Binance is one of the leading cryptocurrency trading platforms with a good reputation in the market. The exchange has created a seismic impact on the trend of cryptocurrencies since joining the market in 2017. Binance major drawback was the lack of support for fiat currency trading. However, Binance has made advances to enable clients to buy crypto with fiat currency.
In early 2019, the platform inked a deal with payment processor Simplex to assist clients to buy crypto with a credit or debit card. According to Binance, this move is part of a larger initiative to increase mass adoption of cryptocurrencies. Users on the exchange can buy Bitcoin, Ethereum, Litcoin and XRP tokens using either Visa or MasterCard.
Terms of Buying Crypto With Credit Card on Binance
Customers can buy crypto with USD and EUR. At the moment, the minimum and maximum purchases are equivalent to $50 and $20,000 USD, respectively. Buying crypto with a debit card on Binance is a fast process. It only takes an average of 10-30 minutes for the digital assets to reflect in your wallet. Additionally, all card transaction comes with low fees of 3.5% per transaction or $10.
Note that trading on Binance does not need the KYC process provided you are withdrawing less than 2 Bitcoins per day. However, customers have to provide additional personal information when buying crypto with a credit card. So, how do you buy crypto with a credit card on Binance?
Step1: Register an Account with Binance
The first step is to create an account with Binance through the official website or trading app available on the Google Play Store. On the website click Register while on the app, go to the Account menu and tap Login or Register, then tap Register on the bottom part of the app. You will enter your email address and create a password that has uppercase letters and numbers. Agree with the terms and click on Register. You will then verify your account by entering a six-number code sent to your address.
Step 2: Accessing the Binance Buy with Card Page
To start the process of buying cryptos with a credit card, you need to access the Binance Credit Card Page. You can visit the page using this address. You can also access the page by logging into your Binance account then click on Funds and then Buy With Credit Card.
Step 3: Selecting The Cryptocurrency to Buy
The next step entails selecting the cryptocurrency you would like to buy and then enter your order amount. A second bar is displayed with the total amount that you will be charged. Note that, after selecting the amount of Bitcoin to buy, you will be able to check the current rate for the crypto.
While buying Bitcoin with a credit card, there are some safety precautions you need to put in mind. For first time buyers, you should start small just to be on the safe side. You can buy more funds once your small purchases have reflected in your account. In the next stage, you will have to customize the amount you have selected. Binance allows you to buy any amount of Bitcoin using a credit card. You can toggle the base currency of your credit card between USD or EUR. The Total Charge section indicated is the payment to be made inclusive of the service provided and the handling fee. After customizing your amount, read the disclaimer and agree to the terms and conditions.
Step 4: Providing Additional Information
Step 5: ID Verification
Simplex offers a number of ways you can verify your identity. You can take a selfie holding the card used to make the payment or upload your ID issued by the government. If you opt for the selfie, ensure the first and last four digits on the card are visible. If you opt for providing your identification, you can use a passport, national ID card or your driver’s license. To make the process quicker, you can upload a second ID. We also have some rules that apply to your ID. It must be a valid issued ID by the state with an expiry date. It should show your name and date of birth. Note that the picture on the document should be in color. All the four edges of the document should be visible and the writings should be in English. They accept JPG format less than 4 MB each.
Step 6: You Have Successfully Purchased Crypto Using Credit Card
If you have done everything correctly, your crypto should reflect in your account within 30 minutes. It will depend on factors like network congestion. In case your purchase does not reflect on your Binance account, do not panic. Reach out to Simplex customer support for assistance. Additionally, Simplex sends a transaction ID to your email. This ID is helpful in checking the status of your transaction. If the process goes through successfully, the Bitcoin will be in your Binance account.
Binance is making the right steps to become the most dominant cryptocurrency exchange. Binance enjoys a good reputation in terms of security alongside efficient services. The exchange popularity is based on its liquidity. Binance liquidity has remained impressive even when the markets were dull. During the 2018 bear market, Binance managed to make $446 million in profits. This is an indication that the exchange is making all the right moves in the market.
Binance customers should take advantage of the credit card crypto deposit since it is very convenient and fast. Note that depositing digital assets from one exchange to Binance can be limited by restrictions with high withdrawal fees. However, you should keep all the precautions in mind since dealing in cryptocurrencies is a risky affair.
If you want to invest in Binance’s BNB coin – you surely need to check our article about the best Binance coin wallets.
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