Binance

Finance, Taxes, Banking, Insurance and Retirement
1
I thought I would create a thread for Binance as this is the most widely exchange for crypto.

Normally I deposit using GBP but also have the option of using EUR, but it seems you no longer can use these fiat on-ramp or off ramp anymore, which is a pain. They do allow you to use card deposit but it’s very expensive and they don’t support CHF at all.

How is everyone else depositing and withdrawing GBP or EUR on Binance now that SEPA and Faster Pay (GBP) is no longer supported.

I also have SwissBorg exchange as a back-up but it’s quite expensive to convert Fiat into crypto and then you have pay again for withdrawal and wanted a cheaper alternative.

2
Use another exchange, for example crypto.com:

https://help.crypto.com/en/articles/...a-sepa-network

Wire transfer is free, AFAIR.

After that, if you really want to have money on Binance:

* buy XRP on crypto.com

* transfer XRP to Binance

* convert XRP into your desired crypto

3
So you are creating a thread for Biance, but why? There are plenty of threads on Cryptocurrencies.

You're not trying to sell something are you?

4
I found a quick solution; open an account with Kraken exchange - who accept CHF, which allows for deposits that clear on same day (at least in my case, wire transfer from UBS). Then convert to USDT (or other stable coin) and finally transfer to your binance wallet.

I was particularly disgruntled with the UK banks, after they decided to collectively ban depositing funds to binance.

5
Thanks for that Thalcave. I was also looking into crypto.com and was interested in the metal debit card as well. I think I’ll pull the trigger and open an account. I believe they have a referral link for existing users and if you want to earn the extra $25 for both of us then feel free to send the link.

6
Thanks for that. I’ll give crypto.com a try first as they also accept CHF.

7
I forgot about this referral

code: gx8ttgpcwh

https://crypto.com/app/gx8ttgpcwh

8
Thanks, just registered.

It seems the card is only available in EUR or GBP, does that mean all CHF purchase incur internal transaction fees on top of conversion fees?

I was thinking of starting with the Ruby card with €350 worth CRO staked and then upgrade to Royal Indigo when the bear market kicks in as I’ll get the CRO for much reduced price.

9
I have a card from them, but never used it (I use one from Revolut).

AFAIK, there are no exchange fees if you don't exceed a monthly amount, which depends on the type of the card (e.g, 2,000 EUR for the cheapest card, 4,000 EUR for Ruby card etc.). Afterwards is 0.5%.

Also, the exchange rate is on par with Revolut, but you get at least 1% back (in CRO tokens, depending on the card type) from what you spend.

Maybe I should use the card from Crypto.com instead of the Revolut one, but the latter provides virtual cards which are destroyed after a purchase was made.

10
OK, understood. I also have Revolut but the Crypto.com Visa card seems to be much much superior in terms of what you get in rewards.