Cryptocurrency Binance Card
Users of the Binance exchange have the opportunity to use the cryptocurrency Binance Visa Card to pay for goods and services with digital currency. Having at the same time pleasant bonuses.
Binance Card is a Visa debit card that is linked to your Binance account. Before using a crypto card, you need to fund your Binance wallet attached to the card. Thus, you can pay for purchases with cryptocurrency around the world where the Visa card operates. In addition, the transaction is carried out almost instantly.
Bonuses for owners
Among other things, Binance Visa Card users have nice bonuses:
- zero commissions. Binance does not charge any fees for using a crypto card. But it should be borne in mind that often third parties – transfer intermediaries, charge their own commission (up to 5% of the amount of the transaction being carried out);
- cashback up to 8%. Cryptocurrency card Binance Card has 7 levels for calculating cashback. Based on the average BNB balance per month on your wallet, you can get up to 8% cashback. For example, in order to reach level 7 and get 8% cashback, the user must have at least 600 BNB in their wallet on average per month (total 258,840 USDT at the rate of 431.4 USDT per 1 BNB on 01/09/2022). Cashback will go to the exchange wallet in BNB cryptocurrency;
- the ability to store funds in cryptocurrency. When making a purchase, Binance will automatically convert the currency to fiat;
- security of funds. The Binance exchange provides a high degree of security for your digital assets using the SAFU strategy. Secure Asset Fund for Users is an insurance fund for emergency situations. The fund is funded by a 10% trading commission. In emergency cases, the fund covers the loss of user funds.
It is worth clarifying that in order to get a crypto card, you must have an account on the exchange. First you need to pass all the necessary checks. These are KYC (literally – “know your client”) and AML (Anti-Money Laundering – anti-money laundering). Then you should apply for a crypto card. This can be done in your exchange account in the “Finance” section of the Binance Visa Card tab. Ordering a card is also available on the Binance mobile app.
After all the necessary conditions are met, a virtual crypto card will be available. It can be attached to Google Pay Send and Apple Pay and used for online purchases before receiving a plastic card.
It is worth noting that the list of countries available for using the Binance Visa Card is limited (the list can also be found on the card order page).
What to consider about Binance Visa Card?
When deciding whether to use Binance Visa Card or not, you should consider the following points:
- relatively high intermediary commissions;
- high monthly balance on the exchange wallet to receive cashback. Not every user has such an amount to get the maximum percentage of cashback;
- the list of countries available for using Binance Visa Card is limited;
- the need for verification and validation.
However, all these disadvantages are also important for the implementation of the very idea of using a cryptocard, so they cannot be considered exclusively from a negative point of view.
Binance Visa Card is undoubtedly an essential tool for using digital assets in today’s world. To make a decision, the user needs to weigh all the above nuances of using the card.