There is a decline in the market, you want to buy cryptocurrencies, but you do not have stablecoins available? The bank transfer will go even a few days and you will not be able to take advantage of the opportunity? This is not a problem anymore. Why? Because Binance allows you to make purchases using your credit/debit card. Transactions made with this payment method are instant and can be done completely intuitively. By reading this guide to the end you will learn how to easily buy altcoins on Binance with your card! But first, we will explain what costs are involved and the advantages of such purchases. So, let's get started!
Fees for buying cryptocurrencies with a credit card
Although a credit card is the fastest option for buying cryptocurrencies, there are additional fees associated with it as well. First, you'll have to cover a transaction fee. This is an additional amount that the exchange charges. In the case of Binance, it amounts to a maximum of 2%. Nevertheless, an immediate purchase can make those few per cent pay you back in a few hours, as you will be able to take advantage of the perfect moment to buy the so-called "dip".
The second type of commission charged during card purchases is the cash advance fee. This is a loan that the card provider gives you for a short period. With it, you can get money equal to 20% or 30% of the credit limit on your card. It usually comes with an additional 3-5% per transaction. However, in the case of Binance, you don't incur this cost because the exchange only supports VISA and Mastercard, and these giants don't offer cash advances.
On Binance, you cannot deposit money in every currency for the time being. When you buy altcoins with a credit card you will have to pay in another currency such as the euro or dollar. You will also be charged a foreign transaction fee which is usually 3%. However, there is a way to get around this fee. You have to set up a multi-currency account with your bank or create an account with a neo-banking app such as Revolut or N26.
Why buy cryptocurrencies with a credit card?
Credit card purchases can admittedly be more expensive than other payment methods. Nevertheless, the few per cent you pay extra for the transaction can be easily returned. This is because this method of payment has many advantages, including:
- Speed - Purchases by card are instantaneous. This means that you can invest in altcoins at the most favourable moment. At the same time, you do not have to wait for a traditional bank transfer to be processed, taking up to several days.
- Intuitive process - The entire process of buying cryptocurrencies with a card on Binance is very easy. It comes down to following just 5 simple steps.
- No cash required - If you use a credit card, you don't need to have the cash to buy cryptocurrencies. This means you won't miss out on the perfect opportunity. However, remember that you must pay it on time when you take out credit on your card. Otherwise, your bank's fees can be huge, and you can even get into a debt spiral.
How to buy cryptocurrencies with a card on Binance?
As we mentioned earlier, buying cryptocurrencies is very easy. All you need to do is follow the five steps outlined below.
- Log in to your Binance account. If you don't have one yet you can create one here. After you have successfully registered and passed KYC verification, follow this link. It will take you to a place where you can buy cryptocurrencies by card.
- Select the digital asset you wish to purchase and enter the fiat currency amount you wish to spend on this purchase.
- Now click Add New Card, enter its details and click Add Card again.
- Check that everything is correct. If yes, click Confirm.
- Now you have to confirm the transaction in your bank. Once you have completed this step, your purchased coins will appear in your Binance wallet!
As you can see the whole process is very simple. It only takes a few mouse clicks to buy cryptocurrencies with your card. So don't wait. Sign up for a Binance account now and enjoy the lowest commissions, highest security, and many investment products.
