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).
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.’
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.