Binance, one of the most popular cryptocurrency exchanges recently announced the trading of XRP ripple with the credit card and debit card. Binance has approximately 300 coins available for trading with low trading fees and high security. Now on Binance, ripple traders do not need to wait for the long transfer routines. Binance has integrated credit cards and debit cards which allows users to exchange within seconds. The announcement was made on 31st January 2019 which is the result of a new partnership with the payment processor company simplex. Binance and Simplex established a successful partnership recently.
Those who do not know about Simplex, it is an Israel based firm which deals in payment processing and cryptocurrencies. It supports various forms of payments based on customers requirement. It can be easily integrated into your website to establish payment processing. Binance has done a partnership with Simplex and integrated credit card and debit card for smoother payments and trading. The CEO of Binance Changpeng Zhao says:
Not just for ripple XRP, it supports Credit card or debit card for almost all major cryptocurrencies including Litecoin (LTC), Ethereum (ETH), Bitcoin (BTC) etc. As of now, it supports master card and visa card for the trading of these coins only on Binance, which is the matter of surprise as Binance supports more than 300 coins. Binance has boosted few of the cryptocurrency in its platform and announced the use of credit card and debit card.
Though you can easily buy ripple on Binance with your credit card or debit card however there is a limit too. The credit card or debit card option has a limit of $20,000 per user per day and $50,000 per user per month. The transaction fees for each transaction is either 3.5 percent or 10$ based on which one is higher. The purchase with credit card or debit card is limited to a few geographical areas only however it is expected to expand soon.
How to buy XRP with your credit card and debit card on Binance?
Here we will show you step by step process to trade XRP with your credit card or debit card. To buy ripple XRP with your credit card and debit card you need to have an account on Binance.
The first and foremost thing you need to do is register your account on Binance. You can use this link to register on Binance https://www.binance.com/?ref=36065065 To register your account you need a valid email address and need to create a password for Binance.
After the registration is complete and account is confirmed you need to go to the link or the “Credit card payment” section.
It will open a new window. Select the token from the drop-down. It will show you the Binance fee as well.
- Click on buy now. (Read the disclaimer thoroughly and check the box “I have read and agreed to the disclaimer”.
- Click on go to Payment. Fill in the personal details, billing address and follow the next step to make payment.
- It will do a quick verification and your purchase will be completed. Your first purchase on Binance with your credit card or debit card is completed.
Involving credit card and debit card is risky in crypto exchange. The industry is still raw and almost money in the world is still in fiat. This new step can increase the number of users on binance, as well as the trading of these coins. It is expected that ripple XRP price may go high after this news. XRP has also shown some positive response in the last few days and this change will have long term effect on the price of the coin.
Indeed, this is a big step taken by the Binance this year after launching its fiat exchange binance.je. With these few announcements and launches, there seems a tough competition between Binance and Coinbase too. Coinbase already supports the use of credit card or debit card to purchase crypto on its platform and now binance too. Once big difference Binance has made is by providing support of credit card or debit card for ripple which is yet to come on Coinbase. The transaction fee on Binance is also lower than on Coinbase. Let us see how the race between the two goes.
Apart from a few limitations and other things, it is still a piece of good news for Ripple.