What Is MoonPay? A Detailed Guide

Updater face
Last updated May 24, 2024 | 04:02 PM UTC

MoonPay is a popular payment gateway that allows users to buy cryptocurrencies using several fiat payment methods. After launching in 2019, the platform quickly became popular for its extensive fiat currency support, allowing users from different regions to purchase digital assets in their local currencies. As of today, MoonPay supports over 30 fiat currencies and serves five million customers across more than 150 countries. 

The platform was also recognized by the FinTech Breakthrough Awards as the Best Cryptocurrency Purchasing Site in 2021 and 2022. However, MoonPay has recently received a fair share of criticism due to its high trading fees and lack of advanced trading features. 

This guide will delve into the details of MoonPay, explaining its features, uses, and the process of transacting with cryptocurrencies.

Key takeaways

  • MoonPay is a payment gateway for cryptocurrency transactions.
  • Simplifies buying and selling digital assets.
  • Supports over 100 cryptocurrencies and 34 fiat currencies. 
  • Charges 4.5% for credit/debit card payments and 1% for bank transfers and selling cryptocurrency.
  • It’s integrated with multiple wallets and services, including Trust Wallet and MetaMask.

What is MoonPay and how does it work?

MoonPay is a user-friendly platform for purchasing and selling cryptocurrencies. It enables users to buy digital assets using traditional payment methods like credit cards, debit cards, Apple Pay, Google Pay and bank transfers. MoonPay integrates with various crypto wallets and services, providing users with a seamless experience managing their digital assets.

MoonPay's process is straightforward. Users enter the amount of cryptocurrency they wish to buy or sell, select their preferred payment method, and complete the transaction. The platform handles the conversion between fiat and digital currencies, making it accessible even to those new to the crypto space.

What is MoonPay used for?

MoonPay can be used for several purposes, including:

  • Buying crypto: Users can purchase a range of cryptocurrencies using their local currency.
  • Selling crypto: MoonPay also allows users to sell their digital assets and receive funds in their bank accounts.
  • Integration with wallets: Many crypto wallets integrate MoonPay to provide a smooth buying experience directly from the wallet interface.
  • Investment: Investors use MoonPay to acquire cryptocurrencies for long-term holding or trading.
  • Payments: Some merchants accept cryptocurrency payments via MoonPay, enabling crypto-based transactions for goods and services.

What cryptocurrencies does MoonPay support?

MoonPay supports over 100 cryptocurrencies, making it a versatile platform for crypto enthusiasts. Some of the major cryptocurrencies supported by MoonPay include:

MoonPay continuously updates its list of supported cryptocurrencies, ensuring users have access to the most popular and emerging digital assets.

Pros and cons of using MoonPay 


  • User-friendly interface: MoonPay offers an intuitive and easy-to-navigate platform, making it accessible for beginners.
  • Fast transactions: Transactions on MoonPay are processed quickly, providing users with prompt access to their digital assets.
  • Multiple payment options: Supports various payment methods, including credit cards, debit cards, and bank transfers.
  • Wide crypto support: Offers a broad selection of cryptocurrencies, catering to diverse investment preferences.
  • Integration with wallets: Many popular crypto wallets integrate MoonPay, offering a seamless buying experience. Popular mobile crypto wallet apps like Trust Wallet and MetaMask use MoonPay's services to provide users with a convenient and secure way to acquire digital assets.


  • Fees: MoonPay charges fees for transactions, which can be higher compared to some other platforms.
  • Limited availability: Not available in all countries, which can restrict access for some users.
  • Verification process: Requires users to go through a verification process, which can be time-consuming for some.

MoonPay fees

MoonPay's fees are a significant consideration for users. Here's a detailed breakdown of the costs involved:

  • Credit/debit card payments: 4.5% fee, with a minimum fee of €3.99/£3.99/$3.99 or equivalent in other currencies. For comparison, Binance charges less than 2% on its card payments. 
  • Bank transfers: 1% fee, with a minimum fee of €3.99/£3.99/$3.99 or equivalent.
  • Selling cryptocurrency: 1% fee, with a minimum fee of €3.99/£3.99/$3.99 or equivalent.
  • Network fees: These are dynamic and depend on blockchain conditions. High network activity can lead to higher fees.

These fees are higher than many competitors, making MoonPay more suitable for users prioritizing convenience over cost.

7 steps to buy cryptocurrency on MoonPay

  1. Create an account: Sign up on the MoonPay website or through a supported wallet.
  2. Verify identity: Complete the required identity verification process.
  3. Select cryptocurrency: Choose the cryptocurrency you want to buy from the supported list.
  4. Enter amount: Specify the amount of cryptocurrency you wish to purchase.
  5. Choose payment method: Select your preferred payment method (credit card, debit card, or bank transfer).
  6. Review transaction: Double-check the transaction details and confirm your purchase.
  7. Complete purchase: Finalize the transaction and receive your cryptocurrency in your wallet.

7 steps to sell cryptocurrency on MoonPay

  1. Create an account: Sign up on the MoonPay platform or through a supported service.
  2. Verify identity: Complete the necessary identity verification steps.
  3. Select cryptocurrency: Choose the cryptocurrency you want to sell from your wallet.
  4. Enter amount: Specify the amount of cryptocurrency you wish to sell.
  5. Choose payment method: Select how you want to receive your funds (bank transfer or other options).
  6. Review transaction: Confirm the transaction details before proceeding.
  7. Complete sale: Finalize the sale and receive the funds in your chosen payment method.

What is MoonPay daily limit?

MoonPay imposes daily transaction limits to comply with regulatory requirements and manage risk. These limits vary based on the user's verification level and can be increased by providing additional information. Initially, users may have lower limits, but they can request higher limits by submitting documents such as proof of income or employment.

The platform has two types of limits: account limits and payment method limits. Account limits are determined based on your verification level and your region. Due to regulatory and compliance requirements, users in certain regions might have a lower trading and purchasing limit. 

Payment method limits relate to payment providers such as banks and cards. MoonPay has specific daily, weekly, and monthly limits for buying and selling crypto in using different payment methods. For example, the daily purchase limit for a fully verified user using bank transfer is $50,000. 

MoonPay crypto security

Security is a top priority for MoonPay. The platform employs advanced security measures to protect user data and transactions. These measures include:

  • Encryption: MoonPay uses AES-256 block-level storage encryption to secure data in transit and at rest.
  • Identity verification: To comply with KYC (Know Your Customer) regulations, MoonPay requires users to verify their identity before making transactions.
  • Bug bounty program: MoonPay has a bug bounty program that rewards security researchers for identifying and reporting vulnerabilities, helping to enhance platform security continuously.

Final thoughts

MoonPay simplifies the process of buying and selling cryptocurrencies. Its user-friendly platform, a wide range of supported cryptocurrencies, and integration with popular wallets make it an excellent choice for both new and experienced users. 

However, the platform might not be a suitable option for regular traders, as its trading fee can become significantly costly in frequent trades. MoonPay also lacks additional features like crypto staking or yield farming, which might appeal to advanced traders. 

Overall, MoonPay offers a reliable and straightforward solution. If you're seeking a quick and easy way to add crypto to your portfolio, MoonPay might be a good fit. While it doesn't offer the extensive features of major cryptocurrency exchanges, its simple web interface allows you to trade crypto efficiently without a complicated process.

Frequently Asked Questions

How does MoonPay work?

MoonPay allows users to buy and sell cryptocurrencies using traditional payment methods like credit cards, debit cards, and bank transfers. Users select the cryptocurrency they want, enter the amount, choose a payment method, and complete the transaction. MoonPay handles the conversion between fiat and digital currencies.

Can I use MoonPay to buy cryptocurrencies?

Yes, MoonPay supports the purchase of various cryptocurrencies. Users can buy digital assets using local currencies through its user-friendly platform.

Is MoonPay safe to use?

Yes, MoonPay is safe to use. It employs advanced encryption, rigorous identity verification processes, and a bug bounty program to ensure the security of user data and transactions.

What is MoonPay in Trust Wallet?

MoonPay is integrated with Trust Wallet, allowing users to buy cryptocurrencies directly within the wallet using traditional payment methods.

What is MoonPay on my bank account?

When you use MoonPay to buy or sell cryptocurrencies, transactions will appear on your bank account statement as "MoonPay," indicating the transfer of funds between your bank and the platform.


Written by

Mohammad is an experienced crypto writer with a specialisation in cybersecurity. He covers a wide variety of topics spanning everything from blockchain and Web3 to the retail crypto space. He has also worked for several start-ups and ICOs, gaining insight into the mindset and motivation of the founders behind the projects.