Binance is not only one of the centralized exchanges with the best crypto investment tools in the world, but they have also thought of developing a debit card that allows exchanging of cryptos for fiat money in different parts of the world.
One of the biggest hurdles in the crypto sector is being able to exchange your cryptos for fiat money quickly and securely, and Binance has achieved this with its debit card. In this article, you will learn why Binance Crypto Debit Card is the best in the ecosystem and how you can order it today.
Despite the competition in this relatively new product, Binance has led this niche in Europe and is expanding successfully to countries like Argentina. It’s Mastercard and VISA and not only you can use it to pay for daily expenses, but you can also withdraw fiat money with certain limitations.
How Does the Binance Crypto Card Work?
Before going into details on how to use it, you need to see if Binance has enabled it in your country. Nowadays, it’s available to EEA residents in Austria, Belgium, Bulgaria, Denmark, Finland, France, among others. You can see the list here.
So, if you live in any of these countries, you can order one by going to the “Product” section, located at the bottom of the website, and selecting “card”. Then, with a couple of clicks, you’ll order it and have it on your door in a couple of weeks. It’s important to know that to order the card, you have to go through the KYC process before.
Now that you have your binance crypto card and know how to access it in your binance account, here are the features from its dashboard:
- General Balance: In this section, you can see the balance of the money you have on your Binance card in the local currency. In this case, I have opened the account in Spain, so it is automatically set up in euros. In the “Top Up” section, you can fill the card with the funds you want from your Spot wallet.
- Spend and Withdrawal Balances: Here you will see how much you have spent and how much fiat money you have withdrawn by ATM. You will also see the daily spending and withdrawal limits.
Binance Card Options: Here you will be able to see your card PIN, which you will need as a password to withdraw money from ATMs. With the “Manage” option you will be able to:
– Freeze your card
– Report your card as stolen or lost, among other features.
- Binance Card Details: Here you can see the digital version of your card and if it is active. For security reasons, not all details are shown on the website.
- Transactions: In this section, you will see the details of the expenses you made with your Binance card. The date, the merchant’s name, amount, cashback details, and status.
- Payment Priority: This section tells you in which fiat or cryptocurrency your card charges are made. For example, you can set your card to spend the balance of ETH you have in your Spot wallet. It is a very good way to organize your expenses, connecting them with the crypto account of your choice.
Now that you know everything you can do with your Binance card, let’s discover all of its features:
Features of Binance’s Crypto Debit Card
A very interesting feature of the Binance card is that you don’t have to wait to get the physical card to be able to use it, because automatically after ordering the physical version, the digital version will be enabled for you. Also, you can use it for Google Pay and Samsung Pay. Here are other cool features:
- Cashback: Every time you use your Binance card, you can earn up to 8% cashback in BNB. These BNB funds are automatically allocated in your BNB spot wallet. This feature has certain levels, which depend on the card level and the monthly average balance:
- Low Withdrawal Fees: In Spain, there is a daily limit of 290 euros which you can withdraw without commissions. However, you have to consider that there are commissions that some ATMs charge and others do not. If you need it in another country, I’ll recommend looking at the Binance card’s dashboard and seeing this feature.
Note: It’s important to consider that there is a small fee (up to 0.9%) when you use funds from a certain spot wallet. This implies a conversion rate from the crypto used to convert to fiat currency that will be passed on to the merchant. Also, there is a fee of 25€ for ordering the card.
- Automatic Crypto Conversion: When I took out my Binance card in 2021, I had to convert cryptos to fiat money and fill the card with euros. However, now it is no longer necessary. You just need to have funds in any spot wallet and do a very quick setup on the card dashboard. With that, it’s ready to use. And very easy.
Note: Binance has a default usage order of tokens in its card: BNB, BUSD, BTC, SXP, ETH, EUR, ADA, DOT, LAZIO, PORTO, SANTOS, USDT.
- Protected funds: All money handled by the card has insurance protection. More info here.
Finally, you can use your Binance VISA card in more than 60 million merchants worldwide. Just like another VISA card. If you have other doubts, you can see its FAQ section.
Binance Debit Card Comparison
In this last section, you’ll see a crypto card comparison between Binance and other important platforms: Crypto.com and Wirex.
As you can see, even when the Binance crypto card has an ordering fee, this card leads the market. Its various features and withdrawal limits confirm it. Overall, the Binance card gives more flexibility to its users. It let them use their crypto funds to fill it securely.
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