Over the years, Bitcoin has become a valuable and important asset to many. The digital currency or virtual currency as it is called is now accepted by some companies as a means of payment for products and services, has been made a legal tender by some countries, and is expected to serve as a store of value for some banks in the near future. Let us learn ‘Does Binance Accept Prepaid Cards?’.
Does Binance Accept Prepaid Cards?
Since prepaid cards are not linked to people’s bank account, they are not accepted by Binance as a method of payment. The payment methods accepted by Binance when purchasing Bitcoin include cash deposit, crypto deposit, credit cards, debit cards, PTP payment, and 3rd party payment.
Purchasing Bitcoin On Binance With Credit Or Debit Card
Binance, through its buy and sell platform, allows for the purchase of Bitcoin using a credit or debit card. This can be done through its website, its desktop enabled software or its mobile app.
The step by step method for buying Bitcoin through the Binance website are as follows:
- Go to Binance.com and login to your Binance account.
- Click on the icon at the upper left side of the page. You’ll see the “Buy Crypto” option and then select Credit/Debit Card.
- Select a currency of your choice and input the amount you wish to pay out from the new page you’ll be led to after step 2 above.
- Under the coin, select BTC. Then click buy BTC .
- Enter your card number, expiry date and CVV code.
- After clicking the next option, you’ll be told to enter other details such as your country, city, address and postal code. After that, click the “Pay Now” option.
- You’ll be asked to confirm your order. Once the transaction is complete, you’ll be rewarded with your Bitcoin.
The same steps apply to the Binance desktop enabled software.
The step by step method for buying Bitcoin through the mobile app are as follows:
- Use your mobile device to download the Binance app and login to your Binance account or open a new account if you don’t have an existing one.
- Tap on the profile icon in the upper left corner and switch to Lite.
- Next, tap on the yellow trade icon and choose the buy option.
- Search for Bitcoin and input the amount of currency of your choice.
- You can choose to pay with your credit/debit card (there is also an option to pay with cash deposit).
- Confirm your transaction by tapping the “Confirm” option.
- A summary of your transaction details will appear and when you are satisfied with them, click on “Confirm” again to finish your purchase.
Supported Countries And Currencies For Purchasing Bitcoin On Binance With Credit Or Debit Card
Binance allows for the use of only Visa and Mastercard as a credit/debit card in some selected countries and some selected currencies.
Binance allows for the purchase of Bitcoin using Visa and Mastercard in countries like Australia, Azerbaijan, Canada, Chile, Colombia, Hong Kong, Iceland, Indonesia, Israel, Japan, Kazakhstan, Kenya, Korea, Mexico e.t.c. As for currency, it allows for the use of Emiratim Dirham (AED), Nigerian Naira (NGN), Colombian Peso (COP), Chilean Peso (CLP), Swiss Franc (CHF), Bulgarian Lev (BGN), Canadian Dollar (CAD), Azerbaijani Manat (AZN), Australian Dollar (AUD) e.t.c.
Purchasing Bitcoin On Binance With Cash Deposit
As mentioned earlier, cash deposit is also a payment method accepted by Binance. The Binance P2P platform allows for users to buy Bitcoin through cash deposit to a bank or cash in person.
The “Cash Deposit To Bank” payment option allows a buyer to purchase Bitcoin by depositing cash directly to a seller’s bank account. This payment method is instant and comes at zero cost. To buy Bitcoin using the “Cash Deposit To Bank” payment method on the Binance P2P platform, a user has to select “Cash Deposit To Bank” in the filter and find the most suitable offer by price and volume. He/she can then contact the seller using the built-in chat option.
Binance P2P platform also allows users to buy Bitcoin using the cash-in-person payment method. In this case, a user can buy Bitcoin and pay for it offline to a seller. There are steps to be followed when buying Bitcoin using the cash-in-person payment method. They include:
Finding a proper seller or merchant as they are called. The Binance P2P page allows users to search and sort active offers. It is advisable to select a merchant with completed transactions and overall completion rates. Negotiate transaction details and discuss other details like how, where and when to meet.
Meet the seller at the agreed location, pay in cash and complete the transaction on the Binance P2P platform.
Frequently Asked Questions
1. Can I buy Bitcoin on Binance using my android phone?
Yes, Binance has an app that is compatible with mobile phones.
2. What is the full meaning of the P2P in “Binance P2P Platform”?
The full meaning of P2P is peer-to-peer.
3. Does Binance Accept Mastercard as a credit/debit card?
Yes, it does. It accepts both Mastercard and Visa.
