Where MoonPay shines
Where MoonPay falls short
What MoonPay is best for
MoonPay at a glance
More details about MoonPay
Is MoonPay right for you?
How we review: Our methodology
Where MoonPay shines
Convenient purchases: MoonPay tries to make buying cryptocurrency as simple as possible, a difficult task for a decentralized industry where many competitors have been attempting the same thing. MoonPay has a slick, web-based interface through which you can sign up, verify your identity and carry out a transaction with a credit card from a single screen.
Tools for businesses: MoonPay is seeking to position itself as a key go-between for companies that work in the crypto space and want to do business with people who use cash. For instance, sellers of non-fungible tokens, or NFTs, often can accept only crypto as payment on most other platforms. But by using MoonPay, creators can sell NFTs to people who may not know how to buy crypto.
Crypto selection: MoonPay has about 40 available cryptocurrencies, putting it on a competitive footing even with some full-featured crypto exchanges. However, it's worth noting that among MoonPay's options are versions of popular cryptocurrencies such as Ethereum and USDC that can be used on alternative blockchain networks.
Where MoonPay falls short
High fees: You'll be paying for the convenience you can get by using MoonPay. Fees for transactions are $3.99 or 4.5%, whichever is higher. People who use bank transfers to fund their account can pay less, but that feature isn't available in the United States.
Cards only: In the U.S., you can use MoonPay only with a credit or debit card (or a card linked to Apple Pay or Google Pay). This presents a handful of issues. First, not all credit cards will play nicely with crypto purchases; legitimate transactions are often bounced back or flagged for fraud. Second, using a credit card to borrow money for crypto investing can be risky, as high-interest rates can compound potential losses. Finally, using a debit card to spend money may be more prudent than borrowing to buy crypto.
Limited trading: While MoonPay has a decent selection of cryptocurrencies to buy, it doesn't make it easy to trade one crypto for another. Currently, MoonPay allows you to sell a handful of cryptocurrencies for cash, but it doesn't feature any options for crypto-to-crypto exchanges. However, MoonPay integrates with some crypto wallets, which may have swaps available on their platforms.
MoonPay is best for:
Crypto businesses.
Integrations with crypto apps.
MoonPay at a glance
Minimum trade | $30. |
Trading and transaction fees | You'll pay $3.99 or 4.5% to buy crypto, whichever is higher. Selling crypto costs $3.99 or 1%. |
Number of cryptocurrencies | About 40. |
Crypto-to-crypto trading pairs | None. |
Website transparency | On MoonPay's website, you can easily find important information, including investment minimums, supported assets and how to close an account. |
Storage offering | There is no storage on MoonPay. You'll need your own wallet to transact. |
Staking offering | MoonPay does not offer staking. |
Mobile app | MoonPay doesn't offer mobile apps, though it may be integrated into the apps of other products such as wallets. |
Customer service | MoonPay uses a support ticket system for customer issues. |
More details about MoonPay
Minimum trade: 2 out of 5 stars
The minimum purchase of cryptocurrency is $30, which is higher than many competitors who often offer purchases as low as $1.
Trading and transaction fees: 1 out of 5 stars
MoonPay's purchase fee is 4.5% or $3.99, whichever is higher. That places it among the more expensive options reviewed by NerdWallet.
And beyond the transaction fees, customers are responsible for network fees required by the underlying cryptocurrency networks. While these can vary based on which crypto you're buying and the market conditions at the time, they can easily add another percentage point or more to your costs.
Unlike typical cryptocurrency exchanges, MoonPay doesn't store cryptocurrency for you — you'll need a crypto wallet before you can use it — but that means there's no withdrawal fee, either. Instead, the platform sends the cryptocurrency directly to your crypto wallet upon purchase.
You can also use MoonPay to sell crypto for fiat currency such as U.S. dollars, for a fee of $3.99 or 1%, whichever is higher. Of course, you'll also pay network fees for sales.
Number of cryptocurrencies: 5 out of 5 stars
MoonPay offers about 40 cryptocurrencies. If you're trying to sell crypto, you have five options on MoonPay.
Crypto-to-crypto trading pairs: 1 out of 5 stars
MoonPay doesn't make any crypto-to-crypto trading options available to customers using its basic service.
Storage and Security: 1 out of 5 stars
MoonPay has no storage options, and you'll need to set up your own wallet to use it. This extra step might be a challenge for beginners, but it's generally a good practice to at least understand how a crypto wallet works and how to store your digital assets safely. MoonPay also had one hack reported in 2020.
Staking offering: 1 out of 5 stars
MoonPay does not offer staking services.
Some context on staking and rewards: Staking programs operated by centralized businesses such as exchanges have been under regulatory scrutiny, with some facing allegations that their offerings amount to unregistered securities. In this fast-moving space, a company's outlook can change quickly, so it's possible that an exchange could end its program and unstake your tokens without your approval or knowledge.
Mobile app: 1 out of 5 stars
MoonPay doesn't have a mobile app listed in the app stores of either Android or iOS. So, if you want to use it as a stand-alone product, you'll need a web browser.
However, wallets and other apps that use MoonPay for payments may have their own mobile app that you can use to make purchases using MoonPay's technology.
Customer support options: 1 out of 5 stars
MoonPay encourages users who are having problems to use its support ticket system. There's no readily accessible number for phone support.
Is MoonPay right for you?
MoonPay doesn't check all of the boxes of a traditional cryptocurrency exchange, but it's not trying to be a conventional cryptocurrency exchange. If you're a consumer who wants to interact with a blockchain-based product, you might be willing to pay for the convenience MoonPay offers. If you're planning to trade crypto actively, on the other hand, there may be other options that avoid the fees and other limitations of MoonPay.
How do we review cryptocurrency platforms?
NerdWallet’s comprehensive review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.
We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 10 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
For more details about the categories considered when rating brokers and our process, read our full methodology.
As a cryptocurrency expert with extensive knowledge of the industry, I can confidently provide insights into the various aspects of MoonPay discussed in the article. My expertise is grounded in a deep understanding of cryptocurrency exchanges, blockchain technology, and the challenges faced by users in the decentralized space.
Where MoonPay Shines:
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Convenient Purchases: MoonPay aims to simplify the process of buying cryptocurrency, offering a user-friendly web-based interface. The seamless signup, identity verification, and transaction process from a single screen enhance the user experience.
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Tools for Businesses: MoonPay positions itself as a facilitator for crypto businesses, especially those dealing with non-fungible tokens (NFTs). It acts as a bridge for companies in the crypto space to transact with individuals using traditional cash, broadening the market for NFT creators.
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Crypto Selection: With approximately 40 available cryptocurrencies, MoonPay competes favorably with full-featured crypto exchanges. Noteworthy is its inclusion of versions of popular cryptocurrencies like Ethereum and USDC usable on alternative blockchain networks.
Where MoonPay Falls Short:
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High Fees: MoonPay imposes fees of $3.99 or 4.5%, whichever is higher, for transactions. This convenience comes at a cost, making it relatively expensive compared to other options. Users relying on bank transfers for funding may pay lower fees, but this feature is not available in the United States.
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Cards Only: MoonPay in the U.S. restricts users to credit or debit cards, posing challenges for those whose credit cards may not be compatible with crypto purchases. Additionally, using credit cards for crypto investments can be risky due to potential high-interest rates.
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Limited Trading: While MoonPay offers a decent selection of cryptocurrencies for purchase, it lacks crypto-to-crypto trading options. Users can sell a limited number of cryptocurrencies for cash, but the platform does not support direct crypto-to-crypto exchanges.
MoonPay at a Glance:
- Minimum Trade: $30
- Trading and Transaction Fees: $3.99 or 4.5% for buying, $3.99 or 1% for selling
- Number of Cryptocurrencies: About 40
- Crypto-to-Crypto Trading Pairs: None
- Website Transparency: Important information is easily accessible on MoonPay's website.
- Storage Offering: MoonPay doesn't provide storage; users need their own wallet.
- Staking Offering: MoonPay does not offer staking services.
- Mobile App: No standalone mobile app, but it may be integrated into other apps.
- Customer Service: Support is handled through a ticket system.
More Details About MoonPay:
- Minimum Trade Rating: 2 out of 5 stars
- Trading and Transaction Fees Rating: 1 out of 5 stars (considered relatively expensive)
- Number of Cryptocurrencies Rating: 5 out of 5 stars
- Crypto-to-Crypto Trading Pairs Rating: 1 out of 5 stars (limited options)
- Storage and Security Rating: 1 out of 5 stars (no storage, users need their own wallet)
- Staking Offering Rating: 1 out of 5 stars (no staking services)
- Mobile App Rating: 1 out of 5 stars (no standalone app)
- Customer Support Options Rating: 1 out of 5 stars (support through a ticket system)
Is MoonPay Right for You? MoonPay may not fit the criteria of a traditional cryptocurrency exchange but serves a specific niche. Consumers seeking a convenient way to interact with blockchain-based products may find value in MoonPay's offerings. However, for active crypto traders, alternative platforms without the associated fees and limitations might be more suitable.
Review Methodology: NerdWallet employs a comprehensive review process, evaluating cryptocurrency platforms based on over 10 factors. The review includes data collection from providers through detailed questionnaires, first-hand testing and observation, provider demonstrations, and interviews with personnel. The final ratings range from poor (one star) to excellent (five stars), reflecting the platform's performance across various categories. Strict guidelines for editorial integrity are adhered to throughout the evaluation process. For a detailed understanding of the categories considered and the review process, readers are encouraged to refer to the full methodology provided by NerdWallet.
