With the introduction of the Binance Visa Card, the crypto trading platform allows its users to trade crypto with global merchants. Insiders hail the Binance card as one of the best crypto cards in the industry, which is quite a feat since it has been in circulation for no more than two years.
This crypto debit card review is everything you need to know about the Binance card and why it is generating a lot of interest in the crypto sphere.
If you are only now signing up with Binance, remember to grab your Binance referral code for a great fee rebate.
What is Binance Card?
It is a crypto debit card that Binance introduced in September 2020. It is not a special metal card in terms of design and is similar to credit and debit cards in existence. The Binance Visa card converts your crypto coins into fiat currency at the time of purchase, which is a standout feature of the card. Furthermore, Binance cardholders can also top up the Binance fiat wallet using fiat currency.
In addition to the platform’s stable coin BUSD, the Binance debit card also supports major crypto coins, including BTC, ETH, BNB, and Swipe’s SXP token. Binance Card is widely accepted in over 60 million commercial outlets.
Binance card available countries include most countries in Europe, Gibraltar, and Malta. For more information about where Binance operates, take a look at the Binance countries guide. This virtual card is linked to your Binance account and has worldwide Visa ATM access. Binance card also supports contactless payment except for Apple Pay.
Features of the Binance Card
Binance Card and the Swipe Account provider is Contis Financial Services Ltd, and the card is certified safe to use. Every online transaction with the Binance Card requires a 3DS or 3D Secure Verification.
Binance card cashback is one of the main selling points of this crypto card. This crypto card owner can get up to 8% of cashback, which is not available with any other crypto card at the moment. The Binance card cashback, of course, depends on the amount of Binance coin you have in your account. This card cashback is awarded every month.
The Binance card app is compatible with Android and iOS platforms, so you can access and view all your card transactions. The Binance card app also sends notifications for every transfer made with the card.
Fees and limits
There are no Binance fees on processing or maintenance on this debit card. However, if you need to replace the Binance card, the fee is €25. Transaction and ATM withdrawal fees usually go up to 0.9%.
The daily ATM withdrawal limit of the Binance card is €290, while the daily spending limit is €8,700 physical card and €870 virtual card.
How to Get a Binance Card?
Getting the card is very easy if you have an account on Binance.
- Log in to your Binance account, and complete the Binance account verification.
- Once you are on the Binance dashboard, hover the mouse over the “Finance” header and click Binance Visa Card. Alternatively, you can click this link or scroll to the bottom of the page and click “Cards” under the Products category.
- Hit “Get Started” and read the KYC Consent before you confirm.
- You will reach the “Order Card” page with details, including your name will auto-populate from your Binance account. You will need to input other details such as your passport or driver’s license issue date, phone number and any missing fields under the shipping address section.
- If your information is correct, you can continue, and for incorrect information, you need to contact the Binance support team.
- Agree to the terms and click “Order Your Binance Card.”
- Binance instantly generates your virtual card, but your physical card might take a few days to activate.
In some instances, you might get a “Binance card verification failed.” This could be due to a number of reasons, including incorrect ID issue date, shipping address, etc.
But Binance will send you an email stating the exact reason why your card order failed, so follow the instructions in the mail. In addition, Binance will also return any fees incurred during the card ordering process.
Is the Binance Card Available in the US?
No, currently Binance card is not available in the US. However, this might soon change since Swipe is now a partner of the Binance platform.
How to Use the Binance Card
Setting up the Binance Card is required before you can start using it.
First, transfer the funds from your Binance wallet to your Card Wallet. You need to choose which funds you want to debit first from the list. For instance, if you choose BTC first, your Binance Card Wallet will debit your BTC funds before digging into the next fund and so on.
Now your Binance Card is ready to be used anywhere Visa cards are accepted.
To withdraw cash with your Binance Card at ATM.
Use it as a regular card, use the Binance PIN, and follow the instructions on the screen to withdraw cash.
To make an online transaction with a Binance Card.
Input your Binance Card details on the merchant payment page. Complete the 3D verification when prompted to confirm your purchase.
Pros and cons of Binance card
The ability to use Binance cards in over 60 million outlets is definitely a plus, and so are the low spending fees as well as high withdrawal limits. The cashback of 8% is unfortunately tied to BNB coin, and the cashback is also tied to how much you are holding, which makes the card exclusive to this crypto. The same thing for example applies to the Binance referral program where holding BNB also benefits you greatly.
Binance Card FAQ
Binance Card is available in countries within the EEA or European Economic Area, Malta, Gibraltar and Ireland.
To view the list of countries where a Binance card is available, click here.
Since the FCA’s banning of Binance in the UK still stands, it is not clear when Binance Card will be available in the country. However, FCA also has a provision for crypto-asset businesses to register with them by March 31, 2022, in order to continue trading in the country. So whether or not UK crypto traders can use Binance Card or not will be clear after the above-mentioned date.
Crypto cards, including Binance cards, work similarly to ordinary debit cards, and the card converts your crypto funds into fiat or cash when you make a purchase. Contrary to misconception, crypto cards do not pay the merchants in cryptocurrency.
Similar to your bank debit card, you can also withdraw cash from ATMs with a crypto card.