MoonPay : What is it and why are celebrities backing it?

What is MoonPay? MoonPay is a cryptocurrency technology company that allows users to buy and sell crypto coins and other digital assets using fiat currency. The platform is highly mi

nimalistic and intuitive. It’s quickly gaining a lot of customers from around the world, and at the time of writing, it’s available in more than 160 countries.

So, in this MoonPay Review, we’ll take a look at what the platform has to offer and see if it’s worth your time and money.

1. What is MoonPay?

MoonPay is a cryptocurrency payment platform that allows customers to pay for goods and services with Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. MoonPay was founded in 2019 by Ivan Soto-Wright and Victor Faramond with the goal of increasing cryptocurrency adoption.

In November 2021, MoonPay closed its Series A funding round at $555 million, valuating the company at $3.4 billion.

The company recently announced that it has received $87 million in funding from A-List celebrities such as Justin Bieber, Snoop Dogg, Gwyneth Paltrow, Post Malone, Ashton Kutcher, and many more, making it the largest celebrity-backed crypto company to date.

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2.How does MoonPay work?

MoonPay allows users to buy and sell cryptocurrencies using fiat currency. The platform is available in more than 150 countries and offers a wide range of payment methods, including credit cards, debit cards, bank transfers, and more.

Once you’ve created an account on Monday, you can start buying and selling cryptocurrencies. The first thing you need to do is select the currency you want to buy or sell. For example, if you want to buy Bitcoin, you would select “BTC” from the list of currencies.

You can then enter the amount of fiat currency you want to spend on your purchase. MoonPay will then calculate the amount of cryptocurrency you will receive based on the current market rate.

You can also use MoonPay to buy goods and services with cryptocurrency. The platform has a wide range of merchants that accept Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.

3. Why are celebrities backing it

Celebrities are backing MoonPay because they see the potential in it. MoonPay is a payment service that raised $555 million from Tiger Global, Coatue, and other investment firms in its first round of funding. 60 new celebrity investors have collectively raised $87 million for the platform following this initial round of funding. These celebrities were already users of MoonPay and have realized the potential of NFTs, Web 30, and cryptos after purchasing a Bored Ape or some other NFT through the platform.

The celebrity backing allows MoonPay to tap into new markets and continue to grow its userbase. Celebrities are often trendsetters and their involvement gives MoonPay a level of legitimacy that it might not have otherwise had.

Additionally, the celebrities who are backing MoonPay are also some of the most active users of the platform. This means that they are invested in seeing MoonPay succeed and will continue to use the platform even as it grows and changes.

4. Is MoonPay Safe?

Yes, MoonPay is safe and secure. MoonPay has a robust security infrastructure in place, with data encryption in transit and at rest, as well as regular backups. Security monitoring and protection are in place throughout the company, from employee devices to log collection.

MoonPay also complies with GDPR standards and PCI DSS for payment information processing and storage. There is a private bug bounty program hosted on HackerOne for finding potential vulnerabilities.

So, you can rest assured that your information is safe with MoonPay.

5. MoonPay Pricing Plan

MoonPay does not have any hidden fees or charges. The only fee you will ever pay is the network fee and Processing Fee, which are displayed when you make a transaction.

Here charges, you pay when Buying Cryptocurrency

Types of Payment Processing Fee   Network Fee  
EU/UK/US bank transfer Payment 4.5% dynamic*
Minimum Payment $3.99 or currency equivalent dynamic*
bank transfers  1% or a minimum of $3.99 or currency equivalent dynamic*
PIX 3.5% dynamic*

 Here charges, you pay when Selling Cryptocurrency

Types of Payment Processing Fee  
Card 1% or $3.99 or currency equivalent

*dynamic fees is subject to change depending on the network conditions.

The fees you pay depend on how you’re funding your account and what currency you’re buying or selling. The processing fee is a percentage of the total transaction, while the network fee is a flat rate. MoonPay also charges a dynamic network fee on all BTC, ETH, and ERC20 token purchases and sales. The fee is based on blockchain network conditions and will be displayed within the widget before you make the payment.

6.How to open an account with MoonPay

The account is automatically created when you first use the service. But make sure to go through the verification process to be able to buy and sell cryptocurrencies.

To get started with MoonPay, your age must be over 18 years old, and you must have a valid email address, phone number, and government-issued ID.

To start the verification process, you will need to provide your full name, date of birth, country of residence, and phone number. You will also need to upload a photo ID. Once you have submitted this information, Monday will review your application and get back to you within a few days.

7.How to set it up Account

1. To set up a recurring buy, you need to create an account on MoonPay. To do this, go to buy.moonpay.com and click on the “Sign Up” button in the top right-hand corner of the page.

2. Once you have created an account, you will be taken to the “Make your payment” page. On this page, you will need to enter the amount you would like to buy every month in your default fiat currency.

Under the order summary, you will see a checkbox that says “Make this a monthly buy”. Once you have ticked this box, your recurring buy will be set up!

You will see your recurring buy in the “Recurring buys” tab in the widget menu. From here, you can view your past orders and cancel or edit your recurring buy at any time.

8.What has supported Payment methods?

The following payment methods are currently supported by MoonPay:

  • Credit/debit card (including MasterCard, Visa, and Maestro)
  • Apple Pay
  • Google Pay (supported only on Android devices)
  • SEPA and SEPA Instant (EUR-denominated transactions in SEPA countries only)
  • UK Faster Payments (GBP-denominated transactions in the UK only)
  • PIX (BRL-denominated transactions in Brazil only)

9.What payment methods can US residents use on MoonPay?

US residents can purchase using the following payment methods on MoonPay:

  • Credit/debit card (including MasterCard, Visa and Maestro)
  • Apple Pay
  • Google Pay (supported only on Android devices)

Please note that your bank may have its own terms of use, and it may choose to decline your transaction. If this happens, please contact your bank and ask to “unblock MoonPay” as this can work. 

10.How long does it take for you to receive cryptocurrency?

Cryptocurrency orders usually take between a few minutes and a few hours to be processed, depending on the number of orders and any additional security checks that need to be conducted.

If you’re purchasing cryptocurrency via GBP bank transfer, your order will be sent to your wallet within one working day. However, if you’re purchasing cryptocurrency via EUR bank transfer, your order can take up to three working days to arrive in your wallet.

11.Which fiat currencies is currently supported?

The following fiat currencies are currently supported by MoonPay:

  • AUD – Australian Dollar
  • BGN – Bulgarian Lev
  • BRL – Brazilian Real
  • CAD – Canadian Dollar
  • CHF – Swiss Franc
  • CNY – Chinese Yuan
  • COP – Colombia Peso
  • CZK – Czech Koruna
  • DKK – Danish Krone
  • DOP – Dominican Peso
  • EGP – Egyptian Pound
  • EUR – Euro
  • GBP – Pound Sterling
  • HKD – Hong Kong Dollar
  • HRK – Croatian Kuna
  • IDR – Indonesian Rupiah
  • ILS – Israeli New Shekel
  • JPY – Japanese Yen
  • JOD – Jordanian Dollar
  • KES – Kenyan Shilling
  • KRW – South Korean Won 
  • KWD – Kuwaiti Dinar
  • LKR – Sri Lankan Rupee
  • MAD – Moroccan Dirham
  • MXN – Mexican Peso
  • MYR – Malaysian Ringgit
  • NGN – Nigerian Naira
  • NOK – Norwegian Krone
  • NZD – New Zealand Dollar
  • OMR – Omani Rial
  • PEN – Peruvian Sol
  • PKR – Pakistani Rupee
  • PLN – Polish Złoty
  • RON – Romanian Leu
  • SEK – Swedish Krona
  • SGD – Singapore Dollar
  • THB – Thai Baht
  • TRY – Turkish Lira
  • TWD – Taiwan Dollar
  • USD – US Dollar
  • VND – Vietnamese Dong
  • ZAR – South African Rand

12.Is MoonPay good to use?

MoonPay is a great way to buy a cryptocurrency and set up recurring buys. You can use a range of payment methods, including credit/debit cards, Apple Pay and Google Pay.

Orders usually take between a few minutes and a few hours to be processed, depending on the number of orders and any additional security checks that need to be conducted.

13.Benefits of using the platform MoonPay

The following are some of the benefits of using MoonPay:

  • You can use a range of payment methods, including credit/debit cards, Apple Pay and Google Pay.
  • Orders usually take between a few minutes and a few hours to be processed, depending on the number of orders and any additional security checks that need to be conducted.

14.Disadvantages of using the platform MoonPay

The following are some of the disadvantages of using MoonPay:

  • You may have to pay fees for using certain payment methods.
  • You have to purchase at least $30/ worth of cryptocurrency, otherwise, you will be charged a $4.9 transaction fee.
  • Limited tokens to choose from: You can only purchase listed tokens on MoonPay.
  • Very bad Customer Review: There are a lot of complaints about the customer service on Monday.

15.Is MoonPay trustable?

Yes, MoonPay is a reliable way to purchase cryptocurrencies. You can use a range of payment methods, including credit/debit cards and Apple Pay. Orders usually take between a few minutes and a few hours to be processed, depending on the number of orders and any additional security checks that need to be conducted.

16.Is MoonPay better than Coinbase?

No, MoonPay is not necessarily better than Coinbase. Both platforms have their own advantages and disadvantages. For example, Coinbase allows you to purchase a wider range of cryptocurrencies, but it also charges higher fees. MoonPay allows you to use Apple Pay and Google Pay, but it has a smaller selection of listed tokens.

It really depends on your own preferences as to which platform is better for you.

17.How do I get a refund from MoonPay?

Unfortunately, cryptocurrency transactions are not reversibl.e Once you have made a purchase, it cannot be refunded. This is why it is so important to make sure that you are absolutely sure about a purchase before you confirm it.

If you have any issues with your purchase, please contact MoonPay customer support . They will be able to help you troubleshoot any issues that you may be having.

18.What are the supported countries for MoonPay?

MoonPay is available in over 160 countries. Some of the supported countries include United States, Canada, the United Kingdom, Australia, Singapore, and more. For a full list of supported countries, please visit their website.

19.Does MoonPay work in USA?

Yes, MoonPay is available in the United States. You can use a range of payment methods, including credit/debit cards and Apple Pay.

20.Can I cancel my MoonPay order?

If your order is still pending verification, you may be able to cancel it. However, once an order has been confirmed, it cannot be reversed or refunded. This is why it is so important to make sure that you are absolutely sure about a purchase before you confirm it.

21.Do you need to be 18 to use MoonPay?

Yes, you must be at least 18 years old to use MoonPay.

22.Is MoonPay considered cash advance?

Yes, or No , depending on your bank. Some banks will categorize cryptocurrency purchases as a cash advances, which may come with additional fees. However, this is not something that MoonPay can control. If you are unsure, please contact your bank to find out their policy on cryptocurrency purchases.

23.How long does Moonpay take to deposit

MoonPay usually takes between a few minutes and a few hours to deposit cryptocurrencies into your account, depending on the number of orders and any additional security checks that need to be conducted.

24.Can you use credit card with MoonPay?

Yes, you can use a range of payment methods with MoonPay, including credit/debit cards and Apple Pay.

25.What is the limit on Moonpay?

The minimum amount you can purchase on MoonPay is $30/ worth of cryptocurrency. There is no maximum limit.

Conclusion

Overall, MoonPay is a reliable and easy-to-use platform for purchasing cryptocurrencies. It has a wide range of supported countries and allows you to use a variety of payment methods, including credit/debit cards and Apple Pay. However, it is important to be aware of the fees associated with using MoonPay and the fact that cryptocurrency transactions are not reversible.

If you are thinking about purchasing cryptocurrencies, MoonPay is definitely worth considering.

Have you ever used MoonPay? What was your experience? Let us know in the comments below!

Happy crypto-ing! :)”moonpay is a great way to purchase cryptocurrencies. i have used it myself and it is very simple

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