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 too 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]

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.

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 big portion of the edge you may have
if sports bookies, exchanges or poker rooms would charge these fees for card deposits no one would ever use it - sorry but I can't see crypto more risky than gambling (on the contrary)
sorry for repeating what 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]

cards give option for immediate purchase making its worth the commissions

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 for exchanges

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

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

xyza023+klrelæree ,m,e klk??? ?? nonsense

 

[void]

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.

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

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.

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

You confuse warm with soft my friend.

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

Why do people make 3 post in a row

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

nonsense

nonsense - because?

 

[7889]

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

 

[blizz]

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

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.

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

say post horing

I do not think putting an "Expensive" label on anything that is offered on the market is a right approach.

would you elaborate so we all may 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]

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

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 .