World’s Biggest Crypto Exchange platform, Binance has started allowing users to buy cryptocurrency with their credit cards. This support is initiated for the cards from Visa and Master Card. This will allow users to spend money which they don’t own at the time.
CryptoCurrency has already made a trend in 2018 & now its time for something new. With these supports from different companies, it is going to be a tough challenge for users to not use these services. This can be one of the reasons to invest money in the crypto world for some users.
CoinBase has done this support of Credit Cards in the past. Now, Binance comes into action and is definitely competition for CoinBase now. There are a lot of plans of Binance which will happen in 2019, Stay tuned to TechDefinite to know them first.
This Support of Credit Cards is done in only a few countries. This programme is done in a partnership with crypto-focused payment company, Simplex. There are terms and conditions for this support.
You will be able to buy only a few Cryptocurrencies with Credit Cards on Binance. These CryptoCurrencies includes Bitcoin, Ethereum, Litecoin, and Ripple’s XRP. This support will be valid where the use of CryptoCurrency is valid in the Banks, so as to get from the Credit Cards.
This Support will not be valid in some part of US including New York, Georgia, Connecticut, New Mexico, Hawaii, and Washington. Users will be charged a 3.5 percent fee from the amount of CryptoCurrency they want to buy. There will be a limit to purchase cryptocurrency with a Credit Card.
Changpeng Zhao, CEO Binance said in a canned statement, “The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
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