Fiat gateways to buy cryptocurrencies on Binance.com

Introduction
Binance is the shining star of the Blockchain ecosystem with a massive network that comprised of advanced products and services that has impacted the financial lives of the Binance users across the globe. Because Human beings are slow to adapt to change, it would take a while for cryptocurrency to be accepted by the global society. In a sense that means that fiat currency is still relevant to the society despite the increasing adoption of cryptocurrency by some communities.
The Blockchain is here to improve on the deficiencies of the fiat currency and we should envisage a near future where the best of fiat and crypto currencies are blended as optimized products and services. Disruption by the Blockchain is seen in almost all sectors of the global community and we as consumers have enjoyed these advantages.
Binance accounts users can use enjoy flexibility by using the various fiat gateways to purchase of Cryptos. Buying Cryptos using Binance gateways is safe because Binance ensures the highest level of security for its teeming users. For whatever fiat gateway you intend to use, you must log into your Binance account first by using your login details, then solve the Captcha puzzle and execute the 2Factor Authentication using either Binance Authenticator or Google Authenticator.
Verifying your Binance user account to an intermediate level unlocks certain restrictions like deposit and withdrawal limits. You can a do a third-tiered verification if you deal with very large purchases or transactions. As part of trading ethics, you are expected not to use another person’s credit card, debit card and bank account to execute any fiat transaction. When you do so, you could be charged to court for fraudulent practice.
Any transaction carried out on Binance has the element of adequate transparency and in the event of a failed transaction; Binance reverses your transactions without any charges. When buying volatile crypto, market price may fluctuate swiftly. Thus the price of such crypto is often determined at the point of transaction.
You might have to wait for a longer period usually 24 to 120 hours for bank transfer transactions. This article will briefly discuss these: introduction, what is a fiat? Fiat gateways, How to buy and deposit with fiat, benefits of buying crypto via fiat gateways, web3.0 and fiat currencies and conclusion.
What is Fiat, a fiat gateway and a fiat currency?
Fiat is a Latinized word for ‘Permission’. And as you might guess, this permission must come from a central authority usually the government via its agencies.
A Fiat gateway is a permissioned outlet through which fiat currency transactions are carried out. The Blockchain now has coins or tokens operating on permission-less protocols.
A Fiat currency usually refers to the physical or paper money supplied by Apex banks of each country across the world. A popular example of a fiat currency is the USA Dollar. Some countries have issued the digital versions of their fiat money thanks to the Blockchain technology.
First Gateway: Credit and Debit cards
You can use your credit and debit cards to make purchases on Binance. The brands of card that you can conveniently use are the Master and Visa cards. Before using your card to make a purchase, ensure you have linked it to your Binance account. Binance has its own Visa card that you can also use to make purchases if you are living in an eligible country and you are also a verified Binance account user.
This crypto card has a technology that converts your cryptocurrency into your local currency for the purpose of purchase. Transactions using a contactless card are almost instantaneous unlike bank transfers which usually take 1–5 days. Check out with card transactions is also easier. As a buyer you have over fifty cryptocurrencies to choose from when buying on Binance platform that a user can buy using cards and a user can bind up to five cards to his Binance account.
If you have visa fast funds in your Binance fiat wallets, you can withdraw cash from your wallets to your Visa direct instant card. Your cryptocurrency need to be converted into fiat currency before you can use your instant card for withdrawals.
How to buy crypto assets on Binance using a credit or debit card
First Step: Sign into your Binance user account to access the Binance home page
Step two: Find and click on ‘Buy now’
Step three: Select the fiat currency which you want to use to buy your crypto and your card should be dominated in this fiat currency E.g. EUR
Step Four: Enter the amount you want to spend. E.g 500EUR
Step Five: Select your payment method of choice, in this case, select credit/debit card
Step Six: Select ‘Visa/Master card
Step Seven: Click on the continue button. A payment form is displayed if you have never added any card before. If you have a card added, your card details would be shown
Step Eight: Fill in your card information including Name on card, Card number, Expiry date and CVV number. Click on ‘Add card’ button to add your card.
Step Nine: Click on continue button and then confirm your order within a minute. After one minute, the quantity of crypto would be recalculated based on the prevailing market price
Step Ten: Follow your own bank instruction on how to verify your transaction using OTP; normally a six digit code is sent to the phone number linked to your bank account. You can also use a six-digit generated code on a bank token if you have one. Once you have successfully confirmed your card transaction, the amount of crypto you purchased will be reflected on your spot wallet.
Second Gateway: Bank transfers
Bank transfer forms the second fiat gateway through which you can buy cryptocurrencies as a Binance account user. This is done via a direct transfer from your own local bank account to Binance’s own account dominated in your local currency.
For example, you live in Estonia and you want to buy USDT on Binance. On the other hand, Binance has an account with an Estonian Bank. You can transfer the exact amount in the local Estonian currency to the Binance account. Once payment is confirmed by Binance, USDT would be released to your Binance spot wallet.
Bank transfer could also be done on Binance Peer-to-peer (P2P) Platform where the user buys directly from a verified Binance seller by transferring cash from his own bank account to the seller’s bank account. A click on Binance P2P buy button activates the Binance escrow service; the amount of crypto the user wants to buy is automatically deducted from the seller’s Binance wallet into the escrow wallet pending the outcome of the transaction. Once both peers confirm a successful transaction, Binance escrow releases the amount of crypto bought into the Buyer’s wallet.
The user using cash to buy crypto has the advantage to higher transaction amount. Transaction fees are also lowered with bank transfers. Binance would be launching a new USD swift channel later this year as an innovative measure to improve fiat-crypto buying experience.
How to Deposit USD via SWIFT
Binance supports over sixty fiat currencies which you can deposit into your Binance account via the society for worldwide interbank financial telecommunication (SWIFT). Deposits are done with a zero transaction fee, however as a requirement for a successful transaction, you must add a bank account dominated in USD to enable you make the deposit.
To deposit a supported fiat currency using swift will entail you to first log into your Binance account and locate and click ‘wallet’. Then click on ‘fiat and spot’. Chose USD from the displayed supported currencies, select bank transfer and then select SWIFT.
Create a deposit request by inputting the quantity of USD that you want to deposit and then click the ‘confirm’ button. You should fill out your bank details on the displayed account form: Bank account holder name, Bank name and bank account number then click on continue button. Confirm your details and then click on confirmation button.
The next thing to do is to verify your deposit transaction using 2F authentication via Binance or Google authentication app. Then you should click on submit button. It takes usually 2–3 business days for the deposit to reflect on your Binance account. Include the transaction reference code.
How to Deposit BRL on Binance
You would be required to login into your Binance app to initiate the deposit and then log into your Capitual CapConta App
1. Log into your Binance app home page
2. Find and click on Buy crypto (BRL)
3. Select bank deposit.
4. Select ‘BRL’ under currency
5. Click on deposit on Binance app home page
6. Select and click on ‘fiat’ from the displayed option
7. Type BRL on the search button to bring up BRL from amongst other fiat currencies or you can scroll down to select BRL
8. Select payment method. Usually there is only the bank transfer option for BRL and transaction fee is zero
9. Click on ‘continue’ button
10. Input your CPF number and click on confirm button
11. Enter your phone number and email and click on ‘continue’ button
12. Type in the quantity of BRL that you intend to deposit, accept the Binance terms and conditions by checking the small white square
13. Click ‘confirm’
14. Complete the process by going to the Capital CapConta App and send BRL to the bank account shown on the screen through PIX. You will be automatically referred to Capitual CapConta app where you are to fill in the exact details you fill on Binance including amount of BRL you intend to deposit.
How to Deposit BRL to Binance from Capitual CapConta
Binance account users can deposit the Brazilian Real into their Binance wallet from their CapConta account on Capitual digital bank platform. Before depositing BRL from CapConta, you must have signed up and verify your CapConta account after downloading the Capitual app.
Step one
Log into your Capitual App, locate and choose the ‘Transfer to Partner’ amongst the options
Step two
Select the specific wallet that bears the fund that you want to deposit to Binance
Step three
Click on Binance to display all your open deposits
Step four
Select an order and click on ‘Transfer now’. Enter your 4-digit pin and confirm your transaction. Once order is confirmed, your deposit will reflect in your Binance account.
How to Buy Crypto with BRL
Buying crypto on Binance with BRL is usually through Bank transfer. You access your Binance account home page, head over to ‘Buy crypto’, select ‘BRL’ and then enter the amount of BRL you want to use to purchase your crypto.
You should also select the crypto assets you want to buy from amongst the listed coins. Then proceed to click on ‘Buy’. Check and confirm your transaction details. You can check the Binance spot wallet for the crypto asset you just purchased and you will see the exact amount there.
Third Gateway: E-wallets
To use Binance supported E-wallets, you need to deposit fiat currencies in to them and then you can use the cash balances in the wallets to buy crypto currency. Advcash e-wallet is an example a Binance supported e-wallet.
How to use Advcash E-wallet to buy crypto on Binance.
1. Step one Log into your Binance account,
2. Tap on ‘Buy Crypto’ and then on
3. Click ‘Card Deposit’. You will be taken to ‘Deposit Fiat’ page.
4. Select your fiat currency from the option of supported currencies E.g USD
5. Select your payment method: ‘Advcash account balance’
6. Click on the ‘continue’ and then enter the deposit amount E.g 300
7. Click ‘Confirm’. This will take you to Advcash secure page
8. Enter your Advcash login details if you have an account or register a new Advcash account if you have none
9. On the Advcash payment page, your Binance pending deposit detail would be displayed. Confirm it and click on ‘proceed’
10. An email from Advcash will be sent to you. Verify that you are the one who has initiated the transaction by clicking on the link sent.
11. Finally click on the ‘ Confirm’ button to complete your transaction
Fourth Gateway: Binance connect
These are third party financial institutions in collaborative alliance with Binance and you can transfer currencies with zero cost; most of them are verified by Binance and trusted entities and includes Tokocrypto and Binance TR
How to Connect to Tokocrypto Wallet on Binance.com
To do this, you need to access your Binance account and find ‘wallet’ then ‘overview’ On the sidebar to the left, scroll down until you sight ‘Tokocrypto and you would be prompted to connect your Tokocrypto account by being redirected to Tokocrypto website. Once you are there, click on ‘login via Binance’. This will log you in using your own Binance account login details.
Configure your account and click the ‘continue’ button to establish a connection between your Binance and Tokocrypto wallets. After a successful connection, a transfer page will be displayed from where you can do a to and fro transfer of funds between these wallets.
Transactions are often done at a zero cost between Binance and Tokocrypto wallets and your Tokocrypto account must be verified and active as a requirement.
Fifth Gateway: Binance Peer to Peer
Buying cryptocurrency from peers on Binance with your local fiat currency is the fifth gateway. Binance peer to peer (P2P) provides buyers and sellers of cryptocurrencies the special opportunity to carry out such transaction using fiat currency.
There are several methods used by Binance traders, ranging from fast bank transfers in their local fiat currencies to use of approved third-party fiat currency institutions like chipper cash, perfect money, Payeer and western union money transfer. Each trader has his own preference.
Binance saw the need to institute an escrow service for Binance peer to peer platform for the simple fact that not all humans are trustworthy to carry out transparent transaction without the motive to cheat. The escrow referees peer-to-peer transactions and settle disputes objectively
To buy cryptocurrency, all that you need to do is to access the Binance peer-to-peer marketplace and select the buy button. You also need to select the cryptocurrency you want to buy and the fiat currency that you want to use in the trade. Once you do this, you will see a list of traders selling your cryptocurrency of choice. At the moment, USDT, BTC, BUSD, BNB, ETH, DAI and selected reputable fiat currencies depending on your geographical region. E.g those from Europe will be able to buy and sell Euro and GBP.
Going through the seller list is important because it will enable you to see the ratings of the various traders. It is recommended to buy from verified sellers and trustworthy Binance merchants. Pay close attention to a trader’s trade volume, completion rate, average release time, average pay time and positive feedbacks in the last 30 days before you initiate a transaction with him. Go for Sellers with 90–100% completion rate.
The mechanism behind Binance peer-to-peer is simple. Once you have identified the seller you want to buy from, click on the buy button beside his trade name and follow the simple steps involved. In the long run, you will have to pay him through his favorite payment gateway and you have a time limit to make your fiat payment.
You should also know that by clicking the buy button, the Binance escrow service is triggered and the seller’s cryptocurrency will be moved to a neutral wallet while waiting for your payment. Once your payment is confirmed by the seller, the escrow releases your crypto to you (into your Binance funding wallet).
The seller is expected to click on the release button only after he is doubly sure that he has received the fiat currency you have transferred. He will then be required to use the Authenticator app to verify his transaction.
Binance P2P: steps to buying crypto
1. Access your Binance account by using your login details and 2factor authentication
2. Look for ‘P2P trading’ on the Binance app home page
3. Hit the ‘buy’ to parade the list of Binance sellers
4. Select your local currency to modify the seller list to those with in your locality
5. Select the crypto coin you want to buy too
6. Scroll through the sellers and identify the suitable for your transaction
7. Click the green buy button by the seller trade name
8. Enter your payment amount and the equivalent quantity of the crypto coin you are buying would be shown below
9. Read the seller’s trading terms which would include mode of payment and other specific instructions
10. Click on the green ‘Buy with 0 fees’ bar. A buy order would be created with a unique order number
11. Click on payment button to have payment detail of seller revealed. Make note of it
12. Make the payment to the seller using the specified method E.g bank transfer
13. Click on ‘Payment transferred’ button. A time frame would be given for the seller to confirm payment and release your purchased crypto.
14. Once seller releases your purchased crypto, transaction alert will pop up informing you of a successful purchase.
15. Check your Binance ‘funding wallet’ to access your purchased crypto
Benefits of buying crypto via fiat channels
1. The first buy experience for beginners is often fiat to crypto route
2. Buying cryptocurrency via fiat channels is easy and does not require advance skills
3. Fiat channels on Binance are safe and extremely secure
4. The process involved in buying crypto with fiat gateways is transparent
3. Contactless cards execute instant fiat –to-crypto transactions
4. The existence of multiple channels to choose from gives variety to the user’s experience
Web 3.0 and Fiat currencies
Web 3.0 is regarded as the internet of the future and uses decentralized Blockchain technology. Cryptocurrencies have influenced the advent of web 3.0; and as a Binance account user, you can now buy web 3.0 crypto assets.
Unlike web.1.0 and web 2.0 which are built for content consumers and characterized by censorships, web 3.0 gives power back to the people and is built for content creators where uncensored interaction between users is a dominant trait.
Coins which are created from web 3.0 projects are called web 3.0 cryptocurrencies. Web 3.0 tries to proffer solutions that have beset the previous web versions such as ‘Scalability Trilemma’ which is the inability of the Blockchain to manipulate security, scalability and decentralization at the same time.
Layer 1 solutions have been offered to solve the Scalability Trilemma.
Because web 3.0 offers people the privilege to be creators as a result of its interoperability, Metaverses can be created and traded on web 3.0 by creators in addition to gaming, socializing, investment and NFTs projects. Examples of web 3.0 coins on Binance include Chainlink, Filecoin, Helium, Graph, Bittorrent, BAT, Arweave, Siacoin, Livepeer, and Theta
You can buy these coins by depositing fiat currency into your Binance wallet via bank transfer, credit/debit card or e-wallet transfer. Then you should use the cash balance to buy them. You might wish to convert your fiat balance to a stable coin like USDT or BUSD to have access to a greater option of coins.
Conclusion
There are several fiat payment methods on Binance and this is a pointer that traditional banking institutions are supporting and even adapting the Blockchain technology. Transactions using the different Binance fiat gateways are secured and can give you a satisfactorily user’s experience. Web 3.0 is gearing momentum and could be the people’s web in no distant time. This is reflected in the use cases of several web3.0 coins or tokens.
Are you new to Binance? You can get started here:
https://accounts.binance.com/en/register?ref=11515767
You can have access to Binance official resources here:
https://www.binance.com/en/?ref=11515767
https://www.binance.com/en/buy-sell-crypto?ref=11515767
https://www.binance.com/en/buy-sell-crypto?channel=card&fiat=USD/?ref=11515767
https://www.binance.com/en/my/wallet/account/main/withdrawal/fiat/USD/?ref=11515767
Buy crypto page
https:/ www.binance.com/en/buy-sell-crypto/?ref=11515767
Buy with cash balance
https:/ www.binance.com/en/buy-sell-crypto?channel=wallet&fiat=EUR/?ref=11515767
Deposit via bank transfer
https:/ www.binance.com/en/fiat/deposit/PHP/?ref=11515767
FAQ on Fiat Buy
https:/ www.binance.com/en/support/faq/c-66?navId=66/?ref=11515767
Disclaimer
The information contained herein does not constitute a financial advice. Consult your financial advice if you are in doubt and new to cryptocurrency. It is also productive to do your own research on cryptocurrency themes.
Note
This article was also featured on medium and can be accessed here: https://medium.com/@mikhailikpoma/fiat-gateways-to-buy-cryptocurrencies-on-binance-com-d435a1527288