When many novice users want to buy cryptocurrencies, they usually run to centralized exchanges, as they consider these platforms beginner-friendly. However, crypto payment platforms like MoonPay are now proving to be a good alternative for novice users looking to buy their first digital token.
This guide focuses on MoonPay. Stay tuned to learn more about the platform and how you can register an account.
Understanding MoonPay
For clarification purposes, MoonPay isn’t a centralized exchange or a crypto broker, as many may think. The platform only facilitates crypto purchases. It is safe to say that MoonPay is more like a payment service similar to Venmo, Square, and PayPal. The platform is licensed as a money transmitter. It supports several payment methods, including bank transfers and credit/debit cards.
What Cryptocurrencies Does MoonPay Support?
There are several well-known digital currencies that you can buy on the MoonPay platform. Some of them include Litecoin, XRP, Bitcoin, and Bitcoin.
Which Countries Is MoonPay Available?
MoonPay holds operating permits in the United States and numerous European countries. As of January 2024, it has a presence in more than 165 countries. It is important to mention that the crypto payment service is not available in countries like Russia, China, Afghanistan, and Turkey. Also, US states like Texas, New York, and Louisiana prohibit MoonPay from operating.
History of MoonPay
MoonPay was created by Victor Faramond and Ivan Soto-Wright in 2019. Since then, the platform has collaborated with over 450 crypto companies. Its first major partnership was with Bitcoin.com.
How to Register With MoonPay
Registering with MoonPay is easy. First, you need to download the MoonPay app from the Play Store or App Store. After that, use your email to sign up. Once you verify it, you will have access to your MoonPay account. But to start buying cryptocurrencies, you must verify your identity by completing the KYC checks.
MoonPay’s Trading Volume and Number of Users
Since 2019, MoonPay has managed to facilitate transactions worth $2 billion. Currently, the platform serves over 14 million users.
Tools and Features From MoonPay
MoonPay Mobile App
Moonpay offers convenience to users by providing a highly compatible mobile app. Through the app, you can buy over 80 digital currencies using payment methods like Apple Pay, Google Pay, and Mastercard/visa-issued debit and credit cards. Besides cryptocurrencies, you can purchase several NFTs using the “NFT Checkout” feature.
MoonPay SDK
This tool is helpful to Web3 developers who want to integrate MoonPay into their blockchain-powered protocols to allow users to purchase digital assets. MoonPay is largely integrated into crypto projects like exchanges, NFT marketplaces, and wallets.
MoonPay Fees
MoonPay charges both buying and selling fees. When buying crypto using a debit card, you will incur a 4.6% fee. Meanwhile, you will be charged a 1.5% fee if you make a bank transfer. As for selling, if you sell to a card, a 4.4% fee will be charged. If you sell to a bank account, a 1% fee will apply.
Pros and Cons of MoonPay
Like any other payment platform, MoonPay has its own strengths and weaknesses. So, what are the pros and cons of this platform?
Pros
- MoonPay supports a wide range of fiat currencies and is available in several countries.
- Offers fiat on-ramp and off-ramp services.
- Supports most of the well-known cryptocurrencies.
- MoonPay allows companies to integrate the payment service into their crypto projects.
Cons
- MoonPay is not available in some US states.
- The fees charged are relatively high when compared to rivals.
MoonPay Security
MoonPay prioritizes the safety of users. That’s why it implements tight security measures such as two-factor authentication. Moreover, employees are prohibited from sharing user data with external parties. All users must complete the KYC procedure to ensure no illicit transaction happens on the MoonPay platform.
Customer Support
Raising a support request on MoonPay is easy. The customer service team is friendly and knowledgeable. The platform has a rating of 4.6/5 on Trustpilot, based on customer reviews.
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