Binance: The World’s Largest Crypto Exchange Will Let you Buy Bitcoin With Credit Cards

[negon]

This is indeed good news!

Binance, the world’s largest crypto exchange by daily trading volume,‌ enabled credit card payments on its platform to allow users to purchase Bitcoin and other‍ major crypto assets using Visa and Mastercard.

The integration of credit card payments into the⁠ Binance trading platform comes after Binance CEO Changpeng Zhao (CZ) emphasized the importance of fiat⁤ on-ramps in increasing the mainstream adoption of cryptocurrencies.

source: Binance: The World’s Largest Crypto Exchange⁣ Will Let you Buy Bitcoin With Credit Cards

I can imagine that they will face⁢ a lot of fraud in the beginning so let's hope it won't hurt them too︀ much or that they have everything in place to avoid fraud.

 

[void]

it's definitely good news, however if the fee will be higher than say 1% (and‌ I seriously doubt that) it will be just another new feature changing nothing because nowadays‍ we have plenty of expensive options to buy crypto using cards
what would really matter⁠ it would be releasing restrictions regarding general deposits "in your name" which would give the⁤ community plenty of new options - but it's hardly gonna happen

 

[cardbit]

Dear Void,

I do not think putting an "Expensive" label on anything that is offered‌ on the market is a right approach. Fees for card deposits are higher for very‍ clear reasons. However cards give option for immediate purchase making its worth the commissions.

 

[Spinat]

It's good with alternative options. Keep them coming we will need them all 😉

 

[void]

it's understandable you are defending your own business (you're charging 5 or 6%⁠ for card deposit, correct me if I'm wrong) - I don't blame you, it's your⁤ decision on a (more or less) free market, you can also hardly take my right⁣ to comment on this and present my opinion - I'm just saying that deposit fee⁢ of this size makes it very hard to beat the market itself and eats big︀ portion of the edge you may have
if sports bookies, exchanges or poker rooms would︁ charge these fees for card deposits no one would ever use it - sorry but︂ I can't see crypto more risky than gambling (on the contrary)
sorry for repeating what︃ I already posted here in some older thread

 

[void]

and btw same applies to 3d secure - if you can't use your card without‌ 3d secure (99% of cards issued by EMI providers) then value of such a service‍ is very low

 

[void]

to be fair I'd agree with this but it would require your purchase of‍ crypto work like any other eshop (i.e. instant shopping without registration) - put 2 BTC⁠ into your shopping cart, pay by card (in anyone's name), receive to your wallet and⁤ good is - in that case I think one could live with 5%
however the⁣ reality is different - there is nothing like impulsive purchase of crypto - you have⁢ to pass long, annoying and privacy violating verification process and if you can pass this,︀ you can almost always fund your account with SEPA or similar cheap method

 

[cardbit]

You would be surprised but its actually more riskier and less profitable for exchanges to‌ accept card payments, they do this mostly for marketing reasons, that's why some exchanges won't‍ even accept cards. They all encourage SEPA or Swift transfers.

 

[void]

more riskier and‌ less profitable than what? SEPA payments? so what? I'm not talking about the motivation... I'm‍ speaking purely about the fee that doesn't make sense to me - maybe good for⁠ marketing (you can say you accept cards) but hardly anyone will use it under these⁤ conditions - again, why is gambling different from crypto?

 

[cardbit]

Well, can it be because Gambling sites are making money out of your Whole Deposit?‌ All your Deposit is pure Profit to them, unless you are lucky enough to win‍ something, which is rarely the case.

Maybe we are talking about different categories of websites?⁠ I am not talking about Crypto sites that give you an illusion of buying Crypto,⁤ while placing your "Investment" to grow. I am talking about website that actually DO sell⁣ Bitcoins.

You confuse warm with soft my friend.

 

[ImKing]

Why do people make 3 post in a row ange¤%&
xyza023+klrelæree ,m,e klk??? ?? nonsense ja334¤¤#

 

[void]

no they are taking⁠ commission (called juice, vig, whatever) from every trade just like crypto exchanges

no I'm talking⁢ about he same as you - it's difficult and crazy inefficient to buy crypto (to︀ your wallet) using a card
ok, this TV in our eshop is for 3k if︁ you pay cash or using wire transfer, ohh you want to use your card? hmm︂ +5% then - does it sound attractive to you?

sorry, I don't understand what this means...

how about responding︅ to a few things gradually within a few minutes and edit of the previous post︆ is not possible any more? good enough reason? what's your problem?

nonsense - because?

 

[7889]

Does it include debit cards as well i wonder? Why limit specifically to credit cards‌ only?

 

[blizz]

because you need people to buy coins by CC‍ which is the main topic here and which is on huge request by many so⁠ by me. All other payment methods are already covered by other providers! CC and PayPal⁤ to by crypto is the s**t.

say post horing ja334¤¤#

would you elaborate so we all may︂ understand what it is you want to say?

 

[TurnedToRobot]

Does someone actually bought BTC or other crypto with Binance by credit card? if so‌ was there any verification? any limits? I would appreciate some input please 🙂

 

[chrishimself]

Yes you need to upload a verification document (i.e. passport)

 

[extremedox101]

its a good move since binance is not geo restricted but upon my research it's‌ looks fee are very high via simplex .