Binance Enables Debit and Credit Card Payments

[vit05]

https://support.binance.com/hc/en-us/articles/360022498052

Binance is thrilled to enable debit and credit card payments for cryptocurrencies through our new 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.

Benefits of using a debit or credit card on Binance:

Fast: Average 10-30 mins for cryptocurrency to reach your wallet
Low Fees: only 3.5% per transaction or 10 USD, whichever is higher
Convenient: Visa and MasterCard accepted
To learn more about our partnership with Simplex, read our press release here.

Note: Simplex payment processing is subject to local bank policies. For more information, please refer to the Simplex FAQ here and a list of jurisdictions restricted from using this service here.

Thanks for your support!

Binance Team

2019/01/31

The vast majority of exchanges that at some point accepted credit cards charged very high rates or stopped accepting after a certain period.
I hope Binance will not make either of these two cases. And that this new service helps to reverse the price with more fiat in the market.

[1715256655]

1715256655

[buwaytress]

That's actually a seriously competitive rate for credit card buys... but it does seem pretty steep for debit purchases (which is cash and not reversible, at least in my jurisdiction). Like you said, though, everyone almost who started offering it eventually stopped. Just not sure how long they will be able to sustain that. Expect chargeback rates to start soaring - and not all will be from malicious customers either. Just the nature of credit purchases.

[mk4]

Having the option to buy using creditcards is definitely good; even though I've read somewhere that Coinbase is actually cheaper than Binance when buying BTC using fiat. But whatever; good news nontheless. I'm just wondering how they're going to fight back the potential credit card fraud and stuff, also knowing that KYC isn't required on Binance.

[AdolfinWolf]

Having the option to buy using creditcards is definitely good; even though I've read somewhere that Coinbase is actually cheaper than Binance when buying BTC using fiat. But whatever; good news nontheless. I'm just wondering how they're going to fight back the potential credit card fraud and stuff, also knowing that KYC isn't required on Binance.

This.

Is it actually enabled for non-verified accounts? - Can't find anything about it?

I can only imagine the amount of chargebacks that'll be done if they allow it to be used on NON-Kyc verified accounts.
Which kind of makes me wonder if they will try to push KYC verification on every account anytime soon, although, i guess i'm just slightly paranoid..

[TryNinja]

Having the option to buy using creditcards is definitely good; even though I've read somewhere that Coinbase is actually cheaper than Binance when buying BTC using fiat. But whatever; good news nontheless. I'm just wondering how they're going to fight back the potential credit card fraud and stuff, also knowing that KYC isn't required on Binance.

This.

Is it actually enabled for non-verified accounts? - Can't find anything about it?

I can only imagine the amount of chargebacks that'll be done if they allow it to be used on NON-Kyc verified accounts.
Which kind of makes me wonder if they will try to push KYC verification on every account anytime soon, although, i guess i'm just slightly paranoid..

Aparently, you do require to send your ID info before buying it with credit/debit card.

According to Binance’s FAQ, this is the 8th step:

Upload your document to verify your identity

- 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

Source: https://support.binance.com/hc/en-us/articles/360022199312

So, I assume it’s only for KYC-verified users.

[BitBustah]

I imagine they will have a very strict limit on purchase amounts until you have an established history.  There is too much chance for credit chargebacks and fraud, they charge high fees to counteract this.  Anyways, this is another great step towards mainstream adoption.

[leowonderful]

There's no place that allows you to buy BTC or any other sort of cryptocurrency with a debit or credit card out there right now AFAIK due to potential fraud via those payment methods, not surprised Binance is going to require KYC for users to purchase crypto with debit and credit card payments.

Does anyone know exactly what jurisdictions are prohibited from buying crypto with Simplex? I did some searching and I wasn't able to find anything regarding this. Simplex does state that they support payments through USD, EUR and GBP though.

[khufuking]

If they gonna offer debit and credit cards payments then KYC is a must there is no doubt about that, I am verified suer there so I do not see any option to do KYC before buying but I believe that anyone not verified will be asked to do KYC also the limits is pretty good 20k daily and 50k monthly is totally not bad at least for most of the users, also I am user that we will probably see an extension of restricted countries after some time pass.

[bitmover]

Binance is an exchange that is getting better and better. This reflects token price.

They are always investing and expanding. They also do not require kyc unless you are negotiating very high volume. I like it very much, and is one of the best exchanges out there for sure.

[Raja_MBZ]

Binance is an exchange that is getting better and better. This reflects token price.

True; even in the last 24 hours, BNB is in the top 5 gainers (24-hours) among the top 100 coins (by market cap), probably due to the card deposits announcement:

[onecall123]

Nice move from Binance, but still a long way to go. I think by this attempts Binance is taking market share rapidly and in which helps will turn into the number 1 exchange for beginners. Looking forward how smoothly it works with Credit card payment for buying cryptos.

[1Referee]

Back in 2017 it was pretty difficult to get fiat into the crypto market with how exchanges had to deal with so many verification requests, that there was a delay of weeks at the very minimum. On top of that, some exchanges even halted their registrations for a short period of time.

Imagine how high the price would have shot up would exchanges be more prepared to handle the increased user demand, and with how many more fiat entry points there are right now. I'm certain that everything we see play out right now will contribute to more future retail bull run madness than ever before.

I can appreciate Binance for what they are doing to crypto. I wish them the best of luck to outcompete Coinbase where they can.

[Indamuck]

Nice move from Binance, but still a long way to go. I think by this attempts Binance is taking market share rapidly and in which helps will turn into the number 1 exchange for beginners. Looking forward how smoothly it works with Credit card payment for buying cryptos.

Ya binance already seems to be the top exchange among crypto traders and investors.  I still don't trust them completely and would never leave any substantial amount of coins even on binance or coinbase.

[buwaytress]

~snip
Aparently, you do require to send your ID info before buying it with credit/debit card.

According to Binance’s FAQ, this is the 8th step:

~snip

So, I assume it’s only for KYC-verified users.

Yup, only for verified users. I was waiting for the longest time as well to get verified for their banking options or even for their GBP/Euro fiat options which recently launched through Binance Jersey, but was really disappointed to find out my nationality is not supported. It's almost the same for their card options now, so it still leaves me totally stuck very soon as I'm almost out of limits at my current exchanges for fiat withdrawals. As long as P2P works for me, it's fine, but it's just very uncomfortable to know anything could change soon and I only have p2p options (not that I dislike that, just always feels better to have options).

[ololajulo]

Binance is having a broader approach to moving fund to the space and they also moving there idea around the globe. I wont be surprised if they get stronger while others fall out. In such case with so much hard work, the exchange does not need to present fake volume to attract more visits. This development should be well established in strong areas of cryptocurrency for couples of year before moving it to smaller communities.

[nc50lc]

True; even in the last 24 hours, BNB is in the top 5 gainers (24-hours) among the top 100 coins (by market cap), probably due to the card deposits announcement:

https://i.imgur.com/D8yicvS.png

Just because of there's something new, BNB gained 2.17% within 24hrs.... doesn't look unusual to me.
How is this affected by the newly enabled debit/credit card deposit? Can someone shed some light here.

Wait, I'll guess... [1] Do the clients actually buy BNB but under the hood then it will be traded into the coin of their choice? If that's the case, higher 24hr-gain isn't that far-fetched. [2] Or their BNB coin suddenly became "fancy" in the eyes of traders because there's something new, that's kinda stupid and the main reason that crypto trading became too speculation-based.

[bitcoinisbest]

Binance is an exchange that is getting better and better. This reflects token price.

They are always investing and expanding. They also do not require kyc unless you are negotiating very high volume. I like it very much, and is one of the best exchanges out there for sure.

Binance has started to rule the market when it comes to volume wise as if you consider the way they started couple of years back and today they are one of the leading in market capture wise. Also with the new innovation happening quite regularly it is attracting more users than any other exchanges. With the introduction of credit and debit card many international users will continue to grow on their exchange.

[bitmover]

Binance has started to rule the market when it comes to volume wise as if you consider the way they started couple of years back and today they are one of the leading in market capture wise.

I believe this is the time when we should be cautious about binance. Everyone is so confident about it, it's coin BNB is already top15.

Always be careful to not leave funds in the exchange, and do not trust so much in it.

[raul89]

Perhaps this is a step forward, but I know that binance can block an account, so we must be careful. However, many exchanges block accounts, so in my opinion, you should choose services without registration.

[Raja_MBZ]

True; even in the last 24 hours, BNB is in the top 5 gainers (24-hours) among the top 100 coins (by market cap), probably due to the card deposits announcement:

https://i.imgur.com/D8yicvS.png

Just because of there's something new, BNB gained 2.17% within 24hrs.... doesn't look unusual to me.
How is this affected by the newly enabled debit/credit card deposit? Can someone shed some light here.

Wait, I'll guess... [1] Do the clients actually buy BNB but under the hood then it will be traded into the coin of their choice? If that's the case, higher 24hr-gain isn't that far-fetched. [2] Or their BNB coin suddenly became "fancy" in the eyes of traders because there's something new, that's kinda stupid and the main reason that crypto trading became too speculation-based.

BNB's performance is actually highly affected by Binance's (exchange) performance. With every good update (such as the recent Binance's acquisition of Trust Wallet) provided by Binance, BNB shows some positivity in value. Moreover, Binance just keeps adding more & more new advantages (for traders) for holding/buying BNB. In simple words, if you're a believer of Binance (and especially the upcoming Binance DEX), you should get some BNB.

The future's Binance decentralized exchange (Binance DEX) will be highly dependent upon Binance Chain (blockchain of BNB coin), and even yesterday, when CZ in an AMA session at Twitter announced that the DEX is now near to completion (and the testnet of BNB coin will be made public soon), the BNB token pumped almost 5% immediately.