Binance one of the largest cryptocurrency exchange as per trading volume has added a new feature of buying cryptocurrency using credit cards.

The usage of credit cards while buying cryptocurrency is rarely added by many exchanges. Because most of the exchanges prefer crypto-to-crypto or bank transfer. But Binance has today announced of adding the feature of using credit cards to buy cryptocurrency.

Now users will be able to buy Bitcoin, Ethereum, Litecoin, and Ripple using their credit cards directly.

Binance has joined together with a third party consumer called Simplex to process the credit cards transactions and thus can be made directly on their platform.

As per the report on Binance blog, CEO of Binance Changpeng Zhao said that their idea is to provide traders with fast and easy access to cryptocurrency in a secure way.

Also, Zhao mentioned that,

“Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On, you can now buy crypto with credit cards and start trading in minutes.”

They have the capacity to process 1.4 million orders per second. And they accept Visa and MasterCard to buy cryptocurrency.

This move to use credit cards might be an advantage for Binance to gain more traders to join their exchange.

Coinbase, had been accepting credit cards for a while but then later it stopped and again it had added but customers feel using credit card incurred additional charges. Even using credit cards to purchase cryptocurrency in Binance might not be the cheapest way to buy cryptocurrency.

But there will be some traders who are willing to buy even at those prices because it is the of the fastest way to buy cryptocurrency.

What do you think of this feature? will you use your credit card to buy crypto? let us know in the comments below.

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