How to Withdraw Money from MoonPay?

MoonPay withdrawal

If you are a newbie into cryptocurrency, you must definitely try MoonPay. It is common for newcomers to the fascinating world of crypto to complain that it is overwhelming and confusing. That’s true to an extent and MoonPay does a splendid job of simplifying it for its customers.

You can essentially buy and sell cryptocurrency on MoonPay just like how you would use a typical e-commerce store. The company was founded in 2018 and within 3 years, the valuation stood at $3 billion. Through MoonPay, you can buy cryptocurrencies using common payment methods.

Also, you can sell cryptocurrencies stored in your wallets, through the same platform as well. MoonPay technology is being integrated by top cryptocurrency platforms such as Bitcoin.com and OpenSea (one of the largest NFT marketplaces in the world).

If you have trouble to withdraw money from MoonPay or you want to know how to withdraw money from MoonPay. This article will help you to withdraw money from MoonPay.

How to Withdraw Money from MoonPay?

Note that MoonPay does not store your cryptocurrency on it’s own. The technology just allows you to buy and sell cryptocurrencies and it deals with the wallet whose public address you provide at the time of transaction. Also, note that the ‘selling cryptocurrency’ feature may not be supported in many regions yet. 

Steps to Withdraw Money from MoonPay:

Step 1: Visit https://sell.MoonPay.com/

Step 2: From the drop down menu, select the cryptocurrency that you want to sell. 

Step 3: Enter the value of the cryptocurrency you want to sell. As you type the number, you will receive an estimate of how much you will get in the fiat currency. 

Step 4: Following that, enter the wallet address to which the refund of the cryptocurrency must go to, in the event of a rare case when the transaction could not be processed. Note that you need to enter the public key of the cryptocurrency wallet. Also, that wallet must be compatible with the cryptocurrency you are trying to sell. 

Step 5: The next step, you will be asked to create your MoonPay account. If you have already signed up, just enter the email address corresponding to your account. 

Step 6: Following this, you will be asked to verify your identity (in case you have not completed your KYC yet). In the identity verification process, you will need to provide your full name, phone number, residential address and a valid identification proof.

Step 7: Once the identity is successfully verified, you will be asked to enter the bank account details. This is where the funds will be transferred to. 

Step 8: Once you complete this process, you will be provided with a wallet address and QR code from MoonPay to which you have to send the cryptocurrency you are selling. Once you do that, MoonPay will send the corresponding amount in fiat currency to your bank account. 

How Long Does it Take to Get Money from MoonPay?

Note that at the time of writing, selling cryptocurrency features in MoonPay is only available in Europe, United Kingdom and the United States. 

  • For the payouts in the United Kingdom, the transfer will take 1 working day from the time MoonPay has received the cryptocurrency. 
  • For the payouts in the United States, the transfer will take 3-4 working days from the time MoonPay has received the cryptocurrency. 
  • For the payouts in Europe, the transfer will take 1-3 working days from the time MoonPay has received the cryptocurrency. 

If it is taking more time than usual, you can contact their customer support for help. 

MoonPay Withdrawal Limit 

If you have completed your entire KYC process, the maximum limit for every MoonPay account is EUR 5000. This is calculated on a 30-day rolling period.

If you want to increase the limit further, MoonPay handles it on an individual account basis and sends the specific instructions to you on the widget. 

Conclusion

The withdrawal process from MoonPay is a piece of cake. However, if it is not yet available in your region, keep checking their page for updates. Overall, MoonPay is a great platform to buy and sell cryptocurrencies with ease.