Binance is one of the largest cryptocurrency exchange platforms in the world. In a bid to give existing and potential customers convenient ways of getting their hands on preferred digital currencies, the company has introduced a system that allows you to use your credit card to buy Bitcoin or any other cryptocurrency.
Investing in Cryptocurrencies Getting Easier
First, it is important to appreciate the fact that Binance is the world’s largest cryptocurrency exchange platform by volume. Yesterday, the company official announced to hundreds if not thousands of its customers that they can now purchase their preferred cryptocurrency using credit and debit cards.
Over the years, Binance cryptocurrency exchange has improved its operations and security to ensure that customers get value for money. The improvements have greatly helped it to soar high and compete effectively with other cryptocurrency exchanges such as Coinbase.
At the time of writing, clients can use Mastercard or Visa branded cards to buy various cryptocurrencies such as Ethereum, Litecoin, Bitcoin, and XRP. All you need to do is visit this page, login and select the digital currency you want to purchase, the amount, and your credit card details. Make sure that the credit card details that you input are accurate otherwise the transaction will not be successful.
All payments will be processed by an accredited third-party company, Simplex. Simplex is one of the leading providers of payment services in the United States. It operates in six states namely NY, GA, WA, NM, and HI but there are plans to increase the scope before the end of this year. Unlike other companies that offer a similar service, the number of restricted countries is relatively small, but some banks based in China are in the list.
While commenting about this new cryptocurrency buying option, Binance management stated that collaborating with Simplex allows them to bridge the gap between crypto trading and credit card payments. The beauty of this option is that payments are processed instantly and securely. More importantly, you can start trading the newly acquired digital currencies immediately after finalizing the payment.
More Details about Binance Cryptocurrency Exchange
Binance is an only crypto-to-crypto exchange, that is, it does not support or offer clients an opportunity to trade pairs for fiat currencies. It is not possible to send fiat currency to the exchange but the company is working on this issue. For example, it recently launched independent fiat to cryptocurrency exchanges for specific markets such as Binance Uganda and Binance Jersey.
What are your thoughts about this new development in Binance cryptocurrency exchange operations? Will allowing customers to purchase cryptocurrencies using debit and credit card increase its competitiveness and clientele base? Share with us through the comment section. As you do that, check out other latest cryptocurrency news here.