What is a Binance Visa Card?
The Binance Card is a crypto debit card released by Binance. September March 2020 Binance Card, announced in March 2020 after the exchange acquired the crypto debit card company Swipe, was launched in selected European countries in September 2020.
The card supports paying with Bitcoin (BTC), Binance Coin (BNB), Ethereum (ETH), Swipe's SXP Coin and its own stable cryptocurrency Binance USD (BUSD).
Crypto assets are converted to fiat currency in real time during the transaction, and Binance also offers the option to add your default fiat currency to your fiat wallet and spend from it.
As a Visa debit card, the Binance Visa Card is used by more than 60 million cryptocurrency enthusiasts in 200 regions around the world.
“Giving users the ability to convert and spend their crypto directly with merchants around the world will make the crypto experience more seamless and viable,” said Binance CEO Changpeng Zhao, known as CZ, when the Binance Visa Card was launched.
Sounds logical, doesn't it? A standard-looking Visa card from a high-end exchange that spreads crypto to the masses in an easily accessible way.
How to Apply for a Binance Card?
Applying for a Binance Visa Card starts by creating an online order directly through Binance. As of this writing, the Binance Card is supported in certain European countries, including Austria, Belgium, Ireland, Bulgaria, Denmark, Slovenia (you can visit this page for a full list of countries supported by the Binance Card).
Cryptocurrency users in Turkey, which is among the countries that will support it, can create a pre-order, but it is not currently included in the official list. Dec.
However, it is worth noting that you can apply for a Binance card if your account is KYC level 2 verified. Users who have not upgraded their Binance authentication to level 2 cannot apply for the card.
KYC, short for Know Your Customer, is a procedure used in financial services to help verify the identity of individuals. In other words, he wants to know that you are the person whose registration to Binance you performed.
To reach KYC level 2 on Binance, you need to upload a valid form of identification, such as a passport, national ID or driver's license, as well as proof of address verification, such as an invoice. This may seem thought-provoking to those who are new to crypto, but you can be sure that it is a completely normal practice, especially on an exchange as reputable as Binance.
When you reach KYC level 2, you can order your card here, you guessed it. Follow the on-screen instructions to complete your order, and if your application is approved, you will be issued a virtual card immediately, while your physical card will arrive to you at a later date.
When you receive your card, go to the Card Wallet section on Binance and press the Activate button. From here you will need to enter the CVV number on the back of the physical card, and then you will be shown your four-digit pin code. If you do not activate your card within 45 days after placing the order, it will be automatically deactivated.
Binance Card Design
We would love to say that the Binance Card is made of exotic materials such as titanium or meteorite, but a card with a flat structure will meet you. The fact that it is not embossed is probably a detail that was thought out for the longevity of the characters.
Currently, there is no option to personalize the card or stamp a special signature or emblem on it. The all-black and silver monochrome color palette has a sophisticated air, containing nothing but a little text and an ultra-minimal Binance logo that will appeal to the eye.
Binance Card Installation
After you have installed and ready for use your virtual and/or physical card, you will want to find out how the card actually works. The most important thing you need to know is that the card does not automatically withdraw funds from your Binance crypto asset balance.
To use the card, you must first transfer money from your Spot Wallet (the wallet that is the default Binance wallet and stores your assets and allows you to deposit and withdraw funds) to your separate Card Wallet. You can choose to transfer Fiat and other supported cryptos to your Card Wallet and choose the order in which the money will be withdrawn first. For example, if you listed the Euro and BNB as the first two funds, it will switch to BNB when the Euros run out.
You can think of a Card Wallet October as an additional place to store your assets. The transfer between the spot wallet and the card wallet may seem like an unnecessary step for some, but it offers the option to limit how much is on the card in case it Decays or is stolen. The ability to prioritize which assets to spend first has also been a nice touch.
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