If you’re about to make your first cryptocurrency purchase, you may have already come across MoonPay. This payment bridge to the world of crypto, integrated into apps such as Ledger Live and Exodus, makes it easy to buy digital assets using a variety of payment methods. MoonPay also offers a wide selection of cryptocurrencies and a simplified identity verification process, making it a suitable choice for those buying crypto for the first time. Read on to find out if MoonPay is the right choice for you.
Review content – MoonPay:
What is MoonPay?
MoonPay is a cryptocurrency payment platform that individuals can use to purchase crypto, or businesses can use to integrate cryptocurrencies as an accepted payment method on their websites. In addition, MoonPay offers products for minting and developing NFTs, such as the NFT Checkout service.
MoonPay is integrated into platforms such as Ledger Live and Exodus, allowing users of these wallets to easily purchase cryptocurrencies. It can be considered an on-ramp and off-ramp between cryptocurrencies and fiat currencies—users can purchase cryptocurrencies with fiat or, conversely, exchange crypto back into fiat. It is then a simple process to send funds to the desired account.
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How to register with MoonPay
There is no need to register with MoonPay in advance. An account will be created for you automatically when you complete your first transaction. Identity verification takes place during your first purchase through MoonPay, ensuring a simplified and fast purchase process.
Regulatory compliance
Licensing: MoonPay is licensed in 48 US states, the UK, Ireland, and Italy. Although few jurisdictions have begun to regulate distributed ledger technology (DLT), obtaining licenses in these areas is a clear signal of legitimacy and a commitment to operating in accordance with the law. Licensing means oversight by local regulators and requires MoonPay to comply with specific operational, financial, and security standards applicable in each jurisdiction. This process is not easy and requires ongoing compliance, which strengthens user confidence by demonstrating external control and accountability.
AML and KYC procedures: MoonPay enforces mandatory Anti-Money Laundering (AML) and Know Your Customer (KYC) policies to curb illegal activity and protect the integrity of the financial network.
What cryptocurrencies can you buy on MoonPay?
MoonPay offers a wide selection of cryptocurrency assets that you can purchase, including (but not limited to):
- Bitcoin (BTC)
- Algorand (ALGO)
- Cardano (ADA)
- Solana (SOL)
- Cosmos (ATOM)
- Chainlink (LINK)
- Ethereum (ETH)
- Dogecoin (DOGE)
- NEAR Protocol (NEAR)
- Polygon (MATIC)
What payment methods does MoonPay accept?
MoonPay supports various payment methods on its platform.
For users outside the US, the following are available:
- Credit card (MasterCard, Visa, and Maestro)
- Apple Pay
- Google Pay (Android devices only)
- SEPA transfer (in euros only)
- UK Faster Payments (in GBP only)
- PIX (only in Brazilian reais)
For users in the US, options are limited to card payments and Google/Apple Pay.
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Fees on MoonPay
MoonPay charges three different types of fees, depending on the payment method used. In addition, you also have to pay a network fee to send funds to your crypto wallet. Overall, MoonPay’s fees can be considered relatively high compared to sending funds to a centralized cryptocurrency exchange (e.g., Binance) via bank transfer.
Bank transfer – 1% fee + network fee.
(Most cryptocurrency exchanges do not charge fees for deposits via bank transfer, so this fee is relatively high.)
Card payment (debit/credit) – 4.5% fee + network fee.
(This is roughly in line with typical card payment processing fees in the industry, although some services are closer to 3%.)
PIX payment – 2.95% fee + network fee.
Final assessment: MoonPay review – Who is it for?
Ultimately, whether MoonPay is “worth it” for you really depends on your specific needs and preferences.
MoonPay is a great choice for beginners who prioritize simplicity and speed and don’t mind paying higher fees for it. It’s a convenient way to take your first step into the world of cryptocurrencies without unnecessary complexity.
However, if you care about low fees, plan to trade actively, or need more advanced features, it’s definitely worth looking into exchanges with lower fees and alternative solutions.
Recommendation: do your own research, compare different platforms, and choose the one that best suits your needs and budget.
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