New news in 2024, Binance supports the service of buying coins by swiping a credit card in Taiwan. If you want to deposit money by swiping a credit card, or directly swipe a card to buy cryptocurrency, the steps are very simple.
Based on actual testing and information on the Internet, this article has compiled the credit cards supported in 2024, as well as step-by-step instructions, to provide reference for netizens who want to deposit money or buy virtual currency.
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2024 Tutorial on how to buy coins with a credit card on Binance
First open the Binance App, click "Add Funds" on the homepage, and select "Buy Coins with TWD":
Next, in the payment method section, select 'Card (VISA / Mastercard),' and here you need to add the supported credit cards. The credit cards supported for purchasing cryptocurrency with a credit card on Binance are listed below for your reference.
You can then directly select to purchase USDT or BTC and other cryptocurrencies here, just be mindful of transaction fees and the exchange rates of virtual currencies when using a credit card.
As you can see in the above image, the exchange rate for USDT is around 34.51 (according to the exchange rate at the time of writing). Please pay attention to whether this exchange rate is acceptable.
Compared to buying cryptocurrency with a credit card, another common method of depositing in Taiwan is through local exchanges, but USDT on Taiwanese exchanges is often at a premium, so you can compare the price differences on both sides.
Pros and cons of buying cryptocurrency with a credit card on Binance
The following are the advantages and disadvantages of directly using a credit card to purchase cryptocurrency on Binance:
Advantages of buying cryptocurrency with a credit card on Binance: the simplest, one-stop completion (no need to transfer from other exchanges), virtual currency credited instantly after card payment, and credit card rewards (depending on the bank).
Disadvantages of buying cryptocurrency with a credit card on Binance: poorer exchange rates, credit card processing fees, and some banks do not support it.
As for the pros and cons of depositing at local exchanges in Taiwan and then buying cryptocurrency on Binance, they are as follows:
Advantages of buying cryptocurrency on Taiwanese exchanges: low fees, better exchange rates, and support for large transactions.
Disadvantages of buying cryptocurrency on Taiwanese exchanges: risk of inter-exchange transfers, need to manage different exchange accounts, and longer deposit times (about 1 to 3 working days, depending on the exchange).
Above, both methods have their advantages and disadvantages for your reference.
List of credit cards supported by Binance
Note! The following list is compiled from online sources for reference only and does not guarantee that it will still be applicable when you read this article.
Taishin International Bank
Line Bank
Yongfeng Bank
Cathay United Bank (tested with a lower card acceptance rate)
DBS Bank
Taiwan Shin Kong Commercial Bank
Far Eastern International Bank
First Commercial Bank
Chang Hwa Bank
The above is the tutorial and process for purchasing cryptocurrency with a credit card on Binance, along with a list of supported credit cards and an analysis of pros and cons for everyone's reference.