Binance Finally Allows You to Buy Crypto With Debit and Credit Cards

Siamak Masnavi

On Thursday (January 31st), digital asset exchange Binance announced that it is now possible to buy cryptocurrency with a debit or credit card. 

Here is how it announced the news on Twitter:

Binance's blog post says that it was able to offer this via a new partnership with Simplex, which describes itself as "a fintech company that provides worldwide fraud-free payment processing." Simlex also helps several other crypto companies with debit/credit card processing, including BitMART Exchange, Xaro, BTCC, and Changelly.

According to Binance, this partnership brings users two benefits:

  • "Fast: Average 10-30 mins for cryptocurrency to reach your wallet"
  • "Low Fees: only 3.5% per transaction or 10 USD, whichever is higher"

Binance users from today can use Visa or MasterCard debit and credit cards to buy BTC, ETH, LTC and XRP (the base currencies Binance supports excluding the stablecoins). To do so, you need to visit: https://www.binance.com/en/creditcard

When you go there, this is the screen you will see:

Binance and Cards Screenshot.png

In Europe, you can choose the transaction amount to be either in USD or EUR. The "crypto amount quoted is based on the current rate and is not final," and if "the rate changes by more than +/-2.5% you will be asked to reconfirm the transaction via email from Simplex."

Changpeng “CZ” Zhao, the CEO of Binance, had this to say about the new partnership:

“We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.”

And Nimrod Lehavi, Co-Founder and CEO of Simplex, stated:

“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience."

During the past few months, Binance has launched two fiat-to-crypto exchanges (in Jersey and Uganda), and with this partnership, Binance is "further expanding to global markets."

The Binance CEO said:

“The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users."

 

Featured Image Credit: Photo via Pexels.com

OKEx Adds Dogecoin Margin Trading and Savings Accounts Amid Viral Pump

Popular cryptocurrency exchange OKEx has announced it’s adding Dogecoin (DOGE) margin trading and savings accounts, as well ads a DOGE/USDT-margined perpetual swap trading pair.

According to the cryptocurrency exchange’s announcement, DOGEª/USDT trading pairs will be available for spot margin trading, and tiered margin trading benefits will apply to it. The cryptocurrency, launched in 2013 as a meme, has been going through a viral pump thanks to a TikTok video.

As CryptoGlobe reported, TikTok user James Galante asked other members of the social media platform to invest $25 into Dogecoin, which would give them 10,640 DOGE on Robinhood at the time the video was created. The goal was to help the cryptocurrency’s price reach $1, giving them a return of over 42,000%

Despite being launched as a meme currency with the popular Japanese dog breed Shiba Inu as its mascot, Dogecoin has a dedicated community behind it that, in 2014, raised $25,000 to help the Jamaican bobsleigh team attend the Winter Olympics in Sochi, and later on raised $55,000 to support NASCAR driver Josh Wise, among other things.

Since the viral TikTok video was published the price of DOGE moved from $0.0022 to a high of $0.0047, before dropping back to $0.0037 after the hype surrounding it started dying down. Nevertheless, CryptoCompare data shows DOGE is still up over 44% in the last 30-day period. Its volume went up by 683%.

DOGE.pngSource: CryptoCompare

OKEx’s announcement details Dogecoin has also caught the attention of some of the most influential people in the world, including Tesla and SpaceX CEO, who tweeted about DOGE in April of last year and helped the cryptocurrency’s price soar because of it.

Commenting on the listing Jay Hao, OKEx’s CEO, said that the exchange is pleased to offer its users new trading and savings featured for Dogecoin, and added:

DOGE is a very popular coin with sophisticated marketing and market potential that many traders will enjoy speculating on and we believe that it will bring additional liquidity to the exchange. As with any trading decisions, however, we always encourage traders to trade with caution and carry out their own research.

Featured image via Pixabay.