After obtaining PSAN accreditation from the AMF (Autorité des marchés financiers), the famous Chinese exchange is launching a new feature on its exchange: “Sell-to-Card“. With this feature, Binance users can now sell all their crypto currencies directly against fiat currencies. The exchanged funds will be immediately transferred to credit/debit cards.
Selling crypto currencies for fiat currencies on Binance: how does it work?
Using this new feature is easy. According to Binance, only 4 steps are required.
First, Binance reminds us that it is necessary to perform a KYC on the Binance account used
Once verified, go to the "Buy Crypto" tab on the homepage. Then select the "Credit/Debit Card" section. Now you just need to click on "Sell".
Next, select the crypto currency you wish to sell on Binance, the associated amount and the fiat currency into which the conversion will be made
Last step: add your credit/debit card to which the transaction will be made. All you have to do is check the payment details and confirm it within a minute. If necessary, the price of the chosen crypto currency will be recalculated, which will change the amount of fiat obtained. Note that you can refresh the prices at any timeNote: Only VISA credit/debit cards are supported by Binance.
Conclusion: advantages and disadvantages
“Sell-to-Card” is therefore intended to be a convenient and instantaneous feature provided by Binance’s third party partners. Thus, unlike “Withdrawal from bank accounts” transactions will no longer take up to 4 business days to complete. Also, there will be no more trading fees when converting crypto to fiat. However, when selling crypto currencies in Euro (EUR) or Pound Sterling (GPD), a 1.1% fee will apply. Likewise for Brazil: the IOF tax, a tax on financial transactions, will be levied for each transaction. In return, it is important to remember that Binance guarantees its users a high level of liquidity, security and customer support in case of problems.
“Sell-to-Card” is therefore intended to be a convenient and instantaneous feature provided by Binance’s third party partners. Thus, unlike “Withdrawal from bank accounts” transactions will no longer take up to 4 business days to complete. Also, there will be no more trading fees when converting crypto to fiat. However, when selling crypto currencies in Euro (EUR) or Pound Sterling (GPD), a 1.1% fee will apply. Likewise for Brazil: the IOF tax, a tax on financial transactions, will be levied for each transaction. In return, it is important to remember that Binance guarantees its users a high level of liquidity, security and customer support in case of problems.
