In order to get started with cryptocurrencies, you need a so-called entry-level exchange. Entry-level exchanges are exchanges where you can buy cryptocurrency with regular money (so-called “fiat currency”). For a long time, people have been waiting for Binance to become an entry-level exchange.
Now, on 31 January 2019, the exchange announced that credit card deposits will soon be possible under certain circumstances. This move is surprising as many other cryptocurrency exchanges do not accept credit card deposits but only wire transfer deposits.
The exchange has joined forces with a payment service firm from Israel named Simplex. This makes it possible for Binance-users to purchase Bitcoin, Ethereum, Litecoin and Ripple with Visa or MasterCard-credit cards. This deposit method is however not possible for countries on Sanctions lists (such as Iraq, North Korea, Syria, Afghanistan, Lybia), nor residents of any of the following six US-states: New York, Connecticut, Washington, New Mexico, Georgia, and Hawaii.
Simplex charges 3.5% per trade. So if you want to buy Bitcoin for USD 10,000, Simplex will take US 350 (plus a minimum flat fee of USD 10) for enabling the purchase.
Binance is one of the more popular cryptocurrency exchanges in the world and is regularly the cryptocurrency exchange with the highest market capitalization and liquidity. The are low (0.10% per trade) and it supports trading in a large number of cryptocurrencies. Binance is one of the absolutely highest rated exchanges in Cryptowisser.com’s Cryptocurrency Exchange List.