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buying altcoins with credit card on binance
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How to Buy Altcoins with a Credit Card on Binance in 5 Easy Steps

As a crypto aficionado, the idea of buying altcoins with a credit card might seem a little daunting. However, Binance makes it easy to do just that! Credit cards have come a long way in the world of cryptocurrency and are now accepted on most major exchanges. While there are a few steps involved, using a credit card to buy altcoins on Binance is a quick and easy process as compared to fiat deposits or e-wallets. Most importantly, it is a great way to get started in the crypto market! Here's a quick guide on how to do it.

Benefits of Buying Altcoins with Credit Card on Binance

Purchasing altcoins with a credit card has several benefits. Here are 6 of the biggest benefits when choosing this payment method on Binance.

1. Beginner-friendly

Credit cards are one of the most user-friendly payment methods available. They can be used by people of all ages and backgrounds, making them a great option for those new to cryptocurrency.

2. Credit cards enable you to invest without cash

One of the great things about using a credit card to buy altcoins is that you don't need to have cash on hand. It works on the principle of borrowing, which means you can invest now and pay later. This is a great way to get started in the market without breaking the bank. As a result, credit cards are a convenient option for those who want to invest but don't have the spare cash.

3. Get started with small amounts

Unlike some other payment methods, credit cards allow you to start investing with small amounts of money. For example, you can buy $20 worth of altcoins without worrying about high transaction fees. This is perfect for those who want to dip their toe in the market without committing a large amount of money.

4. Flexible

Credit card payments are very flexible, as they can be made in small or large amounts. For instance, you can use your credit card to buy $100 worth of altcoins today and then make another purchase for $200 next week. This makes them perfect for buying altcoins, which can often fluctuate in price.

5. Safe and Secure

Credits cards are secured by your bank or credit card company, so you can rest assured that your money is safe. Service providers like Visa, MasterCard, etc., use technologies like the Verified by Visa or MasterCard SecureCode to protect your transactions. In addition, Binance takes security very seriously and has implemented several measures to protect its users.

6. Fast and instant

One of the great things about using a credit card to buy altcoins on Binance is that the process is fast and instant. All you have to do is enter your credit card details and the amount you want to spend, and the transaction will be processed immediately. There is no need to wait for days or weeks for the funds to clear, like with some other payment methods. This means you can get started investing in the market right away!

What Are The Different Types of Credit Card Fees?

Let's take a look at the different types of fees you may be charged.

Foreign transaction fees:

Most credit cards will charge a foreign transaction fee when you purchase in another currency. For example, if you're buying altcoins with US Dollars on Binance, your credit card company may charge a foreign transaction fee of around three percent. While this may seem like a lot, it's quite reasonable compared to other payment methods. For instance, PayPal typically charges around four percent for foreign transactions. On the other hand, bank transfers can often be even more expensive, with some banks charging as much as ten percent.

Cash advance fees:

Another fee to be aware of is the cash advance fee. This fee is charged when you use your credit card to get cash from an ATM or bank. Cash advances usually have a higher interest rate than regular purchases, so it's best to avoid them if possible. This is because most credit cards treat cryptocurrency purchases as cash advance. However, if you need to get cash in a pinch, it's good to know that you can do so with your credit card. Just be sure to check what the fees are beforehand, so you're not caught off guard.

Transaction fees:

Most credit cards will also charge a transaction fee when you make a purchase. This fee is usually around two or three percent. However, some cards don't charge any transaction fees, so it's worth checking beforehand.

Service charges:

Finally, you may also be charged a service fee by Binance when using a credit card to buy altcoins. This fee is typically around three percent, but it can vary depending on the type of card you're using. For example, American Express cards are usually charged a higher service fee than Visa or Mastercard cards.

Some credit cards come with annual fees, which are typically around $50. However, there are also many cards that don't have annual fees. If you're planning on using your card frequently, it's worth getting one that doesn't have an annual fee. That way, you can avoid paying any extra fees each year.

There are a few ways to avoid credit card fees:

  • Use a card that doesn't have foreign transaction fees: There are some credit cards that don't charge foreign transaction fees. If you're planning on using your card to buy altcoins on Binance, it's worth getting one of these cards. That way, you won't have to pay any extra fees when you make a purchase.
  • Use a rewards credit card: Some credit cards offer rewards like cash back or points when you use them to make purchases. If you're going to be using your card frequently, it's worth getting a rewards credit card. That way, you can earn some benefits while you're using your card.

Despite the fees associated with using a credit card to buy altcoins on Binance, the benefits outweigh the costs. Credit cards offer a convenient, flexible and safe way to get started in the market without breaking the bank.

How To Buy Altcoins With Credit Card on Binance

The following is a step-by-step guide on buying altcoins with a credit card on Binance.

Step 1: Log in to your Binance account and click [Buy Crypto], then [Credit/Debit Card]:

Open your internet browser, go to Binance.com, and log in with your credentials.

Step 2: Choose your fiat currency and enter the fiat amount you would like to purchase:

Next, you will need to choose the fiat currency that you would like to use to buy altcoins. Currently, Binance supports the following fiats: USD, EUR, GBP, and RUB.

Step 3: Click [Add new card], then enter your credit card details and billing address:

Then, you will need to add your credit card details. You will need to enter the following information:

  • Card number
  • Expiry date
  • CVC code
  • Name on card
  • Billing address

Step 4: Double-check your payment details and confirm the order:

Review your payment details and make sure that everything is correct. Once you are satisfied, click [Confirm buy].

Step 5: Verify your payment on your bank's OTP Transaction Page:

Finally, you will need to verify your payment on your bank's OTP Transaction Page. Once you have verified your payment, the altcoins will be deposited into your Binance wallet.

Purchasing altcoins with a credit card on Binance is a quick and easy process. By following the steps above, you can get started in the market without breaking the bank.

What Altcoins Can You Buy on Binance

Binance offers a wide variety of altcoins that you can purchase with a credit card. Some of the most popular altcoins include:

Altcoin Launch Date Price (At the time of writing)Market Cap
BNB (BNB)June 2017$297.58$48,578,841,609
Aave (AAVE)January 2017$83.42$1,142,189,939
Decentraland (MANA)February 2020$1.02$1,881,137,243
ChainLink (LINK)June 2017$6.80$3,175,294,997
Uniswap (UNI)November 2018$4.81$3,452,159,541
Polkadot (DOT)May 2020$9.62$9,503,821,074
Solana (SOL)March 2020$49.23$16,615,755,262
Dogecoin (DOGE)December 2013$0.08354$11,095,824,623
Cardano (ADA)September 2017$0.5146$17,404,831,772
Ethereum (ETH)July 2015$1,936.97$234,185,492,405

 Conclusion

If you're looking to get started in the market, buying altcoins with a credit card on Binance is a quick and easy way to do it. By following the steps above, you can get started today. So what are you waiting for?

Buy Crypto with Your Credit Card Today!

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