It's Easier Than Ever to Buy Crypto With Card: Here's What You Need to Know
Main Takeaways
With a wide range of payment methods available, cryptocurrency is easier to buy than ever before.
With 300+ payment options and support for almost every major local currency, Binance provides users the ability to choose their preferred method of payment.
There are always risks using a credit/debit card in any industry, but you should be especially careful with crypto as crypto transactions cannot be reversed.
Here’s a quick guide on what you should know before buying cryptocurrency with credit card, debit card, or Binance Pay. While cryptocurrency is easier to buy today than ever before, there are some things to consider before buying crypto with a card.
With just your average credit card, debit card or Binance Pay wallet, you are now able to purchase crypto in an instant. There are a variety of methods, including fiat gateways, peer to peer services, and more. However, even if you’re using a trusted service like Binance, you should still understand how to stay safe while making card payments.
Here’s a quick guide to what you should know before buying crypto with a credit card, a debit card, or Binance Pay.
What to Know Before Buying Crypto With a Credit Card
Credit cards are one of the main ways to buy crypto. Being both convenient and quick, credit cards are prefered by many users as the optimal payment method when purchasing crypto. While credit card fees also apply, there are numerous benefits that comes with using credit cards, including:
Fast: Credit cards make buying crypto easy for first-time buyers or investors, with transactions completed in seconds.
Beginner-friendly: It’s an ideal method for beginner users who are unfamiliar with other forms of payment and crypto exchanges. Just like online shopping, users are able to purchase crypto with cards in just a few steps.
Earning rewards: At times, users are entitled to benefits and earning rewards when using credit cards to buy crypto.
However, paying with credit cards also comes with certain risks.
Credit card information: Buying crypto always involves risk, primarily having your credit card information stolen. Be careful with the platform you use and always make sure you are visiting the official website. Beware of phishing attempts and other types of fraud.
Credit score: Depending on your bank or credit card provider, the credit score might vary. The general consensus is that users should invest what they can afford to lose to avoid hurting their credit score. For example, starting with small amounts and gradually building up rather than falling behind on monthly credit card bills.
What to Know Before Buying Crypto With a Debit Card
With a debit card, users will need the funds before buying crypto, so their credit score can’t be impacted. Debit cards typically cost less for merchants to accept in comparison to credit cards. They also tend to require less processing time.
When buying with a debit card, make sure to check your available balance rather than your current balance. Your current balance may show more money in your account than you actually have. Here’s a guide to check balance and transfer funds in your wallet.
What to Know Before Buying Crypto With Binance Pay
Binance Pay is a contactless, borderless and secure cryptocurrency payment option available to Binance users. With a single tap, users can quickly and safely buy or transfer cryptocurrencies.
Let’s go through some of the main benefits of Binance Pay.
Send and spend crypto with zero fees
With Binance Pay, you get to pay, send and receive crypto with zero fees attached.
Shop and pay with crypto
You’re also able to spend crypto at stores and businesses that support Binance Pay.
Send crypto to friends and family
With a single tap, Binance Pay is a fast and safe way to send crypto to your friends and family.
What Should You Be Careful With
Now that you know the benefits and risks that come with buying crypto using credit cards, debit cards, and Binance Pay, here are just a few additional precautions you should also be careful with.
Use a secure connection to complete your purchase. This will allow you to keep your private information safe when purchasing crypto.
Use an official payment method to complete your card payment when dealing directly with a seller. These will be shown on the Binance website or other P2P website you’re using. Make sure to never send the other user details or information through a message when doing over-the-counter trades.
If you’re using a credit/debit card on Binance P2P, be wary of people trying to convince you to pay using a different method other than the one you have chosen. If something is wrong, do not hesitate to report them.
In general, always be wary of P2P scams if you’re using a credit/debit card with Binance P2P. You can read more on the topic here.
Conclusion
With 300+ payment methods and 70+ fiat currency options available to Binance users, buying cryptocurrency has become easier than ever. With just using your credit/debit card or with a single tap using Binance Pay, you can buy crypto in just a few seconds.
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