Binance.com Debit Card Review
Binance Review Contents
- About the Company
- Social Media
- Services Provided and limits
- Fees and Pricing
- Card Top Ups
- Order a Binance debit card
- Customer Support Experience
- Binance Pro´s and Con´s
- Review Conclusion
About the Company
Binance.com offers a wide range of cryptocurrencies with various payment methods, including credit cards and bank transfers. Trade over 100 altcoins with up to 125x spread across futures on one of the world’s most liquid exchanges that are growing rapidly in the crypto industry.
Founded in China in 2017 by Changpeng Zhao (known by his initials CZ), Binance is the largest crypto asset exchange by volume and has now established itself as one of the most serious and trusted players in the space.
Binance has since moved its operations to the European island of Malta due to regulatory hurdles associated with cryptocurrencies in China and Japan and has also launched a separate dedicated platform for its US customers, registered with FinCEN and fully compliant. to the American regulatory framework (by adopting a Digital Asset Risk Assessment Framework according to the criteria of which it selects its lists of digital crypto-assets traded and blockchain projects).
Binance on Social Media
Services Provided and Limits
Features & Services
Binance is one of the leading digital asset providers that has extended its functionality and services to provide a comprehensive product offering accessible through the Binance mobile app website. The main products offered by Binance include:
- Fiat onramp service to buy Bitcoins and altcoins with bank transfer and credit/debit card
- Cryptocurrency trading platform with beginner and advanced user interface
- Various trading products such as spot, derivatives, margin, futures, and leveraged tokens
- Binance Learning Academy to help beginners learn about digital currencies
- Binance Earn for crypto interest loans and savings accounts
- Binance VISA card to convert and spend crypto around the world like a bank card
- OTC office for high net worth investors to get better prices and quick settlement
- Staking Pool to earn rewards for storing coins such as Algorand, Cosmos, and Tezos
Limits and Liquidity
Any limitations placed on cryptocurrency transactions through Binance are due to the level of verification and method of payment. If you have provided the maximum amount of KYC documentation and you are purchasing with funds already deposited on the platform, some limitations are removed.
Liquidity refers to the ease with which an asset can be exchanged for cash without affecting too much the value of the asset itself – the higher the liquidity, the better for clients. Binance has the most liquidity of all cryptocurrency exchanges.
Fees and Pricing
Binance does not charge any fees for deposits, which gives it a competitive advantage. It also has the distinct advantage of offering comparatively lower trading fees. As of this writing, Binance is offering a 50% discount on trading fees during your first year of membership if you use BNB (Binance Coin). This decreases by 10% annually over the course of five years.
If you have BNB in your account, the charges will be taken directly from this balance. Otherwise, each transaction will be charged a flat fee of 0.1%.
The withdrawal fees for Binance vary depending on the type of coin withdrawn. For example, the withdrawal fee for BNB is 0.002 BNB while for Bitcoin it is 0.0004 BTC. Binance also offers cards to its users that can bear up to 0.9% transaction fees for point-of-sale and ATM withdrawals.
Binance Card Top Ups
Currently you can only add cryptocurrencies to your Binance debit card balance. It is not yet possible to directly top up the card account with fiat money, which is a major difference to some other card providers who do support fiat currency top ups as well. However, for that purpose you wouldn’t need a cryptocurrency debit card, so why load fiat money on it?
Order a Binance Debit Card
Binance is a cryptocurrency exchange that is the largest in the world in terms of trading volume. In addition to offering a web-based trading platform, Binance also provides crypto debit cards. You can use this card at over 60 million merchants around the world. All you have to do to use this card is transfer the cryptocurrency from your crypto wallet to your card wallet. You can only transfer and keep money in your card wallet when making payments. Read more about this exchange in our Binance review.
Also, another advantage of Binance crypto debit cards over traditional debit cards is that you don’t have to pay for any services (for example, subscription or maintenance fees) or transaction fees. Payments are free in dollars and euros. Not only that, but you can also get up to 8% BNB Cash Back on qualifying purchases. However, keep in mind that you may need to pay fees for third-party services.
The Binance card uses VISA with Swipe technology and is available in Europe (EEA – the European Economic Area), a few Asian countries and certain Caribbean islands such as Guadeloupe and Martinique. Redemption is based on the amount of Binance Coin (BNB) you have in your wallet (it doesn’t matter which wallet is, as long as it’s in exchange).
The Binance Card is a Visa debit card that allows cardholders to spend BTC and BNB directly on daily purchases anywhere Visa is accepted. The card initially supports payments through the Binance Card mobile app and will eventually include a physical card. The current map is a beta version available in some countries. Going forward, Binance plans to expand access globally to all users of the Binance.com exchange, new and existing.
Customer Support Experience
There is a comprehensive troubleshooting section built into the Binance platform, as well as a long list of FAQs. If you have any specific questions or problems, check these resources first, as many people find a solution there.
There is also a ticket-based system, in which a customer service agent will respond to your request via email. It is extremely efficient and all questions and requests we posed using this method were answered within 2 hours of the request.
Binance Pro´s and Con´s
- Well known cryptocurrency exchange with a good reputation
- Tremendous growth in a short span of time
- Offers a substantial range of cryptocurrency coins and tokens
- Offers greater liquidity
- Allows credit card for transactions
- Competitively low fees
- Primary focus on safety and security to protect investors
- Global reach
- Comparatively higher fees for card-based transactions
- KYC compliance could be considered negative for customers who desire anonymity
- No telephone customer support
Binance Debit Card Review Conclusion
Overall, Binance is one of the most widely used crypto exchanges in the world, operating with the least friction and being by far one of the most trusted cryptocurrency trading platforms.
It is also constantly developing and expanding its service delivery, adding to the arsenal of technical possibilities and configurations of market exposure types available, staying abreast of the latest developments and trends in the industry.
Go to binance.com