Binance Enables Debit and Credit Card Payments - page 2.

TryNinja

legendary

Activity: 2758

Merit: 6830

Quote from: mk4 on January 31, 2019, 12:21:48 PM

Having the option to buy using creditcards is definitely good; even though I've read somewhere that Coinbase is actually cheaper than Binance when buying BTC using fiat. But whatever; good news nontheless. I'm just wondering how they're going to fight back the potential credit card fraud and stuff, also knowing that KYC isn't required on Binance.

Quote from: AdolfinWolf on January 31, 2019, 12:28:31 PM

This.

Is it actually enabled for non-verified accounts? - Can't find anything about it?

I can only imagine the amount of chargebacks that'll be done if they allow it to be used on NON-Kyc verified accounts.
Which kind of makes me wonder if they will try to push KYC verification on every account anytime soon, although, i guess i'm just slightly paranoid..

Aparently, you do require to send your ID info before buying it with credit/debit card.

According to Binance’s FAQ, this is the 8th step:

Quote

Upload your document to verify your identity

- It is a valid government issued ID
- It contains an expiry date
- It contains your date of birth
- It contains your name
- Document and the picture should be in color
- The picture should be in high quality: make sure the photo is not blurry and the lighting is bright enough
- All 4 corners of the document should be visible, for example- when you open your passport you will have 2 pages in front of you. Both pages should appear in the photo
It has to be in English
- The photo should be in JPG format. PDF will not be accepted
- The files must be smaller than 4 MB each

Source: https://support.binance.com/hc/en-us/articles/360022199312

So, I assume it’s only for KYC-verified users.

AdolfinWolf

legendary

Activity: 1946

Merit: 1427

Quote from: mk4 on January 31, 2019, 12:21:48 PM

Having the option to buy using creditcards is definitely good; even though I've read somewhere that Coinbase is actually cheaper than Binance when buying BTC using fiat. But whatever; good news nontheless. I'm just wondering how they're going to fight back the potential credit card fraud and stuff, also knowing that KYC isn't required on Binance.

This.

Is it actually enabled for non-verified accounts? - Can't find anything about it?

I can only imagine the amount of chargebacks that'll be done if they allow it to be used on NON-Kyc verified accounts.
Which kind of makes me wonder if they will try to push KYC verification on every account anytime soon, although, i guess i'm just slightly paranoid..

mk4

legendary

Activity: 2870

Merit: 3873

📟 t3rminal.xyz

Having the option to buy using creditcards is definitely good; even though I've read somewhere that Coinbase is actually cheaper than Binance when buying BTC using fiat. But whatever; good news nontheless. I'm just wondering how they're going to fight back the potential credit card fraud and stuff, also knowing that KYC isn't required on Binance.

buwaytress

legendary

Activity: 3010

Merit: 3724

Join the world-leading crypto sportsbook NOW!

That's actually a seriously competitive rate for credit card buys... but it does seem pretty steep for debit purchases (which is cash and not reversible, at least in my jurisdiction). Like you said, though, everyone almost who started offering it eventually stopped. Just not sure how long they will be able to sustain that. Expect chargeback rates to start soaring - and not all will be from malicious customers either. Just the nature of credit purchases.

vit05

hero member

Activity: 672

Merit: 526

https://support.binance.com/hc/en-us/articles/360022498052

Binance is thrilled to enable debit and credit card payments for cryptocurrencies through our new partnership with Simplex.

As part of Binance’s larger mission to increase the adoption and mainstream accessibility of crypto, Binancians are now able to use Visa and MasterCard to buy BTC, ETH, LTC and XRP, and start trading on Binance.com within minutes.

To purchase cryptocurrency with a debit or credit card on Binance, please visit: https://www.binance.com/en/creditcard.

Benefits of using a debit or credit card on Binance:

Fast: Average 10-30 mins for cryptocurrency to reach your wallet
Low Fees: only 3.5% per transaction or 10 USD, whichever is higher
Convenient: Visa and MasterCard accepted
To learn more about our partnership with Simplex, read our press release here.

Note: Simplex payment processing is subject to local bank policies. For more information, please refer to the Simplex FAQ here and a list of jurisdictions restricted from using this service here.

Thanks for your support!

Binance Team

2019/01/31

The vast majority of exchanges that at some point accepted credit cards charged very high rates or stopped accepting after a certain period.
I hope Binance will not make either of these two cases. And that this new service helps to reverse the price with more fiat in the market.

Topic: Binance Enables Debit and Credit Card Payments - page 2. (Read 332 times)