Fans of the Binance Coin may be particularly pleased that there is now a separate Binance credit card. Because many advantages only arise if enough has been invested in the Binance Coin or if it is mainly used.
While the digital Binance credit card is immediately usable upon approval, the physical counterpart will not arrive for another 4-6 weeks.
The Binance VISA Card has been available since September 2020. Applying for a Binance credit card online gives you immediate access to your virtual card, but it may take up to eight weeks to master using the actual card.
One of the main benefits of the Binance credit card is that it comes with its digital wallet. It’s important to remember that the Binance credit card is a prepaid option, meaning that funds must be loaded onto the card before usage. In the transactions, the payment amounts are converted into Fiat or altered at the current market price. But that only happens during the purchase process and not when charging.
The cashback rate, which is 8 per cent, may be exciting. However, this percentage only exists if enough Binance Coins are held.
No alternative to PayPal
Has Binance become a PayPal alternative? One repeatedly reads that Binance could push PayPal into the background – is that the case? According to the current status, Binance can hold its own against PayPal, but the Binance Card is not yet in the fast lane so Binance could overtake it. By the way, if you want to top up the Binance Card, you can’t do that via PayPal – that means Binance and PayPal have not yet entered into a direct partnership or are still busy ignoring each other.
Binance Card Fees
To know whether the Binance credit card interests you, you should look at the costs and our Binance test. Because a VISA card can be expensive – but what about the Binance VISA card?
- Issuance of the Binance Card: 15 US dollars
- Withdrawal fee: individual – depends on the chosen cryptocurrency
- maximum withdrawal amount per day: 1,000 US dollars
- There is no monthly service fee
- There are no withdrawal or top-up fees
- Binance waives transaction fees
- There are no currency exchange fees
- There is no minimum or maximum top-up amount with the Binance Card
- There is also no limit to the number of transactions
The company behind the Binance Card
Binance is a cryptocurrency exchange that provides a Binance credit card that accepts bitcoin payments. The fact that the Binance credit card offers its advantages because it is free of charge and has fair conditions is beyond dispute. But is Binance also recommended when investing in or trading in cryptocurrencies?
As already mentioned, the exchange was founded in 2017. While the market was optimistic at the time, the big crash followed at the end of 2017, when Bitcoin could not break the 20,000 US dollar mark but suddenly fell from over 19,000 US dollars to 10,000 US dollars and swept the entire market with it. But crypto fans knew that their time would come in the end, so they swore allegiance to the Shanghai exchange and were rewarded years later with a bitcoin swooping, which, among other things, also drove the Binance Coin to dizzying heights.
Binance itself is available in different languages. The platform supports not just Japanese, Korean, and Chinese but also English, Russian, Spanish, and French. Even though the site is not (yet) localized in German, this lack of support is not a dealbreaker because plenty of German-speaking crypto enthusiasts use the platform. Moreover, the site is designed so that even those with fundamental English skills will have no trouble navigating Binance.
It is clear from the time of registration to trading and, ultimately, if your market assessment was accurate, the compensation from Binance.
By the way, if you don’t just want to be active via the browser version, you can also get the trading platform as software on your Windows device or participate in mobile trading with the Binance app. The app is also available for Windows, iOS, and Android operating systems. After that, you can get it through the App Store (Google Play for Android or Apple App Store for iOS).
The trading platforms: Beginners and experienced traders are addressed here
Anyone using the Binance VISA Card from Binance will have to deal with the platform and speculate with cryptocurrencies. Binance has two web-based platforms specifically for this purpose.
The mobile version of Binance is also available with the app. Ideal for all those who want access to the market with their smartphone or tablet. The mobile application is available for iOS, Android and Windows devices and can be downloaded and installed anytime. The download does not incur any costs; the installation only takes a few moments in the end.
You can do that if you want to access the site with your mobile device without an app because the Binance website is mobile-optimized. The service is optimized for mobile devices, so you can access it from your phone or tablet without installing an app.
The Binance Coin: Save fees with the in-house cryptocurrency
The Binance Coin may also be relevant if you use the Binance Card. Because with the Binance Coin, the platform’s in-house digital currency, you can save fees and keep the Binance costs low. Among other things, the cashback rate is based on the current Binance Coin inventory. The higher the stock of coins, the higher the cashback rate with the Binance Card.
But is it worth investing in or working with Binance Coin? Anyone who deals with the Binance platform because a) wants to use the Binance VISA Card or b) is interested in specific cryptocurrencies will come across the Binance Coin. The first ever ICO was used to circulate this digital currency. A total of 200,000,000 coins were released into circulation at that time. Since the price has stabilized or the Binance Coin’s worth has increased, Binance is working to fix these problems. Each quarter, a sizable sum of currency is purchased and subsequently devalued. This process will continue until there are no more Binance Coins in circulation, or 100,000,000.
Another point is that the Binance Coin not only saves fees if you use it to become active on the platform but is also an alternative to Bitcoin and Co.
If you look at how the value of the cryptocurrency has changed over the past year, it’s easy to see that you might have made astronomical profits if you bought Binance Coin at the beginning; you probably wouldn’t have to worry about money again.
In the beginning, the cryptocurrency price was 0.10 US dollars when the crypto exchange started in 2017. Until 2021, the Binance Coin remained relatively unobserved or was hardly considered. However, the price slowly started to go up. At the beginning of 2021, it went towards 35 US dollars, and in February 2021 even over the 100 US dollar limit. In April of 2021, the US dollar value surpassed $500,000. On May 10, 2021, Binance Coin reached an all-time high of $686.
What would that have meant if you had already invested $1,000 at $0.10 at the end of 2017? You could have sold 1,000 coins for 686 US dollars each in May and made 686,000 US dollars on 1,000 US dollars.
Anyone who entered a little later, i.e. when the cryptocurrency was at 100 US dollars, would have “only” get 10 coins for 1,000 US dollars, but in the end, made 6,860 US dollars from the 1,000 US dollars.
Binance Coin is ranked 3rd among the top cryptocurrencies by market capitalization. Since the Binance Coin has become so established, it will likely continue to play a pivotal role for the foreseeable future. Long-term cryptocurrency investors would do well to deal with the Binance Coin, as it is doubtful it will disappear from the market or fall out of the top 10 cryptocurrencies soon.
Invest in cryptocurrencies: Easily possible with Binance
After signing up for Binance or funding an account, you can immediately begin trading, mining, or investing in cryptocurrency. You must be aware that you should only ever invest freely available money. That’s because the market is very volatile. Financial difficulties are pre-programmed but should be avoided at all costs, as the point of using cryptocurrencies is to save money to multiply and not to destroy the funds needed daily. Anyone who already supports “reserved” or “planned” cash risks losing the funds in the event of unexpected market developments.
The dashboard is clear and will probably not present any difficulties, even for beginners. To the right, you’ll see a list of all the supported cryptocurrencies, or you can use the search bar to locate a specific one. If you decide on a crypto pair, the chart screen appears in the middle of the screen. Then you get an overview of how the price development is or how the previous price development was. The price developments are shown in red (loss) and green (profit).
In the order book, which is located on the left side of the screen, you will then find all sell and buy orders.
Problems and difficulties?
If you have problems with the Binance Card or sometimes have a question about the platform, it is advisable to look at the FAQ area at the beginning. Because the FAQ area designed by Binance may well be of help when it comes to answering simple questions, here you will most likely find an answer to your question about the Binance credit card.
Use the contact form if the FAQ section doesn’t assist and your issue isn’t answered. Having only a contact form is a drawback.
However, note that this disadvantage has no actual weight or impact on the final rating of the platform. Because in the end, the customer support may be expandable, but the FAQ area is designed in such a way that there is a high probability that you will get an answer to your question here.
But it may well be a drop of bitterness or not give a perfect picture when Binance’s customer service is compared or contrasted with other providers.
The conclusion of the Binance credit card
The Binance credit card lets you buy cryptocurrency on the Binance exchange, making it the most popular. The advantage of the Binnacle VISA Card? The fees are low and itemized, so there is no need to worry about the high cost of using the Binance Card. The fee model is transparent—there are also no reports on the Internet regarding the Binance credit card that deals with the fact that you are constantly being surprised with new costs.
The Binance Card is just one of many investments and speculative opportunities available on the Binance exchange. Binance is an exciting variant for all who like to work with cryptocurrencies, as Binance has over 200 digital currencies.
So if you like working with cryptocurrencies and are also looking for a provider who offers a credit card with attractive conditions and fair Binance fees, you should take a close look at what Binance has to provide or decide on the Binance credit card in the end. There are no fundamental reasons that speak against a Binance credit card.