The latest reports reveal that Binance has added 15 additional fiat currency options. These will function for MasterCard and Visa purchases on its platform. The exchange’s partner Simplex since February 14 can be used in the purchase of cryptocurrency across many countries globally.
The list of supported currencies has expanded to include Czech koruna, Danish krone, Norwegian krone, the British pound sterling, South Korean won, Russian ruble, Turkish lira, South African rand, Hungarian forint, Australian dollar, Swiss franc, Israeli shekel, New Zealand dollar, Polish złoty, and Swedish krona.
All the Binance users can use this option through the Buy Crypto page, which supports the purchase of several cryptos. The cryptocurrencies include Binance Coin (BNB), XRP, Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), and Ether (ETH).
However, this option is not cheap. The Simplex fee is set at about 7%, which is quite expensive compared to the credit card cash advance. Nonetheless, Simplex settles all these transactions in the selected currency, instead of the US dollars or others. Thus, many users avoid this card’s foreign exchange fee that is set at between 2% and 3%.
Add More Fiat Options
Binance regularly appears in the spotlight lately since it is adding for fiat exchange options on its platform. Recently, the exchange added Russian ruble support to its Peer-to-Peer exchange platform. That option is also available from the Buy Crypto page, where it promises lower fees.
The system relies entirely on independent peers facilitating the exchange. Moreover, Binance is making efforts to add more currency merchants via a program that launched in January.