MoonPay is one of the most well-known cryptocurrency trading platforms, with more than 5 million customers in more than 150 countries. In fact, without you realising it, you may have already utilised its services through one of its numerous exchange and wallet partners.
This cryptocurrency payment platform excels in terms of usability and accessibility worldwide. But there are some serious drawbacks, including high costs and a lack of trading tools. This MoonPay review will go over its features, benefits, drawbacks, and cost so you can decide if it’s worthwhile to use.
Whom does Moonpay Serve?
With MoonPay, you may use your debit or credit card to purchase dozens of well-known cryptocurrencies. Additionally, it’s a worldwide accessible way to invest in cryptocurrency because it’s accessible in more than 150 nations.
MoonPay can be your solution if you’re seeking a quick and easy way to expand your portfolio with digital assets. It falls well short of the breadth of the biggest bitcoin exchanges. However, its straightforward web interface enables rapid and hassle-free cryptocurrency trading.
Here are Some of the things we Like about Moonpay
MoonPay just got started in 2019. Since then, this cryptocurrency trading and payment platform has expanded to serve more than 5 million users worldwide. Simplicity is the key to success. Several characteristics contribute to the expansion of MoonPay.
1. Simple Trading Method
With MoonPay, purchasing cryptocurrency is easy. Just go to the website to get started and click the “Buy crypto” option. It then displays a straightforward quote screen where you may select your cryptocurrency and money. MoonPay supports numerous currencies, and the quote screen shows how much cryptocurrency you obtain for your money. In order to lock in the current price, quotes are updated every 10 seconds.
Additionally, you have many payment alternatives. Customers from the United States can pay with their credit or debit card and with Apple Pay, Google Pay, and Samsung Pay. Regarding customers from other countries, MoonPay accepts credit and debit cards in addition to SEPA options.
Before making your initial trade, you must still fully understand your customers’ needs. You must prove your identity by providing your name, phone number, and images of your government identification. MoonPay is a quick way to purchase dozens of well-known cryptocurrencies, even with verification.
2. Sell Digital Assets
The option to exchange cryptocurrencies for cash is yet another practical MoonPay function. Customers can purchase from US, EU, and UK sellers. Except that you enter the amount of cryptocurrency you’re selling and the desired currency, the quote screen functions precisely like the buying procedure.
You also enter the address of your cryptocurrency wallet in case MoonPay is forced to return your coins if the sale cannot be completed for any reason. You then enter the information for your bank account as your withdrawal method.
3. Integrations for Crypto Wallets and Exchanges
MoonPay offers an easy-to-use cryptocurrency trading solution for regular investors. But the business is also a well-liked cryptocurrency payment processor for numerous wallets and exchanges.
In actuality, B2B is MoonPay’s primary business sector. It is a crypto on-ramp and off-ramp for several partners, implying that the technology enables crypto trading.
Where Moonpay can be Better?
MoonPay is easy to use and accessible worldwide. However, not every crypto investor should go with it, especially if they want to minimise costs and access more trading instruments.
Transaction fees are MoonPay’s main flaw. MoonPay is much more expensive than cryptocurrency exchanges like Coinbase and FTX since you have to pay trading fees and changeable network costs.
As of this writing, MoonPay does not have a mobile application. Although its web interface is simple, exchanges and trading platforms benefit from mobile support.
You may use various trading tools on exchanges like Binance or Coinbase to make more intelligent deals. Various order types, such as market orders or stop limits. Additionally, you can benefit from many instructional resources at both exchanges.
MoonPay, in contrast, is merely a cryptocurrency payment platform. One drawback is that you do not receive comprehensive trading tools and can’t exchange cryptocurrencies.
Expenses & Limits
MoonPay costs from 1 percent to 4.5 percent for trading cryptocurrencies depending on your payment method. Additionally, a 1% commission is charged when you sell cryptocurrency. Overall, MoonPay asks for a premium for its level of convenience.
Users of MoonPay can set changeable account limitations. MoonPay warns you and gives you information on how to raise your limit if you attempt to place a trade that is larger than your limit. Account limitations are determined by several criteria, including Region, Trading, History, and Payment.
How Safe Is Moonpay?
A secure cryptocurrency payment method is MoonPay. Its website states that AES-256 block-level storage encryption is used to encrypt all data while it is in transit. To help them strengthen their security, the company also runs a bug bounty program that pays those who find holes in MoonPay’s protection.
In 2020, MoonPay contributed o an IOTA hack, but the security of MoonPay has not changed. You must safeguard your personal information. To manage your private keys and security, you should utilise a third-party wallet like Ledger or Trezor.
In conclusion, MoonPay is a safe and user-friendly platform for buying cryptocurrency. You can utilise various payment options, including credit/debit cards and Apple Pay, in many of the supported countries.