Binance Pay was founded by Changpeng Zhao, and it was initially based in China. With it, you can deposit more than 50 additional cryptocurrencies to your preferred exchange.
BinancePay is primarily meant to enable the transfer of funds from family and friends while paying zero gas fees. It is an excellent way to send remittances since the transfer fees are very low. You can get started with Binance Pay by signing up on Binance. You also have to complete the KYC procedure since the site is regulated by government agencies. See a top list of the best crypto sites allowing Binance Pay for deposits.
Top 1 sites for buying, selling and trading crypto with BinancePay
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Summary
There are many crypto sites that accept Binance Pay. This is because of its reliability, its low fees, and the widespread use of the Binance crypto exchange. It is worth noting that Binance is currently the largest crypto exchange in the world. Binance Pay offers very high levels of convenience to users since it supports scan-to-pay and Binance Pay ID.
Advantages
+You can make lightning-fast payments with Binance Pay.
+It supports more than 50 cryptocurrencies.
+There are lots of crypto sites that accept Binance Pay.
+Traders can use the scan-to-pay feature, which is convenient.
+Payments made using this method don’t attract any fees.
Disadvantages
-You must verify your identity to use this deposit method.
-It doesn’t support the reversal of payments.
-Some users find it complicated to use.
-Binance has been the subject of many controversies over the years.
-Some blockchains can be slow in confirming transactions.
What is Binance Pay?
Binance Pay allows users to make deposits in crypto exchange by scanning the QR codes of the recipients. This eliminates the need to copy and paste the recipient’s address and minimizes the chances of making errors. You will also be able to confirm all the payment details after scanning the code and can cancel the process if anything is wrong. You can also send the funds using the recipient’s email address, phone number, Pay ID, or Binance ID. Note that reversals are impossible when using this payment method. Therefore, you should take the time to confirm all the details before you proceed with the transaction.
Binance Pay Costs
Binance Pay is a great way of making payments to crypto exchanges since it does not charge any fees. This makes it one of the cheapest transaction options on the internet. However, you should note that the transfers still have to be confirmed on the blockchain, and that means you may need to cover gas fees. Although the Bitcoin fees are quite high, many other cryptocurrencies charge negligible fees for transactions.
Transaction speed for Binance Pay
With Binance Pay, you can make instant transfers to your crypto exchange account. This convenience has made it easier for businesses to start accepting crypto payments. Although Binance Pay is instant, you should remember that some blockchains can be a little slow in adding transactions to the public ledger. This usually happens because of network congestion and is especially an issue in blockchains that use the proof of work consensus mechanism.
Binance Pay Deposits: How to do it?
1. Sign in to your Binance Pay account
2. Go to the payment page
3. Scan the QR code of the crypto exchange or add their email, Binance ID or Pay ID
4. Choose the cryptocurrency you want to transfer and add the amount
5. Confirm the payment details and add your PIN
Which are the main countries where Binance Pay is used?
Binance Pay is available to most users of the Binance crypto exchange. As an international service, it accepts users from many countries, including Turkey, Argentina, Vietnam, and Ukraine. It currently does not accept users from the United Kingdom and US states like Hawaii, Texas, and New York. You also cannot use this funding option in countries that don’t allow the use of cryptocurrencies, including China, Algeria, and Egypt.
Can you withdraw with Binance Pay?
Yes, crypto exchanges can send money back to your Binance account using Binance Pay. This is especially a popular withdrawal option in P2P crypto exchanges. If you find it complicated to use, you can simply withdraw the funds back to your credit card or bank account.
Reputation of Binance Pay
Binance has been at the centre of many controversies over the years, and these have led to its banning in various countries. According to government agencies, the site has been used to launder money. It was also hacked in 2019 and ended up losing around $40 million worth of Bitcoin. However, the company reimbursed users who lost money in the security breach.
Since then, Binance has tightened its security and carried out thorough KYC checks on its customers. It has also made donations to humanitarian causes like the war in Ukraine. These actions have improved its reputation in the crypto world and among governments in Europe. It is worth noting that Binance has been the largest crypto exchange for a long time.
FAQ
Below are some of the most frequently asked questions related to Binance Pay. In case you got any additional queries, please don’t hesitate to contact us.
Is it safe to use Binance Pay for cryptocurrencies?
Yes, Binance has implemented measures to promote security. However, you should be wary of spam emails or SMS as these can be phishing attempts. Instead, you should use the official links like those listed on CryptoLists.com. You should also use a secure PIN for Binance payments.
How do I set up Binance Pay?
To start using Binance Pay for mobile, you should sign up on Binance.com. You can also download the app and complete the registration. Users have to complete the verification method to increase your transaction limits with Binance payments.
Is Binance Pay instant?
Yes, one of the biggest benefits of this deposit method is that it offers instant payments. You should still remember that some cryptocurrencies can be a little slow. For example, Bitcoin will likely take a few minutes to add a new transaction to the public ledger.
When was Binance Pay founded?
Binance was founded in 2017 and has consistently improved its service by adding new features.
Where is the mother company based?
The CEO of Binance claimed that the company does not have a headquarter and simply operates in a decentralized manner. However, reports have revealed that it is likely based in the Cayman Islands. It is likely to move its headquarters as it gets approval to operate legally in various parts of the world.
Does Binance Pay only work on Apple devices?
No, like many other deposit methods, Binance mobile payments can be used on Android and iOS devices. You should just download the app and complete the verification process.
