Key takeaways
- The Binance Gift Card is a new feature on Binance that makes it easy for users to send and receive gifts and cryptos without any fee
- Binance Gift Cards are useful and convenient not only as gifts but also for regular use due to how simple they are to redeem and put to use
- Anyone and everyone—including non-Binance users—can receive gift cards
- The Binance Gift Card Marketplace now offers new products, including Fixed-Value Gift Cards, Gift Cards with cashback, and Gift Card Mystery Boxes
Since its introduction in 2017, Binance has become a well-known cryptocurrency exchange. Low trading fees and swift transactions have largely contributed to its phenomenal growth. Binance also widely utilizes the BNB (BNB) cryptocurrency.
With a multi-tier and multi-clustered architecture, the crypto exchange platform claims to give high processing throughput, with the ability to execute over 1.4 million orders per second. More than 600 different coins with varying market capitalizations, including Bitcoin, Ethereum, XRP, and many others are supported for trade on Binance.
Binance Gift Card – Explained
A gift card is a type of prepaid debit card that has money on it that may be used for a number of purchases depending on the user’s choice. Store gift cards are made to be used at certain stores or shops, whereas general-use prepaid gift cards are independent of any one retailer and can also be used to withdraw cash from ATMs.
With a Binance Gift Card, you may send and receive cryptocurrencies quickly, easily, and at no cost to both Binance and non-Binance users. The cryptocurrency will be fully credited to the recipient’s Binance funding wallet once they redeem the gift card code.
The following are some of the main advantages of Binance Gift Card:
- Various themes and templates to accommodate the tastes of different users.
- Ease of Deposit and Withdrawal of crypto.
- Easily invite new Binance users by binding your referral code.
- Enhanced security features, including the “Restrict Recipient” function.
Uses of Binance Gift Cards
Most times, sending money or gifts to a friend or family in another country is always marred with many hassles.
You probably already know how stressful it can be to transfer money abroad if you’ve ever spent some time abroad or attempted to help family members who live abroad. It is expensive, in terms of both time and money.
Cryptos show the potential to simplify this process, and Binance Gift Cards aim to help in international transfers in their own ways.
The Binance Gift Card can be used for various reasons depending on the type of user. This new feature on Binance can be utilized by both retail and corporate users, and both will enjoy unique satisfactions, based on their needs.
Gifting
Due to their great degree of personalizability, Binance Gift Cards are not only a fantastic lifestyle gift but also flexible enough to be as unique as you would like them to be.
To show someone you’re thinking of them, you can choose a thoughtful design from the Binance template library or include a message when you deliver your gift.
Every month, new designs are added to the Gift Card store, so users can return to check if they don’t find one that appeals to their recipient at the moment.
Transfer Crypto for free
In spite of the name, Binance Gift Cards are not restricted to sending and receiving gifts. They can also be utilized as a fee-free transfer service to send cryptocurrency anywhere and anytime.
In keeping with one of their primary objectives of helping users attain financial freedom, Binance introduced a tool called Transfer Crypto that enables you to transmit any amount of cryptocurrency to your dear ones for free.
The crypto exchange intends to increase user access to secure remittance by eliminating the minimum amount requirement that many other transfer services impose.
The new Binance Gift Card Marketplace
The Binance app now features its gift card features in the new-look Gift Card Marketplace, which has also introduced some great new features. Let’s have a look.
Fixed-Value Gift Card
Fixed-Value Gift Cards are denominated in stable currencies like fiat or stablecoins instead of their underlying cryptocurrency. Let’s say that you want to gift some ETH to a friend. Instead of loading up a gift card with ETH, you could purchase an ETH Fixed-Value Gift Card.
For example, if you purchase an ETH Fixed-Value Gift Card with 100 BUSD, the recipient will be able to redeem the gift card for 100 BUSD worth of ETH at any time, getting ETH equivalent to the market rate at the time of redemption.
Fixed-Value Gift Cards allow you to avoid the unfortunate scenario where the value of the cryptocurrency you’re sending decreases before your recipient redeems the gift card.
Gift Card with Cashback
The Gift Card Marketplace now offers special gift cards with a cashback feature. If you purchase such a gift card, you will receive another gift card as cashback. You can then redeem the gift card to get some extra crypto. However, gift cards with cashback are only available in limited quantities, and are distributed to users on a first-come, first-served basis.
As an example, the Gift Card Marketplace recently featured a gift card where users would receive a 3 DEGO gift card if they purchased a 100 DEGO gift card.
Gift Card Mystery Box
Gift Card Mystery Boxes provide the chance of getting more than you paid for out of your gift card. When opening a Gift Card Mystery Box, you will get a random reward multiplier that can potentially be significantly larger than the amount you paid for the Mystery Box. The worst-case scenario is that you get what you paid for—you are guaranteed to redeem at least your participation fee, and potentially more.
Now that we’re up to speed with the new features introduced by the Binance Gift Marketplace, let’s go through the process of how you can create, send and redeem gift cards on Binance.
How to Send and Redeem Gift Cards
Here, we will summarize how you can create and redeem Binance gift cards in simple-to-follow steps:
Send gift cards
1. Open the Binance App. Then, select “Wallets” to move cryptocurrency from your Spot Wallet to your Funding Wallet.
2. Visit the home page and select “Profile” – “Gift Card”, then hit the yellow “Plus” icon.
3. Choose “Send Gift Card”. Then, select the crypto you wish to transfer and enter the payment amount. The appearance of your gift card can also be changed. To proceed, click “Buy Now”.
4. To validate the transaction, enter your 2-Factor Authentication code. Your Funding Wallet will be adjusted to reflect the amount.
5. Gift card has been created successfully.
6. The gift card you created can now be sent to the recipient of your choice.
Redeem gift cards
1. After logging in, go to your profile and select “Gift Card” from the menu.
2. Click “Redeem.”
3. Select “Redeem” and enter the 16-digit number from your gift card.
4. Once done, you have successfully redeemed your gift card.
How to Redeem and Convert Binance Gift Card to Fiat
One of the new, exciting features on Binance is the ‘Redeem and Convert to Fiat’ function. It makes it easy for users to convert their Binance Gift Card to Fiat currency.
Once users receive Binance Gift Cards, they can easily convert it to fiat currency by following these simple steps:Start by logging into your Binance app and selecting “Profile” – “Gift Card”.
- Select “Redeem” and then “Redeem & Convert to Fiat”.
2. After entering the Gift Card redemption code, choose the fiat currency you want to convert the cryptocurrency into. To continue with the cryptocurrency to fiat conversion on Binance P2P, click “Next”.
3. If the platform allows for the conversion of your cryptocurrency, the user will be redirected to Binance P2P. To move on to the “Sell” page, carefully read the instructions and tutorial before tapping “Confirm”.
4. Tap “Sell with 0 Fee” after entering the amount of cryptocurrency to convert. Your requirement-matching order will be generated automatically.
5. The best crypto price currently offered on the P2P market will be used to match your order, and it will then be converted into the local currency of your choice.
6. The cryptocurrency amount will be credited to your Funding Wallet if the Redeem & Convert to Fiat function does not support the cryptocurrency in your Gift Card. By clicking “View my funding wallet”, you can view your balance.
Conclusion
The Binance Gift Card enables faster and easier transactions in the crypto space and can be used by both Binance users and non-Binance users.
With its array of services including, sending, receiving, and redeeming gifts, the Binance Gift Card simplifies transactions for users, making it an added advantage for both crypto users and non-crypto users.
