What is MoonPay crypto

Estimated read time 7 min read

MoonPay is a fintech company that provides an on-and-off ramp solution for buying and selling cryptocurrencies using traditional payment methods. The company, founded in 2018, aims to make purchasing digital assets fast, secure, and accessible to people around the world.

How does MoonPay work?

MoonPay acts as a brokerage platform that allows users to use credit cards, bank transfers, e-wallets, and other familiar payment options to instantly buy popular cryptocurrencies like Bitcoin, Ethereum, Solana, and more.

The process works seamlessly:

  1. Users select the crypto they want to purchase and enter the amount.
  2. MoonPay provides payment details for the transaction.
  3. Once payment is completed, the purchased crypto is directly sent to the user’s designated wallet.

This streamlined approach eliminates the complications of having to sign up with a cryptocurrency exchange and link bank accounts or cards. MoonPay is designed for simplicity.

MoonPay’s role in the crypto market

As cryptocurrency adoption grows, MoonPay is positioned to be the go-to platform for newcomers looking to participate in crypto purchases.

By handling the technical aspects in the background, MoonPay enables users to focus on investing – not on navigating complex exchange tools or managing different withdrawal options.

The company also provides an API and SDK for developers to easily integrate crypto-buying functionality into their own apps and websites. This further expands access to digital currencies for ordinary users around the world.

With strong funding and investments from prominent institutions like Tiger Global, Accel, and Coinbase Ventures, MoonPay aims to bring simple and secure on-and-off ramps for crypto to the mainstream market.

Purchasing cryptocurrencies with MoonPay

The process of buying crypto through MoonPay is straightforward:

  1. Create an account and verify your identity by providing the required KYC details.
  2. Select the cryptocurrency and enter the amount you wish to purchase in either fiat currency or quantity of tokens.
  3. Choose your preferred payment method – this can be via credit/debit card, Apple Pay, bank transfer (SEPA/FPS), e-wallet services, and more.
  4. Provide billing details depending on the payment option picked.
  5. Review the purchase summary and check the wallet address where your crypto will be received.
  6. Make payment to confirm the order. The purchased crypto is then instantly sent to your connected wallet.

Payment methods supported by MoonPay

Some payment methods currently supported on MoonPay include:

  • Debit/Credit Cards – Visa, Mastercard
  • Apple Pay
  • Google Pay
  • Samsung Pay
  • Bank Transfers via FPS, SEPA
  • E-Wallets like Skrill, PayPal

Support for other regional payment partners is continually being added over time to enable broader accessibility globally.

Transaction fees and process for buying crypto through MoonPay

MoonPay charges a transaction fee that varies depending on factors like payment method, region, currency, and crypto assets purchased. These generally range from 1.5% to 5% per transaction.

There may also be some additional fixed network costs applicable to certain blockchains. All fees are clearly displayed upfront before confirming the purchase.

Once the crypto purchase order is initiated on MoonPay, transaction speed can vary from near instant to 1 business day depending on the payment method and currency used. This is still far faster than traditional crypto on-ramps.

The user experience from end-to-end purchase to wallet delivery is designed to be simple and efficient – true to MoonPay’s goal of accelerating mainstream crypto adoption.

Selling cryptocurrencies with MoonPay

MoonPay also enables users to easily liquidate their crypto holdings. The process works as follows:

  1. Send the crypto you wish to sell to the wallet address provided by MoonPay.
  2. Once received, the value of crypto is exchanged to fiat currency based on live market rates.
  3. Withdraw the funds via your chosen payout method. Popular options include bank transfer, PayPal, Skrill, and credit/debit card deposit.

Selling through MoonPay is convenient compared to using a traditional exchange which typically has order books, bid-ask spreads and withdrawal delays.

Supported payment methods for selling crypto

Users can cash out from their crypto sales to the following payment channels:

  • Bank account – Withdrawals to bank accounts globally.
  • Credit/Debit Card – Visa, Mastercard deposits.
  • PayPal – Instant transfers to linked PayPal account.
  • Skrill – Digital wallet withdrawals.
  • Other – Regional payment and e-wallet partners.

Transaction fees and process for selling crypto through MoonPay

Similar to purchases, MoonPay also charges a percentage fee when selling crypto through their platform. This covers transaction costs as well as exchange liquidity services they facilitate.

Sellers can preview the exact fee amount in percentage + fixed network cost before confirming any withdrawal transaction. Processing speeds for payouts depends on the selected payment method.

By streamlining both the purchase and sale of cryptocurrencies through their brokerage, MoonPay delivers a much-needed solution that connects traditional finances to emerging digital assets.

Cryptocurrencies available for purchase on MoonPay

MoonPay currently supports the buying and selling of over 80 cryptocurrencies. Some of the major crypto assets include:

Cryptocurrency Symbol
Bitcoin BTC
Ethereum ETH
Solana SOL
Cardano ADA
Dogecoin DOGE
Polkadot DOT
SHIBA INU SHIB
Chainlink LINK

Overview of the supported cryptocurrencies

The digital currencies supported represent the most widely adopted tokens spanning leading smart contract platforms, meme coins, decentralized finance projects, wallet tokens, stablecoins and more.

MoonPay periodically adds support for new and rising cryptocurrency projects to give users to option to buy into the latest market trends.

Their curated selection aims to offer the most relevant, reputable, and high-liquidity crypto assets to ensure a smooth purchasing experience.

Availability of specific cryptocurrencies based on user location

Depending on local regulations and compliance requirements, some cryptocurrencies may only be available to users in select countries and regions.

For example, users accessing MoonPay from the United States have a wider array of token options compared to a country with more restrictive crypto regulations.

MoonPay indicates any location-based restrictions on cryptocurrency purchases upfront on their platform. Their approval flows also adhere to necessary compliance procedures like KYC verification.

By maintaining robust legal and compliance standards globally, MoonPay continues expanding access to crypto safely across different regulatory environments.

User experience and ease of use with MoonPay

MoonPay prioritizes usability and streamlines complex blockchain interactions into an easy flow for mainstream users.

Key UX highlights include:

  • Intuitive purchases – Crypto can be bought in just a few clicks via various payment methods. Minimal personal details are required.
  • Real-time support – Dedicated customer assistance for queries and purchase guidance.
  • Security – Leading custody and compliance standards safeguard user assets and data.
  • Seamless integration – Developers can easily embed MoonPay checkout modules into their own apps and websites.
  • Multi-chain wallets – Bought crypto can be withdrawn to different compatible wallets like Metamask, Trust Wallet, Ledger, and more.

Transaction fees and costs associated with using MoonPay

As outlined earlier, MoonPay charges 1.5% to 5% as a percentage fee on crypto purchases and sales. There may be some additional fixed network fees depending on the digital asset and blockchain.

These competitive rates come without any subscription costs, trading commissions or spreads – unlike traditional crypto exchanges.

Considering the convenience and security benefits gained, the MoonPay experience balances affordability with value, especially for casual crypto investors.

Comparison of MoonPay with other crypto purchasing platforms

Compared to pure exchange platforms like Coinbase or Binance, MoonPay specializes in fast and simple on-ramps enabling crypto purchases using everyday payment methods. They excel in usability catered to mainstream adopters.

Versus peers like Wyre and Simplex, MoonPay offers more cryptocurrency coverage along with robust compliance tools for easy integration. Their global payment methods also continue expanding access worldwide.

Jack Dodd https://coinhatcher.com

Jack Dodd is a cryptocurrency enthusiast and investor who contributes regularly to CoinHatcher. He first became interested in digital assets in 2017 during the massive bull run that saw prices skyrocket.
Since then, he has actively researched and traded various cryptocurrencies while also studying blockchain technology and its potential to disrupt multiple industries. John is particularly fascinated by decentralized finance (DeFi) and the ways it can provide financial services to those without access to traditional banks.

You May Also Like

More From Author

+ There are no comments

Add yours