Binance guide to buy crypto with credit cards: Pay attention to the fees

Binance, customers will be able to buy crypto with credit cards. Will Binance manage this service?

Binance Buy with a credit card

Users of Binance they can now use theirs credit cards to buy criptovaluta like Bitcoin or Ethereum. The cryptographic exchange has in fact claimed to have joined forces with a third party to allow its customers to make purchases by credit card directly on its platform.

It follows that interested users will be able to buy BTC, ETH, LTC e XRP, but not XLM and NEO, as indicated in previous versions of the original press release, using their own credit card, also prepaid.

Secondo CoinMarketCap, Binance is currently the main cryptographic exchange by trading volume, currently processing more than 650 million dollars of transactions every day.

The news of the last few days comes months after Binance - founded in China in 2017 and now based in Malta - has launched two fiat-to-crypto exchanges to allow users to exchange euros, British pounds and Ugandan shillings with the encrypted currency.

Purchasing cryptocurrency with a credit card proved to be a difficult service to maintain in the past. Coinbase For example, he had disabled the option to allow his US customers to use credit cards to buy digital goods in February last year.

The decision was taken after some credit card companies claimed that they would have prohibited the use of their cards for this purpose.

American customers of Coinbase are still able to make purchases using their bank account, debit cards and bank transfers.

Let's see how to buy with a credit card on Binance

1. First we go to the official website of Binance 
2. We register (if we are not already registered)
3. Let's go to the funds menu and then buy witdh credit card
4. Choose the coins to buy (BTC, Ripple, Litecoin, Ethereum)

This whole procedure is handled by Simplex, which also takes care of the fees and processing the payments.

Fee to buy with Binance credit card

Please note that for 10 dollars the fees are 3,5%, the 2,5% for larger amounts to give you a concrete example

1 litecoin with 49,60 costs, currently, Binance costs 39,20 costs are 10 euros more

Comparison between Coinbase and Binance to buy 1 litecoin

To recap

Binance : 1 Litecoin on Binance costs 39,20 and with a credit card you buy it for 49,60

Coinbase : 1 Litecoin costs 38,97 and with credit card comes 40,96

I'm certainly not a mathematical genius, but Binance's exaggerated fees seem to me to be exaggerated.