Binance is one of the most popular exchange platforms within the crypto market.
However, it has always had one weakness—not supporting fiat currency trading.
Now, the platform is making changes that will allow its customers to purchase crypto with fiat currency. Recently, the exchange partnered with Simplex, a payment processor to provide crypto purchases with a credit card.
The use of credit card in crypto is controversial, as top exchanges have gone back and forth on this topic. For instance, Coinbase stopped allowing credit card purchases in 2018, but when it used to allow them, customers would incur additional charges.
However, Binance has decided to make this bold move, but the credit cards can only be used to purchase a limited set of tokens, namely Bitcoin, Litecoin, Ethereum and XRP.
Binance is the most popular cryptocurrency exchange on the market, but it always had one key weakness – not supporting fiat currency trading. Now, Binance is making steps to make it possible for its customers to purchase crypto with fiat currency. Recently, the firm partnered with payment processor Simplex to provide cryptocurrency purchases with a credit or debit card.
In this article, we will explain how to use Binance’s new feature to purchase some BTC. Binance allows cryptocurrency purchases with USD and EUR, with the minimum/maximum purchase being equivalent to $50 and $20,000 USD, respectively.
Customers of Binance can now purchase crypto directly using debit and credit cards via payment processing firm Koinal.
Binance clients can now buy 5 cryptos using credit and debit cards by Visa and MasterCard
Customers of major crypto exchange Binance can now purchase crypto directly using debit and credit cards via payment processing firm Koinal.
Binance users can now buy crypto using their Visa and MasterCard debit and credit cards, the company announced in a blog post on Sept.
These days it’s getting much easier to purchase Bitcoin with a credit card.
The problem of chargebacks has been mitigated through anti-fraud companies, and more and more exchanges allow credit cards as a valid payment option. In this post I’ll review the most popular methods for buying Bitcoin with a credit card.
The easiest way to buy Bitcoins with a credit card would probably be Coinmama. Here are the steps:
If you want to read in depth about additional exchanges that accept credit cards keep on reading. Here’s what I’ll cover:
Coinmama specializes in Bitcoin purchases through a credit card since 2013. They take a premium fee for their services, and they do not limit you to a maximum amount of bitcoins that you can buy.
But 1 BTC (trading on Binance right now for $3,435) costs $3,671.
That’s a $236 mark-up from the regular price.
3.5% of $3,435 is $120, not $236.
Same goes for LTC.
If I wanted to buy 1 LTC for $31, it would cost $41.
That $10 mark-up is about 32.3%!!!
What I’m wondering is, are they not only marking up the costs of the coins, but Also taking 3.5% when you purchase? Have any of you guys used your cards yet?
By the way, this isn’t an attack on Binance (IMO they’re one of the best exchanges out there). I just think it’s a bit misleading to say they have cheap 3.5% buys when you mark up the price by hundreds of dollars (or 32.3%) before you even impose your 3.5% fee.
Coinbase used to do this.
I think they just wanted to launch this option asap.
Fees might go down over time.
I noticed this too.