To buy a Binance Gift Card directly from Binance, you need to complete KYB verification. However, you can still buy a Binance Gift Card without a KYB account through registered Binance partners like COINSBEE and G2A.
The KYB requirement change went into effect in July 2023, limiting gift card creation only to businesses. However, anyone can receive or send a Binance Gift Card once they have it. Also, as mentioned above, you can buy a Binance Gift Card at registered merchants, which usually charge a somewhat hefty fee on each purchase.
In this article, we will show you how to buy a Binance Gift Card in 2024 if you don’t have a KYB-verified account.
Key takeaways:
- For those without a KYB-verified account, purchasing Binance Gift Cards is still feasible through registered Binance partners like COINSBEE and G2A. This route, however, often involves hefty fees.
- Binance Gift Cards are versatile, allowing users to gift cryptocurrencies like Bitcoin and Ethereum. They offer an accessible introduction to crypto newcomers and eliminate the complexities of wallet addresses and private keys.
- The step-by-step guide below outlines how to purchase Binance Gift Cards through official merchants, which includes choosing a merchant, selecting the card type, and completing the transaction with a preferred payment method.
- Binance Gift Cards can be easily redeemed on Binance. They are particularly suitable for gifting cryptocurrency to those new to digital assets.
What is a Binance Gift Card?
Binance Gift Card is a digital card that allows users to gift and redeem cryptocurrencies like Bitcoin, Ethereum, and others available on the Binance platform. Unlike traditional gift cards, these offer the recipient the freedom to invest, trade, or hold digital assets.
There are several benefits to using Binance Gift Cards. Firstly, they provide an easy entry point for newcomers to the world of cryptocurrency. Additionally, they are a secure method of gifting digital assets without the complexities of wallet addresses and private keys. Moreover, Binance Gift Cards are customizable, making them a personal and thoughtful gift option.
How to buy a Binance Gift Card: A step-by-step guide
In the following sections, we are going to demonstrate how you can buy a Binance Gift Card via the official Binance merchant partners.
Step 1: Open an account on Binance
The first step to buying a Binance Gift Card is to create an account on Binance. If you already have an account, you can skip this step.
Step 2: Navigate to the Binance Gift Card page and select the Merchants menu
Next, go to the Binance Gift Card section. From here, you can redeem your gift card for crypto by entering your redemption code. Simply enter the code in the appropriate field and click on the “Redeem” button. Skip this step if you don’t have a Binance Gift Card and want to buy one. To do so, click on the “Merchants” menu (highlighted in red).
Step 3: Select the merchant you want to buy the gift card from
At the time of creating this guide, there are 11 different merchants selling gift cards, with all of them accepting crypto payments and 7 accepting credit cards as well. It is worth noting that only Baxity, G2A, and Egycards offer both buying and selling of gift cards, with other merchants focused exclusively on selling the cards.
Select the merchant that supports your preferred payment method and the one with the best fees. For the purposes of this guide, we’ll be using COINSBEE. Once ready, click on the “Buy Gift Card” button located next to the merchant.
Step 4: Select the gift card type you want to purchase
Depending on the merchant, there are different value amounts and types of gift cards you can purchase. For example, with COINSBEE, you can enter your preferred gift card amount (in USD) and the cryptocurrency you want your gift card to be denominated in. These include USDT, Bitcoin, Ethereum, and other popular digital currencies.
It’s worth noting that the fee for buying a gift card is quite steep. In our case, a 100 USDT gift card costs $112.56, which is an 11.16% premium compared to the card’s inherent value. If you are content with your selection, add the gift card to your shopping cart.
Step 5: Enter your email address and proceed to checkout
Once the gift card is in your cart, you must enter your email address to receive the gift card code. The code can be used to redeem your gift card on Binance, send it to someone else, or sell it at accepting merchants. To complete the purchase, proceed to checkout.
Step 6: Select your payment method and complete the purchase
As a final step, select one of the available payment methods. All merchants support cryptocurrency payments, whereas some support fiat payments as well. In the case of COINSBEE, you can use crypto-focused solutions like Binance Pay and Crypto.com Pay, or a direct bank transfer (though additional fees apply).
Once you select the payment method, click on “Buy Now” and enter the necessary information. The gift card code will be sent to your email address within moments after your payment clears.
Can I redeem a gift card on Binance?
Yes, you can redeem a gift card on Binance. To do so, you need to enter your 16-word redemption code in the dedicated field on the Binance Gift Card homepage. Click “Redeem” to convert your gift card to cryptocurrency.
The bottom line
Binance Gift Card in its current form is not exactly the most attractive way of buying crypto due to high fees. Before the KYB requirement change in 2023, Binance Gift Card allowed anyone with a KYC-ed account to create a gift card with zero fees. Unfortunately, these days are over (at least for the time being).
Still, the Binance Gift Card can be a great choice if you are thinking about gifting cryptocurrency to someone who’s inexperienced and doesn’t want to deal with the hassle of setting up a wallet address and managing their own crypto. The only thing they have to do is enter the gift card code they receive on Binance, and the crypto is credited to their account within moments.
If you prefer using Coinbase to Binance, you can check out our guide on Coinbase Gift Card.
