Spending cryptocurrencies like Bitcoin and Ethereum in stores and restaurants is becoming easier daily. More and more merchants are realizing the potential of cryptocurrencies and are embracing them in one form or another.
Several cryptocurrency debit cards have recently emerged to help businesses offer digital assets as payment. Like any other conventional debit card, cryptocurrencies allow you to trade daily using BTC, ETH, XRP, and other alternative currencies.
Binance, the world’s biggest crypto exchange by trading volume, has also joined, recently launching a new cryptocurrency-based Visa debit card. It enables real-time conversion of cryptocurrencies to EUR when a user completes a transaction.
The company has tried to spread the use of cryptocurrencies as much as possible, and the latest Visa debit card is proof of that.
What is the Binance Visa Card?
The Binance Visa Card is a Visa debit card connected to your account and allows you to spend cryptocurrencies anywhere Visa is accepted. The Binance card is a prepaid card, just like a regular debit card, and must be preloaded with cryptocurrencies in advance.
It is currently available for Binance users in some European countries, such as Austria, Czech Republic, Denmark, Estonia, Finland, Belgium, Bulgaria, Croatia, the Republic of Cyprus, France, Germany, Gibraltar, Romania, Slovakia, Slovenia, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Norway, Poland, Portugal, Luxembourg, Malta, Netherlands, Spain, and Sweden.
It can be used by more than 60 million merchants in 200 regions and territories worldwide that accept Visa cards.
So far, Binance Card only accepts conversion and spending of the following cryptocurrencies: BTC, BNB, BUSD, EUR, ADA, DOT, LAZIO, USDT, SXP, ETH, PORTO, and SANTOS.
Why (or why not) apply for a Binance Visa Card?
The Binance Visa Card offers a convenient way to spend your earnings on crypto.
Some of its benefits include:
- Binance is one of the most popular and secure crypto platforms.
- Low transaction and processing fees
- You can use the cryptocurrency-based Visa card anywhere in the world where Visa is accepted.
It has one major disadvantage, which is:
- Taxes: For each country, you need to check and make sure how cryptocurrencies are taxed (if any) because to spend your cryptocurrencies, you sell them for fiat currency, and then you spend fiat currency.
Binance Visa Card Features
In addition to promoting usage and adoption, the Binance Visa Card has introduced a few additional features:
- Binance does not charge any administration or transaction fees.
- There is no need to exchange your crypto asset with fiat for acquisition purposes. Binance converts it exactly when needed, so the crypto is only converted when needed, and you can HODL until then.
- You can get up to 8% cashback based on your average monthly Binance Coin (BNB) balance. This discount is offered in BNB and credited to your Binance account.
Binance Card: How to get one?
If you don’t have a Binance account, you’ll need to create one first. Registration takes a few minutes. Click here to access the Binance registration form and follow the registration instructions.
Another prerequisite before applying for the card is that the user account has level 2 KYC verification.
Existing Binance Users
For existing Binance users, here are the steps you need to receive the new card:
Step 1: Apply for your Binance Visa Card by visiting the website.
Next Step: Click “Get Started”
Step 3: Once redirected to the Binance Card order page, you can choose how the name will appear on the card. Click “Next” after confirmation.
Step 4: The next step is to create a PIN for your Binance Visa Card. There are two security measures to keep in mind. When creating a PIN code, please try not to use four consecutive numbers, such as – 0000, 1234, or 6789. Do not use sequences such as 1111 either.
Note: If you skip this step, the PIN code will automatically generate. You can change it later using an ATM.
Step 5: After generating the PIN code, you can confirm the address card. Binance will automatically fill in your registered address on the exchange’s website. You should check carefully and add any missing information if necessary.
Step 7: To complete the process, click “Order.”
Depending on the country of residence, it usually takes 1-3 weeks for you to get your Binance Visa Card. But if you want to start using your Binance Card, you can do so through Google and Samsung Pay.
Binance Visa Card Activation
Once you have successfully placed your order, your Binance Visa virtual card will be automatically activated.
However, to activate your physical card, go to the card dashboard. Remember the yellow section, which says “Activate your card,” will be inactive and inaccessible until the card status changes from “Pending” to “Sent.”
Only when the status changes to “Sent” you can click on the “Activate your card” icon. For security reasons, receiving your physical card before activating it is best.
Check Your Binance Visa Card Details
You can verify your data after activating your physical Binance Card. Want to see other details? You can only do this for Binance Virtual Cards.
Step 1: On the Binance website, hover over the navigation menu that says “Finance” and clicks “Binance Visa Card” from the drop-down menu.
Or scroll down to the bottom of the screen and click on “Cards” in the “Products” section.
Alternatively, you can log in to your Binance app and select “Other.” Under ‘Finance,’ tap the ‘Card’ option.
Step 2: Click “View card details” and enter the two-factor authentication (2FA) code to view card details.
Step 3: Click “Show PIN code” and enter the 2FA verification code again to see the PIN code. It is vital to note that the number will only be displayed for a limited time.
Also, the PIN only applies when using a physical Binance Visa card. Once you’ve signed in to Google Pay or Samsung Pay, you won’t need a payment PIN for your virtual Visa card.
Haley Hayward is an experienced writer at gblogo.com, where she’s credited with more than 200 articles covering everything from entrepreneurial stories to mental health at work.
She also oversees the Comment&Questions, which poses important admission questions to experts in the field, and regularly hosts webinars on various aspects of the business school experience.
Prior to joining gblogo.com, Haley honed her skills as a freelance writer, tackling a wide array of topics from petcare to car maintenance.
Haley holds a Master’s degree in English Literature from the University of Edinburgh, Scotland.