About Moonpay
MoonPay Exchange is a financial technology company that builds payments infrastructure for crypto. The on-and-off-ramp suite of products provides a seamless experience for converting between fiat currencies and cryptocurrencies using all major payment methods including debit and credit card, local bank transfers, Apple Pay, Google Pay, and Samsung Pay.
MoonPay is active in more than 160 countries and is trusted by 300+ leading wallets, websites, and applications to accept payments and defeat fraud.
Information Table
Exchange Name | Moonpay |
Exchange Service | Spot and futures trading |
Exchange Launch Year | N/A |
Made In | Singapore |
Mobile App | Android & IOS |
Fiat Option | Available |
KYC | Required |
2FA Security | Available |
Bank Transfer | 1% |
Selling Crypto | 1% |
Minimum Trade | $30 |
Support | Email & Live Chat Option Available |
Official Website | Click Here To Visit |
How To Register At Moonpay Exchange ?
You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.
Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.
To register on Kucoin , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.
How To Verify Your Moonpay Account ?
There is no mandatory verification at Moonpay , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 2 BTC per day. In the future, depending on the actions of regulatory authorities, conditions may change.
For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Bitstamp, Revolut platforms.
How To Buy Crypto Or Deposit Crypto At Moonpay Crypto Exchange ?
There are two main options for topping up your balance on Phemex. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.
Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.
After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.
Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.
Second Method
You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:
- Go to the “Deposit” section from the “Assets” menu.
- From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
- The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
- You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.
How To Withdraw Crypto Asset From Moonpay Exchange ?
Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.
Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.
How To Secure Your Moonpay Account ?
Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticat.
Fees & Limits
MoonPay charges between 1% to 4.5% for trading cryptocurrency depending on your payment method. You also pay a 1% fee for selling cryptocurrency. Overall, MoonPay charges a premium for how convenient it is.
MoonPay also has variable account limits for users. If you try to place a trade that exceeds your limit, MoonPay notifies you and provides instructions for how to increase your limit. Account limits depend on several factors, including your:
- Payment type
- Region
- Trading history
When I tested out MoonPay, my starting trade limit was around $400 USD for a 30-day rolling period. I had to upload ID and a selfie to verify my account. Adding more information like proof of employment and income increases your trading limits.
MoonPay has five verification tiers, and the more you trade, the more room you unlock. Just remember that you must complete basic account verification to trade since MoonPay isn’t a decentralized exchange.
Here are MoonPay’s fees for buying and selling crypto:
Processing Fee | Network Fee | |
---|---|---|
Card Payments | 4.5% (minimum €3.99/£3.99/$3.99 or currency equivalent) | Dynamic |
Bank Transfers | 1% (minimum €3.99/£3.99/$3.99 or currency equivalent) | Dynamic |
Selling Crypto | 1% (minimum €3.99/£3.99/$3.99 or currency equivalent) | Dynamic |
Features
Supported Cryptocurrencies
MoonPay Exchange supports over 80 cryptocurrencies. This includes leading coins like Bitcoin and Ethereum, plenty of altcoins, and several stablecoins.
Trading Tools
Exchanges like Binance or Coinbase have numerous trading tools to let you make more informed trades. You can also place different order types, like stop limits or market orders. And both exchanges have a wealth of educational resources to assist you.
In contrast, MoonPay is just a crypto payment platform. You don’t get in-depth trading tools, and you can’t swap cryptocurrencies either which is a downside.
Mobile Support
MoonPay doesn’t have a mobile app at the time of writing. It’s web interface is easy to use, but having mobile support is a plus for exchanges and trading platforms.
MoonPay Security
Security and privacy are main priorities for MoonPay. Our security policies and measures are constantly reviewed to ensure they are up to date and compliant with the industry standards.
Data Encryption
All data sent to or from MoonPay’s infrastructure is encrypted in transit using Transport Layer Security (TLS) version 1.2 or later, and secured against downgrade attacks using a robust HTTP Strict Transport Security (HSTS) policy. MoonPay’s SSL Labs report is available here.
All MoonPay data is encrypted at rest using AES-256 block-level storage encryption and stored in ISO27001 and PCI DSS compliant datacenters.
Business Continuity and Disaster Recovery
MoonPay Exchange backs up its critical assets and regularly attempts to restore backups to test the processes in place, guaranteeing a safe and fast recovery in case of disaster. Backups are encrypted using AES with 256-bit keys and stored in ISO27001 and PCI DSS compliant datacenters.
Secure Development
MoonPay has at its disposal processes and tooling that enables us to continuously deliver secure software to cloud infrastructure and applications. Code changes are deployed to production environment multiple times every day.
Customer support options
MoonPay encourages users who are having problems to use its support ticket system. There’s no readily accessible number for phone support.
Is MoonPay Safe?
MoonPay is a safe crypto payment solution. According to its website, all data is encrypted in transit using AES-256 block-level storage encryption. The company also has a bug bounty program that rewards people for discovering weaknesses in MoonPay’s security to help them make improvements.
MoonPay did cause a hack of IOTA in 2020 due to some tech vulnerabilities. However, MoonPay itself has remained secure. Ultimately, you can use MoonPay to buy and sell crypto. But it’s your responsibility to protect your personal information. And you should use a third-party wallet like Ledger or Trezor to handle your own private keys and security.
Mind Blowing Design
They’ve done a great job with making the homepage easy to navigate. The only drawback is that, with the white background, it can be hard on your eyes. Other than that, you’ll find their charts and trade tools easy to use if you’re already familiar with Tradingview.
Conclusion
The MoonPay Exchange exchange is listed on sites like CoinGecko and CoinMarketCap. You’ll find high trading volumes, especially for futures. With a premium account, you can save a lot of money when buying it for one year; at the same time, all commissions for spot-trading will be waived. If you’re unsure about anything, there’s always a test platform that offers virtual assets. On the user doesn’t have to go through any verification; however, we recommend it if you want full functionality and many bonuses.