MoonPay; All You Need to Know About

Introduction: What is MoonPay?

Launched in 2019, MoonPay is a cryptocurrency payment service that allows people to buy and sell cryptocurrencies and NFTs using several payment methods that are widely used. MoonPay has risen in popularity since its launch and is making its way into the NFT market. It recently got funded by top celebrities such as Gwyneth Paltrow, Justin Bieber, Post Malone, and many more people. The company raised a total of $87 million. MoonPay lets you sell various cryptocurrencies such as Bitcoin, Chainlink, Dogecoin, Ethereum, Filecoin, Polygon, etc. The assets that the app allows users to use are Bitcoin, Ethereum, Tether, and USDC. Some of the notable partners of MoonPay are Abra, Binance, Opensea, ZenGo, etc.

How to make an account on MoonPay?

Buying Bitcoin is a very simple process. Select the amount which represents your desired investment. Then create an account in which important documents such as identity proof and photos will have to be submitted. The following things are required to open the account: Name, Address, Mobile Number, Date of Birth, and Valid Government ID Proof. After creating an account, bank details need to be verified. After completing these steps, a new account can be opened and cryptocurrencies can be exchanged easily. Buying Bitcoin through MoonPay is easy as well. All you have to do is select the amount of Bitcoin you want to buy in exchange for fiat currency and then choose the wallet through which the Bitcoin should be transferred. After this, choose the payment method. After a few minutes, your bitcoin will appear in your chosen wallet!

Popularity of the Bitcoin buying/selling app:

What has made MoonPay so popular is the services it provides other than payment services. Users can use fiat currency to complete the transactions of cryptocurrency. It can offer users several traditional payment methods such as Debit cards, Credit cards, Apple pay, Google pay, etc. to purchase digital assets. The website has more than 10 million users which are spread over 160 countries and have completed $3 billion in transactions. Most of the celebrities who use MoonPay have purchased some NFT through the platform, such as Web 3.0 because of the revenue they bring in.

"Web3 is inspiring the entertainment industry, and commerce in general, to reimagine the way we create community, connect with fans, build value and manage intellectual property," Gwyneth Paltrow said after she invested in MoonPay.

Pros and Cons of MoonPay:

The app comes with its pros and cons as per the review it received in 2022. The app is beginner-friendly, supports various currencies and payment methods, has various crypto wallet and exchange integrations, and has extensive cryptocurrency support. On the other hand, it has expensive trading fees, no swapping for cryptocurrency, and no advanced trading tools with no crypto staking.

Is the Money Refundable on MoonPay?

The most commonly asked question is whether the money is refundable on MoonPay. Unfortunately, it cannot be refunded. All the transactions related to cryptocurrencies are irreversible, and once the payment is completed, the money cannot be given back. However, if there is any problem during the transaction, you can contact customer support and help in solving the problem.

Is MoonPay a Safe App to use/Is MoonPay a Scam/Is MoonPay Legit?

With all this information about MoonPay, it is important to know whether the world-known app is safe to use or not. Many users think that the app is not safe to use and is a scam. But the truth is, MoonPay is very safe to use. It is a trusted platform with an extensive list of corporate integrations. It is trusted by more than 150 countries in the world! The data that is stored in MoonPay is encrypted using AES-256 block level encryption and is stored in data centres that are compliant with PCI DSS and ISO27001. According to the website of MoonPay, security and privacy is their main priority. They have taken industry-standards measures to ensure it, such as all the data received is protected against attacks using HSTS policy and TLS 1.2 encryption.

According to TrustPilot, MoonPay is one of the leading review websites in the world for any type of service or product. The app has more than 50,000 reviews, out of which 75% of the users have rated it excellent. What users have praised is the easy usage of the platform with the customer support it provides. MoonPay is a secure and private way to empower users to build a seamless payment structure for cryptocurrencies. The users don't have to worry about their information being leaked or exposed as the company has specifically taken standard measures for their customers with enhanced data security. Moreover, every customer has to complete a justified KYC method on MoonPay, unless the user completes the KYC procedure, the features for the user are quite limited.

There have been no reported cases of MoonPay fraud to date. All the information on the platform is kept transparent and all of it is available on the website. The app never asks for passwords, all the communication that occurs happens through email addresses. The app does not allow any unauthorized individual to access any data of the users.

Current Transactions Status of MoonPay:

In addition to security, MoonPay has also secured Money Transmitter licenses across various states in the USA. This has been done to meet the high standards of regulatory compliance across the country. MoonPay has licenses in Alaska, Arizona, Arkansas, Delaware, Georgia, Florida, Kansas, Iowa, North Dakota, Oregon, South Dakota, New Hampshire, Michigan, Maryland, New Mexico, and Maine and has submitted 26 more applications for licenses in other states. These licenses are vital in the USA for buying or selling services companies so that they can provide independently to their customers and not rely on a third party. These licenses further show the company’s legal and financial regulations and how the business operates.

“MoonPay’s mission is to bring crypto to the next billion people and democratize access to finance. We are here to build a business for the long-term and as part of this journey, we are committed to upholding the highest standards of global regulatory compliance. The progress we have made so far in the United States is a testament to this commitment. In addition to MoonPay being a US FinCEN-registered Money Services Business, we are pleased to have been granted Money Transmitter licenses in 18 states and hope to have these live across all applicable US states by early 2022.", says the CEO and co-founder of MoonPay, Ivan Soto-Wright.

Conclusion:

In conclusion, MoonPay is a very secure app that is quite easy to use for buying and selling cryptocurrencies. The app provides several services that attract users in a very unique way. The app is active in more than 150 countries and trusted by more than 250+ wallets, websites, and millions of users.

-Written by Sharktanktalks Staff