Within the two years that the Binance cryptocurrency exchange has served the industry, one of the biggest challenges faced by traders is how to buy crypto on Binance with credit cards.
As the largest exchange by trading volume, users believed that this feature would come at some point and the Chapeng Zhao-led platform has not failed.
Today, the exchange revealed in an announcement that it has partnered with Israeli-based payments processor Simplex, to allow users to buy crypto on Binance with credit cards. Through the partnership, users can now directly convert funds on their Visa and Mastercard credit cards to either Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Ripple (XRP).
CEO Changpeng Zhao said in the announcement,
The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways are what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.
This is another milestone for Binance!
Who Can Buy Crypto on Binance With Credit Cards?
The offering from Binance is currently available to users in any part of the world except those blacklisted on its terms and conditions page.
These countries include :
- Sudan and South Sudan
- Democratic Republic of Korea
In the U.S, residents of these six states currently cannot buy crypto on Binance with credit cards:
- New York
- New Mexico
Simplex Fees For Buying Crypto on Binance With Credit Cards
Regarding fees, Simplex charges 3.5 percent of a transaction with a $10 minimum (flat fee). The daily limit is $20,000 per user, while the monthly max is $50,000 per user.