Which Banks Allow Binance?

PoGee

I dabbled with crypto about a year and a half ago when their prices were a wee bit high. It was my choice and my money, so I accept my decision - I will not be selling. The high street bank I used to make purchases using my debit card, now no longer allows crypto payments which I see as a farce as it's my own money I wish to spend. Are there any other banks that allow debit card payments to binance? I read somewhere that you can use eToro. How would I do that and are there any charges in using eToro? I liked using my debit card as crypto fees were negligible.

hughwi

Revolut are probably the best bet for you here, have a look at setting up an account with them (again as usual do your own research, etc) when it comes to the trading aspect itself. (you dont have to use their own crypto service, you can just use their debit/virtual debit card features)

PoGee

Thanks hughwi

Adyinvestment

eToro is very easy, no card fees and because they are a regulated stock platform I believe the banks are fine with them (lloyds have never queried any of my deposits)

There are no charges but the buy/sell spread is usually higher than elsewhere.

I would be wary of using any unusual exchanges at the moment that are offering high yields (think Celsius)

PoGee

Thanks Adyinvestment. What does buy/sell spread mean? If I wanted to buy a bit of e.g. bitcoin on its own, is that possible on eToro?

Adyinvestment

PoGee said:

Thanks Adyinvestment. What does buy/sell spread mean? If I wanted to buy a bit of e.g. bitcoin on its own, is that possible on eToro?

There is a small percentage difference between the cost to buy an asset and the cost to sell an asset (this is the spread - the way eToro make their profit)

Yes, you can buy any portion amount of anything (stocks or crypto)

ChrisW_77

I'm with First Direct and I've been able to deposit to my Binance account with both debit card and bank transfer.

PoGee

Binance ceo says that if they go bust, users will get their money back before investorsdo. Would this be what you put in or what your crypto is valued at? It's unfair to just say 'here's your money' as I was in it for the long haul and happy to hold on for 10 years - would they transfer to another platform instead, rather than give your money back? Will they go bust?

masonic

PoGee said:

Binance ceo says that if they go bust, users will get their money back before investorsdo. Would this be what you put in or what your crypto is valued at? It's unfair to just say 'here's your money' as I was in it for the long haul and happy to hold on for 10 years - would they transfer to another platform instead, rather than give your money back? Will they go bust?

If Binance goes bust, the CEO no longer has any say. It will be for the administrators to decide how money is distributed, if there is any. Unless you have proof that the assets are legally out of reach or a registered legal charge against some assets of value held within the business, then all you have is a promise which may or may not be true. You have zero regulatory protection. You can easily move your coins off into your own private wallet to avoid this risk.

Malthusian

PoGee said:

Binance ceo says that if they go bust, users will get their money back before investorsdo. Would this be what you put in or what your crypto is valued at? It's unfair to just say 'here's your money' as I was in it for the long haul and happy to hold on for 10 years - would they transfer to another platform instead, rather than give your money back? Will they go bust?

The administrators would be first in the queue for the money. As Masonic says it would then be up to them to distribute the money, not the CEO.

If investors' assets are "ringfenced" and held in trust separate from Binance's money, then in theory it may not be accessible to pay creditors, but it would be accessible to the administrators. (See the collapses of SVS and Beaufort. Administrators don't work for free.) You also have no guarantee whatsoever that the investments are ringfenced, regardless of what the CEO says, and no recourse if they have not been. See the collapses of Farepak and Safe Hands.

You are also assuming that "users' money" is even accessible, and not in some crypto wallet only accessible to an exec or developer who has mysteriously disappeared while on a charity mission to a South East Asian orphanage. (See crypto rugpulls passim ad nauseam.)

Short answer: if the money is still there and not required to pay the administrators, you might be allowed to transfer it to another platform. If your money is still there in the pot to distribute to you, there is no incentive for the hypothetical administrator to cash it in. That's a big if though.

Not your keys not your coins bro.

PoGee

Thanks for replies. If I transfer coins to a personal wallet, would I then be able to hold onto them for 10 years and sell off if prices go up?