This new addition enables users to purchase cryptocurrency with a simple bank transfer directly from their banking app or portals, explains Hannes Wessels, Country Head, South Africa at Binance.
The introduction of bank transfers makes cryptocurrency more accessible for a broader audience, adding to the Linked Bank Account option already offered by Binance.
“With this new method added, users are now able to make deposits directly from their banking platform – just as they would when interacting with any other exchange,” Wessels comments.
This has several benefits for users, he points out. “For a start, most South Africans are familiar with initiating a bank transfer – it’s an action they complete several times a week.” This element of familiarity makes the Binance platform less daunting, especially for those who are just starting to explore the world of cryptocurrency. “Many South Africans are intrigued by the benefits of investing in cryptocurrency but might be hesitant because they don’t fully understand the concept or how it works. By accepting bank transfers, we are simplifying the process significantly for new and existing users.”
Bank transfers will initially be available at no cost, he informs, with no limits besides those imposed by the user’s bank. The transfer may take two to three days to reflect on a user’s Binance account, depending on their bank’s processing times.
Another advantage sees users able to both buy and sell crypto in ZAR trading pairs. In other words, it is possible to buy Bitcoin and Ethereum, directly from Binance, using South African rands.
As with the existing instant linked bank account option, bank transfers are safe and secure.
“This is really all about choice and listening to our community,” Wessels says. “We feel that we are opening up an opportunity to those people who have always been interested in cryptocurrency, but maybe aren’t sure where to start - which is why we listen, understand, and implement feedback from our users, and Bank Transfers (eft) is in response to that feedback.” Users can continue to deposit ZAR to Binance from a Linked Bank Account.
Wessels says that for those who would like to go beyond merely investing in cryptocurrency, there are several ways to use this new form of currency. Essentially, you can use it to complete any transaction you would with fiat money; the notes and coins we use every day. Thus, you can buy a wide range of goods using a currency that is affordable, fast and easy to use.
Binance invites people seeking further information about cryptocurrency, how to invest and how to take part in trades to visit the Binance Academy at academy.binance.com.