Binance promises to continue expanding its portfolio options for its clients in the future.
Since February 14th, the world’s most popular cryptocurrency exchange house, Binance, has added 15 new options for the purchase of cryptocurrencies using fiat money. The exchange mode will accept purchases from financial platforms such as MasterCard and Visa. The new alternative is supported by Simplex, which supports the purchase of virtual currencies in many countries.
On the one hand, the update yielded a wide number of options that allow people from all over the world to access the exchange from their local currency. The list shows the options in fiat currencies: the South Korean Won, the New Zealand Dollar, the British Pound Sterling, the Australian Dollar, the Swiss Franc, the Russian Ruble, the Swedish Crown, the Turkish Lira, the Polish Zloty, the South African Rand, the Israeli Shekel, and the Hungarian Forint.
On the other hand, this new purchase option manages to expand the possibilities of acquiring cryptocurrencies that Binance already offered. The cryptocurrencies that can be accessed through the “Buy Cryptography” option are Ether (ETH), Binance Coin (BNB), Bitcoin (BTC), Bitcoin Cash (BCH), XRP and Lite Coin (LTC).
Although this initiative can mean a substantial improvement for users around the world who want to acquire cryptocurrencies, using the Simplex tool is very expensive, calculating the commission per exchange at 7%. If compared with a cash advance for traditional bank credit systems, it has a much higher cost.
Despite this, Simplex manages to settle all transactions made with the currency selected for purchase, instead of using US dollars or other money. In this way, all users who buy cryptocurrencies using Simplex will not have to pay the conventional exchange rate on their credit cards, which will exceed 2% or up to 3% commission.
Options that Surprise Users
The cryptocurrency exchange house Binance has been working to expand its client portfolio regardless of the countries of origin. The inclusion of fiat currencies such as the Russian Ruble has caused great surprise among users of that country, who also see that this currency will enjoy much lower rates than other currencies.
The support of this fiat currency has been, for Binance, an important advance, since they consider the Russian market as potential and growing. According to the exchange page, Binance manages to convert 17,200 rubles (equivalent to 0.27 US dollars), for every 1 ETH, Including the Simplex option.
Besides, according to data of the platform, the system searches for independent peers to facilitate exchange, which simplifies the options and allows a more free exchange.
Binance is not only making great efforts to include more fiat currencies, but they have also started with the program, since last January 2020, to add more cryptocurrency and merchant options that contribute to the growth of the platform.
Global adoption of virtual currencies is making significant progress on platforms such as these that are facilitating ample liquidity management potions; thus, helping to make this market more recognized and accepted.
Achieving wider commercialization of goods and services with cryptocurrencies for citizens would boost the sector for the acquisition of products regardless of borders, something that would be another important step towards cryptocurrencies and blockchain technology adoption.
By María Rodríguez