In short, fiat currencies are the legal tender issued by governments and central banks (such as the dollar or the euro). Unlike cryptocurrencies, their value is backed by trust in the economy of the country that issues them and not by a blockchain network.
Binance supports more than 30 fiat currencies for direct deposits and withdrawals (although availability varies by country and local regulations). The most common are:
USD: US Dollar.
EUR: Euro (European Union).
GBP: British Pound Sterling.
BRL: Brazilian Real.
TRY: Turkish Lira.
AUD: Australian Dollar.
MXN: Mexican Peso.
COP: Colombian Peso.
ARS: Argentine Peso.
PEN: Peruvian Sol.
CLP: Chilean Peso.
ZAR: South African Rand.
PLN: Polish Zloty.
In the following images, we can see a fiat currency (the Mexican Peso) within the Binance Convert tool, in which we can convert a #USDT directly to Mexican Pesos. In the second, we see the interface for Binance Spot Trading with the MXN/BTC pair; please note that not all fiat currencies are available in both tools.
However, to trade directly on Binance (whether in Convert or in the Spot market), not all local currencies are available.
These currencies have direct trading pairs (e.g., BTC/EUR or ETH/BRL). They can be used to buy crypto without first converting them to a stablecoin.
In Latin America specifically, as we observed earlier, we can use fiat currencies directly within Binance, with the Argentine Peso (ARS), the Mexican Peso (MXN), the Colombian Peso (COP), the Brazilian Real (BRL), and even the Chilean Peso (CLP). More are expected to be added soon, although the rest depends on the trade policies and laws of each country.
