Moonpay Fees: Every Fee Explained & How To Avoid Them

If you’re looking for a platform that allows you to easily buy and sell cryptocurrencies, then Moonpay is your go-to as the crypto trading platform allows users to buy and sell crypto coins and tokens using fiat currency. Due to the platform’s highly intuitive, and minimalistic user interface, the platform is a great fit for amateurs in the crypto space looking to buy and sell crypto coins for fiat currency. However, it’s important to understand if the platform has fees and how to avoid these fees. 

Moonpay charges a fee for every transaction you perform on the platform so you can’t really escape being billed by the platform. The platform charges users depending on the type of cryptocurrency and the user’s chosen payment method. The fees also vary with the region the user is purchasing from.

In this article, I’ll shed more light on everything you need to know about Moonpay’s fees and how you can avoid them or pay lesser compared to the sometimes exorbitant fees. This article will shed more light on every fee you may encounter while using Moonpay to buy or sell cryptocurrencies. 

Moonpay Transaction Fees

For every transaction done on Moonpay, the platform charges a fee depending on the cryptocurrency purchased, and the chosen payment method by the user. If the user is from a different region, the fee may also differ as the platform charges users depending on their demographic locations and their regions. 

Apart from these fees, Moonpay has its own standard transaction fees that are to be paid by users whenever they purchase any cryptocurrency on the crypto trading platform because Moonpay sets the rate at which assets are to be converted and also sets the fee for the transactions.

According to Abra, moonpay’s transaction fee is a standard flat fee of $4.99 + 3.5% which will be applied to any purchases below $141. This means that if your purchases are below $141, you’ll be charged a transaction fee of $4.99 + 3.5% of the total price of your purchase. 

Unfortunately, this fee is unavoidable as it’s a standard transaction fee set by Moonpay and required for the completion of your transactions. Hence, if you’re making a purchase below $141, say around $130, you’ll be charged $4.99 plus 3.5% of the $130 which puts your total transaction fee around $9 in total. 

However, if your transaction is from $142 and above, you’ll be charged a standard flat fee of 7% will be applied to your purchase and be deducted from your total amount. This implies that if your purchase is from $142 and above, you will be charged a transaction fee of 7% of the total price of your purchase. 

So if you’re making a purchase of $142 or higher, way $150, you’ll be charged a fee of 7% of that $150 which sets your total transaction fee around $10.5 in total. Although this fee may seem quite high and users may wonder if there are ways to avoid this fee, unfortunately, the fee is unavoidable. 

Moonpay Bank Transfer Fees

Apart from the transaction fees, if you are using bank transfers to purchase your cryptocurrencies, there are fees attached to this method of payment. 

Although it’s not known if it’s Moonpay that takes the bank transfer fee or the fee is paid to the bank itself, using the logic behind the deals between fintech platforms and banks, the fee is always shared between the platform and the Bank. Hence, we can say that this fee is shared by both the bank and Moonpay. 

For every purchase made via bank transfer, there is a processing fee for bank transfer, and the fee is set at 1% of the total value of your purchase or your transaction. In addition to this, there’s a minimum fee of $3.99 or your currency’s equivalent on every transaction performed with a bank transfer no matter how small the transaction may be. 

This means that users are charged a standard processing fee of 1% on the total value of your transaction and a minimum fee of $3.99 attached to it not leaving out the network fee that is attached to the transaction, depending on the cryptocurrency you’re purchasing.

If you’re selling cryptocurrency instead, the fee is quite similar to your buying fee. The processing fee for your bank transfer when you sell a cryptocurrency is set at 1% of the total cryptocurrency sold, and the value of the funds you’re withdrawing to your account via bank transfer. 

This doesn’t also leave out the minimum fee of $3 that will be applied to your transaction so just be aware that for every transaction you’re performing, either buying or selling with a bank transfer, you will be charged a 1% processing fee and a minimum fee of $3.99, not leaving out the network fee that will be attached to the transaction based on the cryptocurrency you’re selling. 

Using bank transfer as your payment method has the lowest fees attached to it compared to other payment methods hence, you may need to opt into using this payment method whenever you’re making a purchase or selling a cryptocurrency on Moonpay. Other payment methods have higher processing fees attached to them with the $3.99 minimum fee which is unavoidable so why not just opt for a payment method with a cheaper, unavoidable processing fee.

Moonpay Credit Card Fees

Apart from bank transfers, you can use credit cards to perform cryptocurrency transactions on Moonpay. However, you can only use this payment method to buy cryptocurrencies on Moonpay as the platform doesn’t accept the payment method for selling cryptocurrencies. 

This means you can only use your credit cards to buy cryptocurrencies on Moonpay and cannot use the payment method to receive your proceeds from a crypto sale because Moonpay doesn’t allow the use of credit cards to receive proceeds from a crypto sale.

Since credit cards can only be used for purchases, the fee attached to the payment method only applies when you make a purchase on Moonpay. The typical credit card processing fee is 4.5% of your total purchase and a minimum fee of $3.99. 

This implies that if you’re making a purchase on Moonpay with your credit card, you will be charged a processing fee of 4.5% of your total purchase, plus the usual $3.99 minimum fee. 

No matter the value of your transaction or purchase, you will still be charged the $3.99 fee. Hence, if you’re purchasing crypto of as low as $5 via your credit card, you will be charged 4.5% of $5 as the processing fee plus a $3.99 minimum fee. This doesn’t negate the network fee that you’ll also be paid when purchasing the cryptocurrency. 

This payment method is quite expensive compared to a bank transfer, hence, if you’re trying to avoid this fee, then you should adopt using the bank transfer method to complete your purchases.

Moonpay Trust Wallet Fees

Using Trust Wallet to purchase your crypto has to be the cheapest method among all these payment methods in terms of fees. Trust wallet doesn’t take any fee whenever you purchase crypto while housing the wallet, however, when you buy from trust wallet, the transaction happens on Moonpay’s website as the platform acts as the cryptocurrency provider.

 The same minimum fee of $3.99 is charged by Moonpay and the network fee will also be applied but trust wallet doesn’t have a steer processing fee percentage for crypto users hence they don’t need to face the processing fees.