Currently, only a few online Forex or CFD brokers accept Binance Pay as a method for depositing and withdrawing funds, especially compared to other payment methods such as credit cards, debit cards, and similar options. However, the list is continuously growing and more and more brokers are offering this option to their clients.
What is Binance Pay?
Binance Pay is a cryptocurrency payment solution designed by the well-known cryptocurrency exchange Binance. It allows you to send or spend more than 300 cryptocurrencies with friends, family, or businesses. These include stablecoins, as well as BTC, ETH, ADA, DOGE, MATIC, and many others.
Certain fees may apply when using Binance Pay, depending on the feature you use. Fees and any cryptocurrency exchange rates will be displayed in the app before executing any transaction.
Want to learn more about the Binance exchange and its online payment services or cryptocurrency trading? More information at: Binance Exchange Review
List of Brokers That Accept Binance Pay
Below is an updated list of brokers that allow their clients to deposit and withdraw funds via Binance Pay:
| Broker | Minimum Deposit (USD) | Minimum withdrawal (USD) | Broker Analysis |
Roboforex | 10 | 10 | Review |
EXNess | 10 | 10 | Review |
Tickmill | 100 | 100 | Review |
Deriv.com | 5 | 5 | Review |
| 5 | 5 | Review |
What are the benefits of using Binance Pay?
Compared to traditional payment systems, Binance Pay offers several attractive advantages. Here are some of them:
- Instant payment
- Borderless
- Over 300 cryptocurrencies available
- No fees
- Cryptocurrency transfers to non-Binance users
Binance is a huge company, one of the largest in the cryptocurrency sector, and its services are used by millions of customers worldwide.
How to make payments through Binance Pay?
Steps to use Binance Pay via phone number, email, or Pay ID:
- Log in to your Binance account and access Binance Pay. Tap the “…” icon on the home page and select “Send.” You can also go to “Wallets,” choose “Funding,” and click “Pay.” Then tap “Send” and enter the recipient’s details. Make sure all information is correct, as the money will be transferred immediately and cannot be reversed if you enter an incorrect address.
- Once the recipient is determined, you will see the list of cryptocurrencies and the available balance in your Funding Wallet and Spot Wallet.
- Enter the amount of cryptocurrency you wish to transfer and click “Continue” to proceed to the next step.
- The system will automatically take the funds from your Funding Wallet. If you wish to change this, click “Funding Wallet” and select “Spot Wallet.” Then click “Confirm” to continue.
- Enter your PIN to verify the payment.
- Once the transfer is complete, you will see the details of your transaction. You will also receive a confirmation email.
Payment methods available on Binance for deposits and withdrawals:
- Cryptocurrencies: Users can withdraw cryptocurrencies directly from their balance to external wallets. Binance currently supports over 600 cryptocurrencies.
- Bank accounts: In some cases, Binance allows the withdrawal of fiat currencies to compatible bank accounts.
- Debit or credit cards: This is perhaps the most popular and straightforward method for withdrawing funds from Binance. Users can withdraw fiat money to their cards instantly.
- P2P trading: Users can convert their crypto assets into cash through Binance’s P2P marketplace. This process is usually fast and cost-effective, as it involves no withdrawal fees.
- Third-party payment services: Users can also make withdrawals through external providers, depending on their location.
Are you interested in opening a Binance account free of charge and using it as a payment system for Forex brokers? You can visit their website through:
