For those who are only dipping their toes into the cryptocurrency space, Binance can now serve as an entry-level option. The biggest exchange in the world by daily trading volume has just enabled credit and debit card payments for Bitcoin and three major altcoins – Ethereum (ETH), XRP (XRP), and Litecoin (LTC).
Fast and cheap payments?
The exchange’s press release states that the addition of the new payment option was possible because of a partnership with an Israel-based startup called Simplex. Cryptocurrency exchanges that collaborate with Simplex can seamlessly purchase digital assets via credit card.
The transactions will be conducted within minutes with a 3.5 percent fee. Both Visa and MasterCard are accepted on the exchange. Not all users, however, were delighted, with some complaining about high fees.
Low Fees?! only 3.5% per transaction or 10 USD, whichever is higher!— Cryptui (@Cryptui2) 31 января 2019 г.
A blow to Coinbase
Binance users are now able to purchase XRP on the Binance exchange with fiat money, while Coinbase has yet to embrace the second biggest currency. Earlier, Binance also listed XRP as a base pair.
Coinbase remains the most popular exchange both with desktop and mobile users, but Binance’s foray into the fiat niche could put an end to its dominance. On Jan. 16, Binance also launched its EUR/GBP fiat exchange.