplicity in mind. This features integration with Web3 dApps and NFT marketplaces.
MoonPay Fees
MoonPay’s fees depend on the payment method you choose and the currency you’re using. When buying crypto, using a credit or debit card comes with a fee of 4.5% of the transaction amount, but there’s a minimum charge of $3.99 (or its equivalent in euros or pounds).
On the other hand, bank transfers are cheaper, with only a 1% fee, though the same minimum charge of $3.99 applies.
If you’re in Nigeria and using peer-to-peer (P2P) bank transfers, the fee is slightly higher at 1.5%. In Brazil, transactions in Brazilian Real (BRL) via PIX come with a fee of 2.95%.
For selling crypto, bank transfers in regions like the EU, UK, or US have a 1% fee, again with a $3.99 minimum. If you sell directly to a card, the fee jumps to 4.5%, with the same minimum threshold.
One important thing to keep in mind is the network fee. This isn’t something MoonPay controls; it’s a separate cost set by the blockchain.
How to Sign Up and Use MoonPay?
- Sign Up with Email: To start, simply sign in using your Google account or enter your email manually. MoonPay’s quick Google sign-in option makes the process easy, especially since many users already have Google accounts.
- Go to Dashboard: Once you’re signed in, you’ll land on the dashboard. It’s designed to be user-friendly, showing key information like crypto prices, conversion rates, and trending NFT collections.
- Choose Your Crypto (BTC or ETH): Now, choose the cryptocurrency you want to buy. MoonPay service supports over 50 digital assets. Enter how much you want to spend, and MoonPay will show the transaction fees. When you’re ready, click “Continue”.
- Complete KYC Measures: To comply with regulations, MoonPay requires you to verify your identity. You’ll need to provide your personal details and upload an ID document (like a driver’s license or passport). This step ensures secure and safe transactions.
- Select Payment Method and Finish Your Transaction: Finally, choose a payment method – credit/debit card, bank account transfer, or Apple Pay. MoonPay will show you the cost breakdown for each option. After completing the payment, enter your crypto wallet address, and MoonPay will send the crypto to your wallet, usually within minutes.
Read Full Guide: https://support.moonpay.com/customers/docs/what-is-moonpay
Is Moonpay legit?
Yes, MoonPay is a legitimate platform for buying and selling cryptocurrencies. It complies with regulatory standards like Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. The platform uses advanced encryption technologies, such as AES-256 and Transport Layer Security (TLS).
Final Verdict
To wrap up this MoonPay review, it’s clear that the platform is a convenient option for buying and selling cryptocurrencies. You get features like multiple payment methods, mobile compatibility, a good customer support team, and a secure system with strict KYC and AML standards.
While it may have some limitations like high fees, no crypto storage options, and no advanced tools, it remains beginner-friendly with quick transactions and easy navigation.
FAQs
Is Moonpay right for me?
Yes, MoonPay is right for both beginners and experienced cryptocurrency users due to its user-friendly interface, support for all popular coins, and multiple payment methods. If you’re looking for a user-friendly platform to buy, sell, or swap crypto, MoonPay is a good fit. However, if you prioritize low transaction fees or want leverage trading features, you might want to explore alternatives like Binance or Bybit.
Can I use MoonPay on mobile?
Yes, MoonPay has a mobile app. It allows you to buy and sell cryptocurrencies directly from your phone. The app is available on both Android and iOS.
What is the best alternative for MoonPay?
Some of the best alternatives to MoonPay include crypto platforms like Binance, Coinbase, and Bybit. These exchanges often have lower fees, more advanced trading features like perpetual futures contracts, and a larger selection of cryptocurrencies.
Does MoonPay require KYC?
Yes, MoonPay requires KYC verification to comply with global financial regulations. This involves submitting personal information, including your ID, name, and address.
Is Moonpay safe to use?
Yes, MoonPay is safe to use as it implements multiple advanced security measures to protect user data and transactions. The platform uses AES-256 encryption. This is a high standard for securing sensitive information during storage and transmission. MoonPay also supports two-factor authentication (2FA). Plus, MoonPay complies with global regulatory standards, including Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, to prevent fraudulent activities.
