MoonPay is a payment system that allows users to buy and sell crypto with promptness and top security.
MoonPay is not a direct cryptocurrency exchange but enables users to buy crypto with credit and debit cards, Apple Pay, and direct bank transfers, and sell crypto instantly.
MoonPay was founded in 2019 with the idea to increase cryptocurrency adoption and make buying and selling crypto fast and easy, and in real-time.
MoonPay represents a safe and secure software with three essential components built to enable crypto users on a global scale to participate in the digital revolution.
MoonPay is valued at 3.4 billion dollars, with 1700% growth and over 5 million customers.
How Does MoonPay Work?
MoonPay offers transparency, security, and user privacy, so crypto traders can easily buy and sell crypto in minutes.
MoonPay payment system consists of three essential components:
MoonPay wallet stands as a secure digital vault that keeps users’ funds safe while enabling users to easily send and receive crypto to their wallet addresses.
You can send crypto to anyone in a second by scanning a QR code.
You can also choose a receiver from your contact list and send crypto in less than a minute.
Decentralized exchange (DEX)
Decentralized exchange, as its name reveals, has no central authority and is not easily susceptible to malicious activities such as hack attacks.
The MoonPay decentralized exchange enables crypto conversion in real-time, so users can follow up with real-time price changes as they are buying and selling crypto.
The MoonPay payment network saves and updates the history of all transactions completed within the system, much like is the case with blockchain environments such as the Bitcoin network.
The payment system keeps records of transactions for all wallets, while the info can be accessed through public key addresses.
Users can create a MoonPay account, provide basic information and start buying and selling crypto near-instantly.
According to MoonPay users, the payment system for buying and selling crypto has high fees in comparison to traditional exchanges.
Aside from paying a flat fee of $4.99 with 3.5% of the purchasing funds, additional fees may apply by your card issuer or a bank you are using for direct transfers.
|Purchases below $141||$4.99 + 3.5%|
|Purchases above $142||7%|
MoonPay payment system may not be cost-effective when it comes to small amounts below $141 as the incurring fees are too hefty, making buying and selling crypto a bit pricey.
MoonPay payment system provides support for over 150 countries around the world, which includes almost all states in the US, the United Kingdom, and European Union.
Some states in the US are not supported certain options in the system.
You can find the entire list of countries that MoonPay supports here.
|The US States that can’t buy all tokens||Rhode Island |
US Virgin Islands
|US States that can’t buy ADA, BNB, BUSD, DOGE, ETH | Polygon, MATIC | Polygon, USDC | Polygon||New York|
|The US States that can’t sell all tokens||New York|
Is MoonPay Legit?
According to TrustPilot, which is one of the most trusted review platforms, MoonPay is legit and a legitimate payment system for buying and selling crypto with real-time changes.
If you check the reviews on TrustPilot, you will notice that more than 75% of 43,000 users who provided their review and rating, consider MoonPay to be an excellent service.
More than 80% of reviewers on TrustPilot rated MoonPay as “Great” and above.
Are There Any Scams Involved With MoonPay?
MoonPay offers support for users and individuals who believe they have fallen a victim to a fraud or a scam.
For example, if your card has been charged by MoonPay and you don’t even have an account or you did not authorize the payment, you can send a support request to MoonPay and select Fraud -> Unauthorised charge from Moonpay on a bank statement.
MoonPay advises canceling your card in case your card has been charged by MoonPay without your authorization. MoonPay, as a payment service provider, is a legitimate service and is not a scam.
MoonPay Fraud Claims
Some alleged MoonPay users are listing claims on Reddit, outlining that they have been frauded by MoonPay.
Other Redditors disagree, claiming that MoonPay is safe and secure.
Can I Get Money Back from MoonPay?
You can get money back with MoonPay in case there have been some issues with your transaction.
This is the case with the funds that might have been deducted from your account but are not visible in your wallet. In case your crypto transaction is completed, you won’t be able to get a refund.
How To Spot Crypto Scams?
The cryptocurrency market is a multibillion-dollars-worth sector, making it a lucrative business for traders, as well as for scammers who are involved in crypto scams.
It may be particularly difficult to spot crypto scams if you are a beginner in cryptocurrency.
To avoid crypto scams, follow these simple rules:
- Never share your private keys with anyone
- Never share your financial information with third parties
- Always check URLs
- If an offer is too good to be true, it usually isn’t true
- MoonPay will never contact you for trading returns
- Don’t respond to threatening messages and crypto ransoms
- Never click on suspicious links
- Do your research on cryptocurrency Dev teams, crypto exchanges, and services
Beware of phishing scams and claims that you are being contacted directly by MoonPay.
In case you are contacted by MoonPay with a suspicious request, you can always file a support ticket with MoonPay and check the legitimacy of the request.
Takeaway: Should You Trust MoonPay?
Aside from hefty fees, there is nothing wrong with MoonPay in terms of security, privacy, transparency, and trust.
Users can trust MoonPay as this is a legitimate payment service that is legal in over 150 countries around the world.
Moreover, MoonPay is rated 4.5 out of 5 on TrustPilot, with over 75% of 43,000 reviewers claiming that the service is excellent.
MoonPay has security measures for processing payments, storing users’ funds, and data collection, making it a safe payment system for buying and selling cryptocurrency.