Binance Fiat Gateway: Buy or sell crypto for USD and EUR
This article will tell you all the information about Binance Fiat Gateway and will show you how you can buy Bitcoin and other cryptocurrencies with Fiat directly on Binance. This isn’t a joke; this is really possible right now!
What is Fiat Gateway?
Binance is a cryptocurrency exchange and it still doesn’t accept DIRECT fiat deposits. You can’t deposit Dollars or Euros to your account because there is no such option available. If you see an article or a video telling you that it’s possible, don’t believe this. Just go to your account and try to find any mention of real money deposits there…
But why do people say, that this is possible? The answer is simple: you can’t deposit USD to Binance directly, but you can use Binance Fiat Gateway to make an instant purchase of the most popular cryptocurrencies with your credit card or a bank transfer. The exchange still doesn’t have dedicated BTC/USD, BTC/EUR trading pairs, but it provides an easy solution for crypto-fiat transactions.
The Gateway means that Binance doesn’t process the transactions. All the transactions are processed by the partner companies but you will receive the crypto to your exchange account. It’s convenient and it’s fast.
How to find the Gateway?
If you want to try this service, go to the Binance website. There is a “Buy Crypto” link in the top menu. Click this link and you will see all the available offers.
As you can see, right now the gateway is connected to 4 different companies offering crypto-fiat transactions:
|Provider||Payment options||Crypto||Fiat currency||Operations|
|Koinal||Credit card||BTC, ETH, XRP, LTC, BCHABC||All (Will be converted to USD)||Buy only|
|Simplex||Credit card||BTC, ETH, BNB, XRP, LTC, BCHABC||All (Will be converted to USD)||Buy only|
|Paxos||Bank transfer||BUSD, PAX||USD ONLY!||Buy / Sell|
|Trust Token||Bank transfer||TUSD||USD ONLY!||Buy / Sell|
As you can see, Koinal and Simplex allow purchasing crypto with a credit card. The currency doesn’t matter in this case. You may buy BTC with Australian Dollar for example. The processing time is very fast (5 – 20 minutes). Unfortunately, these companies don’t allow selling operations….
Paxos and Trust Token allow bank transfers only. This will take much more time, but you can sell cryptocurrency there. It’s a very good option if you wish to leave the crypto market.
How to use it?
Step 1: Go to Binance and log-in. If you don't have an account follow our Binance Registration Guide. It will help you to create a new account and activate 2FA.
Step 2: Select the company you want to use for making a transaction. Different companies have different terms of service and different country restrictions.
Step 3: Select an operation (Buy or Sell)
Pay Attention: If you compare the prices offered by the Gateway with the current prices on other exchanges you will see that the Gateway has higher exchange rates. That's because the rates on Binance Gateway include all the commissions!!! The current market price you can see on CoinMarketCap or on TradingView is displayed without commissions...
Koinal doesn’t require KYC (ID verification) if your total cumulative purchase amount is below $2,500. A verified account has a total $50,000 purchase limit which is more than enough for an average crypto enthusiast.
The company offers low commission: only 2.5% per transaction without minimum fees.
Not all countries are allowed to use this service. The restricted are the USA, Mainland China, Russia and so on. You can see a list of restricted countries on the purchase screen.
Simplex is a famous cryptocurrency broker for companies. It has higher commissions than Koinal and thus the BTC price at Simplex is about $30 higher. At the time this article was written, the Bitcoin price on Koinal was $8485 against $8517 on Simplex.
Pay attention: the commission is 3.5% per transaction with a $10 minimum fee!!! Meaning if your purchase amount is less than $285 you will overpay because of this minimum fee!
Simplex offers higher limits: the daily limit is $20,000 and the monthly limit is $50,000. If you reach the monthly limit you will have to wait for 30 days before you will be able to make another transaction. As you see the limits are very high.
There is no information about verification. But the official Simplex website tells that verification is required.
As for the country restrictions, not all countries are allowed to use the service. You can see the list here: https://www.simplex.com/kb/why-my-location-is-not-supported/ If you are from the United States, the following states are not supported at all: Georgia (GA), New Mexico (NM), Hawaii (HI), Washington (WA), Oregon (OR), Vermont (VT), Florida (FL), Alabama (AL). New York (NY) and Connecticut (CT) are currently supported only for the purchase of BTC.
Is the Gateway really good?
The gateway allows you to buy and sell crypto for fiat pretty fast. But all the transactions are processed by other companies, not by the Binance. You don't receive any serious advantage using the gateway. It just links you to other services. You may go to another exchange that allows BTC/USD trading and buy BTC there. There will be no difference.
The good thing is that all the services listed on the gateway page are really good and trusted. Crypto space is full of scam. It's difficult to find a reliable company for making transactions. Binance offers you 4 trusted providers you can use without worries.