Review of Binance.US

    Summary

  • Among the lowest trading fees than other crytpo trading providers

  • More than 80 cryptocurrencies available

  • The world’s largest cryptocurrency exchange, with a volume of $7.6 billion*

  • 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*.

As a highly popular cryptocurrency exchange, 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 choices when it comes to trading cryptocurrencies and its fees are among the lowest in the industry.

Binance.US uses the same technology as 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 July 2022

Binance.US remains one of the top cryptocurrency exchanges worldwide and offers users the most cryptocurrency trading pairs of any trusted exchange, resulting in Binance having the highest trading volume of any crypto exchange.

How Binance.US Works

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 100 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 popular cryptocurrencies:

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

Binance Coin

Using the BNB symbol, Binance Coin is issued by Binance and used by the exchange. BNB was originally based on the Ethereum network, but it is now the Binance chain’s native currency.

Funding Methods

Binance.US offers the following funding methods:

  • Bank accounts (ACH)
  • Credit and debit cards
  • Wire transfers

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 security 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.

Binance.US uses state-of-the-art storage technology to protect users’ cryptocurrency and USD assets.

Binance.US is a custodial cryptocurrency exchange. 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 crypto 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.

Cryptocurrency Staking

You can generate passive income from your current cryptocurrency holdings by staking them. As its name implies, the Proof-of-Stake (PoS) consensus process is often, but not always, supported by assets.

Here’s how it works: When you stake cryptocurrency, you dedicate your resources to protecting the Proof-of-Stake (PoS) network of the asset. Your assets are utilized to validate network transactions, support decentralized governance, and increase network resilience as long as they are staked.

The network produces incentives through newly produced block rewards and/or transaction fees received from circulating assets to encourage staking.

For most people, independently staking cryptocurrencies can be a challenging procedure. Users might also need to install and run their own nodes in addition to meeting hardware requirements, which can differ from asset to asset.

The solution is Binance.US Staking. Staking is the go-to place for consumers wishing to earn rewards on their assets thanks to its user-friendly interface and industry-leading uptime across nodes.

Binance.US Staking simplifies the staking process to a few clicks, allowing customers to easily, securely, and conveniently stake and earn passive income on their cryptocurrency holdings.

Staking is available to all Binance.US customers who have completed ID verification and proof of address.

All staking rewards are calculated daily and distributed weekly.

Ease of Use

As with other popular exchanges, Binance.US makes it easy to buy cryptocurrencies for experienced traders and newbies alike. There are four main ways to trade cryptocurrencies: Buy Cryptocurrency, Markets, Advanced, and OTC.

For buying cryptocurrency, the design is bright and clear, and you can quickly select which digital coin you want to buy and how you’d like to pay. If you’re new to the investing world and want to avoid a mistake, you’ll be comfortable making a trade.

More experienced crypto traders will want to use one of two crypto exchange platforms: Markets, previously known as Basic, and Advanced.

All users will benefit from Markets‘ and Advanced’s low fees, but the features these platforms offer—like charting functions, real-time price changes, and specialized order types like stop-limit orders—are more useful for high-volume traders who want to chart their trades.

You can track several cryptocurrencies and create your own dashboard to monitor their movements as well as investor demand.

Binance.US vs Binance

When you compare Binance vs Binance.US to trade crypto, 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 fewer 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%.

*CoinMarketCap. “Top Cryptocurrency Spot Exchanges“.

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Reviews of Binance.US

Binance.US is rated 81 out of 295 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 reviews | March 8, 2022
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