MoonPay Review

What is MoonPay?

First things first - let me answer the most basic question: "What is MoonPay?".

The service was launched back in 2019 and started out as a relatively new player compared to some other crypto giants in the space. That being said, the MoonPay crypto platform quickly grew in popularity and established itself as one of the leading payment gateways in the industry.

There are a few reasons why that’s the case. Naturally, we’ll go over the specific pros and cons in a bit - however, in short, MoonPay positioned itself both as an easy-to-integrate tool for businesses, as well as a user-friendly fiat-crypto conversion platform that can act as the first point of contact that an individual might have with crypto purchasing solutions.

Or, to put it simpler and in other words, MoonPay is great both as a Business-to-Business (B2B) as well as a Business-to-Customer (B2C) option.

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So, if you wondered "What is MoonPay?", you should note that the platform gained major traction during the 2021–2022 crypto boom, particularly as NFTs dominated public interest. This is true thanks to its clever marketing strategies, as well as the rapid developments in the crypto market.^[1]

A major development came in May 2023, when MoonPay launched its app. It's a major addition to the MoonPay ecosystem that quickly gained popularity and remains widely used today. It’s packed with a variety of super-useful and innovative features, and, judging by user MoonPay reviews, appears to have become a favorite among enthusiasts, rather quickly.

MoonPay Review: PROS

Having mentioned the MoonPay app already, it’s actually a pretty good starting point to talk about the pros & benefits of the service provider in question.

A Feature-Rich Mobile App

MoonPay was launched in 2019, but for a while, there weren’t many MoonPay reviews focused on its mobile app. That changed after the release of the mobile app in May 2023, which quickly became an essential part of the platform’s ecosystem.

Since its launch, the app has attracted crypto enthusiasts worldwide. At the forefront of why that’s the case, you’ll find one big reason - user experience.

Since the very beginning, MoonPay has strived to be as beginner-friendly as possible. All it takes is a single look at their website, or the crypto acquisition interface itself - even if this is your first time trying to buy crypto, you really shouldn’t face any issues whatsoever.

MoonPay has made it a point to transfer this simplicity to their mobile app, as well. With availability in both the Apple App Store and the Google Play Store, the MoonPay app allows users to “buy crypto in minutes”, choosing from a wide selection of fiat currencies and crypto assets.

Another huge feature that the app possesses has to do with your crypto wallets. It’s not uncommon for cryptocurrency enthusiasts to have more than a single wallet, be it hardware, software, or otherwise. Many MoonPay reviews will tell you that the app allows you to manage all of your wallets from a single application!

Well, OK, perhaps not all of them, especially if you use a paper wallet. However, MoonPay supports the integration of the most popular crypto storage options available, so the vast majority of wallets are likely accounted for.

The app also features partnerships with some of the best-known names in Web3, such as Uniswap, MetaMask, OpenSea, and more. These partnerships allow you, the user, to interact with said brands via the MoonPay app.

One thing that’s worth mentioning here is that there’s not really such a thing as a dedicated “MoonPay wallet”. While you can send funds through your MoonPay account, it's advisable that you utilize a top-rated third-party wallet like Ledger Stax or Ledger Flex.

All Major Payment Methods Supported

While sleek design-rocking interfaces, and satisfying button placement are things that add to the overall experience and user-friendliness of a crypto acquisition platform, there are some important things under the hood to consider, as well.

One of these things is the availability of popular and widespread fiat payment options. And, the good news here is that many MoonPay reviews are very positive regarding this aspect.

Availability of payment options to buy crypto varies depending on the country you are in, but may include the following:

• VISA/MasterCard/Maestro;
• SEPA/wire transfer;
• Google Pay;
• Apple Pay;
• Faster Payments (UK only);
• ACH (US only);
• Open Banking.

Additionally, depending on your location and a few other factors, you might be able to pay using some other credit/debit cards or local bank transfers.

Truth be told, these options cover most of the common ways people fund crypto purchases. I mean, sure - you might read through some MoonPay reviews, and notice that someone’s asking about a P2P option, but such “alternative” payment methods are rather niche.

And really, being able to buy crypto using anything from a Visa card to Google Pay makes the platform especially approachable for beginners.

That being said, multiple payment methods don’t really matter if there’s a lack of assets that you can purchase in the first place. Thankfully, MoonPay users generally report that the platform offers a solid selection of cryptocurrencies to buy.

Over 100 Different Cryptocurrencies Available

At the beginning of this MoonPay review, I pointed out the fact that crypto acquisition is becoming easier and more streamlined, as time goes on. Apart from a myriad of other reasons, this is in part because crypto’s going mainstream^[2] and a constant influx of new projects into the market is helping facilitate that, quite a bit.

Evidently, as those new projects enter the space, they bring with them an even bigger number of native coins & tokens. As a result of that, enthusiasts are now keen on developing a far more varied portfolio, instead of holding on to just Bitcoin and Ethereum.

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This is something that’s rather obvious from multiple MoonPay reviews as well.

Positioning itself as a “gateway to the world of Web3”, it would be a bit counterintuitive if MoonPay only offered a few crypto assets to be purchased via its app or browser interface. Instead, however, users will be happy to learn that the MoonPay crypto list extends to 170 different coins & tokens at the time of writing!

What this means is that you’ll be able to purchase both the “main” assets (LTC, XRP, ADA, USDT, and many more, in addition to the earlier-mentioned BTC and ETH), as well as some smaller, less-known tokens, as well.

The great thing here, as you might have figured out already, is that all of those assets will be acquirable using fiat money - you won’t need to perform complex transactional gymnastics in order to buy one asset for fiat, and then swap that token for another.

Naturally, the simplicity that this fiat-crypto on- and off-ramp provides does come with some downsides, as well, with the main one mentioned in some reviews being the fees. However, it’s worth noting that fees will always be higher when it comes to any fiat-crypto platform because you essentially pay for convenience.

No matter how you look at it, one thing’s for certain: for most users (both beginners as well as advanced-level traders/investors), MoonPay would serve as a one-stop shop for all things crypto, from an asset variety perspective.

A Security-Conscious Crypto Acquisition Gateway

Security is, without a single doubt, the most important feature when dealing with crypto. I tend to emphasize this all the time, but it really deserves to be hammered in - if the platform that you’re using isn’t secure, your crypto is as good as gone.

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Naturally, there are quite a few user MoonPay reviews online that pose this exact question: Is MoonPay safe? I’m glad to say that, by the looks of things, the platform appears to take security very seriously.

First of all, you have the data encryption part of the matter. All data that travels to and from MoonPay is encrypted via “Transport Layer Security (TLS) version 1.2 or later”. What this essentially means is that your information is kept completely private, as it travels to and from MoonPay’s infrastructure.

This is just regarding the data that’s sent and received. However, you also have information that’s stored with MoonPay. Here, the platform in question utilizes AES-256 encryption, which is one of the strongest and most bulletproof types of data encryption available.

Then, you have features such as constant internal monitoring, security assessments, log collection, suspicious activity flagging, and much more. Every single process, whether it be new code additions, vulnerability testing, or GDPR adherence, has a protocol established, which works to maintain the highest level of security and data privacy.

If that doesn’t answer the question of "Is MoonPay safe?", there’s a whole other aspect, as well - KYC.

Even if you haven’t spent a lot of time in the crypto space and aren’t aware of what is MoonPay, there’s a pretty good chance that the three-letter combination, KYC, rings a bell. It stands for “Know Your Customer” and is a set of identity verification guidelines that all legitimate financial institutions must adhere to, crypto service providers included.

If you’re wondering: "Is MoonPay legit?", this should serve to answer that question as well. The platform employs a rather strict KYC verification process, with strict limits on how much crypto you can buy or sell imposed depending on the KYC level that you’ve passed.

It goes from some fundamental process, such as ID verification via an official document and selfie, all the way to a financial risk assessment survey and proof of address.

Last but not least, MoonPay also runs a bug bounty program on HackerOne. It allows the general public to report security vulnerabilities they discover, helping strengthen the platform’s defenses while earning potential rewards for valid submissions.

All in all, it’s evident that MoonPay takes security seriously. While this is something that’s mentioned in quite a few user MoonPay reviews, it’s certainly nice to be able to see it by yourself!

Business-Dedicated Tools - Available!

Up to this point in the MoonPay review, we’ve talked about the different features of the platform, and how it has positioned itself to be one of the leading crypto payment on-ramps/off-ramps.

There is a whole other side to the matter, however. One that has to do with the B2B aspects mentioned earlier in the article.

MoonPay serves as a payment gateway solution between businesses that deal with crypto and people who want to pay in fiat currencies for their products and/or services. In other words, the platform acts as a middleman that aims to simplify the connection between those two parties, to the extreme.

You could think of it like this: imagine that you’re running a marketplace where you sell NFTs. Traditionally, NFTs could only be sold (rather, traded) for crypto coins or tokens, not for fiat money. However, with the help of MoonPay, you could integrate a fiat-NFT off-ramp on your marketplace, and thus, ease the NFT acquisition process for your non-crypto-savvy customers by quite a significant margin!

To add to all of that, it’s not just a gimmick, either. MoonPay has established a rather strong presence in the B2B market, offering its payment gateway services to a myriad of well-known names in the Web3 space. The partnerships mentioned earlier, like Ledger, Uniswap, MetaMask, and so on, are great examples of this!

While this is, admittedly, less relevant to retail traders and investors, it’s still a point worth mentioning in this MoonPay review, nonetheless!

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MoonPay Review: CONS

Now that we’ve covered some of the biggest perks and features that are notable for any MoonPay review, let’s not forget that no platform is perfect - MoonPay is no exception. Let’s take a look at some of the more notable complaints that users have in regards to this particular crypto service provider.

Strict KYC - No Anonymous Crypto Acquisition

Earlier in the MoonPay review, I talked about KYC - how it’s hugely important for answering the question “is MoonPay legit and safe?”.

That stands true, don’t get me wrong. However, it’s also worth pointing out that KYC might also prevent some users from utilizing the services of the platform, as well. This is going to be true for anyone who wants to remain anonymous in their crypto endeavors.

Admittedly, this is an ever-present debate in the global crypto scene. One that often splits the community in half, as well as one that’s not likely to receive any sort of closure anytime soon.

While KYC is usually seen as a mandatory means for proper security and illegal activity deterrence, many people would argue that it goes against one of the core aspects of crypto tech, which is anonymity. Indeed, there are plenty of services out there that offer their users the chance to trade crypto anonymously. These platforms are called decentralized exchanges, or DEXs.

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A single glance at user MoonPay reviews will quickly tell you that this particular platform is not a DEX. MoonPay does not have anonymous crypto acquisition possibilities.

Evidently, this isn’t necessarily going to be an issue for the vast majority of crypto traders and investors out there. However, if you fall into the group of people who do care about anonymous crypto acquisition, the MoonPay crypto app might not be the best choice for you.

Relatively Higher Fees

One of the most common gripes I found online is MoonPay's steep fees, especially when buying small amounts of crypto. A Reddit user shared that they tried buying $160 in BTC but only received $132, implying nearly a 17.5% fee. Another wrote, "I bought $600 worth of bitcoin… paid $73 in transaction fees so I have about $527 worth of coin". Those are pretty hefty cuts compared to typical crypto exchanges.

Here’s a breakdown of MoonPay’s fee schedule based on its official Pricing Disclosure page:

Table: MoonPay fee schedule

Keep in mind that there are other fees that may be incurred with your transaction, such as ecosystem fees, spreads, and bank-related fees. According to MoonPay, these relatively higher fees cover the cost of:

..payment processing costs, chargeback costs and other transaction-related expenses (such as fraud prevention, blockchain analysis, KYC, monitoring, and affiliate costs).

Personally, I appreciate the transparency, but I’ve got to say, MoonPay’s fees can feel pretty steep, especially if you’re just buying a small amount of crypto. Between the percentage cuts, minimum charges, and currency adjustments, it’s definitely not the cheapest option out there, even if it is super convenient.

A Lack of Advanced Trading Tools

By now, as far as this MoonPay review is concerned, it’s rather evident that the platform in question is an on-/off-ramp for crypto. So, it's NOT a trading tool.

Every single feature, from MoonPay customer service and app, all the way to the actual crypto acquisition process and the main user interface, is tailored around speed and beginner-friendliness. This is great if crypto aims to go truly mainstream, simplistic on-ramps are definitely going to be needed!

That being said, what about advanced-level traders and investors? Is MoonPay legit for anyone who wants to utilize some high-end functionalities?

Unfortunately, it does not appear to be the case. Given that the service in question is a fiat-crypto on-/off-ramp, it lacks any advanced functionality that you would otherwise associate with cryptocurrency exchange platforms, such as leverage trading, different order types, and so on.

To be frank, this isn’t necessarily a deal-breaking issue, at least not for most crypto enthusiasts. While there are MoonPay reviews out there that express disappointment due to this fact, it’s worth remembering that MoonPay isn’t an exchange platform, to begin with. Instead, it’s a crypto acquisition or payment gateway.

On top of that, even experienced crypto traders likely find themselves in situations where they’d love to have access to all of their wallets in a simpler manner, or sell their crypto in a quick and hassle-free way. In situations like those, learning about what is MoonPay can be very beneficial!

How to Use MoonPay?

Now that we have the benefits and shortcomings of this MoonPay review discussed and sorted out, chances are that you’ve managed to develop some sort of an initial opinion about the platform.

If that’s the case, and you think that you’d like to try it out for yourself, it’s a good idea to look into how to use MoonPay for the first time! With the MoonPay app being very self-explanatory and straightforward to use, I’ll focus on the browser version of the platform.

First of all, you’ll want to navigate to the MoonPay crypto official website. Here, you used to have two options: you could either register and purchase/sell crypto with an account, or go to the [Buy] interface directly. As of writing, MoonPay has streamlined the process so your only option is to use the second method if you want to do it on a desktop. Here is how it works:

Note that depending on the amount of crypto that you want to buy or sell, however, you might also need to fill out a financial risk assessment survey, as well as submit proof of address. Once again, this is all done in order to ensure maximum user fund security and regulatory compliance. This is certainly a big factor for those still wondering, “Is MoonPay legit?”.

Now, how about the mobile app users? Well, no worries! Here is how you can buy cryptocurrencies on the MoonPay app:

Note that if you choose to buy crypto via a bank transfer, you are still able to cancel your order if you change your mind. If you want to cancel before making the transfer, all you need to do is, well… not go through with it, and it will cancel itself automatically in a few days.

If, however, you’ve already made the payment, you will need MoonPay customer service to help you out. Luckily, contacting them is simple, but make sure to do so hastily!

Pros

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Main Features

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Pros

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• Accepts fiat currencies

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Pros

• Beginner-friendly
• Secure
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Main Features

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Conclusions

MoonPay has positioned itself as a sort of “express checkout for the crypto world”, a widget that allows you, the user, to purchase and/or sell crypto with just a few clicks of the button. The platform is very lightweight, and everything from its design (UX), all the way to the available features (UI) serves that aforementioned goal.

Many MoonPay reviews will tell you that the service is super-easy to use, and is streamlined so that it’d be approachable by even complete industry newcomers. That being said, MoonPay also has a business-oriented widget.

User-friendliness doesn’t interfere with the security and reliability features of the platform. So, anyone who wonders "Is MoonPay safe?" should note that the platform is equipped with all industry-standard security features, and then some.

While it may lack advanced-level functionality, and the KYC verification checks can appear daunting, there’s no denying that MoonPay is certainly one of the more prominent crypto on-/off-ramps on the market. Whether or not it’s the right platform for you will depend solely on your own personal preferences!

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. Marcin W., Stanisław D., Jarosław K., et al.: 'Multiscale characteristics of the emerging global cryptocurrency market';

2. Fan F., Carmine V., Michail B., et al.: 'Cryptocurrency trading: a comprehensive survey'.