How to Buy Ethereum ETH with a Credit Card on Binance
We will help you answer that question and buy Ethereum (ETH) in this guide. Below we have simple step-by-step instructions to buy Ethereum directly with your credit/debit card!
What is Ethereum (ETH)?
Ethereum is an open-source, blockchain-based distributed computing platform that runs smart contracts. In other words, Ethereum is a blockchain with a built-in programming language that allows people to build applications on top of it. To pay for operations run on the Ethereum network, people use Ethereum’s cryptocurrency, called Ether.
The Ethereum cryptocurrency, also called Ether, has become very popular lately and not only among individuals. Even the big financial market has opened an eye and started investing in Ethereum. The high demand for Ether causes the price to continue to rise.
Ethereum is usually called Bitcoin 2.0 because it’s a new and improved version in many ways. However, Ethereum is not only a cryptocurrency but much more. Next generation applications are being built using Ethereum.
Why buy Ethereum?
At its simplest, Ethereum is platform based on blockchain technology that allows the development of decentralised apps (dApps). Similar to Bitcoin in that it has a tradable coin, its purpose and capabilities change. Ether, the coin on the Ethereum platform, works in the same way as other cryptocurrencies, but it is also the fuel behind the network, meaning developers need to pay Ether for code execution.
We cannot mention Ethereum without mentioning smart contracts. These applications facilitate the exchange of money, content, property or anything of value. Ethereum revolutionised smart contracts by allowing any developers to create their own. You can read our full article covering that here.
More than just a cryptocurrency, Ethereum is more of an app store, allowing developers to make any apps they want to on one decentralised platform.
Where to Buy Ethereum
Binance is the most popular cryptocurrency exchange on the market, but it always had one key weakness – not supporting fiat currency trading. Now, Binance is making steps to make it possible for its customers to purchase crypto with fiat currency. Recently, the firm partnered with payment processor Simplex to provide cryptocurrency purchases with a credit or debit card.
In this article, we will explain how to use Binance’s new feature to purchase some ETH. Binance allows cryptocurrency purchases with USD and EUR, with the minimum/maximum purchase being equivalent to $50 and $20,000 USD, respectively.
Even though trading cryptocurrency on Binance does not require a know-your-customer (KYC) process as long as you’re withdrawing less than 2 BTC per day, you will have to provide some of your personal details if you want to purchase crypto with credit or debit card through Binance.
Head over to Binance and make sure you’re using the right domain (due to its popularity, Binance is a popular target for phishing scammers). Log in to your account, head over to the “Buy Crypto” section on the Binance toolbar, and choose the “Buy with Credit Card” option.
Select the cryptocurrency you wish to purchase and enter your order amount. The second bar will display the total amount that you will be charged, with fees included. Buying cryptocurrency through this service comes with a fee of 3,5% or $10, whichever is higher.
Now, Binance will ask you to confirm your order. Please read the short disclaimer to understand the purchasing process better. Once you do, click “I have read and agreed the disclaimer” and “Go to Payment”. From here, we will finalize our order through Simplex.
You will have to provide some of your personal details to Simplex in order to go through with the purchase. Once you fill out the necessary fields, agree to the terms and conditions and privacy policy, you can proceed.
Simplex will now ask us to verify our phone number through a 4-digit code and e-mail address through a verification e-mail.
Once you complete the verification, you will have to provide details about your Mastercard or Visa card details to Simplex in order to complete your purchase. After completing an identity verification process, Binance will complete your cryptocurrency order. Usually, it will take between 10 and 30 minutes for the crypto to appear in your Binance account.
If you already have cryptocurrency, and want to use Binance to trade between different coins start trading now: Binance Exchange
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