Binance Visa Card Overview
The fact that there is now also a Binance credit card may especially please fans of the Binance Coin. After all, many advantages only arise if enough has been invested in the Binance Coin or if it is predominantly used. The fact that Binance has its cryptocurrency with the Binance Coin, as already mentioned, which also ensures a reduction in fees directly on the platform, shows that they are trying to convince people of the in-house cryptocurrency here. Looking at the price explosion, this also seems to have succeeded as well.
The Binance Visa debit card has been available since September 2020. The virtual version of the Binance credit card can be used immediately after application, but those who want to make friends with the plastic issue have to be patient for around six to eight weeks.
The big advantage of the Binance Visa debit card ? It has its wallet, i.e. its digital wallet. It should be noted that the Binance credit card must be topped up in advance, i.e. the prepaid system is used here. In the course of the transactions, the payment amounts are converted into fiat or at the current market price. However, this happens only in the course of the purchase process and not during the loading process.
The Binance’s card cashback rate, which is 8 per cent, may be particularly interesting. However, this percentage is only available if enough Binance Coins are held.
The Company Behind the Binance Card
Binance is a cryptocurrency exchange and also offers the possibility to pay directly with cryptocurrencies with the Binance credit card. The fact that the Binance Visa debit card offers its advantages, because it is free of charge or has fair conditions, is beyond dispute. But is Binance also recommendable when it comes to investing in cryptocurrencies or trading with them?
The exchange was founded – as already mentioned – in 2017. While the market was in an upbeat mood at the time, the big crash then followed at the end of 2017, when bitcoin failed to crack the 20,000 pounds mark, but instead crashed from over 19,000 pounds towards 10,000 pounds all at once, taking the entire market with it. But crypto fans knew their time would come in the end, so they swore allegiance to the exchange coming out of Shanghai and were then rewarded years later with a Bitcoin soar that, among other things, also drove the Binance Coin to dizzying heights. This starts with the official Binance Visa Card review and registration, continues with trading and ends with the Binance payout of the profit, provided that the market has been correctly assessed.
By the way, those who do not only want to activate Binance’s card via the browser version can also get the trading platform as software on their device or participate in mobile trading with the Binance app. The app is also available for Windows devices, but also for the iOS and Android operating systems and can then be downloaded from the respective Apple Store (Google Play for Android or Apple App Store for iOS).
The Trading Platforms
Anyone who uses the Binance Visa debit card will, of course, also have to deal with the platform itself and speculate with cryptocurrencies. For this purpose, Binance provides two platforms that can be accessed via the browser. Thus, there is a Basic platform for beginners and inexperienced users as well as an Advanced version for all those who have already gained experience in the field of cryptocurrencies.
With the app, the mobile version of Binance Visa Card possibilities is also available. Ideal for all those who want to have access to the market even with their smartphone and/or tablet. The mobile application is available for iOS as well as Android and Windows devices and can be downloaded as well as installed at any time. The download does not cost anything; the installation ends up taking just a few moments.
By the way, those who want to access the site with their mobile device without an app can do that as well. This is because Binance’s website is mobile-optimised. That means you can also use the service here from your smartphone and/or tablet without any problems, even though you don’t use an app.
Binance Card Limits & Fees
It is a debit card that allows you to spend your crypto assets anywhere Visa is accepted. However, there are some limits and fees that you should be aware of before using the card. Here are some of the most important ones:
- The daily spending limit for the Binance Card is 8,700 pounds or equivalent in other currencies. This means you can spend up to this amount per day using the card.
- The daily ATM withdrawal limit for the card is 290 pounds or equivalent in other currencies. This means you can withdraw up to this amount per day from ATMs using the card.
- The monthly spending limit for the card is 87,000 pounds or equivalent in other currencies. This means you can spend up to this amount per month using the card.
- The monthly ATM withdrawal limit for the card is 870 pounds or equivalent in other currencies. This means you can withdraw up to this amount per month from ATMs using the card.
- The Binance Card charges a 0.9% transaction fee for every purchase you make using the card. This fee is deducted from your crypto balance and converted to fiat at the time of the transaction.
- The card charges a 2.5% ATM withdrawal fee for every withdrawal you make using the card. This fee is deducted from your crypto balance and converted to fiat at the time of the withdrawal.
- The Binance Card charges a 25-pound annual maintenance fee that is deducted from your crypto balance once a year.
Supported Cryptocurrencies
Relevant when using the Binance Card may also be the Binance Coin. Because with the Binance Coin, the platform’s in-house digital currency, you can then save fees and keep the Binance costs low. Among other things, the cashback rate is also based on the current Binance Coin balance. The higher the stock of coins, the higher the cashback rate for the Binance Visa debit card.
But is it worth investing in the Binance Coin or working with it? If you deal with the Binance platform because you a) want to use the Visa card or b) are interested in certain cryptocurrencies, you will come across the Binance Coin. This is the cryptocurrency that was issued in the course of the first Initial Coin Offering – in short: ICO.
At the same time, there are many other cryptocurrencies available on Binance. Your choice must depend on your needs and trading goals.
How to Get the Card
The Binance Card is a debit card that allows you to spend your crypto assets anywhere Visa is accepted. To get the card, you need to follow these steps:
- Log in to your Binance account and go to the Card section under Wallet.
- Click on "Get Started" and verify your identity and address.
- Choose your preferred card design and pay the card issuance fee of 15 pounds using BNB or BUSD.
- Wait for your card to be delivered to your address. You can track the delivery status on the Card section.
- Once you receive your card, activate it in the Card section and set your card PIN.
- Top up your card wallet with crypto assets from your spot wallet or fiat balance from your fiat and spot wallet.
- Start spending your crypto with your Binance Visa debit card at over 60 million merchants worldwide.
Conclusion
Binance is not only the best-known and largest cryptocurrency exchange but also offers the possibility to pay with cryptocurrencies with the Binance credit card. The advantage of the Visa Card? The fees are low and broken down in such a way that you do not have to worry or fear about high costs that could arise in the course of using the Binance Visa debit card. The fee model is transparent – there are also no reports on the Internet about the Binance Credit Card constantly surprising you with new costs.
In addition to the card itself, there is also the possibility to invest or speculate with cryptocurrencies via the Binance exchange. Binance’s card is an interesting option for all those who like to work with cryptocurrencies, as Binance carries more than 200 digital currencies. We hope our trading review will help you on your trading path!
F.A.Q.
It is a debit card that allows you to spend your crypto assets anywhere Visa is accepted. You can link your Binance account to your card and choose which crypto wallet to use for each transaction. The card will automatically convert your crypto to the local currency at the point of sale, so you don’t have to worry about exchange rates or fees. You can also enjoy up to 8% cashback on your purchases, depending on your card tier and BNB holdings. The card is currently available in the European Economic Area (EEA) and the UK, and you can order it for free from the Binance app or website. To use the card, you need to have a verified Binance account and sufficient balance in your crypto wallets. You can also track your spending and manage your card settings from the app. For the additional questions it is recommended to visit the official Binance Visa Card review.
It is a debit card that allows you to spend your crypto assets anywhere Visa is accepted. You can link your Binance account to your card and choose which crypto wallet to use for each transaction. The card will automatically convert your crypto to the local currency at the point of sale, so you don’t have to worry about exchange rates or fees. You can also enjoy up to 8% cashback on your purchases, depending on your card tier and BNB holdings. The card is currently available in the European Economic Area (EEA) and the UK, and you can order it for free from the Binance app or website. To use the card, you need to have a verified Binance account and sufficient balance in your crypto wallets. You can also track your spending and manage your card settings from the app. The Visa card is a convenient and secure way to spend your crypto and earn rewards.
It is a debit card that allows you to spend your cryptocurrencies anywhere Visa is accepted. You can use the Visa card with any of the supported cryptocurrencies on your Binance account, such as Bitcoin, Ethereum, Binance Coin, and many others. You can also use stablecoins like BUSD or USDT to avoid volatility. To use the Visa card, you need to convert your cryptocurrencies to fiat currency in the Card Wallet on the Binance app or website. You can choose which cryptocurrency to convert and how much fiat currency you want to load on your card. The conversion rate is determined by Binance and updated frequently. You can view your card balance and transaction history on the Binance app or official Binance Visa Card review website at any time.
It is a debit card that allows you to spend your crypto assets anywhere Visa is accepted. You can use it online, in-store, or at ATMs worldwide. With the Visa card, you can convert and pay with your crypto instantly, without any fees. You can also enjoy up to 8% cashback on your purchases, depending on your card tier and BNB holdings. The Visa card is currently available in the European Economic Area (EEA) and the UK, with more regions to be supported soon. To get started, you need to have a verified Binance account and order your card from the Card Wallet section on the Binance website or app.