Hi everyone,in this article we will discuss about the Moonpay, a cryptocurrency company that allows you to buy and sell digital assets with fiat money and will try try to answer your queries like ‘ is moonpay safe ‘, ‘ is moonpay legit etc ‘.
In recent times, cryptocurrencies have been the buzzword. A lot of Investors are looking to invest in cryptocurrencies and trade them.
Currently, they look forward to centralized exchanges such as Moonpay that allow them to make an investment using fiat currencies.
What Is MoonPay Used For?
Many people might have heard about Moonpay, but many people doesn’t know, what is moonpay used for.
Moonpay is a cryptocurrency company that provides a service to users to trade cryptocurrencies and various crypto assets using fiat currencies such as USD.
It is quite easy to use and intuitive. Users can buy or sell cryptocurrencies quite easily, like buying a product from an eCommerce website.
Moonpay accepts all the credit and debit cards from major banks and various digital payment solutions like Samsung pay, Apple Pay, and Google pay.
As per the statistics, many applications integrate with moonPay because of highly secure features.
MoonPay Supported Countries?
Moonpay has gained huge popularity in the recent years.People are very much comfortable to use this platform.
Moonpay concentrates very well on improving the services hence making it one of the best platform with over 150 country support.
How To Use TrustWallet For MoonPay?
Users can use moonpPay with hardware wallets like ledger or Trustwallet. If any user wants to use a wallet on trust wallet, the steps are given below.
Step 1: Download the mobile or web application of TrustWallet on any device.
Step 2: Signup for a new account.
Step 3: To Send Crypto tokens, select the “Moonpay” from the menu. Enter your details such as destination address, name, currency, amount, and more.
Step 4: Confirm the transaction.
Users can Use Moonpay as the web browser extension. It is the two-step process to install Moonpay in the web browser.
If a user needs to make a payment, they can use a virtual card. The Virtual cards are available on Coinbase, from where users can buy.
Further, these cards can be used anywhere to make purchases.
How Long Does Moonpay Take To Verify?
All the verification Process is automatic on the Moonpay Application, but you need to submit a document or Image to that per the rules and regulations by Moonpay.
If a user wants to get their account verified, the time taken for that is from a few minutes to a few weeks.
If the verification is not done, users can write an email to the support center, who will help you get their account verified.
It is recommended that you submit the correct documents as per the requirements because many delays usually happen when a user does not upload the correct document or photos that are not accurate.
If you are a first-time user, then transactions you will do will also take some time to get processed; there will be many extra checks such as KYC and AML.
Once this is done, all transactions will be processed within 20 mins. But if there is a huge amount to transfer, it might take some more time because there will be some additional checks.
If by any chance, your transaction is not executed within a timespan of a week, then it will expire automatically, and you will receive an email that the transaction has expired.
Credit and Debit Card payments are processed immediately to buy crypto tokens after completing the verification process.
Once you make a transaction, and if it takes longer than usual, you can use their application to check the status of your transaction in real-time.
If you want to make a transaction on moonpay, you need to pay a fee of 2.7% of the total amount you are transferring, and the minimum amount is $ 3.99.
Moonpay application will always show you the total moonPay fees charged on a particular transaction that you are about to make.
Based on that, you can decide if you want to make a transaction or not. Here is the breakdown of the MoonPay fees charged for other transactions.
MoonPay Card Payments Fee
- Network fee: dynamic
- Processing fee: 4.5%
MoonPay Bank transfers Fee
- Processing Fee: 1 %
- Network Fee: dynamic
For selling transactions, for US/UK/EU transfers costs 1% of processing fees.
By dynamic transaction fees, it is meant that the fees will be based on the blockchain network at which transaction will be executed.
Is MoonPay Safe?
Moonpay uses advanced cryptography methodology to ensure the safety of the users and their funds. Some of the security measures that Moonpay takes are as follows.
Every transaction or data that the user shares is encrypted using the transport layer to prevent attacks on HTTP servers.
One of the algorithms that it uses is AES-256 block-level encryption. And all the encrypted data is stored in the PCI DSS compliant servers at the data center.
Disaster Recovery and Business Continuity
All the critical assets are backed up at regular intervals. So in the case of any disaster, there is fast recovery. It uses the same AES algorithm to encrypt the data.
All the code changes made for the production branch application go under a proper code review process that enables the secure delivery of code to the application.
Moonpay’s Developers always deploy changes in various environments to check the safety and security of the code.
Data Protection and Monitoring
Moonpay uses advanced security solutions to prevent any security incidents. All the monitoring tools give alerts when it detects critical security flaws in the system.
Once it has been altered, the developer’s team collects logs and tries to solve that issue, followed by an audit trail.
Although it uses quite safe methods to secure the users, there might be some external attacks, where a scammer tries to attain the users’ credentials by imposing a customer support department.
Hence it is always necessary to take precautions from your side by not sharing any information that could lead to loss of funds.
Is MoonPay A Scam Or Legit?
Moonpay is a cryptocurrency exchange that allows users to buy or sell cryptocurrencies. It was founded recently by a team of Computer science specialists and developers in Singapore.
They have a global team with experience developing advanced crypto applications and various other software for different industries such as retail sectors, telecommunications, and banking.
Moonpay is not a scam,all the services can be availed online through their safe to use platform. With so much advancement taking place.
It is not always necessary that crypto scams happen from the company side. Most of the scams could be because of some external people.
This section will discuss how to prevent MoonPay frauds or MoonPay scams.
Never share your credentials.
If you interact with any party, whether the trust part or not, you should never share your cryptocurrency private key or wallet mnemonic.
This will let scammers get all the necessary information and the ability to steal your funds.
Always check that you are on the correct URLs.
It is recommended that your bookmarks the social media handle or domain name, so you are always on the right website.
This will save you from any phishing attack that tries to log in to different applications to steal your login credentials.
If you find any such phishing attack happening, you can report that to the official communication group of Moonpay.
Never trust any lucrative offers.
If someone makes a fake promise to you that they will help you make money through your investments, never trust them. It is more likely to be a scam.
Cryptocurrency investments offer users great opportunities, but not every offer can promise instant returns. Hence it would help if you never trusted them.
Never communicate with People who reach out to you out of the blue.
Moonpay customer service support center would never contact you. If any bot or person tries to claim that they are from an official team, never trust them or share any information.
Always do your research.
You must always do complete research before sending tokens to any third-party address. You can get details online and know if that address is valid and owned by the company.
How Do I Add Funds Using MoonPay?
If you want to buy digital assets from OpenSea, then you can use Monday to do that. Here is the step-by-step guide that will help you transfer funds to your openSea account.
Step 1: Go to OpenSea.io Website to add the funds. Once the website is loaded, you can select the “Add Funds” button to fill your account with eth tokens.
Step 2: choose the payment gateway based on your geographic region. Users will be able to use “Buy from Card” for eth.
Step 3: Choose the correct address and enter the amount you want to buy.
Step 4: Enter your email to receive the transaction receipts.
To fill out your Moonpay account, then you need to follow different steps.
Step 1: Visit MoonPay.com, or you can download the website or mobile application.
Step 2: If you want to buy crypto currency, Click on “Buy Crypto.”
Step 3: The default option would be to buy Bitcoin. But if you want to buy some different cryptocurrencies, you can choose another.
Step 4: Fill in the amount against which you want to buy cryptocurrencies. They are based on the number of fees that will be calculated that you need to pay.
Step 5: press continue.
Step 6: Choose the payment method to buy cryptocurrency. Some of the choices available are fiat currency or credit/debit card.
Step 7: Once payment is made, your account will be filled with cryptocurrencies. It might take some time if your account is not verified.
Does MoonPay Accept Prepaid Cards?
Yes, as per the official website, Moonpay supports users to use MoonPay cards. You can buy cards from Coinbase that allows you to buy cryptocurrencies.
Also, you can use credit cards to buy cryptocurrencies From MoonPay if they support your bank.
Is MoonPay Safe To Buy Bitcoin?
Yes,Moonpay is considered one of the safest ways to buy Bitcoin and major cryptocurrencies. Users can use authorized Debit cards or credit cards or their partnered websites.
Some wallets that you can use are Samsung Pay, Google Pay, or Apple Pay to buy BTC or send it to other users.
How To Pay With Moonpay?
Most applications allow users to use Moonpay to buy assets or NTFS using cryptocurrencies.
One such platform is openSea that we discussed in an earlier section. To use Moonpay to make payments, you need to buy a cryptocurrency and add it to your moonPay wallet.
Based on the website where you want to make payment, you can choose ETH for OpenSea.
Once you buy that, you can select Moonpay wallet on any third-party app; it will guide you for further steps to complete your payment.
Can I Get Money Back From MoonPay?
If there is any transaction failure, users can apply for a refund. The Moonpay team will cancel the pre-authorization on the card.
And based on the bank, the pending transaction will disappear without any loss of funds. Mostly this process takes a week to get completed.
Also, if a transaction is failed, you will never be charged any cost, and all the funds will be secured.
Moonpay Money reversal
Users would not like to continue their order, so it is not required to make a bank transfer.
The transaction will be canceled automatically, and you will receive an email regarding the same.
If you made a transaction and completed the payment, you can raise a ticket at MoonPay customer support; they will help you sort that out and transfer your funds back.
Final Thoughts – Is MoonPay Safe?
Moonpay is one of the best cryptocurrency exchanges that offer onRamp solutions to users. Also, it supports various third-party applications to make payments.
Something great about Moonpay is that it uses quite advanced cryptography methods for encryption to keep users funded.
If you want to find more information about it you can visit their official website.
We hope this article answered your doubts like, is moonPay a safe platform to buy cryptocurrency and its safety.We will be back soon with more interesting crypto topics.