Banxa

Banxa was created by Domenic Carosa in 2014 as a central payment processor. The founder’s vision was to make it easier for crypto enthusiasts worldwide to access cryptocurrencies.

Over time, this vision has expanded to facilitating entry-level coin swaps, allowing investors to buy crypto using fiat cash.

Today, Banxa has emerged as a leading financial payment gateway, connecting crypto traders with renowned wallets and exchanges. Its primary goal is to meet the high demand for fast digital payment solutions at the most affordable rates.

Banxa operates as a Web3 on and off-ramp solution, designed to convert while ensuring a seamless NFT experience. Its corporate onboarding features enable customers to make direct purchases, allowing large one-off transactions from trusts and other businesses. Below are some of the best crypto sites that accept Banxa as a payment processor, allowing you to pay with fiat to get started.

Summary

Banxa made headlines for becoming the first financial payment platform of its kind to go public. Since then, it has been listed on several other marketplaces and exchanges, including OTCQX and the Toronto Stock Exchange.

Beyond being publicly listed, the platform has experienced rapid growth, largely due to its commitment to maintaining transparency and regulation. It has also expanded its market cap to an impressive $139 million and formed numerous business partnerships. Some of the wallets and platforms it has partnered with include Phemex, Ascend, Okex, Edge, and Bybit. While its headquarters remain in Melbourne, Australia, Banxa’s operations have become global, reflected in the numerous additional offices it operates.

What Is Banxa?

Banxa is a prominent financial platform designed to connect crypto traders with exchanges and wallets. Its objective is to provide users worldwide with seamless access to cryptocurrencies, enabling them to purchase digital assets using fiat currencies.

Banxa’s mission is to help accelerate the global transition to web3 through its unique on-and-off ramp solution. With its crypto licenses and a broad network of local payment solutions, Banxa grants its projects and partners access to a global audience.

The platform achieves this with higher conversion rates and reduced friction compared to its competitors. Banxa operates with a global team of web3-native professionals across various locations, with notable teams in the APAC, Europe, and USA regions.

Banxa Costs

The transaction costs you’ll need to pay will depend on the payment method you choose. Other factors that could affect the transaction fees include:

• The wallet you’re using to complete the transaction.
• Your current location.

To illustrate this, customers using Kucoin to make a payment won’t incur any fees. In fact, the company has previously run a promotion offering users a 10% discount on all crypto purchases. Be sure to watch for future promotions on the platform.

Transaction Speed for Banxa

The speed of transactions can vary depending on whether the customer has completed the KYC process. Fully verified customers can expect deposits to take anywhere from one minute to a maximum of 15 minutes.

Partially verified customers, especially those who have only verified their emails, will typically experience longer waiting times for the deposit process to be completed. Other factors influencing transaction speed include network congestion and the payment method used. Most customers prefer this payment processor due to its wide range of accepted deposit options. Credit and debit cards such as Visa and Mastercard, along with iDEAL, Interac, bank transfers, PIX, and Apple Pay deposits, can be made instantaneously. Crypto deposits may take longer, particularly when the Ethereum network is congested.

Banxa Deposits

Making a deposit is as simple as following these steps:

1. Select Banxa from the available options in the drop-down list.
2. Enter the amount you wish to deposit and click on ‘submit.’
3. Complete your transaction using your preferred verification method, such as Pin Code, Touch ID, or Face ID on your mobile device.

Which Are the Main Countries Where Banxa Is Used?

Banxa provides competitive payment services in over 100 countries, serving users in markets such as Australia, the U.S., Europe, and Canada. While it continues to expand its services to new users daily, there are some countries where its services are not available. Examples include China (Mainland), Ethiopia, the Democratic Republic of Korea, and Syria.

Can You Withdraw with Banxa?

Banxa is constantly evolving, and it has recently introduced a selling feature. With this feature, users can withdraw their crypto holdings in the form of fiat currency. As this feature is still in its early stages, its functionality is currently limited. At the moment, withdrawals can only be made in currencies like GBP, Euro, and AUD.

The platform is expected to expand these withdrawal options in the near future.

Reputation of Banxa

Banxa is gradually establishing itself as a reliable platform for traders interested in making fiat-to-crypto payments. Its growing partnerships with exchanges and wallets, along with plans for future expansion, have contributed to an improved reputation among crypto traders.

However, its lack of a credible support team and its failure to provide refunds for failed or delayed transactions have impacted its reputation. While these issues may improve over time, customers seeking alternatives may want to consider the following platforms:

• Binance
• Gate.io

Banxa FAQ

Below are the most frequently asked questions about Banxa for crypto account funding.

Is it safe to use Banxa for cryptocurrencies?

Banxa and the crypto sites that accept Banxa are safe to use for cryptocurrencies. However, before clicking on any link, ensure it is trustworthy and has a good user rating. Be cautious when clicking on random links found online or from untrustworthy sources like spam SMS or email, as it could lead to the loss of your crypto holdings. Always use official links from reliable sources such as Criptochipy.com, and make sure to access the official Banxa site at https://banxa.com when signing up.

Is Banxa instant?

This reputable payment processor supports instant deposits for Visa, bank transfers, iDEAL, Apple Pay, MasterCard, PIX, and Interac.

When was Banxa founded?

Banxa was founded in 2014.

Where is the mother company based?

Melbourne, Australia.

Does Banxa only work on Apple devices?

No, Banxa also works on traditional desktops and smartphones.

What are the options for funding with the help of Banxa?

Here is a detailed guide for both Binance users and those who wish to register directly with Banxa:

1. Sign up for Banxa or log in to Binance.
2. Click on “Buy Crypto” or “Third-party payment” or “Buy crypto with your credit card.”
3. Select your preferred fiat currency (CAD, USD, EUR, AUD), enter the amount you wish to spend, and choose Banxa as your preferred payment channel.
4. Click “Continue”
5. Wait for the site to redirect you to the official Banxa website, where you’ll review your order. After reviewing it, select your preferred payment option.
6. Click “Create Order.”
7. If using Binance for the first time, you’ll need to complete a verification process. Provide your contact details (email and phone number).
8. Submit your personally identifiable information.
9. Upload your I.D.
10. Upload a selfie while holding the I.D. uploaded earlier.
11. Once you’ve uploaded these documents, submit your payment information.
12. The platform will display your order status and offer an option to return to the homepage.
13. Check your inbox for notification emails.