Binance card review

Fees

The Binance card doesn’t charge conversion fees but you need to pay a low 0.9% transaction fee when you make purchases and you may also be charged additional fees by an ATM operator. The card has zero annual, maintenance or issuance fees but there’s a $35 reissuance fee if you lose your card. 

Similarly, the Coinbase VISA card has no annual, maintenance or issuance fees but you need to pay a relatively high 2.49% conversion fee when you make purchases with any crypto apart from USDC. ATM withdrawals are free for up to $200 and thereafter you need to pay a 1% domestic withdrawals fee or 2% for international withdrawals. There’s also a low reissuance fee of $4.95 if you lose your card. 

Limits

The Binance card has a low daily ATM withdrawal limit of $400 but a higher daily purchase limit of $12,500 for the physical card and $1,200 for the virtual card. Although Binance doesn’t disclose its card load frequency limits, any funds you do load onto the card are covered by Secure Assets Fund for Users (SAFU) insurance. Binance hasn’t disclosed its maximum balance limit for the card but there are tiered categories for spending which are divided into seven levels.

With the Coinbase card, the daily ATM withdrawal limit is capped at $1,000 but you can cash out your funds up to six times a day. You’re allowed a maximum balance of $10,000 and the Terms and Conditions of the card mandate that you can load at a frequency of up to two times a day, four times a week and 10 times a month. The maximum daily purchase limit is $2,500 a day which is quite low but you can contact customer service to change your purchase limit and there’s a verification process you must undertake in order to be approved for this increase. 

Merchant and POS network

The Binance card uses the VISA network which is available in Canada and at 46 million merchants worldwide. For instance, you can use the card at leading Canadian stores like Sobeys, Loblaws or Tim Hortons. 

Rewards

The Binance card offers up to 8% rewards on purchases which means you can save money on every transaction made using the card but you can only earn a percentage back in BNB. For example, if you have a monthly average balance of 600 BNB in your Binance wallet, you’re eligible for 8% rewards on your spending. This percentage drops to 4% for the middle tier if you hold a monthly average balance of 40 BNB and 0.1% for the lowest tier which doesn’t require a BNB balance to earn rewards. There’s also a monthly maximum limit on the amount of BNB rewards you can earn which is based on your card tier. The company states that BNB rewards become available in your Binance account within 2-3 days of your purchases. 

BNB rewards limits

Staking

Binance card users can stake their cryptos and earn rewards as this is available for 27 eligible cryptos. For instance, you can earn annual percentage yields of up to 5% on your Ethereum, 6.3% on Polygon or 10% on Polkadot. 

Is Binance card safe?

Binance has been in operation since 2017, amassing over 120 million users across the world and has developed a good standing with community members due to the comprehensive security measures it has in place. For example, the platform algorithmically tracks all accounts using real-time monitoring in order to prevent money laundering and financial crime, account access controls limit withdrawals to only certain IP addresses or wallets, while 10% ($1 billion) of all trading funds are stored in a SAFU in order to reimburse users in the event of a hack.

A low percentage of users (17%) rate Binance with five stars on Trustpilot, which is a low indicator of safety. In addition, the platform experienced large-scale controversy in October last year when $570 million worth of BNB was stolen through a cross-chain bridge hack. The most common issues raised are related to accounts, deposits and withdrawals. However, Binance has received relatively high ratings from various sites like Investopedia and Business Insider, while many people praise them for a great selection of available cryptos, as well as the ability to earn fee discounts through BNB.

How to get a Binance card?

Registration

You need to sign up for a Binance account in order to apply for the card and this can be done by:

1. Visiting the website and inputting your full name and email address so you can create a password and start the process. 
2. After verifying your email address, you need to select if you want to receive marketing emails about products and services.
3. You then have to enter your phone number to receive an SMS verification text message.
4. After verifying your phone number, you have to complete KYC verification.
5. Upon successful registration and passing verification, visit the ‘Binance VISA Card’ page on the website and click on the ‘Get started’ option. 
6. You are then redirected to a page where you can create a PIN number.
7. You then need to confirm the name you want to appear on the card and your delivery address in order to receive the card.

KYC

Multi-step KYC verification is mandatory for all Binance card users in Canada. The company asks you for proof of identity, which can be a drivers license, government-issued ID or passport, as well as proof of address, which can be a utility bill, letter from your local municipality, house rental agreement, tax letter, credit card statement or bank account statement. You must provide a clear and visible picture of the front and back side of your documents and you need to complete face verification via desktop webcam or the Binance app.

Delivery

You can receive your physical card in up to 45 working days and virtual cards become available for online use within 24 hours of application approval.  

Loading or topup Binance card

The card is funded by the cash or crypto balance in your Binance account and the accepted payment methods to fund your Binance account include VISA, MasterCard, bank transfer, Western Union, Binance Pay, SWIFT, Yandex Money, Sberbank, Payeer, M-Pesa Kenya, Monobank, BBVA, BancolombiaS.A, GoPay, OVO, Paytm, IMPS, UPI, LinePay, SEPA, Faster Payment System (FPS), Mercantil, Pago Movil, Provincial, Nequi, PagSeguro, PicPay, Tinkoff, Alfabank, VTB Bank, Rosbank, Raiffeisenbank, Sovkombank, PUMB, UniCredit, Mercadopago, MTS Bank, Privat Bank, Interac e transfer, Gazprombank, Davivienda S.A and Otkritie.

CashtoCode eVoucher

You can’t fund your card with a CashtoCode eVoucher as this isn’t offered at Binance.

Customer Support

Despite being the largest crypto exchange in the world according to trading volume, customer service options are limited at Binance with only an online Help Center that displays FAQs and a live chat function.

Binance uses a ticketing system where you need to fill in an online form detailing what type of account you have, whether you’re using the desktop platform or mobile app, language preference, your home address, as well as a subject, description and attachment option. For users who are dealing with emergency account issues, there’s no way to speak with customer service on the phone. However, this is compensated for by the 24/7 live chat function that’s available in 18 languages. 

Binance card is recommended to users who are looking to easily convert crypto into FIAT

The Binance card is recommended to users who are looking to easily convert crypto into FIAT without any credit checks. Over 50 merchants participate in the rewards program with a wide range of shopping categories covered such as fashion, technology, lifestyle and travel. However, there’s a low daily ATM withdrawal limit, a delivery time of 45 days to receive your card and crypto rewards are only available in BNB.

But if you don’t mind this, the Binance card can still be a great option if you don’t want to pay annual, maintenance or issuance fees that are normally associated with cards of this nature. Binance could improve its card by reducing the card delivery time and increasing the daily ATM withdrawal limit in line with market standards.

Alternatives of Binance

1

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Loyalty reward:
Up to 5% rewards

Network:

Fees:
Conversion fee, Issuance fee

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Editor's comment

The Crypto.com card is a well-known fee-free debit card that gives you an easy way to spend your crypto, with no transaction, annual, maintenance, issuance or ATM fees. As well as being able to cash out your cryptos at ATMs in FIAT, there are a plethora of perks offered such as unlimited airport lounge access, up to 5% crypto rewards on purchases, 100% reimbursement on subscription services like Spotify, Amazon Prime and Netflix and high daily purchase limits. Despite the card’s brilliant features, there’s extremely high CRO staking requirements for most tiers, a relatively high 2% foreign currency administration fee, 14 working days to receive your card and a high card reissuance fee of $70.

Fees

7.6

Limits

9

Rewards

9

Security

8.8

Support

8.2

PROS:

• No transaction, annual, maintenance, issuance or ATM fees
• Earn up to 5% in crypto rewards on purchases
• Unlimited airport lounge access at over 500 airports
• Reimbursement for Expedia, Airbnb, Spotify, Amazon Prime and Netflix
• High daily purchase limits
• Use the card with any merchant that accepts VISA

CONS:

• Extremely high CRO staking requirements for most tiers
• A relatively high 2% foreign currency administration fee
• High card reissuance fee of $70
• 14 working days to receive your card

2

More details +

Loyalty reward:
Up to 4% in rewards

Network:

Fees:
Conversion fee, Flat ATM withdrawal fee, Issuance fee

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Editor's comment

The Coinbase card is a globally popular fee-free debit card that allows you to spend money from your Coinbase account balance anywhere where VISA cards are accepted – all while earning crypto rewards on every purchase. Heralded for its zero transaction, annual or maintenance fees, the card even allows you to cash out your cryptos since Coinbase converts your crypto balance to Canadian dollars when you need to take money out of the ATM. There are no credit checks to obtain the card and you can seamlessly track all your spending on the top-rated Coinbase mobile app. Despite the card’s excellent features, there’s a low maximum daily purchase limit which puts a cap on crypto rewards, no tiered categories for spending and a relatively high conversion fee.

Fees

7.5

Limits

6.1

Rewards

6

Security

9

Support

7.7

PROS:

• No transaction, annual or maintenance fees
• Earn up to 4% in crypto rewards on purchases
• Ability to conveniently withdraw at ATMs using your crypto balance
• Use the card with any merchant that accepts VISA
• Ability to track your spending and manage card on the Coinbase mobile app
• No credit checks to obtain the card

CONS:

• A relatively high conversion fee
• Low maximum daily purchase limit which puts a cap on crypto rewards
• No tiered categories for spending

3

More details +

Loyalty reward:
Up to 8% rewards in WXT

Network:

Fees:
Maintenance fees, Withdrawal fees

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Editor's comment

The Wirex card is a cutting-edge debit card that allows you to conveniently spend crypto or stablecoins anywhere where VISA is accepted. The percentage of rewards you earn depends both on your tiered card level and the amount of WXT holdings in your Wirex account. The advantage is that you get a high annual savings bonus if you’re in the Premium or Elite tiers and you can even earn X-Points for referring the card to friends or family. There’s no maximum balance limit and Wirex automatically converts your crypto or stablecoins into FIAT to withdraw at ATMs. Despite the card’s plentiful features, there’s a monthly $1.50 maintenance fee which is uncommon for most cards on the market, a relatively low daily ATM withdrawal limit and crypto rewards are only available in WXT.

Fees

8.1

Limits

5.2

Rewards

7.3

Security

8.3

Support

8.3

PROS:

• Earn up to 8% rewards in WXT on every purchase
• Company’s FCA e-money license
• No maximum balance limit
• No annual, transaction or issuance fees
• Four working days to receive your card
• Easily convert crypto or stablecoins into FIAT for spending or at ATMs

CONS:

• Monthly $1.50 card maintenance fee
• Crypto rewards are only available in WXT
• Relatively low daily ATM withdrawal limit

With the Crypto.com card, the percentage you earn back depends on your tier. For instance, the top-tier card comes with a $400,000 staking requirement and earns 5% in CRO rewards for purchases, as well as monthly reimbursement on subscription services like Spotify, Amazon Prime and Netflix. The premium tier has a high daily ATM withdrawal limit of $2,500 and $15,000 for the month and all card tiers are subject to no yearly ATM withdrawal limits. It takes up to 10 working days to receive your card. 

The Coinbase card has a high daily ATM withdrawal limit of $1,000 and you can cash out your funds up to six times a day. You’re allowed a maximum balance of $10,000 and it takes up to 14 working days to receive your card. In addition, you can save money on every transaction made using the card as there are nine available cryptos which earn a specific percentage back. For example, if you spend Bitcoin, you can receive 1% rewards in Bitcoin.

The Wirex card has a relatively low daily ATM withdrawal limit of $700 and $2,700 for the month and you can cash out your funds up to four times a day. There are 2% rewards in WXT on every purchase made using the card and a 12% annual savings bonus. In addition, you can receive your card in up to four working days.

FAQs