Purchasing BTC with Moonpay via Trezor

Normally I purchase BTC from Coinbase and then send it to Trezor. But this time I decided to use the Trezor with Moonpay to buy BTC directly to my Trezor wallet. I selected the amount I wanted to pay and pressed go. Then I was suddenly asked to verify my identity so had to scrabble around to find my passport etc. Anyway I decided not to proceed with the transaction or verify my identity but do it some other time when I had more time. So I closed the window and now there is a pending transaction on my Trezor but no way to cancel it. And there is nothing on Moonpay about Trezor. So should I just hope it goes away or try to do the verification somehow. Thing is there is not enough money in my account to fulfill the transaction now. I know it won’t go through due to no ID verified. So will it sit there forever or am I liable in some way? Why did not Trezor advise getting ID verified with Moonpay before actually starting a transaction? How do you cancel?

Hi @Harry,

The pending transaction wille eventually be canceled by itself, due to lacking miner’s fee. I don’t know how long it’ll take but no miner will approve the transaction.

Good question. You can’t cancel a transaction yourself. The merchant providing the transaction service must be sure that their service don’t get interrupted due to risk of chargebacks. Also, the merchant has expenses with fees too, which they won’t get back when they’re paid on your behalf.

About the ID verification, it’s mentioned in the Trezor documentation online but not in Trezor Suite, I believe. It varies from merchant to merchant how much Know Your Customer (KYC) they’ll ask for, if anything. It should probably be on this page:

Hi Petosiris,
Thanks a lot for replying. Good to know that the transaction will be cancelled eventually. Just hope Moonpay don’t come after me for transaction fees - I mean I don’t see how they can if I haven’t even validated my ID. Guess I was a bit gun-ho about it, like you say I should have properly read the documentation first. Still surprised that it’s even possible to set up a transaction without prior validation though. Thanks again. Best Wishes.

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