Binance Visa Card Guide: Read Before You Order
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Loading... - Bharosa Akter
- 13 Jun 2022
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Spending cryptocurrencies such as Bitcoin and Ethereum in shops and restaurants is getting easier by the day. More and more merchants grasp the potential of cryptocurrencies and adopt them in one way or another.
Several cryptocurrency debit cards have recently popped up to help businesses offer digital assets as a payment method. Just like any other conventional ones, cryptocurrency debit cards allow you to conduct day-to-day transactions using BTC, ETH, XRP, and other altcoins.
Binance – the world’s leading cryptocurrency exchange by trading volume – has also joined the fray and has recently launched a new crypto-based Visa debit card. It enables real-time conversion of cryptocurrency to EUR when a user makes a transaction.
Binance has been striving in making cryptocurrency usage as widespread as possible,, and the latest Visa debit card is a testament to that.
What is Binance Visa Card?
Binance Card is essentially a Visa debit card that is linked to your Binance account and allows you to spend crypto anywhere that Visa is accepted. It is a prepaid card just like a regular debit card and has to be pre-loaded with crypto beforehand.
Currently, it is available to Binance users in selected European countries such as Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
It can be used at more than 60 million merchants across 200 regions and territories around the world which accept Visa cards.
So far, Binance Card only supports the conversion and spending of the following cryptocurrencies: BNB, BUSD, USDT, BTC, SXP, ETH, EUR, ADA, DOT, LAZIO, PORTO, and SANTOS.
Why (or Why Not) to Order Binance Visa Card?
The Binance Visa Card provides a convenient way to spend your crypto profits.
Pros
- Low transaction and processing fees
- You can use your crypto-based Visa card worldwide wherever Visa is accepted.
- Binance is among the most popular and secure crypto platforms.
Cons
- Taxation: For each country, you should check and make sure how crypto is taxed (if there is any and how much) because to spend your crypto, you sell it for fiat and then spend the fiat.
Features of the Binance Visa Card
In addition to furthering utility and adoption, Binance Visa Card has introduced a few more features:
- Binance does not charge any administration nor transaction fees.
- You don’t need to exchange your crypto asset into fiat for purchasing purposes. Binance converts it exactly when you need to, thereby, the crypto is converting only at the moment needed,, and you can HODL until then.
- You can get up to 8% cashback depending on your monthly average balance of your Binance Coin (BNB). This cashback is offered in BNB and credited to your Binance account.
Now, let’s have a look at how to apply for a Binance Visa Card.
Binance Card: How to Get One?
Non-Binance Users
Unless you already have an account with Binance, you will have to create one first. Signing up takes a few minutes. Click here to go to the Binance registration form, and follow the sign-up instructions.
Another pre-requisite before ordering the card is that the user account will need to be KYC level 2 verified.
Existing Binance Users
For existing Binance users, here are the necessary steps to receive your brand new card:
Step 1: Apply for the Binance Visa Card by visiting the website. Read More...
