Guide

Binance Pay: Things you need to know!

Binance Pay is a contactless, borderless and secure crypto payment technology allowing users to pay or get paid in crypto from other users. The service is available worldwide and is a boon for all types of users within the ecosystem.

In this article, we’ll talk about the things you need to know about Binance Pay.

Binance Pay is available for all users on the platform.

Binance Pay is available to all eligible users on their website. To be an eligible user, you need to verify yourself by uploading identity documents of your country onto their website. After verification, you’ll be able to use this service.

For more details regarding Identity verification, click here: How to complete Identity Verification?

Binance Pay supports more than thirty fiat and cryptocurrencies.

As of now, The service supports Fiat currencies like AUD, BRL, EUR, GBP and TRY.

Also, the cryptocurrencies supported are BTC, BNB, BUSD, ETH, ADA, ATOM, BCH, DASH, DOGE, DOT, EOS, ETC, FIL, HBAR, LINK, LTC, MATIC, NEO, PAX, QTUM, TRX, TUSD, UNI, USDC, VET, WRX, XLM, XMR, XRP, XTZ, ZEC, USDT, FRONT, STRAX, ONE, EGLD and SXP.

Binance Pay Transaction limits?

Since the service is currently in alpha, there is a transaction limit for payments you can do in 24 hours. The limit is set at 10,000USD (or equivalent in other currencies).

There is no fees for using Binance Pay.

Usually in the crypto world, for every transaction taking place, there is a transaction fee also called gas fees added to the amount. This is imperative so that miners could be compensated for their computational work. However, in Binance Pay, there are no fees for using the service.

How to set up a Binance Pay account?

If you already have an account on Binance, it’s easy to set up Binance Pay. Otherwise, You’ll have to register on their website in order to use the service.

After registering and verifying yourself, you’ll need to select the “Binance Pay” option on their mobile app.

You need to accept the terms of use and after that, you’ll be greeted with the service. Next you need to follow the following steps:

  • Create your Binance Pay Nickname
  • Create your Binance Pay pin/Password
  • Choose your preferred currency payment order.
  • Top your Binance Pay wallet through your Spot wallet or any other saved payment method.
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