How does MoonPay work? (2024)

How does MoonPay work?

How does MoonPay work? The cryptocurrency is provided by the online exchange services and MoonPay integrates with them to fulfill the credit card payment process. Hence, MoonPay is responsible for risk analysis, processing the payments with the credit card company, and finalizing the transaction.

How do I pay with MoonPay?

MoonPay is available in regions where Ramp is unavailable. In Exodus Mobile, tap the Buy crypto icon. a) Select the fiat currency you want to pay and b) choose the cryptocurrency you want to buy. c) Enter the fiat amount or d) the amount of crypto you wish to receive.

Is buying with MoonPay legit?

Is MoonPay Safe? MoonPay is a safe crypto payment solution. According to its website, all data is encrypted in transit using AES-256 block-level storage encryption. The company also has a bug bounty program that rewards people for discovering weaknesses in MoonPay's security to help them make improvements.

Can you make money with MoonPay?

MoonPay makes money via processing fees, payment fees, as well as a concierge service offered to wealthy clients.

How do I get my money out of MoonPay?

Step 1: Visit https://sell.MoonPay.com/. Step 2: From the drop down menu, select the cryptocurrency that you want to sell. Step 3: Enter the value of the cryptocurrency you want to sell. As you type the number, you will receive an estimate of how much you will get in the fiat currency.

What banks work with MoonPay?

Moonpay accepts most major credit cards, including VISA and MasterCard. Some virtual, prepaid, and debit cards are also accepted. Note, however, that some issuer banks have their own terms regarding where and when those cards can be used and may decline the charge on their side.

Is MoonPay legal?

“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.”

Why does MoonPay want my drivers license?

As we are a fully regulated business, we need to collect this information from you in order to comply with international financial regulations, including anti-money laundering (AML) and Know Your Customer (KYC) practices.

How much are MoonPay fees?

Trading and transaction fees

MoonPay's purchase fee is 4.5% or $3.99, whichever is higher.

How long does MoonPay take to deposit?

For payouts to bank accounts in the United States, you can expect to receive your funds within 3-4 working days, once we have received your cryptocurrency.

Does MoonPay require ID?

Proof of ID

To give you access to our services, we need to know your legal first name and legal last name. You can send us the following type of government-issued identification documents photographed: International passport (currently not supported for US customers) National ID card (both sides)

What is MoonPay limit?

You can purchase $20-$50,000 of cryptocurrency.

Can I withdraw crypto from MoonPay?

Visit sell.moonpay.com and select the cryptocurrency you'd like to sell from the drop-down menu. Enter the amount you'd like to sell, for example, 0.001 BTC. You will receive an estimate, telling you approximately how much, in fiat currency (e.g. EUR), you will receive from your sale.

How long does MoonPay take to verify transactions?

How long does MoonPay take to verify transactions? In most cases, the verifications are processed automatically but it may take up to a few days in case the submitted documents or images do not meet their requirements.

Why is my card not working on MoonPay?

If you have not verified your payment method on MoonPay before making the transaction, then you will not be able to use the credit card for purchasing. In some cases, you will have to check with the bank from where you have your credit card, if they allow cryptocurrency transactions.

How long does MoonPay take to verify transactions?

How long does MoonPay take to verify transactions? In most cases, the verifications are processed automatically but it may take up to a few days in case the submitted documents or images do not meet their requirements.

What is MoonPay trust wallet?

MoonPay is a cryptocurrency platform through which one can buy or sell cryptocurrencies in exchange for fiat currency. The platform enables the purchase of cryptocurrency similar to how one would shop stuff in online stores.

What banks allow crypto purchases?