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In the simplest terms, MoonPay is a service that seeks to make the crypto buying experience easy, integrated and seamless.
For crypto casino users, getting your hands on your desired crypto assets is often a lengthy and cumbersome process. To make a deposit into a crypto casino, you first need to create a wallet for the crypto you want to use or have an account on a crypto exchange.
Next, you need to buy the crypto in question, and for this, you need to go to a crypto exchange such as eToro and Binance. If it is your first time to use a crypto exchange, you will have to create an account, make a fiat deposit and purchase the crypto. After that, you will need to transfer the funds from the crypto exchange to your wallet, go back to the casino and finally make a deposit.
MoonPay offers a solution that shortens the process into a few simple steps. Its all-in-one payment solution connects the key stakeholders in crypto payments. These include crypto exchanges, banks and payment service providers. In order to make this possible, it offers a customizable widget as well as public APIs that developers can host within their apps.
It supports credit/debit cards, mobile payment methods like Apple Pay and bank transfers. Its creators used a mobile-first approach to make the service easily accessible to users who want to play casino games on the go.
Through MoonPay, you simply need to install the MoonPay mobile app and link your debit/credit card. From there, you can make crypto deposits from your fiat balance in a few simple steps. Let’s find out how to do that below.
FunFair partnered with MoonPay in 2020
Depositing in a Casino with MoonPay
Making a deposit in a casino that supports MoonPay is fairly straightforward. Here is what you need to do:
Step 1: Sign in to your account at a casino that supports MoonPay.
Step 2: Go to the cashier section and select “Deposit.”
Step 3: Select the cryptocurrency you want to use.
Step 4: Under the payment method section, select MoonPay and pay using your credit/debit card or via bank transfer.
Step 5: Confirm the transaction when you get a prompt and complete the process by selecting the “Pay with MoonPay” button.
Some of the casinos that currently support MoonPay include:
On MoonPay, you get access to three account levels determined by the verification requirements that you meet.
On the first level, you simply need to provide an email address, phone number and personal information. Once you provide these details, you qualify to buy crypto worth up to €50 per transaction. And during any given month, you can buy a maximum of €150 worth of crypto.
To qualify for the second level, the requirements are slightly higher and so are the limits. In addition to meeting the requirements for the previous level, you will need to provide an identity document, a selfie and card verification.
Level two users can buy crypto worth up to €5,000 via bank transfer and a similar amount by credit or debit card per day. The monthly limit is a total of €20,000. Notably, all US-based users have to start on level two.
On the highest level, you will need to provide proof of address as well as proof of income showing the source of your funds. Users on this level can buy a maximum of €10,000 via credit/debit card and €50,000 via bank transfer daily. The monthly limit here is €50,000.
The amount of time that your transaction takes to process will depend on the payment method you use with MoonPay. If you choose to connect your MoonPay account to your bank account, payments can take anywhere between 1 day and 3 days to reflect in your account.
Once the funds reach your account, the MoonPay team undertakes KYC and fraud checks. It then processes the payment and releases the crypto to your account.
Card payments are significantly faster. As soon as you make a transaction request, MoonPay processes your payment. After completing all KYC and fraud checks, it releases your crypto funds.
Note that your first transaction may take anywhere between 10 minutes and 2 hours. But on subsequent transactions, the average processing time is about 15 minutes.
Another important point to note is that as soon as you make an order, your bank will reserve the requested amount. The amount will go into what is known as pre-authorization state or authorization hold. For this reason, it will appear like you have been charged for the transaction before you receive the crypto you bought. By doing this, MoonPay can verify that you have sufficient funds while it completes the transaction.
Once you make a transaction request, you can neither edit the details nor cancel the transaction. This has to do with the fact that MoonPay makes use of blockchain technology.
MoonPay has a focus on compliance and for this reason, requires users to verify their identity to increase their purchase limits. As such, to use the service, you will need to provide your real name and surname. For level two verification, the acceptable proofs of identity include your passport, national ID and driver’s license.
Another requirement is a selfie of you holding your ID. Note that MoonPay’s compliance officer may request for additional documentation. Identity verification may take anywhere between 2 and 30 minutes.
In an effort to curb financial crime, MoonPay also carries out source of funds checks. Basically, this requires you to send some form of proof showing that your funds come from a legit source.
Whenever the team needs to see proof of your source of funds, they will send you a notification. You need to provide them your payslip or tax statements, a bank statement, loan agreement or sale agreement among others.
Supported Credit Cards
MoonPay accepts a majority of major credit cards such as Visa and MasterCard.
It also supports the use of some prepaid, debit and virtual cards. However, some card providers may have limiting terms about where you can use a card. In such cases, though the MoonPay service may support the card in question, transaction processing may be rejected from the bank’s side.
Custom User Interface
MoonPay has created a custom user interface.
On this interface, it has the requisite range of tools for onboarding new users as well as to collect credit card information. Developers also get access to the platform’s APIs. Using these, they have access to the necessary building blocks for building unique purchase flows.
Crypto casinos using MoonPay as a payment service are able to get webhook events. These send notifications to the service provider’s app any time when a user takes an action using MoonPay.
Key Information About MoonPay’s Fees
MoonPay makes use of a simple pricing model:
Bank transfers – 1%
Credit/ debit card transactions – 4.5%
However, for business users with large volumes of payments or unique models of operation, it is possible to get discounted rates. Transaction Speed
The speed of a transaction depends on the payment method you use. Take a look at the expected wait period:
Bank transfer – up to 3 days
Credit/ debit card – 10 minutes to 2 hours for the first transaction, 15 minutes for other transactions thereafter
Here are some of the cryptocurrencies that MoonPay supports:
Nick is the CEO and founder of The Bitcoin Strip and has reviewed and written about Bitcoin casinos, sportsbooks and poker rooms for 9 years. He first entered the Bitcoin gambling market in 2011 following a widespread closure of poker rooms in the US.
As website manager, Jen contributes reviews and updates to The Bitcoin Strip on a daily basis. Jen worked in the casino industry for 9 years before focusing on Bitcoin in 2016. She writes on subjects ranging from traditional slots all the way through to unique Bitcoin games, provable fairness and Ethereum smart contract gambling.
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