Binance has added 15 extra fiat currency options for Visa and Mastercard purchases on its platform. Since February 14, the Simplex partner of the stock exchange can be used to purchase crypto in many countries around the world.
The list of supported currencies has been extended to the British pound, South Korean won, Russian ruble, Australian dollar, Swiss franc, Czech crown, Danish krone, Norwegian krona, New Zealand dollar, Polish złoty, Swedish krona, Turkish lira, South African fringe, Hungarian forint and Israeli shekel.
Binance users can use this option via the Buy Crypto page, which allows purchases from a select list of cryptocurrencies: Bitcoin (BTC), Binance Coin (BNB), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) ) and XRP.
However, the option is not cheap. The Simplex costs are usually around 7%, which is generally more expensive than a credit card advance. However, Simplex arranges the transactions in the chosen currency, instead of in US dollars or others. This means that many users avoid the exchange costs of their card, usually 2-3%.
Binance is increasingly in the spotlight for adding more fiat exchange options. The exchange has recently added Russian ruble support to its Peer-to-Peer exchange platform. This option is also available on the Crypto Buy Page and promises much lower costs.
The system depends on independent peers who make the exchange possible. Binance is also making efforts to add more currency traders through a program launched in January.