MoonPay is only one of several online marketplaces where you may purchase and sell cryptocurrencies. Users may purchase or sell cryptocurrency using MoonPay for a profit, but is it secure? Can you entrust your money to MoonPay?
What Is MoonPay?
A website called MoonPay makes it easy to buy and sell different cryptocurrencies. MoonPay, which was introduced in 2019 and is accessible in 160 countries, has amassed a sizable user base in recent years. Over five million users already use the site, which supports more than 80 different assets and more than 300 cryptocurrency wallets.
As part of its commitment to a more sustainable future, MoonPay says it will be completely paperless and carbon neutral by the year 2030. Additionally, MoonPay is committed to fostering constructive social change and has set its sights on delivering high-quality education, preserving sustainable economic growth, and establishing sustainable collaborations.
But putting all of its benefits aside, how does MoonPay function in practise?
How Does MoonPay Work?
With an easy-to-access purchase and sale window on the homepage of its website, MoonPay makes the process of purchasing and selling cryptocurrencies straightforward. You may quickly begin your MoonPay adventure by using this function.
MoonPay updates its asset price quotations every 10 seconds to ensure that you are getting the most current offer. You must give MoonPay some information after deciding how much of each cryptocurrency you want to purchase or sell.
When purchasing assets on MoonPay, you must provide your email address and payment information. You'll need to submit more information, such as your name, address, and identity documentation, if you wish to sell cryptocurrency via MoonPay.
Before making any transactions, whether you're buying or selling assets, you must link the necessary crypto wallet to MoonPay.
As you can see, connecting a Bitcoin wallet is necessary for each Bitcoin transaction. You must link whatever wallet works with the asset you're purchasing or selling.
You may purchase more than 80 items using MoonPay, including:
- USD Coin
- BNB Coin
- Bitcoin Cash
- Shiba Inu
You may use Visa, MasterCard, Apple Pay, Samsung Pay, Google Pay, and other payment methods to purchase assets on MoonPay. Unfortunately, MoonPay does not accept PayPal payments. Depending on the verification procedures that must be finished after you complete your crypto buy, it may take between a few minutes and a few hours for the cryptocurrency to arrive in your wallet.
To utilise MoonPay, you must spend at least $30 (or £32 in the UK) on a purchase.
However, MoonPay does more than merely facilitate cryptocurrency trading. You can use a wide range of additional features and services that are available on the platform.
NFT Checkout via MoonPay will be discussed first. Creators, markets, and brands can utilise this to let their consumers to pay with a credit card when purchasing NFTs.
The NFT platform owned by MoonPay is called HyperMint. This enables producers to design their own Web3 experiences and create their own NFTs using a variety of practical tools, such as royalty management, token gating, and fund-splitting contracts.
MoonPay offers a "MoonPay Passport" loyalty and rewards programme for verified users if you plan to use the service frequently. This Web3-based service offers MoonPay subscribers amusing benefits like special access to particular events and goods.
For cryptocurrency traders, MoonPay has a lot of helpful features, but can you trust it? Does MoonPay protect your sensitive data and will it fulfil your orders and sales?
Is MoonPay Safe?
You want to be sure that MoonPay is trustworthy because it will be managing your money and sensitive information. So let's examine the reliability of this platform.
MoonPay employs AES-256, an extremely robust and unbreakable encryption technique, to store your data. The adoption of AES-256 by MoonPay, one of the most powerful encryption algorithms, attests to the platform's high degree of security.
Additionally, MoonPay uses TLS (Transport Layer Security) to encrypt every transfer of data to prevent unauthorised parties from intercepting your private information.
In order to safeguard customers and the platform from fraudulent activities, MoonPay also employs KYC (Know Your Customer). In order to stop phoney accounts from being opened, KYC processes users' identities using passports, licences, and other identification.
However, as seen by the reviews posted on the Trustpilot MoonPay website, some consumers have had a bad experience with MoonPay. Some customers stated that the site was keeping their cash for a lengthy period of time while others reported that their accounts had been abruptly terminated.
Even if there are a few unfavourable reviews here, you should bear in mind that over 70% of the Trustpilot ratings submitted by MoonPay customers are five stars, which shows that the majority of people like using the service. 13% of the Trustpilot evaluations for MoonPay are one stars as of this writing.
There is a customer assistance portal accessible for MoonPay, however it is not the finest, if you have a problem. Users of MoonPay's customer support department must submit a request for assistance as there is no live chat feature or phone number for immediate contact. This isn't ideal if your problem requires immediate attention or if the business is dealing with a backlog of requests that will take some time to handle.
Should You Use MoonPay?
While MoonPay appears to be secure, there are other factors to take into account when selecting a crypto platform in addition to security. Fees should also be taken into account in this situation. So how does MoonPay fare in this comparison?
Sadly, MoonPay's costs aren't the most alluring. For card payments, the site levies a 4.5% fee, which is by no means a low rate. MoonPay charges a minimum fee of $3.99 or 4.5%, whichever is higher. All bank transfers and the MoonPay selling of cryptocurrency have a 1% charge attached.
As several cryptocurrency exchanges, like Binance, Kraken, and Coinbase, provide far lower spending minimums, making them more accessible for consumers who wish to perform little purchases or transactions, MoonPay's minimum spend requirement is also a bit aggravating.
You won't be able to simply use MoonPay on the fly since, as of this writing, it doesn't have a smartphone app. This is another factor to take into account, since many other crypto buy and sale sites do have mobile applications.
MoonPay Is a Legit Platform That Is Safe to Use
MoonPay is dedicated to provide its users with a secure and user-friendly platform for buying, trading, and utilising cryptocurrencies as payment on other websites. Although the site has hefty fees and a subpar customer service department, it is a good choice for buying and selling cryptocurrencies.