Can You Buy Cryptocurrency With A Credit Card in binance? (Part 2)
Why Should I Buy Crypto With a Credit Card?
This are the benefit of buying crypto with credit card.
1)Credit cards allow you to invest without having cash on hand.
Every crypto user knows the market moves fast. A few days could be the difference between buying a coin at the bottom or, even worse, its peak. Perhaps your salary might arrive next week. You won’t need to worry if you have enough cash on hand with a credit card. Just pay your bills at the end of the month to avoid accruing interest from your credit card provider.
2) Fast and instant: The speed of credit cards makes it easy for first-time buyers or investors to purchase crypto with fiat currency. Credit card transactions are completed in a matter of seconds.
3) Beginner-friendly: Credit cards are an ideal payment method for beginners who don’t want to wrestle with the confusing methods on more advanced crypto exchanges. For crypto beginners especially, checking out with a credit card is familiar. Simply enter your card number, expiry date, and CVV, and you’re all set. Plus, credit-card-friendly crypto exchanges and platforms are often very intuitive and user-friendly.
What Are The Risks of Buying Crypto With a Credit Card?
1) Your credit card information could be at risk: Today’s crypto landscape is saturated with exchanges touting their unique benefits. Some of these exchanges are legitimate businesses. However, many of these exchanges are scams looking to exploit newcomers or users eager to make a quick profit. While credit cards have strong fraud protection, every user should have the ability to identify and steer clear of a scam.
2) Your credit score could be impacted: Credit utilization refers to the amount of credit you use. It’s also a significant factor in your credit score. The more credit you use, the higher your credit score. Too much credit, and you’ll damage your credit score.
How do I Buy Crypto With a Credit Card?
Step 1: Log in to your Binance account and click [Buy Crypto], then (credit/debit card).
Step 2: Choose your fiat currency and enter the fiat amount you would like to purchase. The system will automatically display the amount of crypto you can buy.
Step 3: Click [Add new card], then enter your credit card details. Please note that you can only pay with your own credit cards.
Step 4: Enter your billing address and click [Add Card].
Step 5: Double-check your payment details and confirm the order.
Note: After one minute, Binance will recalculate the price and the amount of crypto you receive. You can click [Refresh] to see the latest market price.
Step 6: You will be redirected to your bank's OTP Transaction Page. Follow the on-screen instructions to verify the payment.
In conclusion:
A credit card is just one of many ways to buy crypto. Although credit cards incur higher transaction fees, they are simple, instant, and don’t require cash on hand. Users who prefer a more cost-effective approach can consider using a bank transfer. However, unlike credit cards, bank transfers often take days to process. Before you pick a suitable payment method, it’s crucial to educate yourself on the pros and cons of each one.
