If you are a crypto enthusiast you must have heard about Moonpay and its solid services. It’s even possible that you have used it, but have you ever asked “is Moonpay safe”?
Anyone using any crypto exchange platform should ask this. Especially if they are using it for the first time. But Moonpay isn’t exactly new in this industry and its 5 million users should count for something.
But like some of its alternatives, they have their issues. This includes limited functionalities that of course irks advanced traders, high exchange fees, and some other issues this article will be discussing.
We will also take a look at the pros of the Moonpay, and of course try to answer the question, is Moonpay safe? Meanwhile, below is our table of content.
What is the Moonpay?
You can call it a payment processor or an exchange platform and you’d still be right. The app helps you receive cryptocurrency payments on your website or site. It can also do the reverse of what I just explained, which is to send payments.
It’s on the list of the few apps that allow users to accept lots of digital assets, this includes Bitcoin, Ethereum, Litecoin, and a host of others.
Check out why you should buy Litecoin by reading: Is Litecoin A Good Investment?
It also works as a converter as it allows you to convert your digital assets to fiat currencies. Its functionality doesn’t stop there. You can also use the app to make deposits into bank accounts.
Established in 2018, the company has its headquarters in the magic city – of Miami Florida. With your credit card, Apple Pay, or bank deposits, you can make secured payments for digital assets on this platform. Moonpay also accepts wallet payments – why not? They are after all facilitating lots of other wallet payments.
Is MoonPay safe to use?
The question on every trader’s lips is, is MoonPay safe to use? It’s not a surprise that traders looking for a trade app alternative would ask this of the app they are considering – in this case, Moonpay.
We can no longer pretend to not know that many have lost their life savings to apps that seemed legit at the time.
However, if you already using Moonpay or considering it, you have nothing to worry about. Moonpay is safe, secure, and a very trusted crypto exchange that facilitates the processing of all digital coin transactions seamlessly
You can accomplish everything easily, whether you’re buying or selling crypto assets. The sophisticated features of MoonPay can be used to create escrow services, recurring payments, and other things.
According to moneymint.com Moonpay uses AES-256 encryption method, which meets industry standards for protection against hacking attacks.
Additionally, their data centers comply with ISO 27001 and PCI DSS. These are the two important pieces of information security equipment commonly found in today’s business environment.
MoonPay creates a seamless payment framework for cryptocurrencies, giving consumers power in a secure and private manner.
When converting between fiat currencies and cryptocurrencies utilizing the various payment methods made available by this site, users don’t have to worry about their information being disclosed to anyone outside the platform.
For their customers’ complete peace of mind and improved data security, the company has implemented industry standard procedures.
New in the industry? Read: Is CryptoCurrency a Good Investment? | Invest in Cryptocurrency
Why You Should Use MoonPay
Easy purchases: With MoonPay, purchasing cryptocurrency is seamless. An attribute that makes them quite different from the rest in the industry. MoonPay has a smooth, web-based platform through which you can register, verify your identity and start transacting immediately with your credit card, all on a single screen.
Tools for businesses:
MoonPay wants to establish itself as a crucial middleman for businesses operating in the cryptocurrency sector that want to transact with customers that use cash. For instance, NFT sellers frequently have to take just cryptocurrency as payment on most other platforms. However, developers can sell NFTs to those who might not be familiar with buying cryptocurrency by using MoonPay.
Crypto Options: With roughly 40 coins offered, MoonPay is competitive even with some full-featured cryptocurrency exchanges. It’s important to note that MoonPay offers variations of well-known cryptocurrencies like Ethereum and USDC that may be utilized on different blockchain networks.
See the 10 Ways To Earn Passive Income With Crypto
Cons of Using MoonPay
High fees: You’ll be required to pay for the convenience that comes with utilizing MoonPay. Transaction costs are $3.99 or 4.5%, whichever is greater. People who finance their accounts with bank transfers can pay less, although that feature is unavailable in the US.
Cards only: MoonPay can only be used with a credit or debit card in the United States (or a card linked to Apple Pay or Google Pay). There are several problems with this. First of all, not all credit cards will cooperate with cryptocurrency purchases; valid transactions frequently bounce back or are marked as fraudulent.
Second, borrowing money with a credit card to invest in cryptocurrencies might be problematic because high-interest rates can amplify possible losses. Finally, it may be wiser to use a debit card to make purchases rather than borrowing money to acquire cryptocurrency.
Limited trading: MoonPay offers a respectable range of cryptocurrencies for purchase, but it doesn’t make it simple to exchange one cryptocurrency for another. MoonPay does not now offer any options for crypto-to-crypto trades, but it does let you sell a few coins for cash. Although some cryptocurrency wallets that MoonPay works with might offer swaps on their platforms.
Can you buy Bitcoin with MoonPay?
Yes, you can purchase Bitcoin on MoonPay. You can actually use fiat currencies to do so, and it’s very easy and smooth.
To be able to do this, you’d need to create an account by giving the platform the required document and information they need. The documents may include identity proofs and photos.
If you’ve done this, the next step would be to verify your bank details. If this checks out, you are ready to have and use your crypto account on MoonPay.
Are you in South Africa? See :How to Buy Bitcoin in South Africa | A Full Guide
Does MoonPay Refund Payments?
The chances of getting a refund on MoonPay are very slim. Especially if it’s a transaction you carried out fully with no bank or card issues.
Once payment is received and approved, the system will not able to reverse it.
There can be no refunds for crypto transactions and once the payment has been made, there is no probability of getting your money back. However, you can only get it back when you sell that crypto coin.
But you’re welcome to take your chances especially if you feel your reasons for asking for a refund are legit.
How MoonPay Handles Failed Transactions
How they handle failed transactions highly depends on how or what prompted the failure. The platform has numerous features that ensure that users enjoy a smooth transaction. So, when a transaction fails, MoonPay will refund you within a few days if it is due to card payments or bank transfer failures.
Nevertheless, it may take more time if the funds never went through from your end.
Requirements To Signup On MoonPay?
To register o MoonPay you need the following documents:
- Name
- Address
- Mobile Number
- Date of Birth
- Valid Government ID Proof
Some will need to be uploaded to the platform, while you’d need only the information contained in some.
See How To Earn Interest On Crypto: Interest And Earnings
Conclusion
We hope we were able to answer your question “is MoonPay safe”?, in this Moonpay Review, and that you can now see why you should use the app or not. Good luck.
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