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Do You Buy Crypto with Card or through Fiat Deposit - What's the Difference?

2021-08-10

At Binance, there are different options available for buying cryptocurrencies. If you're looking for a quick and efficient way to make your cryptocurrency purchases, you should consider using a debit/credit card or making card deposits. In this article, you will learn how to buy crypto with a card and how it is different from funding your fiat wallet using card deposits.

Direct card purchases help you buy cryptocurrencies at real-time prices. This option is great for when you think the best price for buying crypto is right now. However, if you want to build up your fiat balance for buying and trading, use card deposits. With cash in your fiat balance, you can wait until you find the most desirable price before you make a purchase.

Buying Cryptocurrency With a Card 

This simply involves buying cryptocurrencies with your regular debit or credit card. It is a fast, secure, and efficient way to make cryptocurrency payments. You don't need to get a special card to complete transactions. Your regular Visa and Mastercard can do the trick. 

5 Steps to Buy Crypto with Credit/Debit Card

Step One: Visit Binance.com or use the Binance app and create an account if you don't already have one.

Step Two: Complete the identity verification process for unlimited access to all Binance services.

Step Three: Click on buy crypto on the top left of the menu bar. It is hard to miss it. You will see another menu of the purchasing options available, select credit/debit card to open a new page.

Step Four: On the new page, you can select the amount you want to purchase, the local currency, and the cryptocurrency you want to buy. You will have two card options - Visa and Mastercard. 

Step Five: Click on buy BTC (or any other cryptocurrency) and enter your card details in the popup window. After you've filled in the required details, confirm your order within 60 seconds and complete the transaction. You can go to your wallet to see the cryptocurrency.

Cards: Supported Countries and Currencies on Binance

Cards

Supported Countries

Supported Currencies

Visa

Australia, Azerbaijan, Canada, Chile, Colombia, Ghana, Hong Kong, Iceland, Indonesia, Israel, Japan, Kazakhstan, Kenya, Korea, Mexico, New Zealand, Nigeria, Norway, Peru, Romania, Russia, Saudi Arabia, Singapore, South Africa, Switzerland, Single Euro Payment Area (SEPA), Taiwan, Thailand, The Philippines, Turkey, United Arab Emirate, Uganda, Ukraine, Uruguay, Vietnam

AED, AUD, AZN, BGN, CAD, CHF, CLP, COP, CZK, DKK, EUR, GHS, HKD, HRK, HUF, IDR, ILS, ISK, JPY, KES, KRW, KZT, MXN, NGN, NOK, NZD, PEN, PHP, PLN, RON, RUB, SAR, SEK, SGD, THB, TRY, TWD, UAH, UGX, USD, UYU, VND, ZAR

 

Mastercard

Australia, Azerbaijan, Canada, Chile, Colombia, Hong Kong, Iceland, Indonesia, Israel, Japan, Kazakhstan, Kenya, Korea, Mexico, New Zealand, Nigeria, Norway, Peru, Romania, Russia, Saudi Arabia, Singapore, South Africa, Switzerland, Single Euro Payment Area (SEPA), Taiwan, Thailand, The Philippines, Turkey, United Arab Emirate, Uganda, Ukraine, Uruguay, Vietnam

AED, AUD, AZN, BGN, CAD, CHF, CLP, COP, CZK, DKK, EUR, HKD, HRK, HUF, IDR, ILS, ISK, JPY, KES, KRW, KZT, MXN, NGN, NOK, NZD, PEN, PHP, PLN, RON, RUB, SAR, SEK, SGD, THB, TRY, TWD, UAH, UGX, USD, UYU, VND, ZAR

Benefits of Buying Crypto With a Debit or Credit Card

  • Secure: All major card purchases above $300 can only be completed on a verified account for security purposes. The verification also ensures that only the card owner can complete a purchase.

  • Easy and fast: The steps listed above can be completed in less than five minutes if you already have a verified Binance account. Also, Binance is easy to navigate. You don't need to be a tech guru to complete your purchase. Besides, you've probably completed several card transactions so the process will be familiar.

  • Seamless Transactions: Fiat is deposited directly from your bank or credit card company. You don't need to fill the card with money first before you can buy cryptocurrencies. This saves time and makes the transaction seamless.

  • Several Options: Binance has debit/credit card payments in several countries and it's adding more at intervals especially when compared to card deposits.

Buying Cryptocurrency by Using Your Card for Fiat Deposit

When you add funds to your fiat wallet through your card you will need a Visa or Mastercard. However, you cannot buy cryptocurrencies directly as with card payments. You have to make fiat deposits into your Binance account first before you can use it to make the cryptocurrency purchase. It takes a little more time to get your cryptocurrencies when your cash balance is empty. However, it is an excellent option for frequent buyers who prefer making bulk deposits.

Countries and Regions With Support for Card Deposit on Binance 

Australia, Single Euro Payment Area (SEPA), Hong Kong, Kazakhstan, Peru, Russia, Turkey, Ukraine, Uruguay

What Currencies are Available for Fiat Top-Up via Card Deposit?

AUD, EUR, HKD, KZT, NOK, PEN, RUB, TRY, UAH, UGX

5 Steps to Deposit Fiat With Credit/Debit Card

Step One: Log into your Binance account through the mobile app or web page. If you don't have one, create one and verify it.

Step Two: Search for the wallet on the menu and click on fiat & spot. In the following pop-up, choose deposit.

Step Three: Enter your Mastercard or Visa card number and choose a payment method to proceed. You will also need to add your billing address.

Step Four: In the coming popup window, enter the total amount you want to deposit, visually confirm the details above and click on the confirm button.

Step Five: At this point, your money should have been deposited into your Binance fiat balance. So, when you want to buy cryptocurrencies, choose the fiat balance option.

Benefits of Buying Crypto With Fiat Wallet Funded by Card Deposit

  • On-demand Value: When you have a fiat deposit, you don't need to add your card details every time you want to buy crypto. Simply use your existing fiat balance.

  • Security: Verification is required before deposits above $300 can be completed. You cannot make any deposits without your card details and no one else can use your details for their account.

  • Seamless: Compared to a bank transfer, this option is seamless. You will save time and energy whenever you want to top up your fiat balance.

  • Fast and Convenient: Binance crypto purchases with card deposits are usually fast and don't limit you to paying for real-time prices.

  • More Option: A card deposit may not have as many options as card purchases, but it is eligible in more countries compared to a bank deposit.

Bottomline

Both card purchases and card deposits are efficient, convenient, and safe. The one you choose should depend on which method is available in your country and what you intend to achieve. The fastest of both options is the debit and credit card purchase.

Direct card purchases help you buy cryptocurrencies at real-time prices. If you want to build up your fiat balance for buying and trading, use card deposits to top up your fiat wallet. With cash in your fiat balance, you can wait until you find the most desirable price before you make a purchase.

Ready to buy cryptocurrencies? Kickstart your cryptocurrency journey with Binance

Get started by signing up for a Binance.com account or download the Binance crypto trading app. Next, verify your account to increase your crypto purchase limit. After you have verified your account, there are two main ways to buy cryptocurrencies on Binance using cash: you can buy crypto with cash from Binance via bank transfer or card channels, or buy crypto with cash from other sellers on Binance P2P. 

Linking your debit card, credit card, or bank account (available in many regions) is one of the easiest ways to buy Bitcoin and more than 100+ cryptocurrencies.  

Disclaimer: Cryptocurrency investment is subject to high market risk. Binance is not responsible for any of your trading losses. The opinions and statements made above should not be considered financial advice.

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