Binance had offered a great easy way to buy Crypto where currently available for BTC,BUSD,ETH,XRP,BNB,USDT through a simple credit card approach. So I tried and want to compare the procedure and cost using this fast-track to get your crypto. There is usually a 2nd way to buy crypto depends on your local exchange service provider. I made two same transition within 20mins and compare the fee and procedure to see which way is more benefit.
People like to get more crypto with same local currency, and the result is within expectation. Binance offer an easy way to buy crypto, simply choose what to buy and input the credit card information them you have it. You won’t even realize you had finished the card spending before you really finish it. It works like magic. However, there is a 2% processing fee based on your local currency amount on top of an inferior exchange rate. While processing in local exchange provider, it should provide a more economic way to buy crypto. (If you are familiar how to process it.)
Through Binance way. While I made the transaction, with same amount of NTD5000, i can get $166 while 2% was fee took by Binance(NTD100), so the Xrate between USD&NTD will be around 1USD=29.5NTD. You will be able to review what you get before hitting final confirm bottom, therefore, the Xrate will be foreseeable before final submission.
Through local way. If I got it in local exchange by bank transfer, I will pay NTD15 as bank fee, then the local exchange will use their Xrate to transfer my NTD to USD. As a result, i got $174.9 with a rate of 1USD=28.5NTD
There will be almost $9 difference in this scenario and gap will be even larger if trading amount increase significantly due to 2% fee and gap of Xrate. If you want to swap to a different coin, you will need to go to Binance anyway since there are more trading pairs available then local exchange service provider.
Conclusion
It’s still worth noting before you make a transaction to buy crypto currency before hitting the final confirm bottom. Depends on the amount and purpose and final tokens you want to have, you need to choose different strategy. However, it’s still recommended not to put your assets in one single exchange in case there is issue in Exchange. Remember, you don’t own the asset if you don’t own the control of it.
If you just want to invest in common crypto currency like ETH or BTC or USD, for sure the local exchange will be very helpful with that. If you want to get a feeling about crypto with easiest way to purchase, go to Binance and risk for your journey now.
Now the magic procedure to buy
- go to the “Buy Crypto” option at Binance.com and the most important thing is to make sure you access the right website. Of course, you need to registered a Binance account and complete the KYC process first. If you didn’t do it before, you could click here to register your account and benefit from the trading fee discount. Every time you trade, there is a return of part of trading fee to yourself.
2. Choose the number into the amount, choose the crypto you want to buy from drop-down menu and choose to buy
3. Input the credit card information and click “Pay now” to proceed.
4. Read the information of the final amount you will get then confirm to proceed. Once you confirm ok, the magic happen and you have entered the kingdom of Crypto. Isn’t that easy?
