By James Davis
Centralized crypto exchanges (CEXs) offer an easy way to buy and sell digital currencies. However, they also come with several drawbacks, which force some to look for alternatives like MoonPay. In this article, we will take a closer look at the crypto payment processing platform. Keep reading to learn more about MoonPay before using it.
Exploring MoonPay
Many mistake MoonPay for a crypto broker or centralized exchange. However, it is a crypto payment processing app that allows users to buy digital currencies using conventional payment methods such as debit and credit cards. We can compare MoonPay to platforms like PayPal, Square, and Venmo.
Several crypto wallets and exchanges have integrated MoonPay into their apps to let users buy crypto assets using their fiat balances in bank accounts.
What Cryptocurrencies Can You Trade on MoonPay?
MoonPay supports the trading of several cryptocurrencies, including Litecoin, Bitcoin, XRP, and Ethereum. The company promises to continue adding support for more tokens in the coming months.
MoonPay’s Geographical Availability
Currently, MoonPay holds licenses in several European countries and the United States. Its services are available to more than 160 nations. It is important to highlight that crypto users in US states like Texas and New York, along with countries like China, Turkey, Russia, and Afghanistan, are prohibited from accessing MoonPay’s services.
MoonPay’s Brief History
The American company started operations in 2019. Victor Faramond and Ivan Soto-Wright are the founders of MoonPay. As of January 2024, the payment processing firm has forged partnerships with more than 500 crypto companies.
How to Register With MoonPay
Signing up with MoonPay is a straightforward process. First, you need to install the MoonPay mobile app on the App Store or Play Store. After that, you can sign up with your email or Google account. Once you access your new MoonPay account, you will see a list of supported cryptocurrencies. Note that you still cannot buy any until you complete the Know-Your-Customer checks. After verifying your identity, click the “Buy” button to purchase your preferred crypto asset.
What Makes MoonPay Unique?
Supports Multiple Payment Methods
In the MoonPay app, you can buy cryptocurrencies using a wide range of payment methods, such as Visa, Apple Pay, Google Pay, and Mastercard. Moreover, the payment processing platform supports over 30 fiat currencies.
MoonPay Concierge
This service is only available to individuals with high net worth. It is accessible through referrals. You can use MoonPay Concierge to buy large amounts of crypto assets.
MoonPay SDK
This tool allows Web3 builders to integrate MoonPay into their decentralized apps to facilitate the easy purchase of cryptocurrencies.
MoonPay Fees
These are the fees you should expect when buying crypto assets using MoonPay:
- If you use Visa/Mastercard-issued cards, you will be charged a 4.5% fee.
- If you make a bank transfer to your MoonPay account, you will incur a 1% fee.
MoonPay’s Security Measures
MoonPay employs several security measures to ensure user data and funds are protected. For example, the company’s employees are required to adhere to strict data protection policies when dealing with user information. Unauthorized use of user data is punishable.
Further, every MoonPay user is expected to adopt a strong password and biometrics to access their accounts. MoonPay also complies with the Anti-Money Laundering and Know-Your-Customer laws to ensure only legitimate transactions happen on its platform.
Customer Support
MoonPay’s customer support has received hundreds of positive reviews on Trustpilot, suggesting that the platform offers excellent customer service. Before reaching out to a customer support representative, you can check the “Frequently Asked Questions” section to get help. You can contact the support team via email or the live chat feature.
Is MoonPay Safe?
Being a highly regulated payment processing platform, MoonPay is considered safe for trading cryptocurrencies.
Conclusion
Although you can safely buy crypto assets on MoonPay, it is vital to remember that digital currencies are highly volatile. So, you need to invest responsibly.