MoonPay Review

MoonPay Review

Cryptocurrency startups and applications have been in the boom this year, and one of them is MoonPay. It is a relatively new company in the crypto space (founded in 2018) but has a valuation of more than $3 billion according to the latest round of investments it has raised.

The company based in Miami enables customers to buy and sell a wide range of cryptocurrencies using conventional payment methods like credit cards, debit cards, bank transfers, and mobile wallets like Google Pay and Apple Pay.

The MoonPay technology is also sold to other cryptocurrency giants such as Bitcoin.com and OpenSea, which is one of the top NFT marketplaces in the world. The firm aims to provide crypto-as-a-service and make it accessible to the world’s masses. 

MoonPay Account 

Once you buy crypto with MoonPay, your account will automatically get created. To buy crypto with MoonPay, visit the following link – buy.MoonPay.com. If you are a business and want to integrate MoonPay into your application, project, etc. then you need to contact them directly.

You can use the following link to get started with creating a MoonPay Account for business – https://support.MoonPay.com/. Choose the issue, ‘Account Registration’

What is MoonPay?

MoonPay is a financial company that build payment infrastructure for cryptocurrency. MoonPay is active in more than 155 countries.

Think of MoonPay as a ‘PayPal’ for crypto. It makes it incredibly easy to buy and sell cryptocurrencies using payment methods that we are all used to when buying anything online.

From a commercial point of view, MoonPay considers itself a gateway to digital assets such as crypto coins, NFT, etc. Although now, they provide access to a few digital tokens, they aim to expand to a larger library once more customers come into the platform. 

How to Use MoonPay?

MoonPay has laid a lot of emphasis on making the process of dealing with cryptocurrencies easy and seamless.

To use MoonPay, just visit the website – https://www.MoonPay.com/ and click on ‘Buy Crypto’. When you choose the cryptocurrency you want to buy, your account will automatically be created. 

Following that, you need to mention the wallet address to which the purchased cryptocurrency must be transferred. Note that only enter the details of the wallet you own and you have access to. And, you only have to provide the public key. 

After that, you pay with your desired payment method and upon confirmation, the cryptocurrency will be transferred to your wallet. 

How Does MoonPay Work?

As mentioned above, MoonPay provides fiat to crypto transactions and enables them in a simple way. The actual cryptocurrency that one buys through MoonPay is provided by the different exchanges and MoonPay integrates with them in order to complete the payment process for the cryptocurrency.

In this case, MoonPay is responsible for the risk assessment of the customer and the transaction, processing the payment from the credit card company or Apple Pay or Google Pay and ensuring the transaction is successful. The core of MoonPay is a special AI technology that enables these transactions with highly quick and accurate risk assessment. 

MoonPay Features

If you are using MoonPay as an individual, you can: 

  • Buy cryptocurrencies and store it in any of the supported wallets 
  • Sell cryptocurrencies stored in any of the supported wallets 

If you are using MoonPay as a business, you can: 

  • Integrate MoonPay on your platform through which users can buy and sell crypto
  • Plug MoonPay in NFT marketplaces to enable complete easy transactions at the checkout.

MoonPay – KYC and Sign Up 

MoonPay has a strong KYC system in place to keep a check on any illegal activity such as money laundering. Therefore, it requires all its customers to complete a set of verification activities. These activities are: 

  • Verification of Identity 
  • Verification of Residential Address
  • Verification of Source of Income 
  • Verification of Payment Method (Credit / Debit Card, Google Pay, or Apple Pay)

If the documents provided are incorrect, expired, expiring soon, or if the images are blurry, your application may be rejected. However, you can reapply by uploading a better set of documents. 

Once you provide the set of verification documents and complete the sign-up, your account limits will increase. The maximum limit is EUR 5000 in 365 days, but this also depends on the region, purchase history, payment type of the customer. 

MoonPay Login 

Go to buy.MoonPay.com and enter the Email address by which you registered your MoonPay account. If the address is correct, a verification code will be sent to the ID, and enter that to gain access to your MoonPay account!

MoonPay Customer Service 

MoonPay has a strong customer support center which firstly, has detailed FAQs for common issues that customers face. You can access the questions here and troubleshoot any issues you face, on your own – https://support.MoonPay.com/hc/en-gb/categories/360001595097-Customer-Support-Help-Centre

However, if you want to submit a request to the customer support team, you can do so here – https://support.MoonPay.com/hc/en-gb/requests/new and choose the issue appropriate to the problem you are facing. The customer support team will then revert to you over mail. 

The customer service of MoonPay is effective and quick. They are quick to resolve basic and advanced issues with the platform, and rest assured, you won’t face plenty in the platform too!

MoonPay Phone Number 

If you are in the USA, you can either approach their customer survival team through https://support.MoonPay.com/hc/en-gb/requests/new or contact on their phone at 1-833-610-0735.

MoonPay Supported Countries 

MoonPay has supported in around 150 countries around the world, including in major cryptocurrency markets such as the UK, USA, and India. You can check if it will work in your country here – https://support.MoonPay.com/hc/en-gb/articles/360009279877-What-are-your-supported-countries-states-and-territories-

Why is MoonPay Declining my Card?

The order may fail if your card could not be verified by MoonPay. You may then get a message from your bank stating that the transaction was declined by then.

Make sure you complete the KYC and verify your payment method. Also, do check with your bank if they support payments on cryptocurrency websites. Further, you can also verify if you have enough balance in your account. 

How do I Know if My MoonPay Account is Verified?

The verification process in MoonPay may take anywhere between a few minutes to a few days, depending on the quality and accuracy of the documents submitted.

Once your account has been successfully verified, you will get a notification as well as an Email confirming the verification. Moreover, you will also notice a change in your account limits. 

MoonPay Review – Is it Good or Bad?

The major problem users, especially those new to the cryptocurrency world have been facing is to buy and sell cryptocurrency with their credit card or other commonly used methods.

The earlier process was extremely complicated and overwhelming for the new user. MoonPay solves that problem to a great extent by making cryptocurrency purchasing and selling similar to an experience in an online ecommerce store. 

If you are a new user looking to get started with cryptocurrency trading, you should definitely use MoonPay. The app is simple, does not use any complicated terminology and seamlessly integrates with top wallets such as Trust Wallet. 

MoonPay Benifits 

  • Intuitive and minimalistic interface 
  • Supports a wide variety of cryptocurrencies 
  • Available in more than 150 countries
  • Highly responsive customer support 

MoonPay Disadavntages 

  • MoonPay fees are high and this becomes significant in small transactions 
  • Selling crypto option is still not available in many countries 

At the end of the day, if you need to get started with cryptocurrency and have no knowledge about it, MoonPay is the best platform to get started.

However, it is recommended not to use it for extremely small transactions as the MoonPay fees may seem significant. Overall, it’s a must-try for new users. Do not worry about security and safety features because MoonPay is encrypted using the latest standards and is stored in PCI DSS datacenters. 

Conclusion

MoonPay is creating a lot of disruption in the crypto market due to its ease of operation and simplicity. If you are interested to invest / trading in cryptocurrencies, download MoonPay now!