On Thursday (April 25), Binance announced that its mobile app for Android now lets you buy with Mastercard or Visa some of the most popular cryptocurrencies that are listed on Binance.com.
According to Binance, this support for cryptocurrency purchases via debit/credit cards, which is possible as a result of the partnership with Fintech startup Simplex that was announced on January 31, is available in version 22.214.171.124 or higher of the “Binance – Cryptocurrency Exchange” app for Android.
Since January 31, it is has been possible to buy on the main Binance website (Binance.com) Bitcoin (BTC), Bitcoin Cash (BCHABC), Ether (ETH), Litecoin (LTC), and XRP using debit/credit cards (Mastercard and Visa). Then, on March 12, it became possible to do the same on Trust Wallet (Binance’s official non-custodial wallet app). And now, the Binance app for Android joins the party by offering the same feature.
Here is what you need to do to buy crypto via debit/credit cards on the Binance app for Android:
- Tap on the “Credit Card” button, which is the last button on the toolbar you see in the middle of the “Home” screen. This takes you to the “Buy Bitcoin” screen.
- On the “Buy Bitcoin” screen, you can choose from a dropdown list the cryptocurrency you want to buy (BTC, XRP, ETH, LTC, or BCHABC), specify the quantity of a particular cryptocurrency that you want to buy, and choose the fiat currency (USD or EUR) you want to pay with.
- You will then be shown the total amount (including the fee) that you will get charged if you go ahead with the purchase.
- Once you tap on the “Buy Now” button on this screen, you will be shown a “Confirm Your Order” screen.
- If you then tap on the “Accept, go to payment” button on the confirmation screen, you will be taken to the checkout screen on Simplex.com, where you will be asked to enter into a form your personal details (email, phone number, date of birth) and your card details.
Here are a few things you should be aware of:
- “The crypto amount quoted is based on the current rate and is not final. If the rate changes by more than +/-2.5% you will be asked to reconfirm the transaction via email from Simplex”
- The fee is “3.5% per transaction or 10 USD, whichever is higher.”
Featured Image Credit: Photo via Pixabay.com. Screenshot Images Courtesy of Binance