Binance, one of the largest Cryptocurrency exchanges has now enabled the option of buying BTC and a few other Cryptocurrencies using Debit card and Credit card. This comes after the exchange had set a partnership with Simplex.
As part of Binance’s larger mission to increase the adoption and mainstream accessibility of crypto, Binancians are now able to use Visa and MasterCard to buy BTC, ETH, LTC and XRP, and start trading on Binance.com within minutes.
To purchase cryptocurrency with a debit or credit card on Binance, please visit: https://www.binance.com/en/creditcard.
While this comes as news that can pull in traders and buyers from Coinbase and other exchanges, the fees seem on the upper side for a start, and here are the details about the charges and time for the transaction to happen.
It would take about 10-30 minutes for the cryptocurrency to reach your wallet once you pay using the card. The fee charged for the transaction is 3.5% per transaction or $10, whichever is higher. So, for a transaction of $300 or less, the fee charged is $10, and then it would calculate at 3.5% of the total amount for any higher amounts.
Binance says that the card technologies currently supported are VISA and Mastercard. Simplex doesn’t work in a few countries and it includes Afghanistan, China (Some of Chinese banks are not supported.), Congo (Brazzaville), Congo (Kinshasa), Cuba, Democratic People’s Republic of Korea, Eritrea, Iran, Iraq, Ivory Coast, Kyrgyzstan, Lebanon, Libya, South Sudan, and Sudan. Even in the United States, there are a few states that are not supported – New York (NY), Georgia (GA), Connecticut (CT), New Mexico (NM), Hawaii (HI), and Washington (WA).
Currently, only USD and EUR currencies are accepted, so you might end up paying more bank charges for the conversion if you are living out of US and Europe, and want to buy the cryptocurrencies with your credit or debit card. For the first time users of Simplex, here are a few documents and things that you need to submit to confirm your identity for that and any future transactions.
- It is a valid government issued ID
- It contains an expiry date It contains your date of birth
- It contains your name Document and the picture should be in color
- The picture should be in high quality: make sure the photo is not blurry and the lighting is bright enough
- All 4 corners of the document should be visible, for example- when you open your passport you will have 2 pages in front of you.
- Both pages should appear in the photo
- It has to be in English
- The photo should be in JPG format.
- PDF will not be accepted
- The files must be smaller than 4 MB each