This payment method connects the game world with the real world and allows players to redeem items or fictitious money they have managed to obtain in the game.
MoonPay
MoonPay payment method website
In addition to traditional money in various currencies, cryptocurrencies are becoming increasingly popular nowadays. While gold was mined in large quantities in the past, modern society uses advanced technologies for mining digital currencies. These can be used by selected merchants and service providers, as well as in online casinos for deposits. There are several ways to buy and sell cryptocurrencies, and one of the options is trading via MoonPay.
Popular payment methods
What is MoonPay?
This fintech company doesn’t offer any unique services but instead focuses on traditional options such as using payment cards, bank transfers, online payments, and others. The main difference is that users make these payments using cryptocurrencies. MoonPay’s goal is to make digital currencies more accessible to ordinary users and small businesses, not just multinational corporations.History of MoonPay
MoonPay, a financial technology company, was established in 2019 and is headquartered in Miami, USA. It provides payment infrastructure for cryptocurrencies and non-fungible tokens (NFTs). Initially, MoonPay operated as a cryptocurrency exchange, where users could buy and sell cryptocurrencies for fiat money (legal tender not backed by precious metals).Who owns MoonPay?
The company was founded by business partners Victor Faramond and Ivan Soto-Wright, who later became its CEO. Initially, only a few people were involved in its operations. Over time, they managed to convince investors to fund their vision. In November 2021, they secured $555 million (more than €20 million) to launch the business.How to get MoonPay?
To use MoonPay services, users must first register with the company. This can be done on their official website or via their mobile app (available for Android and iOS). Users can choose whether to sign up as an individual or a business and create their account by entering an email address or using Google or Apple accounts, without filling out any personal or contact details in the registration form.Where to use MoonPay?
MoonPay allows users to buy, sell, and exchange cryptocurrencies. This payment method can only be used on its official website (where users can also use other payment services such as payment cards, bank transfers, Apple Pay, Google Pay, PayPal, Faster Payments, Paysafecard, and SEPA) or in the mobile app. Cryptocurrencies obtained by users can be used to purchase goods and services online or to deposit funds into their online casino account.MoonPay limits
MoonPay limits are designed to protect users’ security to prevent them from losing their assets in case of fraud or misuse of sensitive information. There are two types of limits: daily and monthly. The first is linked to the account and restricts the amount of money based on account verification status, while the second applies to payment methods. Different limits apply to payments made via payment cards, bank transfers, or other methods. Once users reach their limit, they receive a notification and must either use another payment method or wait until the limits are reset at the end of the day or month.MoonPay fees
Users may encounter fees when buying or selling cryptocurrencies, which can vary due to various factors. For purchases, a network fee is deducted from the total amount paid, covering the company’s transaction costs, and a processing fee, which varies depending on the payment method chosen for the transaction. Additional fees apply when selling cryptocurrencies, amounting to 1–4.5% of the transaction value, depending on the payment method (bank transfer or VISA payment card). Banks where users have accounts may also charge additional fees, which should be checked in the bank’s terms and conditions.How to buy cryptocurrencies via MoonPay?
- Log in to your created profile.
- Select the cryptocurrency or token you want to buy and choose the amount you wish to spend.
- Confirm the amount and fill in all necessary details in the next step.
- Select one of the payment methods, confirm the transaction (approve it on your mobile device if required), and you’re done.
How to sell cryptocurrencies with MoonPay?
Selling cryptocurrencies is almost the same as buying them. Just three simple steps separate users from having their money credited to their bank accounts. Simply select the cryptocurrency you want to sell and the exact amount to be converted to fiat money. Then, you need to enter your email address and IBAN or payment card details. After confirming the transaction, the request is processed, and the money is credited to the selected account, usually within minutes.Advantages of MoonPay
- Speed: Transactions are processed quickly, enabling immediate purchase, sale, or exchange of cryptocurrencies.
- Payment method availability: Users can use various payment methods for buying and selling cryptocurrencies, allowing global usage of MoonPay.
- Security: MoonPay complies with strict regulatory requirements to ensure maximum safety for its clients.
Disadvantages of MoonPay
- Fees: The company charges fees for buying and selling cryptocurrencies, depending on the transaction method, and additional fees may be applied by users’ banks.
- Unavailable in some countries: While the company aims to be globally available, there are still countries where it operates only partially or not at all.
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Registration bonuses
To play in an online casino, players must first create their own account. Only after completing the registration form with all required information and usually verifying their email address will they gain access to their profile. However, they can only enter real-money games after depositing funds into their player account. For their first deposit (and sometimes even without one), they usually receive a welcome registration bonus in the form of extra money, free spins on slot machines (slots), and more.MoonPay mobile app
In over 100 countries, users can install the MoonPay: Buy Bitcoin, Solana app on their mobile devices from the App Store or Google Play. It works on devices running Android and iOS. The app can also be integrated into digital wallets, enabling users to track the complete history of purchases and sales. Performing transactions via the mobile app is just as simple and fast as on the website. The app offers more than 100 cryptocurrencies, including Bitcoin and Ethereum.How to deposit funds to MoonPay
It’s not possible to directly deposit funds into a MoonPay account, but they can be transferred there by buying or exchanging cryptocurrencies. Users can simply select the desired cryptocurrency from more than 100 types available, enter the exact amount they wish to purchase, fill in the required details, and confirm the transaction. Requests for buying digital currencies are processed very quickly, allowing users to buy, sell, and exchange cryptocurrencies almost instantly.How to withdraw funds from MoonPay
Withdrawing money from a MoonPay account is only possible by selling cryptocurrencies through the MoonPay website or mobile app. After selecting the cryptocurrency to sell, users need to choose a payment method, enter their email address and IBAN, or provide payment card details and confirm the sale request. However, fees of 1–4.5% may apply to these transactions.
Advantages of the MoonPay mobile app
- Integration with digital wallets: Users can monitor all transactions carried out via MoonPay anytime and anywhere.
- Seamless transactions: Buying, selling, and exchanging cryptocurrencies can be done through various payment methods, including payment cards, bank transfers, Google Play, Apple Pay, and more.
- Extensive portfolio: MoonPay allows trading with more than 100 cryptocurrencies.
Disadvantages
- Fees associated with buying and selling cryptocurrencies.
- Daily or monthly limits that cannot be adjusted in the settings.
Evaluation
MoonPay strives to become a leader in providing cryptocurrency transactions, as evidenced by its advanced system of services offered on its website and mobile app, as well as its extensive range of digital currencies, comprising over 100 cryptocurrencies. Another advantage is the simple, fast, and secure payment processing, using proven payment systems and set security limits, as well as the option to set the currency to Czech koruna. However, disadvantages of this fintech company may include fees associated with buying and selling cryptocurrencies or the limits, as these cannot be lowered or increased in account settings. While MoonPay aims to be globally available, its operations are still limited or completely banned in some countries due to regulatory requirements. Another drawback for some users may be that the website and mobile app are only available in English.Frequently asked questions
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Sources: moonpay.com
Kristyna Baranova
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