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Binance Enables Payment with Credit or Debit Cards for Purchase of Crypto

Binance Enables payments for Crypto Purchase

World’s biggest exchange, Binance announces that its Android application for mobile has exciting features. As per the announcement, the users can buy some of the most famous cryptocurrencies with Visa or Mastercard. As per matter of fact, Binnace.com has a list of all the cryptocurrency that users can use for purchases.

Interestingly, Binance says that the support is possible due to the partnership with Simplex. And, Simplex is a fintech startup. The partnership came into effect on 31st January.  As a result of this partnership, the users can use their credit or debit card for making cryptocurrency purchases. Also, the available version for the app is 1.5.8.0. It can also run on a higher version as well. Similarly, the name of the mobile app that can run on Android is Binance-Cryptocurrency Exchange.

The availability of the services commenced from 31st January

The possibility to buy cryptocurrencies through credit or debit card is available since 31st January. Therefore, Users can buy cryptocurrencies like Bitcoin or BTC, Ethereum or ETH, Bitcoin Cash or BCHABC. The list also includes Litecoin or LTC, Ripple’s XRP, etc. Hence, the users can purchase with their cards from the website of Binance, Binance.com. It has increased the convenience of users in terms of usage. And, many new customers also show an inclination towards the same.

Similarly, Binance again made it possible to do the purchase on Trust Wallet. As per matter of fact, Trust wallet is the official wallet app for Binance which is non-custodial. Similarly, now the exchange offers the android app for similar purpose through Binance app.

The steps that customers need to follow while making purchases

However, to do purchase crypto via credit or debit cards, customers need to follow some steps. The list featuring various cryptocurrencies is violable in the official website of Binance, Binance.com. So, if a customer is using a credit card, there is a need to tap on the credit card button. This button is the last one on the toolbar. After tapping, it takes the customer to the screen showing the buying option. After this, they can choose from the list of cryptocurrencies and specify the quantity. Also, they will have to select the fiat currency to pay. Then, they will need to tap on the buy button and then confirm it. After accepting the terms and conditions written, the customers can make the payment.

However, there are some of the facts that a customer must know before purchasing. For this reason, whatever amount is showing in the quotation, it depends upon the current rate. It might increase or decrease. Also, the fee for the transaction is 3.5% for each transaction. It can also be 10 USD or higher than that.

CEO of Binance elaborates partnership with Simplex

On the other hand, the CEO of Binance has to say on the matter. Changpeng Zhao says that their partnership with Simplex has allowed them to add one more feature to their exchange. It fills the gap between global traders of crypto and card payments. He further announces that users can now purchase cryptocurrencies using their credit cards. This move of Binance has increased the convenience for traders and investors of crypto.

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