Updated: Jun 28, 2019
Binance users are able now to use their debit and credit card for payments to buy Bitcoin and some more crypto. To process payments Binance cooperates in this case with Simplex.
Costs and terms of using debit or credit card on Binance:
Fast: Get your crypto in half an hour on your wallet
Fees: 3.5% per purchase but minimum $10
Easy: MasterCard and Visa are the most popular cards globally
Two examples explaining Binance deposit by card fee:
BTC price now: $3400
You want to buy 1 BTC you must pay $3400 + $119 fee = $3519
You want to buy 0.05 BTC you must pay $170 + $10 fee = $180
This is a chance to gain more new clients for the exchange and can it increase all crypto market cap a bit? Customers with Visa and MasterCard cards can buy BTC, ETH, LTC and XRP, and may begin trading on Binance straight away. We are looking for opportunity to buy TRX as well.
Comparing to the main competitor which is Coinbase it looks promising. This 3.5% fee is not a profit for Binance as they must cover AML procedures costs and pay to the payment’s partners.
Check out more information on Binance website.