The platform allows users to exchange fiat currencies for Bitcoin or other coins and there are several ways you can buy cryptocurrencies on Binance:
P2P trading
This is a very cool feature. Binance offers a peer-to-peer (P2P) trading service that connects buyers and sellers of cryptocurrencies directly and this facilitates fiat payments with a variety of payment options depending on what the user wants.
Credit/Debit Card
Binance has partnered with Simplex to offer a brokerage service that supports credit and debit cards. This service allows you to purchase a variety of different cryptocurrencies using a credit or debit card. You can also use these cards to deposit fiat currencies into your account. However, this service comes with a premium of up to 4.5% in fees for USD deposits using a debit card.
SEPA Bank Transfers
Thanks to integrations with additional third-party providers, Binance now allows its users to buy cryptocurrencies directly using the SEPA fiat payment system and bank transfers. This option is particularly attractive. SEPA. Bank deposits do not incur any transaction fees at all. On the downside, this payment method is only available for a few, such as SEPA for EUR and GBP (except for the Netherlands and Switzerland) and bank transfers for USD.
