Is MoonPay legit? Is it safe? How reliable is this service? There are many individuals who have similar types of questions.
The good news is that in this article, we answer every question related to MoonPay.
Introduction to MoonPay
Users can trade cryptocurrency coins as well as other cryptos using fiat cash through the usage of MoonPay. In fact, MoonPay is regarded as a crypto technology firm. The interface is quite straightforward and straightforward in its design.
Using MoonPay, purchasing and selling bitcoin is as simple as purchasing any other commodity from an e-commerce store. MoonPay facilitates both transactions.
MoonPay is rapidly accumulating a lot of consumers from all over the globe due to various good reasons. As of this writing, it is accessible from over 150 countries across the world. That explains how popular this platform is.
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MoonPay Requires a Wallet
To be eligible to use this platform, you are supposed to have a compatible wallet. A wallet is a virtual profile from where your newly purchased coin will be sent. Also, your newly sold currency will be withdrawn from the wallet when you sell it.
Well, MoonPay is compatible with all of the major visa (debit and credit) cards. That’s in addition to bank transfers and many forms of digital payments. For instance, it is compatible with Google Pay, Apple Pay, and even Samsung Pay.
MoonPay has been trusted by over 250 different applications, wallets, and websites because of its high-security features. This number continues to grow.
Pros and Cons of MoonPay
Here are some of the main pros and cons associated with MoonPay.
|This is the most convenient and fastest method to purchase cryptocurrency.||Relatively higher processing fee compared to other platforms of a similar kind.|
|Fast verification process compared to many other trading platforms.||It doesn’t work in the United States.|
|Updated limits in terms of spending for better convenience.|
Is It Safe to Use MoonPay?
Is MoonPay legit? Before answering that, let’s find out if it’s safe to use MoonPay. In a word, MoonPay is a Trustworthy Payment Option. MoonPay encrypts all of its users’ data using AES-256 encryption technology.
And it stores that data only in data centers that are compatible with the PCI Data Security Standard. Also, it is compliant with ISO27001.
On the main site for MoonPay, it is stated that privacy and security are their top priorities. Also, they have implemented procedures that are typical for the sector to ensure this. Well, all of the data is collected from and transferred to the MoonPay infrastructure.
That data is encrypted utilizing TLS 1.2, and an HSTS policy protects it from being attacked (downgraded). The SSL Lab study can be viewed on their main website at this time.
Is MoonPay Legit?
Now, in this section, let’s get to the main point of this article; is MoonPay legit? Simply put, MoonPlay is a totally legitimate platform. According to various review sites, MoonPlay is regarded as one of the most trustworthy and legitimate platforms.
In fact, MoonPay has already received tens of thousands of positive reviews on various websites. As per those reviews, more than 85% of users highly recommend this platform to others.
Those figures explain a lot about the overall performance. The vast majority of individuals praise the user-friendly interface. They also praise the customer service team; they quickly attend to any type of questions you may have.
MoonPay is currently accepted in over 150 countries. Also, many of the most well-known companies that have recently begun to take bitcoin have accepted MoonPay. They consider MoonPay as one of their payment options.
You may know that Trust Wallet is one of the most widely-used wallets in the industry. Even they allow their users to purchase and sell bitcoin using the MoonPay app, which offers support for the service.
Is It a Scam?
MoonPay cannot be considered a fraudulent business, no. In 2018, the company was established in London. And, as of today, there haven’t been any scandals involving the company.
The network enjoys a high level of credibility in virtually every nation on the planet. Also, a growing number of companies have included MoonPay as a payment method on their online checkout pages.
Moreover, all users of the site are required to go through a rigorous but understandable customer identification process (KYC). This assures that none of the users are bots or fakes.
Assume that the user does not complete the KYC process. If so, the features that are accessible to them through MoonPay are quite restricted.
To this day, there were no instances of MoonPay fraud that have been reported. The platform has maintained the transparency of its information. And it is always possible to access all of it on its website.
If truth to be told, do you work for the law enforcement authority or a bank? In that case, you can submit a request for precise data to MoonPay through their helpdesk form. To do that, you can select the option under the heading labeled “law enforcement requirement.”
Your personal information, which includes passwords, will never be requested by MoonPay. And all correspondence regarding the platform will always be sent from valid email addresses.
So, Is MoonPay Trustworthy?
Now that you know the answer to the question, “is MoonPay legit” let’s learn more about it. Of course, it is completely trustworthy to use a platform like MoonPlay. It is accepted in over 150 countries as of this writing.
So, if it involves some sort of fraudulent activity, at least one country would have banned it. As mentioned before, MoonPay comes with the best security measures for its data, storage, and processing measures.
Is It Safe to Buy Bitcoins Through MoonPay?
Purchasing Bitcoin with MoonPay is risk-free, that’s for sure. The platform does not keep any of your monetary transactions. Also, any information that is stored there is encrypted with a powerful algorithm and industry-standard AES-256 technology.
It is simple to get Bitcoin with the use of the site. Simply pick the total amount of fiat money you wish to trade for the Bitcoins you wish to purchase. When that is, select the wallet that will receive the Bitcoin after it has been moved.
After doing so, select the mode of payment that you intend to use to finalize the transaction. The time it takes for the Bitcoin to show up in the wallet can vary. In fact, it depends on the amount of network activity that was occurring during the purchase.
Can I Reverse a Transaction on MoonPay?
Sadly, the answer is no. Once your payments are processed using bitcoin, it is impossible to get your funds refunded. Moreover, you are not able to cancel the transaction because all digital currencies are irreversible.
However, things are different if your payment is unable to be processed, but you’ve not yet acquired the crypto. Even if the funds are being sent, you can get in touch with their customer service to solve it. In that case, they will find out what the problem is and tell you how to fix it.
We should emphasize the fact that you should proceed with a transaction after checking all the information. Such an approach will ensure less hassle for you.
How Long Will It Take to Get the Money Reversed?
Only in the event that a transaction is unsuccessful will the money be reversed. Assume that you made the purchase using a credit card.
In that case, the refund of the money could take up to ten business days to process. If it has taken longer than that, you should get in touch with the bank.
Assume that you tried to pay with a bank transfer, but the transaction was unsuccessful. In such a scenario, MoonPay will provide a refund to you in a few business days.
In some cases, some individuals may not receive their funds as quickly as they expect. If you experience such situations, you can inquire about the status of your refund by making a support request.
You can do it through their official web page. Select the option that starts with the option called “Transactions – I was changed for declined/failed transactions.”
And that’s all about claiming a transaction reversal.
Frequently Asked Questions (FAQs)
FAQ 1: Can I trust MoonPay with my personal information?
Yes, you can trust MoonPay with your personal information. The platform follows strict data protection policies and ensures that user data is kept confidential and secure.
FAQ 2: Is MoonPay regulated?
Yes, MoonPay is a regulated platform. It holds licenses from the Financial Conduct Authority (FCA) and the European Union Financial Services Directive (EU FSD), ensuring compliance with regulatory requirements.
FAQ 3: How long does it take to complete a transaction on MoonPay?
The transaction time on MoonPay depends on several factors, such as network congestion and the chosen cryptocurrency. In general, the process is fast and usually takes a few minutes to complete.
FAQ 4: Are there any transaction limits on MoonPay?
Yes, MoonPay imposes transaction limits to comply with regulatory requirements. The specific limits may vary based on the user’s verification level and the chosen payment method.
FAQ 5: What cryptocurrencies can I purchase on MoonPay?
MoonPay supports a wide range of cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), as well as lesser-known altcoins.
FAQ 6: How can I contact MoonPay’s customer support?
You can reach out to MoonPay’s customer support team by visiting their official website and accessing the “Support” section. They provide assistance and address user queries in a timely manner.
In general, using MoonPay is completely risk-free and completely above board. They’ve top-tier security measures to safeguard the information on your personal profile as well as any other sensitive data.
MoonPay provides solid and very responsive customer care. Because of that, you should not hesitate to use their service in any capacity.
However, before putting any of your money into trading cryptocurrencies, please make sure that you research a lot. You must be aware of the associated risks and conduct adequate research. A well-informed decision will protect your hard-earned money and may even return high profits.
So, that’s our article covering “is MoonPay legit.” We would like to know your thoughts about this matter. Please leave us a comment below.