Binance Debit Card Review: Is This The Ultimate Crypto Card?
The world’s biggest crypto exchange has created a slick, stealthy card that aims to make crypto more usable in everyday life.
Binance Card is an interesting new card that we at Cryptowisser.com are very excited about. The card is formally issued by Contis Financial Services Ltd who is authorised by the Financial Conduct Authority to issue e-money (Firm Reference Number: 900025) and is a member of Visa.
The card has been around since March 2020, but it was announced on 15 December 2020 that it will now also start shipping to the European Economic Area, namely:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.
The card has a lot of interesting functions. One of which being a "auto topup". The balance on your card is backed by the balance on your Binance account. Let's say that you always want to have EUR 100 on your card, and such balance is backed by your BTC-holdings. If BTC drops significantly, so that your card balance falls below your predefined level (in this example EUR 100), the card will "auto topup", meaning that the card transfers funds from your Binance account to your card account, so that you have EUR 100 on your card again. This is done to avoid that you are in the store and want to buy something, but have insufficient balance on your card due to a price drop in the crypto market.
For the avoidance of doubt, the Binance Card will only use the funds from your Binance Card wallet (the balance on your Binance account). The Binance Card cannot be topped up from other external platforms. Funds which are sent directly from 3rd party platforms will not be credited to your Binance Card, and might result in the loss of these funds.
The card also comes with transactionpush notifications. This means that each time you make a purchase with your Binance Card, you will receive a push notification on your Binance mobile app.
The card has support for BNB (Binance Coin), BUSD (Binance USD), BTC (Bitcoin), ETH (Ethereum) and SXP (Swipe). Also, it supports the EUR fiat currency (the card in other continents support other fiat currencies as well of course).
The following picture shows how you can control the card or navigate it from your Binance account. The layout of all features seems very intuitive to us and easy to understand.
The following picture represents a card which has not yet been used (which is why there is no transaction history, no cashback etc.) and all assets on the card have been redacted from display.