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.
According to Binance CEO, Changpeng Zhao, “The crypto industry is still in its early stages, and most of the world’s money is still in fiat…Building fiat gateways what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
Nonetheless, there are a few limitations. First, the payment method is not supported in some countries, and even in the United States, it does not cover several states, such as Washington DC, New Mexico, New York, and Georgia. Also, the support for banks is not universal, and those that can use the service will be charged 3.5% fee and will have to wait 10-30 minutes for their tokens.
Against this background, let’s see how you can buy Bitcoin with credit card on Binance.
Step 1: Register on Binance
Fill the blanks with your details, and use the same to log in the account.
Step 2: Access Binance Credit Card Page
Head over to the Funds section on the Binance toolbar, and choose the Buy with Credit Card option.
Select Bitcoin as the cryptocurrency you want to purchase, then enter your order amount. The second bar will display the total amount you’ll be charged, with the 3.5% fees included.
Next, you’ll be asked to confirm your order. Read the short disclaimer to understand the purchasing process. After reading and understanding the disclaimer, click on I have read and agreed on the disclaimer, then Go to Payment.
This feature was updated in February 2019. Some outdated blogs will tell you that you need to deposit some form of an altcoin to purchase Bitcoin. This is not buying Bitcoin, but trading or exchanging one coin for another.
However, Binance offers support for fiat-to-crypto.
Tip 1: For your first purchase, we recommend you start with a small amount just to be safe. Once the small amount is in your Binance account, you can proceed to purchase more and even frequently without having to worry whether your coins will be credited to your account.
Tip 2: Depositing coins from one exchange to Binance may have some limitations, and plagued with withdrawal fees. We recommend you use the new feature and enjoy its convenience as you can deposit directly into your wallet.
Step 3: Provide Your Details
You’ll be directed to Simplex website. Fill the blanks with the details required, then verify the Phone number and email you provided while opening the Binance account.
You’ll receive a verification code in your phone. Enter the 4-digit code on your phone.
Additionally, you’ll receive a verification link via the email you provided. After this step, click on continue.
The next step requires you to fill in your credit card details. Ensure the details match the billing address. However, your card won’t be charged yet—Click on Pay Now to bring you to ID verification.
Step 4: Verification
In this step, you’ll be required to verify your identity by taking a picture of yourself holding the credit card that you used for payment.
When requested to provide the selfie, provide:
Your name, and the first and last four digits of your card number must be visible; you are allowed to cover the middle digits with your fingers.
Also, you can upload a Valid ID, passport, and driver’s license. Ensure you upload each side of the document in order.
If you’ve followed these steps religiously, your Bitcoin should be credited to your Binance account in 20 minutes or less. However, depending on some factors, such as network congestion, it may take up to an hour.
Congratulations! You’ve just made your first Bitcoin purchase using your credit card.
There are plenty of exchanges where you can purchase Bitcoin, but Binance is by far the best and most liquid reputable exchange.
If you’ve not opened a Binance account yet, this is your time. At peak times, the exchange may stop accepting new applicants due to a large number of applicants, something that was witnessed in December 2017.
So, to be on the safe side, register a Binance account as soon as now, and pile up some Bitcoins. As Changpeng Zhao said, “If you and I believe in the future of Bitcoin, so it is best to hold as much as possible when nobody cares.” Patience is all you need.
Follow these steps to buy Bitcoin with a credit card on Binance.
Try Out Binance Today
For over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance.
Binance has set itself apart as the best trading platform for beginners and experienced traders, and gives you hundreds of coins to invest in. Start trading today on Binance!