In recent years, the crypto industry has experienced exponential growth, offering a decentralized solution for financial independence. The pioneer of this payment system, Bitcoin, the famous peer-to-peer electronic cash system was launched in 2009 with the objective of fostering cheap, secure, and accessible payment options to users.
Now, more than a decade after the launch of the first-ever cryptocurrency, the industry has immensely grown to over 10,000 tradeable digital currencies. While purchasing Cryptocurrency in the industry’s early days proved pretty difficult, it has been simplified by the emergence of crypto marketplaces like Transak and MoonPay which allow users to purchase cryptocurrency with a number of local payment options.
Over the years, the advantages of crypto transactions have caught the eye of a majority of Canadian gambling enthusiasts, which led to the integration of Cryptocurrency in the iGaming industry in a bid to eliminate any gambling regulatory concerns. In this article, we present an in-depth comparison of Transak and MoonPay, focusing on key variables such as user interface, security measures, and transaction conditions.
By delving into these aspects, our aim is to guide you in selecting the preferred crypto marketplace for your Canadian crypto gambling experience.
Buying Cryptocurrencies in Canada: Transak or MoonPay?
With either Transak or MoonPay, Canadians can expect the safest transaction conditions for their crypto purchases. However, these platforms, owned by different fin-tech companies, showcase unique features that set them apart in the crypto marketplace. Keep reading to find out more about the distinctive features of these platforms.
What is Transak?
Transak is a 2018 start-up crypto marketplace that was designed specifically as an integration toolkit for developers to add crypto payment gateways to their projects. While Transak depends solely on a third-party wallet to complete all crypto transactions, this platform is available across more than 170 cryptocurrencies and over 70 blockchain networks.
Although Transak does not feature the traditional sign-up process, users from over 150 countries have access to the platform’s unrestricted services. While Canadian crypto purchases can attract fees as high as 5.5%, Transak boasts of an instantaneous transaction processing time.
Another thrilling perk we have identified is the Reusable KYC feature which allows players to share the Transak KYC status on all other Transak affiliated platforms, fostering a seamless onboarding process.
Payment Methods
Canadian players can make use of Credit/Debit cards, Apple Pay, and Google Pay while completing purchases via Transak.
Pros and Cons of Using Transak
- Accessible by over 150 countries
- Top-tier security measures
- Supports over 170 cryptocurrencies and a variety of blockchains
- Dependence on a third-party wallet
- High-fee charge
What is MoonPay?
Launched in 2019, MoonPay is a leading financial technology company specializing in blockchain transactions. Accessible through its website and recently launched mobile app, MoonPay offers Canadian users the convenience of purchasing over 80 cryptocurrencies and extends its services to more than 150 countries worldwide.
While MoonPay allows users to hold Ethereum directly in their MoonPay accounts, it operates similarly to Transak by requiring a third-party wallet for receiving other supported cryptocurrencies.
Although compared to Transak’s fee of 5.5% for every transaction, MoonPay’s fees seem a bit more user-friendly but still pricey, charging 4.5% for every transaction or a minimum of C$5.
Payment Methods
Canadian users can make use of Google Pay, Apple Pay, and their Credit/Debit card to complete crypto purchases on this platform.
Pros and Cons of Using MoonPay
- Mobile application offering
- Major blockchains support
- Allows Canadian players to purchase over 80 cryptocurrencies
- High-fee charge
- Complex KYC verification
Transak or MoonPay: Which is Better?
During our comprehensive review, our team of experts thoroughly examined all the distinctive features offered by these platforms. However, we understand that selecting the right platform involves subjective considerations, which is why we aim to provide you with valuable insights to support your decision-making process. To assist you in this selection, we have carefully considered several key variables during our review of these platforms.
| ASSESSMENT VARIABLES | TRANSAK | MOONPAY |
| Mobile Compatibility | Although Transak does not have a mobile application, the platform is fully accessible via web browsers on both PCs and mobile devices with internet connectivity. | While all MoonPay transactions can be completed on the web browser on either a PC or mobile phone, this platform has also made provisions for a mobile application that is operational on both Android and iOS devices. |
| User Interface and Security Features | While Transak does not feature the traditional registration process, players will eventually be prompted to create an account initiating a transaction. This new account is only operational after the user has completed a KYC verification that requires information like Full name, mobile number, address, state, zip code, country, means of identification, and a live selfie. | MoonPay has a direct registration modal on the homepage that allows Canadians to create their accounts with an email address. However, unlike Transak with the straightforward KYC verification, MoonPay’s KYC might prove a little tiring. Some of the details required include a 3D liveness check, means of identification and personal details. |
| Fee Charge | Transak currently charges 5.5% on every CAD transaction executed on the website. | CAD crypto purchases on MoonPay attract a minimum fee of C$5 or 4.5% of every transaction. |
| Supported Cryptocurrencies and Fiat payment options | According to Transak, there are currently over 170 cryptocurrencies available for purchase with local fiat payment options like Credit/Debit cards, Google Pay, and Apple Pay. | MoonPay currently allows Canadian players to purchase over 80 cryptocurrencies with their Credit/Debit Cards, Apple Pay, or Google Pay. |
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Conclusion
In conclusion, both Transak and MoonPay offer reliable crypto marketplaces for Canadian crypto gambling enthusiasts. Transak excels in its user-friendly interface, while MoonPay stands out with its advanced features and international accessibility. Based on your preferences, we recommend considering factors such as user interface, security measures, transaction fees, and currency support to make an informed decision.
Ultimately, it’s advisable to test both platforms and assess which one aligns best with your needs and gambling activities. Remember to prioritize security, ease of use, and transaction conditions when selecting the preferred crypto marketplace for your Canadian crypto gambling experience.
FAQs
Yes, both Transak and MoonPay allow Canadian users to purchase cryptocurrencies.
Transak charges a fee of 5.5% on every transaction executed on their platform. MoonPay charges a minimum fee of C$5 or 4.5% of every transaction.
When selecting a crypto marketplace, it is advisable to prioritize factors such as security, ease of use, and transaction conditions. Assessing which platform aligns best with your needs and gambling activities through testing both platforms can help make an informed decision.
