Binance Has Important Announcement for Android Users


Binance Has Important Announcement for Android Users
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.

Cover image via 123rf.com
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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