Frequently Asked Questions
Frequently Asked Questions
Find answers to common questions about our platform, features, and how everything works.
Find answers to common questions about our platform, features, and how everything works.
Getting Started
Getting Started
How do I download MoneyBuddy?
Download from the official store for both iOS and Android.
How do I create an account and get verified (KYC)?
Create an account in the app, then complete identity verification with supported documents and biometrics.
How long does onboarding take?
Onboarding typically takes about 5 minutes, depending on verification.
Account
Account
Can anyone join MoneyBuddy?
Absolutely! Anyone and everyone can download MoneyBuddy from Google Play Store or Apple App Store. Once downloaded, you can sign up and start using the platform after your KYC has been approved.
Can I transfer crypto to other MoneyBuddy users for free?
Yes, transfers between crypto wallets on MoneyBuddy incur no transfer fees.
How do I withdraw my assets?
Enter the correct destination wallet ID and the amount you wish to withdraw. Processing can be immediate or take a while depending on the network.
Brokerage Services
Brokerage Services
Do you charge fees to send crypto on MoneyBuddy?
Sending crypto is completely free within the MoneyBuddy ecosystem.
How do token swaps work?
You can swap cryptocurrencies directly within the app. Liquidity is supported through MoneyBuddy’s exchange partner(s).
Are swaps fast?
Swaps are designed to be quick and should be completed in a few seconds. However, some delays may occur from our exchange partner(s).
Earn
Earn
How does earning work?
Move assets from your wallet into the Earn Wallet to receive daily interest, paid around 10:00 AM (GMT+7).
Are rewards compounded automatically?
Yes, rewards are paid daily and automatically compounded.
Is there a lock period?
No, there is no lock period unless specified. You can withdraw anytime.
What is the minimum amount to start earning?
You can start with as little as $0.01.
What assets can I earn on?
MoneyBuddy supports stablecoins and flagship cryptocurrencies, with plans to expand coverage.
Rates
Rates
What does APY mean on MoneyBuddy?
APY is an annualized yield metric that includes compounding, it helps compare returns but is not a guarantee.
Can rates change?
Yes, displayed rates may be adjusted over time based on market and other factors.
Are rates guaranteed?
No, returns can vary due to market volatility, regulatory changes, and other external factors.
Loan (Borrowing)
Loan (Borrowing)
What loan products are available?
MoneyBuddy offers personal loans, and larger loans secured by car-title collateral. Products differ by region.
What are the loan amounts?
Personal loans are shown as $300 to $10,000, and car-title secured loans are shown as $2,525 to $18,500.
What are the interest rates/APR?
Depending on your location the rates are as low as 1% add-on per month and APRs no higher than 35.99%.
How do I apply for a loan?
You can prequalify in minutes, apply, then receive funds via direct deposit once approved.
Who provides the loan service?
Loan services are provided through RAFCO Microfinance Cambodia PLC and Ruam Pattana Leasing Co., Ltd., and are subject to their terms.
Referral
Referral
How does referral work?
Complete KYC, share your referral, once your friend meets the criteria you both receive rewards.
Do I need to complete KYC before referring?
Yes, KYC is part of the referral steps before earning rewards.
When do rewards get paid?
Rewards are issued once the referred friend meets the program criteria.
Fees (Withdrawals)
Fees (Withdrawals)
Do withdrawal fees vary by token and network?
Yes, fees and minimum withdrawals depend on the specific cryptocurrency and network.
Are withdrawal fees flat or percentage-based?
The fee structure is described as flat per currency, regardless of withdrawal amount.
Can withdrawal fees change?
Yes, fees may adjust in real time due to market conditions and network congestion.
Do you absorb bank or third-party fees?
No, third-party fees are not absorbed by MoneyBuddy. Users are responsible for external charges.
Where do I find the latest fee table?
Check the Fees page, it shows the current table and the “last updated” date.
Security and Disclosures
Security and Disclosures
Who custodies crypto assets?
Crypto custody services are provided by BitGo, Inc. through a software licensing agreement.
Are crypto holdings insured like a bank account?
Crypto holdings are not protected by FDIC or SIPC, crypto is high-risk and can lose value.
Is Money Buddy an exchange or broker-dealer?
Money Buddy states it is a technology company, not an exchange, broker-dealer, or investment adviser.
Do products vary by country?
Yes, product offerings vary based on jurisdiction and third-party service providers.