Binance Card, What It Is, How It Works, Costs, Benefits
Welcome back dear loyal readers of Financial Empires, always honored to have you again here with us, more and more numerous. In today’s article, we will talk about the Binance card, we will see what it is, how it works and all the features.
We will analyze what can be done with the Binance card, evaluate the benefits and see how much it costs to have the Binance card.
What is Binance?
First, let’s do a bit of order and try to understand what Binance is.
This reality was born as a cryptocurrency exchange platform, created by the Chinese financial sector tycoon Cheng Peng Zhao, and in a short time expands its business worldwide, becoming the main cryptocurrency platform.
To date, Binance can number about 600 listed cryptocurrencies.
Over time, the company has added numerous products and services which include:
- NFT (non-fungible tokens)
- Cryptocurrency Staking
- A series of derivatives trading tools, suitable for all types of investors, from beginners to the most experienced and experienced
Read also: Trading With Binance | Guide To Investing In Cryptocurrencies
And for this reason, also through a large number of services and tools, Binance caters to a very diverse range of customers:
- Which ranges from the interested saver who wants to increase his savings, investing and buying cryptocurrencies, to finally get to the professional investor
- In addition to these figures, the company also caters to miners, through Binance Pool, the ideal means with which to mine bitcoin and bitcoin cash, litecoin and ether.
The Binance ecosystem
Finally, with the Binance Launchpad and Binance Smart Chain platform, the ecosystem created by Zhao includes blockchain startups that want to develop their own decentralized service and a crypto token connected to the developed project.
Obviously, even institutional investors, with the personalized trading service, can easily turn to the platform.
Crypto card what is it?
Let’s now see what a crypto card is.
Basically it works like any debit card, so you can pay for goods and services where your card provider is accepted.
Read also: You Caed, How it works, Costs, How to apply for it
It might seem like you’re paying directly with digital currencies, but that’s not the way it is.
Since the seller receives fiat money in his account and not in cryptocurrency, precisely because the crypto card takes the cryptocurrency directly from the customer’s account, converts it into the local currency and uses the funds to pay.
Currently, the Visa and MasterCard circuits offer crypto cards to companies that require a license to use, and since they are among the most popular financial service providers globally, they make crypto cards universally accepted in all establishments.
Crypto cards advantages
Some cryptocurrency cards then provide rewards, but only on the money spent with the latter.
However, we are talking about credit cards that require a credit check before being issued.
Furthermore, these crypto cards can be used to withdraw from ATMs, if your provider supports this type of function, and it is also valid to withdraw physical cash.
As we said earlier, these prepaid cryptocurrency cards work like traditional ones.
Therefore, it is necessary to have funds on the crypto account to be able to spend them, as it is not possible to load the cards with a fiat currency but only through cryptocurrencies.
For this reason, when making a payment, the funds are immediately converted into the crypto wallet.
Binance card how does it work?
Let’s finally see how it works and what can be done with the Binance card.
Let’s start by saying that this is the Visa card introduced on the market by Binance, the largest crypto-exchange in the world by number of daily cryptocurrency exchanges.
It is worth pointing out that the Binance team has recently embarked on a transformation path from a simple cryptocurrency exchange to a financial benchmark.
And the arrival on the market of the Binance card as it works is precisely part of this strategy.
How to top up the Binance card?
In practice, the Binance card where to use it can easily be considered a debit card that is recharged in advance through a wallet separate from that of the exchange, and an integral part of the Visa circuit.
Therefore, it uses a secure and reliable payment system.
Through the Binance card how to request it, you can use cryptocurrencies to make online and offline purchases (buy with cryptocurrencies).
Once this feature is activated, you will have access to both a Binance virtual card and a physical one, which will be delivered to the address indicated at the time of signing the contract.
What can be done with the Binance card?
Thanks to the physical Binance card you have the possibility to:
- Make withdrawals from ATMs
- Withdraw cash in fiat currency, depending on the area you are in
- Paying with the Binance prepaid card, in this case cryptocurrencies are not converted into the fiat currencies in which payments are made, because the conversion will be carried out directly at the time of purchase at the official exchange rate, without any commission
- It will therefore be possible to use cryptocurrencies directly all over the world, in safety and convenience.
Binance card how to apply for it?
Let’s go now to see how to apply for the Binance card and how much it costs to have the Binance card.
The first fundamental requirement is to be registered on the proprietary exchange platform, of course.
The registration procedure is very simple and fast.
Once you have completed your registration on Binance, you will have to confirm your identity by entering personal data and uploading an identification document with a photo (both a valid identity card and passport are fine).
After doing this, you will have to choose the name to indicate on the Binance card, the options are full name and surname or initials.
In addition, you must indicate the shipping address where the physical card will be sent.
As we said, the procedure is not complicated, on the contrary; and the delivery times for the Binance card are on average 1-2 weeks, from when the order is signed.
How much does it cost to have the Binance card?
We tell you right away, the Binance card is convenient because it does not require any activation and shipping costs, nor for its maintenance, and its fee is free.
There are also no inactivity or reissue fees for the Binance virtual card, and there are no fees on transactions.
The conversion from cryptocurrency to fiat payment currency is calculated at the official exchange rate.
The only cost present is the cost of reissuing the physical Binance card in case it gets lost, which is € 25, totally in line with the costs applied by competitors for similar services.
Well dear readers of Financial Empires, thanks to our article you know everything about the Binance card.
The editorial staff, Financial Empires
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