Binance Opens Fiat Gateway: Debit and Credit Cards Accepted

Bitcoin card

To date, Coinbase is the largest fiat onramp for people to enter the cryptocurrency markets, but many speculate that now Binance can become a serious competitor. While this may be a threat for Coinbase, it’s a major upside for the market as a whole. The more fiat onramps that exist in the crypto space, the better.

It is worth noting that some enthusiasts in the cryptocurrency community are against fiat gateways since Binance can now gather personal information, but for the most part, the community is positive.

Along with the announcement, Binance mentioned three primary benefits of accepting credit and debit card payments:
1. Speed. Users can expect an average wait time of only 10-30 minutes before their cryptocurrencies arrive in their wallet.

  1. Low fees. Users can expect fees of only 3.5% or $10 USD – whichever is higher.
  2. Convenience. Visa and Mastercard accepted.

Currently, users can purchase Bitcoin, Ethereum, and Litecoin with fiat on Binance. From there, users can speculate on the hundreds of cryptocurrencies they offer.

Binance CEO, Changpeng Zhao commented on the matter by saying, “The crypto industry is still in its early stages and most of the world’s money is still in fiat. Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”

Binance enabled debit and credit card payments in partnership with Simplex, “a FinTech company providing guaranteed fraudless payment processing solutions. Simplex processes credit card payments with a 100% zero fraud guarantee – in case of a chargeback, the merchant gets paid by Simplex. The cutting-edge Simplex fraud prevention solution and proprietary state-of-the-art AI technology stops fraudulent transactions and allows more legitimate ones to complete payments with ease and speed while increasing conversion rates and enabling merchants to focus on their business growth,” according to Binance’s press release.

Simplex CEO Nimrod Lehavi also commented on the partnership by mentioning that, “easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience.”

Binance has the largest trading volume and is capable of processing over 1.4 million orders per second, which is partially why they have gained the community’s trust. Most cryptocurrency exchanges cannot handle this amount.

Hopefully in the future, more cryptocurrencies can be purchased with fiat, but for now, the three major ones they listed is a good start. The more cryptocurrencies that are exposed to direct fiat relationships will undoubtedly perform better. Perhaps the reason that Bitcoin, Litecoin, and Ethereum are valued so highly is because they are the main bridges connecting the fiat and cryptocurrency worlds. Users around the world have no choice but to purchase these before investing in other alternative cryptocurrencies (altcoins).

Altcoins Weekly Analysis – EOS, ETH and TRX – 03/02/19

crypto

EOS

EOS gained 1.61% in the week ending 2nd February. Partially reversing a 2.39% loss from the week before, EOS eneded the week at $2.4833.

A bearish start to the week saw EOS slide from a Sunday high $2.4737 to a Monday intraday week low $2.1830 before finding support. The pullback saw EOS fall through the first major support level at $2.3097 to come within range of the second major support level at $2.1743.

Recovering through the remainder of the week, EOS rallied to an end of week intraweek high $2.4950 before easing back. The first major resistance level at $2.5634 was left untested through the week.

For the week ahead, EOS will need to hold onto $2.4 levels to support a move through last week’s high $2.495, and to bring $2.5 levels and the week’s first major resistance level at $2.5912 into play. Following last week’s gain, support from the broader market would be needed for EOS to take a run at $2.6 levels. We would expect the week’s second major resistance level at $2.6991 to be left untested.

Failure to hold onto $2.4 levels could see EOS reverse last week’s gains. A fall through $2.38 levels and the first major support level at $2.2792 could see EOS call on support at the second major support level at $2.0751 before any recovery. Heavier losses would not be expected in the event of a sell-off.

At the time of writing, EOS was down 0.95% to $2.4596.

EOS/USD 03/02/19 Weekly Chart

Ethereum

Ethereum fell by 4.96% in the week ending 2nd February. Following on from a 6.65% slide in the previous week, Ethereum ended the week at $109.3.

Tracking the broader market, Ethereum slid from a start of a week intraweek high $115.45 to a Monday intraweek low $100.9 before recovering. While managing to avoid sub-$100 levels, a fall through the first major support level at $109 and second major support level at $103 left Ethereum with 3 consecutive days in the red.

Unable to break through to $116 levels, Ethereum fell well short of the week’s major resistance levels to leave the extended bearish trend firmly intact.

For the week ahead, Ethereum will need to move through to $109 levels to support a breakthrough to $110 levels. Barring a broad-based cryptomarket rally, we would expect Ethereum to come up short of the week’s first major resistance level at $116.20.  Last week’s high $115.45 will likely to pin Ethereum back.

Failure to move through to $109 levels could see Ethereum face the prospects of a 4th consecutive week in the red.

A pullback through $105 levels would likely see Ethereum call on support at the first major support level at $101.65. Heavier losses could be on the cards. A dip to sub-$100 levels is in play should a broad-based cryptomarket sell-off kick in. We would expect Ethereum to steer clear of the second major support level at $94.00.

At the time of writing, Ethereum was down 0.75% to $108.48.

ETH/USD 03/02/19 Weekly Chart

Tron’s TRX

Tron slid by 8.51% in the week ending 2nd February. Partially reversing the previous week’s 17.8% rally, Tron ended the week at $0.02651.

A bullish start to the week saw Tron rally to a Sunday intraweek high $0.03123 before hitting reverse. Tron came up against the first major resistance level at $0.03150. Tron fell short of the 23.6% FIB Retracement Level of $0.0322 to leave the extended bearish trend intact.

Bearish through the remainder of the week, Tron fell to a Friday intraweek low $0.0245 before recovery. The reversal saw Tron fall through the first major support level at $0.0252 before moving back through to $0.026 levels.

For the week ahead, Tron will need to move through to $0.0275 levels to take a run the first major resistance level at $0.03030. Tron will need support from the broader market to bring last week’s high $0.03123 into play. We will expect the 23.6% FIB Retracement Level of $0.0322 to be left untested.

Failure to move through to $0.02750 levels could see Tron take a bigger hit in the week. A fall through last week’s low $0.0245 would bring the first major support level at $0.0236 into play. Barring a broad-based cryptomarket rally, we would expect heavier losses and the second major support level at $0.02070 to be left untested in the week.

At the time of writing, Tron was down 1.04 % to $0.026232.

TRX/USD 03/02/19 Weekly Chart