Review of Binance.US

    Summary

  • Among the lowest trading fees than other crytpo trading providers

  • More than 80 cryptocurrencies available

  • Known for its high-speed trade execution

  • Best for peer-to-peer trading and crypto-to-crypto trading

What is Binance.US

Founded in 2017, Binance.US is the American partner of the world’s largest cryptocurrency exchange, Binance. Binance.US is also one of the largest crypto exchanges in the United States by trading volume.

The main platform for Binance stopped taking on new U.S. users in 2019 and instead launched the U.S.-based version of its platform, Binance.US.

Owned by parent company Binance, Binance.US is available to users in the United States, although it’s not available in all 50 states.

Binance.US gives a wide variety of choice when it comes to trading cryptocurrencies and its fees are among the lowest in the industry.

Binance.US uses the same technology than Binance and has three different trading platforms: Basic, Advanced, and OTC (peer-to-peer trading).

New users are encouraged to start with the basic trading platform that includes features like 24-hour price performance and trading value.

FeatureDetails
Minimum trade$10
Trading fees0.1% spot trading fee; 0.5% Instant Buy/Sell fee. Debit card transactions add 4.5%. Other fees may apply.
Number of cryptos85+
Crypto-to-crypto trading pairs85+ trading pairs
Mobile appAvailable for Android and iOS.
Digital walletsUsers can use own digital wallets.
Updated April 2022

Trading Fees

Binance.US trading fees include a flat 0.1% spot trading fee, which is much lower than other competitors in the U.S, including eToro (charges about 0.75% for Bitcoin trades) and Coinbase (charges around 0.5% for trading fees and a flat trading fee of up to $2.99).

Binance.US offers a 0.5% Instant Buy/Sell fee for traders in a hurry.

Debt card transfers on Binance attract an additional charge of 4.5% but Binance.US does not allow credit card purchases. Cash deposits attract no fees and neither do withdrawals by ACH bank transfers. Bank wire transfers attract a fee of $15 per transaction.

Binance.US withdrawal fees for cryptocurrencies differ – Bitcoin withdrawals cost 0.0005% and there is a minimum withdrawal of 0.001 bitcoin.

When you compare Binance.US fees vs Coinbase, U.S.-based users may pay slightly more on Binance.US But it’s still much cheaper than using Coinbase.

On average, transaction fees can be up to 0.5% with Coinbase, plus you’ll pay extra convenience charges based on your payment method. This means that transaction fees on Coinbase can be up to 4%.

Number of Cryptocurrencies

You can trade over 80 cryptocurrencies with Binance.US including Bitcoin, Ethereum, Litecoin, Dogecoin, and more.

💡 Note: Read more about how cryptocurrency exchanges work.

Trading Pairs

Binance.US currently offers over 80 crypto-to-crypto trading pairs with Bitcoin and nine other currencies:

  • Binance Coin (BNB)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Chainlink (LINK)
  • Uniswap (UNI)
  • Litecoin (LTC)
  • VeChain (VET)
  • Tezos (XTZ)

You can also trade other cryptocurrencies for stablecoins Tether and Binance USD (Binance’s own stablecoin), $1 BUSD equals $1 USD).

Digital Wallet and Security

The official wallet for Binance users is Trust Wallet. It’s free to store cryptocurrency and is highly rated by App Store and Google Play users.

However, users can use their own wallets.

No breaches at Binance.US have been reported but Binance reported that hackers stole 7,000 bitcoins worth $40 million in 2019. The company paid the losses in full to affected users.

U.S. dollar deposits with Binance.US are held at custodial bank accounts. The Federal Deposit Insurance Corp (FDIC) insures these deposits up to $250,000 for bank failure.

But unlike stock brokerages, cryptocurrency exchanges are not covered by the Securities Investor Protection Corporation (SIPC), which protects investors for up to $500,000 against cash and securities loss due to theft, unauthorized trading, or brokerage failure.

Mobile Apps

The Binance.US app is available for Android and iOS and an update was released in December 2020 that adds the ability to automate recurring buys. The update also included live price tracking and other features.

Binance.US vs Binance

When you compare Binance vs Binance.US there are a few differences but also some similarities. Although Binance owns Binance.US, the U.S. company is managed independently.

The main differences between Binance and Binance.US include how the exchange is regulated in the United States. Binance.US cannot legally offer all the cryptocurrencies to users than the main Binance exchange, which is why the U.S. platform offers less than 100 cryptocurrency trading pairs.

The main Binance exchange offers a huge variety of cryptos, including several hundred lesser known altcoins. In total, the main platform offers over 500 cryptocurrencies and 1,200 trading pairs.

In summary, your choice of Binance vs Binance.US should be an easy one. Binance.US is for U.S. residents and citizens and is one of the largest crypto exchanges in the United States by trading volume.

Our Binance.US Review

    Cons

  • Accessibility: Binance.US is not available in all 50 U.S. states

  • Regulatory: Parent company Binance had some controversy and regulatory issues in some countries; they’ve moved operations to Japan. In 2020, founder Changpeng Zhao said the company doesn’t have headquarters as ‘Bitcoin doesn’t have an office’.

Binance.US is a reliable cryptocurrency trading platform that has some of the lowest fees in the market and a host of security features.

While the Binance.US platform doesn’t offer the same number of cryptocurrencies and trading pairs as its parent company, it offers over 80 cryptocurrencies and this far outnumbers many other U.S. exchanges.

Customer service for Binance.US is available via email only.

Is Binance.US Right for You?

Binance.US has some of the lowest fees available to U.S. traders and it offers a wide range of cryptocurrencies to trade with.

No matter where you decide to make your purchase, always keep in mind that investing in cryptocurrencies like Bitcoin is highly speculative and known for its volatility. It’s wise to never invest any more than you can afford to lose.

FAQs

How long does Binance.US verification take?

Most routine account verifications take only a few days. Some verifications can take a few minutes and some can take up to 10 days. The best way to ensure a fast verification process with Binance.US is to make sure your documents are clear.

Is Binance.US safe?

Binance.US rates very high only its exchange security. As of March 2022, crypto security review site CER ranks Binance.US the fifth most secure exchange. 

Should I use Binance or Binance.US?

Binance.US is managed independently but cannot legally offer all the same crypto assets as the main parent company, Binance. Binance offers significantly more cryptocurrencies that its U.S. company but that’s because Binance.US is limited by U.S. regulations as to how many cryptocurrencies it can sell. Binance.US offers the same low fees as its parent company.

What are Binance.US fees vs Coinbase?

When you compare Binance.US fees vs Coinbase, U.S.-based users may pay slightly more on Binance.US But it’s still much cheaper than using Coinbase.

On average, transaction fees can be up to 0.5% with Coinbase, plus you’ll pay extra convenience charges based on your payment method. This means that transaction fees on Coinbase can be up to 4%.

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    Reviews of Binance.US

    Binance.US is rated 73 out of 282 companies in total rating and got an average review score of 3.5 based on 1 review. Their weakness is Interest & Costs and their strength is Support & Service.
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    christian_sarsaba 6 reviews | March 8, 2022
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