Binance and Koinal: Buy Crypto with Visa and MasterCard

Direct Crypto Purchases Made Easy

Crypto enthusiasts, rejoice! Binance has teamed up with Koinal to allow users to buy cryptocurrencies directly using their Visa and MasterCard debit and credit cards. This change, announced on September 25, opens new doors for users looking to invest in digital currencies without the hassle of traditional payment methods.

Transaction Fees: What to Expect

Now, before you get too excited, there’s a little catch. Koinal charges a transaction fee of 2.5% for every purchase. So, if you thought you were going to smoothly glide into crypto heaven without any bumps, think again. Here’s what you need to keep in mind:

Transaction Fee: 2.5%
Approximate Waiting Time: Assets typically reach your Binance wallet within 5 to 20 minutes.

Which Cryptos Are Available?

When using Koinal through Binance, users can purchase the following five cryptocurrencies:

Bitcoin (BTC)
Ether (ETH)
Litecoin (LTC)
XRP
Bitcoin Cash ABC (BCHABC)

These options cater to a variety of trading strategies and preferences, allowing users to diversify their portfolios with ease.

Supported Jurisdictions: Know Before You Go

Suspense! You can’t drive a car without checking if you have gas—similarly, before proceeding, it’s smart to confirm whether your location supports these transactions. Binance noted a rather extensive list of countries where Koinal’s services are unavailable, including:

Mainland China
Russia
United States
Vietnam
Bolivia
Colombia
Ecuador
Algeria
Bangladesh
Indonesia
Jordan
Kyrgyzstan
Morocco
Nepal
Saudi Arabia
Iran
Pakistan
Taiwan
Cambodia

So, if you find yourself in these regions, you might have to think outside the box when it comes to buying crypto.

Looking Ahead in Crypto Innovation

Changpeng Zhao, Binance CEO (better known as CZ), emphasized the significance of this service in promoting cryptocurrency’s mainstream acceptance. His words resonate with anyone who’s felt the struggle of navigating between fiat and crypto. He stated, “Freedom to convert easily between fiat and cryptocurrency is key to bringing crypto further mainstream.”

This announcement comes on the heels of the launch of Binance’s U.S.-based subsidiary, Binance.US, which has started supporting an expanded range of currency pairs.