Binance Has Important Announcement for Android Users

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Thu, 04/25/2019 - 17:26
Alex Dovbnya
Binance finally made its much-anticipated feature available for its Android users
Binance Has Important Announcement for Android Users
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Contents

Binance, the number one exchange by trading volumes, announced that its Android  app now supports debit/credit card payments. The new feature is available for Bitcoin and four altcoins (Ethereum, XRP, Bitcoin Cash, and Litecoin).

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The app’s modus operandi

In order to buy any of the aforementioned coins with your credit card, you have to make sure that your Binance Android App is updated to the version 1.5.8.0 or higher. Once you’ve updated the app, you will see a ‘Credit Card’ button on the right end of the toolbar. After that, you have to choose a specific cryptocurrency and confirm the transaction.

You will be redirected to Simplex.com where you are supposed to fill out your personal data and provide credit card details. Each transaction incurs a 3.5 percent fee or a flat $10 fee (whichever is higher). Your money will be deposited ‘within minutes.’

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The Simplex partnership

As reported by U.Today, Binance already introduced the credit card payment option on its official website back in January. That was one of the top requests among the exchange’s users. Binance was able to roll out that new feature after joining forces with the Israeli-based startup Simplex that allows seamlessly purchasing crypto with debit/credit cards. On March 12, Binance’s non-custodian wallet Trust Wallet debuted the same function.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.