Banxa was created by Domenic Carosa in 2014 as a central payment processor. Banxa’s founder had a vision of making it easier for crypto enthusiasts worldwide to get easier access to cryptocurrencies.
Over time, this vision has expanded to facilitating entry-level coin swaps where investors can buy crypto using fiat cash.
Today, Banxa has emerged as a leading financial payment gateway that helps connect crypto traders with renowned wallets and exchanges. Its primary goal is to meet the high demand for fast digital payment solutions with the most affordable rates.
Banxa operates as a web3 on and off ramp solution built to convert while guaranteeing a seamless NFT experience. Its corporate onboarding features allow customers to make direct purchases, enabling large one-off transactions from trusts and other businesses. Below are the best crypto sites that accept Banxa as a payment processor so you can pay with fiat to get started.
Top 7 sites for buying, selling and trading crypto with Ganxa
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This is the toplist with the best sites to buy, sell or trade cryptocurrencies through Banxa. To learn more why a certain site is ranked the way it is, you can read our review by clicking the review button. We generally recommend using an exchange or platform with good track record, great reputation and positive feedback from its customers. The better option for you as customer, the better ranking we give them.
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Summary
Banxa made headlines for becoming the first financial payment platform of its kind to become publicly listed. Since then, it has been listed in other marketplaces and exchanges such as OTCQX and the Toronto Stock Exchange.
Apart from being publicly listed, the platform has grown rapidly, with many attributing this growth to its commitment to uphold transparency and regulation. Additionally, it has grown its market cap to an impressive $139 million and has tons of business partnerships. Some of the wallets and platforms it has partnered with include Phemex, Ascend, Okex, Edge, and Bybit. And while its headquarters remain in Melbourne, Australia, its operations have become global, as seen in the number of additional offices it’s running.
Advantages
+Partnerships with renowned wallets and exchanges.
+Banxa is one of the payment processors with quickest deposits.
+Presence of KYC policies to help protect customer accounts.
+It supports tons of different payment methods.
+Banxa offers instant deposits with iDEAL, Visa, Interac, MasterCard, bank transfers, and Apply Pay.
Disadvantages
-Banxa doesn’t have a native mobile app.
-Banxa’s withdrawal methods are limited in number.
-Some Banxa customers have reported experiencing poor customer support
-Delayed refunds when a transaction fails might happen, it can take up to 12 hours.
-Does not support crypto instalments like Klarna.
What Is Banxa?
Banxa is a leading financial platform that seeks to connect crypto traders with exchanges and wallets. Its goal is to ensure that its users worldwide have unlimited access to cryptocurrencies by making it possible for them to buy digital assets using fiat currencies.
Its mission is to assist in accelerating the world to web3 using its one-of-a-kind on-and-off ramp solution. Banxa, thanks to its crypto licenses and extensive network of local payment solutions, provides its projects and partners with access to global audiences.
It’s able to do this with higher conversions and less friction than its competitors. The platform boasts a global team of web3-natives operating from different locations worldwide. The most notable ones are in APAC, Europe, and USA regions.
Banxa Costs
The amount you’ll need to pay as the transaction cost will vary depending on your preferred payment method. Other factors that may impact the transaction fees include:
+The wallet you’re using to complete the transaction
+Your current location.
To help explain this further, customers using Kucoin to make a payment won’t have to pay any fees. In fact, the company has previously run a promotion where it provided users with a 10% discount on all crypto purchases. Make sure to keep an eye out for future promos on the platform.
Transaction Speed for Banxa
Transaction speed varies depending on whether a customer has completed the KYC process. For example, fully verified customers can expect their 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 have to wait a bit longer for the deposit process to complete. Other factors impacting the transaction speed include network congestion and the payment method used. Most customers prefer this payment processor because it accepts a larger number of deposit options. Moreover, credit cards and debit cards such as Visa and Mastercard along with iDEAL, Interac, bank transfers, PIX, and Apply Pay deposits can be made instantaneous. Crypto deposits may take longer when the Ethereum network is busy.
Banxa Deposits
Making a deposit is as easy as shown below:
I. Go through the drop-down list and select Banxa from the available options
II. Input the amount you would like to deposit and click on ‘submit.’
III. Complete your transaction with your preferred verification method, e.g., Pin Code, Touch ID, or Face ID on your mobile device.
Which Are the Main Countries Where Banxa Is Used?
The platform provides competitive payment services in 100+ countries for users in Australia, the U.S, Europe, and Canadian markets. But while it’s continuing to roll out its services to new users every day, there are countries where its services aren’t available. Examples include China (Mainland), Ethiopia, the Democratic Republic of Korea, and Syria.
Can You Withdraw with Banxa?
Banxa continues to make changes to the platform and has recently announced that it will introduce a selling feature. Its users will be able to use this feature to withdraw their crypto holdings in the form of fiat currency.
Considering that this feature has just been rolled out, the feature remains limited in terms of functionality. Those who want to make withdrawals can only do so using currencies such as GBP, Euro, and AUD.
The platform is expected to increase these withdrawal options in the coming days.
Reputation of Banxa
It is slowly emerging as a reliable platform for traders interested in making fiat to crypto payments. Its growing partnerships with exchanges and wallets and its plans for further growth down the line have helped boost its reputation among crypto traders.
However, its lack of a credible support team and its failure to provide refunds for failed/delayed transactions have caused its reputation to take a hit. While this may improve with time, customers looking for alternatives may want to try 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. But, before you click on a link, there’s a need to verify that it’s trustworthy and has a good user rating.
Remember, clicking on random links you have found online or links from an untrustworthy source, e.g., spam SMS or email, can cause you to lose your crypto holdings. Always use the official links from sites such as CryptoLists.com when making local payments. Make sure to use the official Banxa site (https://banxa.com) when you sign-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, it also works on traditional desktops and smartphones.
What are the options for funding with help of Banxa?
Ok, here is the long version that is more detailed and works for both those with a Binance account or those that just want to register for Banxa directly.
I. Sign up for Banxa or log in on Binance.
II. Find and Click on “Buy Crypto”? “Third-party payment” or “Buy crypto with your credit card.”
III. Choose your preferred fiat currency (CAD, USD, EUR, AUD), input the fiat amount you want to spend, and select Banxa as the preferred payment channel.
IV. Click “Continue”
V. Wait for the site to redirect you to the official Banxa website, where you’ll need to review your order. After reviewing it, ensure you select your preferred payment option.
VI. Click “Create Order.”
VII. If using Binance to buy crypto for the first time, you’ll need to go through a verification process. For this, you’ll need to provide your contact details, i.e., email and phone number.
VIII. After this, you’ll need to submit your personally identifiable information.
IX. The platform will expect you to upload your I.D.
X. In this step, you’ll need to upload a selfie while holding the I.D. uploaded above
XI. Once you have uploaded these documents, you’ll need to submit your payment information.
XII. The platform will display your order status and give you an option to return to homepage.
XIII. Check your inbox for notification emails.
