Binance introduces Credit Card support for purchase of Cryptocurrencies

flemmings02

jr. member

Activity: 182

Merit: 2

Quote from: Barcode_ on January 31, 2019, 01:46:45 PM

The whole crypto-currencies trading market has already remained bearish for more than one year now, I wonder how much effect would this news affect the trading market in the next few weeks, but I still think as long as the SEC does not approve the bitcoin ETF, the chances for a bull market to return would be extremely low.

This is a good news, especially because of how bearish everything about the cryptomarket has been for these past months, although I'm also of an opinion that the market needs more than just the credit card purchase options for top coins that got introduced on binance for to have another huge level of adopters, since there have been other sites offering something similar all along.

timerland

hero member

Activity: 1526

Merit: 596

Quote from: blockmanity on January 31, 2019, 08:52:13 AM

Binance has done it. It has bought back credit card support. And this was desperately needed. Last year many banks combined banned purchase of Bitcoins on Credit card. Now Binance bringing this back, we can expect some news users joining the space

Article: https://blockmanity.com/news/exchanges/binance-introduces-credit-card-support-for-bitcoin-btc-ethereum-eth-litecoin-ltc-and-xrp/

It does seem like that the new update supports most of the countries out there, which is nice.

My only concern would be that a lot of people with Binance have unverified accounts, which cannot use this feature. But collecting customer ID and info is pretty industry standard for processing credit card payments anyways that it's not really that big of a negative.

Also, 3.5% fees could be a bit costly. If you are using your credit card you may need to also pay the cash advance fee/rates, instead of the normal ones.

But overall, pretty awesome update. Simplex has been around for a while as well so it should prove to be a hit with the market.

Dreamchaser21

full member

Activity: 686

Merit: 108

Quote from: blockmanity on January 31, 2019, 08:52:13 AM

Binance has done it. It has bought back credit card support. And this was desperately needed. Last year many banks combined banned purchase of Bitcoins on Credit card. Now Binance bringing this back, we can expect some news users joining the space

Article: https://blockmanity.com/news/exchanges/binance-introduces-credit-card-support-for-bitcoin-btc-ethereum-eth-litecoin-ltc-and-xrp/

This can be the start of a great year, and a huge move by binance now I want to try the system to know how it works and if its really possible to use my card on this. We may not see significant movement with the price right now but if a lot of good exchanges and other companies create a new development for sure it can boost the price of bitcoin, and we will start the uptrend again.

cizatext

member

Activity: 952

Merit: 41

This is a great news to be able to purchase cryptocurrency using credit card binance have fought a good fight at list we should expecte positive moves and increase in demands for bitcoin and other cryptocurrencies. More people will now have access to bitcoin using credit card.

abojamal

member

Activity: 322

Merit: 17

Quote from: blockmanity on January 31, 2019, 08:52:13 AM

Binance has done it. It has bought back credit card support. And this was desperately needed. Last year many banks combined banned purchase of Bitcoins on Credit card. Now Binance bringing this back, we can expect some news users joining the space

Article: https://blockmanity.com/news/exchanges/binance-introduces-credit-card-support-for-bitcoin-btc-ethereum-eth-litecoin-ltc-and-xrp/

A brilliant step from Binance confirms its leadership on the one hand
And contributes to the expansion of the BTC user base on the other hand
We are on the right path towards global adoption
I expect the market will not respond to such news now
But it adds momentum and when you reach a point the market will move up again.

gentlemand

legendary

Activity: 2590

Merit: 3015

Welt Am Draht

It looks like the cost to buy with a card is nearly $200 higher through Binance than Coinbase. That's one hell of a premium to pay. I'll guess most people who are able to buy with a card will also be on Coinbase's list of countries.

ribowo76

full member

Activity: 784

Merit: 101

The World's 1st Waste to Green Energy DLT Project

In my opinion, this is a progress in the process of crypto adoption globally. Because Binance is one of the biggest exchanges in the world. So I'm sure, this will trigger many people to enter the use of crypto more broadly

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

I know a lot of people are using cexio for that reason because they can buy crypto with visa card, now since binance added this, I think some percent of cex users will move here.
Binance is trading platform so I think it must be easy for everyone to buy and trade with crypto, can't see anything bad in it, it's implemented to expand their business, they aren't bitcoin support organization.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

Quote from: blockmanity on January 31, 2019, 08:52:13 AM

Binance has done it. It has bought back credit card support. And this was desperately needed. Last year many banks combined banned purchase of Bitcoins on Credit card. Now Binance bringing this back, we can expect some news users joining the space

Article: https://blockmanity.com/news/exchanges/binance-introduces-credit-card-support-for-bitcoin-btc-ethereum-eth-litecoin-ltc-and-xrp/

That was a bald move. Does it mean that people can but cryptos with fiat on their cards, though, or is it about those few cards where you can actually transfer your cryptocurrencies? I hope it's the former, and I'll probably try using it if it is once. There are no limitations on the kind of fiat, unless some specific country forbid its citizens to use the exchange or cryptocurrencies, right? It is sad that some major banks are getting to such pathetic counter-crypto measures as forbidding their users to use the cards to buy them, though. I hope this will also start changing for better.

Slow death

legendary

Activity: 3164

Merit: 1127

Leading Crypto Sports Betting & Casino Platform

are things like these that can be good for the crypto world. The problem is how all countries will position about bitcoin. so far there are few countries that have legalized bitcoin and most of the countries have adopted a very tough stance against cryptos and what does not allow a mass adoption. It has been years since the creation of bitcoin, but in terms of regulation it seems to me that we are walking in the footsteps of a tortoise

bassbity

sr. member

Activity: 1092

Merit: 284

Many other cryptocurrency will issue a credit card, but in my opinion it's not efficient for those who run it, but if Binance does it, I'm sure it will have a positive impact on users, it will facilitate transactions and more.

drumamat

sr. member

Activity: 1193

Merit: 251

Quote from: xZork on January 31, 2019, 01:50:33 PM

Yes, absolutely it's brilliant news. Now everyone can easily make an investment in cryptocurrency by making the use of credit card. This is a great initiative taken by the Binance, which help many people to get enter in the crypto market.

Yes, in general, this is good news, but I do not think that there will be a very strong rush to take a loan to buy cryptocurrency.Perhaps for a strong motivation to take a loan will take time.I do not know how someone treats loans, but personally I would take it as a last resort.

aad140386

member

Activity: 420

Merit: 20

simply getting the job done

And I'm interested in the question, will it be possible through Binance to withdraw money to the credit card? For me, it would be very convenient, especially if Binance provide low fees for withdrawing fiat money. Many small and large exchanges already have a similar service, but the problem is that many exchanges charge a high commission for withdrawal. I hope that the time will come when the withdrawal fee will not exceed 1% of the withdrawal amount. If this also does not need to be verified, it will be generally very cool.

xZork

hero member

Activity: 1249

Merit: 506

Yes, absolutely it's brilliant news. Now everyone can easily make an investment in cryptocurrency by making the use of credit card. This is a great initiative taken by the Binance, which help many people to get enter in the crypto market.

Barcode_

staff

Activity: 3206

Merit: 575

Join the world-leading crypto sportsbook NOW!

The whole crypto-currencies trading market has already remained bearish for more than one year now, I wonder how much effect would this news affect the trading market in the next few weeks, but I still think as long as the SEC does not approve the bitcoin ETF, the chances for a bull market to return would be extremely low.

AhmadM

sr. member

Activity: 1008

Merit: 308

Quote from: @Hakermania@ on January 31, 2019, 12:34:09 PM

This is great news! it means that many people can easily enter the world of cryptocurrencies more easily. everything that simplifies increases adoption!

Yeah, this is good news for crypto community like us, especially for traders. They can buy crypto with their credit card and start trading as soon as possible.

Quote from: rdbase on January 31, 2019, 01:06:03 PM

Never knew they had credit card purchases available on their exchange.

It's new improvement from binance to make their users (traders) get fast and easy access to crypto trading. I think with this new update binance would be bigger more than before.

There are 3 advantages to buy crypto with credit cards by 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

Source: Buy Bitcoin | Buy Bitcoin With Credit Card | Binance.com

Paglamon

jr. member

Activity: 406

Merit: 8

A crypto currency, broadly defined is virtual or digital money which takes the form of tokens or coins. While some crypto currencies have ventured into the physical world with credit cards or others projects. The binance team were continuously working over and idea regarding crypto currency from last few people across the world. And could work as multipurpose way. We give our freedom to choose what type of cryptocurrencies spend.

rdbase

legendary

Activity: 2828

Merit: 1497

Join the world-leading crypto sportsbook NOW!

Quote from: cabron on January 31, 2019, 01:13:07 PM

Quote from: rdbase on January 31, 2019, 01:06:03 PM

Never knew they had credit card purchases available on their exchange. Only thought coinbase was the one and only but they were having peoples banks banning those cards from being used in most cases so it was hard for people to obtain bitcoin in this way.
Binance has a wider customer base and it will make buying bitcoin more accessible to the masses.
Good on them for fighting the banking system and overturning their ruling on deciding what people use their funds for.

There are some exchanges that allows this, there was a thread somewhere that he purchased BTC from changely using his creditcard. Coinbase is the common go to for someone who is looking to invest in crypto though. Have to congratulate Binance for having it back, this exchange has really made an extra ordinary achievement while some exchange are now out of business.

But changelly isnt a full blown exchange per se such as coinbase and binance are. They do not require you to submit any personal information or pass kyc/aml verification so they can deny you buying cryptocurrency any time they want.
With the exchanges you are basically guaranteed a purchase when you request to make a payment using your credit card since these exchanges require you to pass their verification process upto a certain level before you are allowed to purchase or transfer cryptocurrency off their platforms up to a certain amount.

cabron

hero member

Activity: 2800

Merit: 595

https://www.betcoin.ag

Quote from: rdbase on January 31, 2019, 01:06:03 PM

Never knew they had credit card purchases available on their exchange. Only thought coinbase was the one and only but they were having peoples banks banning those cards from being used in most cases so it was hard for people to obtain bitcoin in this way.
Binance has a wider customer base and it will make buying bitcoin more accessible to the masses.
Good on them for fighting the banking system and overturning their ruling on deciding what people use their funds for.

There are some exchanges that allows this, there was a thread somewhere that he purchased BTC from changely using his creditcard. Coinbase is the common go to for someone who is looking to invest in crypto though. Have to congratulate Binance for having it back, this exchange has really made an extra ordinary achievement while some exchange are now out of business.

rdbase

legendary

Activity: 2828

Merit: 1497

Join the world-leading crypto sportsbook NOW!

Never knew they had credit card purchases available on their exchange. Only thought coinbase was the one and only but they were having peoples banks banning those cards from being used in most cases so it was hard for people to obtain bitcoin in this way.
Binance has a wider customer base and it will make buying bitcoin more accessible to the masses.
Good on them for fighting the banking system and overturning their ruling on deciding what people use their funds for.

Topic: Binance introduces Credit Card support for purchase of Cryptocurrencies (Read 295 times)