MoonPay Review 2023: Features, Fees, Pros & Cons

Welcome to our comprehensive MoonPay Review for 2023! If you’re searching for a reliable and easy-to-use platform to buy and sell cryptocurrencies, then look no further.

In this article, we will delve deep into MoonPay’s features, fees, and the pros & cons of using this popular crypto service. Stay with us as we uncover everything you need to know about MoonPay and determine whether MoonPay is the right choice for your needs.

Don’t miss out on the insights and detailed analysis in this MoonPay Review, as we help you make an informed decision.

What is MoonPay?

Founded in 2019, MoonPay is a leading Web3 infrastructure company, helping businesses and individuals adopt and use Web3 technologies seamlessly. This Miami-based financial technology company offers a comprehensive solution for payments, digital asset management, and enterprise-grade smart contract development.

MoonPay’s biggest draw is its on and off-ramp integration feature that lets users buy and sell their crypto using fiat currencies. It also supports debit cards, credit cards, wire transfers, open banking, ACH (automated clearing house), Apple Pay, Google Pay, and Samsung Pay.

With its presence in over 160 countries, MoonPay’s ease of use and accessibility have made this payment gateway for crypto extremely popular among investors and celebrities who were already fans of the company after using it to buy cryptos and NFTs. 

It raised $86.7 million from celebrities like Gwyneth Paltrow, Paris Hilton, Justin Bieber, Bruce Willis, and Matthew McConaughey. Additionally, it collectively received $555 million in its initial financing round, bringing its market valuation to $3.4 billion. 

Now that you’re familiar with MoonPay, how about you check out its list of pros and cons?

MoonPay: Pros and cons

To truly understand a business, you must peel back its layers and find out what lies at its core. 

So let’s dive deep into the world of MoonPay to find its secrets and truly understand why this ambitious venture is making waves in the crypto space. We’ll also discuss its major weaknesses.

MoonPay Pros

MoonPay works because it offers its users the following:

• Ease-of-use:
  MoonPay makes it extremely simple for people without prior knowledge of Web3, cryptocurrencies, and NFTs (non-fungible tokens) to buy and sell them.
  
• International Presence & Availability:
  MoonPay is available in 160+ countries with 250+ partner integrations. This includes wallets, such as Bitcoin.com, Trust Wallet, MetaMask, and Ledger; exchanges, such as Uniswap, BitMart, and BingX; brands, such as NEAR Foundation; and marketplaces, such as Sorare, OpenSea, ImmutableX, GameStop, and Nifty’s.
  
• Quick Verification & Account Set-up:
  MoonPay’s KYC (know your customer) verification for new users takes seconds. All you need to do is add your phone number, name, and address and upload clear images of your government ID cards, such as your driver’s license or passport. After verifying your details, setting up your account and buying cryptos is quite simple.
  
• Wide Range of Cryptocurrencies:
  Users can choose from over 80 cryptocurrencies on MoonPay.
  
• Heightened Security:
  All MoonPay backups are encrypted using 256-bit keys with AES.
  
• Secure Payment Information Storage:
  MoonPay uses Payment Card Industry Data Security Standards (PCI DSS) to process and store all payment-related information.
  
• GDPR-Compliant:
  MoonPay collects and stores all consumer-related information according to the GDPR (General Data Protection Regulation) norms.
  
• Customer Support:
  MoonPay offers self-service options to answer all consumer-related queries. Additionally, it boasts 24*7 live chat support and has a robust support email practice.
  
• Environment Friendly:
  MoonPay uses renewable energy sources to power its operations, and since it’s a remote company, it’s 100% paperless. It has also pledged to become carbon neutral by 2030.

MoonPay Cons

Even though MoonPay is single-handedly disrupting the way crypto and NFT transactions are carried out, it’s not without its drawbacks:

• High Transaction Fees:
  MoonPay’s transaction charges are higher than other platforms in the same space. You’ll have to bear processing fees ranging between 1% to 4.5%.
  
• No Crypto Wallet:
  You need to use your own wallet since MoonPay doesn’t have one.

MoonPay’s Features

MoonPay is steadily gaining recognition in the competitive cryptocurrency landscape by offering a suite of innovative and user-friendly features. These distinctive characteristics are designed to cater to a broad range of users, from seasoned investors to newcomers in the crypto world.

1. On & Off Ramps: MoonPay’s On & Off Ramps product provides a seamless experience for converting between fiat currencies and cryptocurrencies using all major payment methods. This includes debit and credit cards, local bank transfers, and digital wallets like Apple Pay and Google Pay.
2. NFT Checkout: This product is designed to simplify the process of buying NFTs (Non-Fungible Tokens). It provides an easy and secure way for users to purchase NFTs using their preferred payment method.
3. Web3 Passport: This product is designed to provide users with a secure and easy way to interact with the decentralized web (Web3). It simplifies the process of managing digital identities and assets on the blockchain.
4. Concierge: This is a premium service offered by MoonPay. While the specific details are not provided on the homepage, concierge services typically involve providing personalized assistance to users.
5. HyperMint: This product is designed to help businesses create and manage their own digital assets. It simplifies the process of minting tokens and managing digital assets on the blockchain.

MoonPay’s Fees

Since there are no maintenance fees on MoonPay, transaction charges depend on the type of payment method you’d like to use. 

Processing charges for buying cryptocurrencies on MoonPay are:

• Bank Transfers: processing charges for bank transfers are 1%, with a minimum of €3.99/£3.99/$3.99 or currency equivalent.
• Card Payments: processing charges for card payments are 4.5%, with a minimum of €3.99/£3.99/$3.99 or currency equivalent.
• PIX: if you use this bank transfer method, established and managed by Brazil’s Central Bank, MoonPay’s processing charges will be 2.95%.

Processing charges for selling cryptocurrencies on MoonPay are:

• Bank transfers: EU/UK/US bank transfer processing charges are 1%, with a minimum of €3.99/£3.99/$3.99 or currency equivalent.

Fees for Buying Crypto on MoonPay

It’s important to note when you purchase or sell BTC, ETH, or ERC20 tokens on MoonPay, a dynamic network fee is charged. This fee depends on the current conditions of the blockchain network, and you will be able to see it before making your payment through the widget.

Fees for Selling Crypto on MoonPay

MoonPay Supported Cryptos

MoonPay supports an extensive range of over 80 cryptocurrencies, accessible to both residents of the United States and those residing elsewhere. This includes prominent cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dogecoin, Cardano, and Solana.

For a comprehensive list of all the cryptocurrencies supported by MoonPay, please refer to this link.

MoonPay Customer Support

MoonPay offers a comprehensive self-service support system featuring an extensive library of FAQs and articles designed to assist individual users and MoonPay partners. MoonPay provides a live chat feature for more personalised assistance, offering real-time support to address immediate concerns. Additionally, customers can contact MoonPay’s dedicated support team via email at support@moonpay.com for further inquiries or assistance.

MoonPay’s Security

MoonPay places a high emphasis on security and privacy. To ensure this, all data transmitted to or from MoonPay’s infrastructure is safeguarded using encryption via Transport Layer Security (TLS) version 1.2 or later. This ensures that customer data is shielded from unauthorized access, per the HTTP Strict Transport Security (HSTS) policy.

MoonPay also takes measures to secure stored data. Backups are encrypted utilizing AES with 256-bit keys and are housed in data centres that comply with PCI DSS and ISO27001 standards. This ensures that data can be safely restored even in the event of a disaster.

Furthermore, MoonPay employs robust security monitoring and protection solutions. These tools provide visibility into the organization’s security status, quickly identifying potential attacks and facilitating immediate response to any security incidents.

Is MoonPay Safe?

MoonPay is widely recognized as a secure platform for cryptocurrency transactions. It employs AES-256 block-level storage encryption, a robust security measure that enhances the safety of the crypto trading experience.

MoonPay also implements a Know Your Customer (KYC) process to verify the identities of its users, which helps prevent fraudulent activities and the creation of false accounts.

It also proactively seeks to strengthen its security through a bug bounty program. This initiative incentivizes individuals to identify and report potential vulnerabilities, enabling MoonPay to continually refine and bolster its platform’s security.

How to Buy Crypto with MoonPay?

Buying cryptocurrencies on MoonPay is extremely simple and user-friendly. MoonPay allows individuals to purchase cryptocurrencies using fiat. In this guide, we will walk you through a step-by-step process on how to buy crypto with MoonPay, ensuring a smooth and secure experience.

1. Visit MoonPay’s Buy Page: Navigate to the official MoonPay buy page.
2. Select your Cryptocurrency: Choose the desired cryptocurrency from the drop-down menu. In this example, we will buy SAND.
3. Enter Purchase Amount: Input the amount of crypto you want to buy in your fiat currency.
4. Provide Wallet Address: Add your compatible crypto wallet address for The Sandbox. Make sure your wallet supports the chosen cryptocurrency.
5. Verify your Information: Confirm your email and other required details, then carefully review MoonPay’s Terms of Use.
6. Agree to the Exchange: If you’re satisfied with the transaction details, agree to the exchange and proceed to click the “Buy Now” button.
7. Choose Payment Method: Select your preferred payment option to complete the purchase.
8. Order Confirmation: Once your payment is successful, MoonPay will send you an email confirming your order, which includes a tracker link to monitor the status of your crypto transaction in real-time.

Optional: You can also use MoonPay’s partner wallet applications, such as Ledger Live, to buy cryptocurrencies if you prefer a more integrated experience.

Conclusion

MoonPay is an innovative solution that has struck a chord with over 5 million customers globally. Its convenience, security, accessibility, and continuous support have made it a hit among crypto enthusiasts.

Dedicated to providing a seamless and time-effective crypto trading experience, MoonPay is making strides in the Web3 industry. MoonPay is helping other businesses embrace and use Web3 to build their brands securely.

FAQs