In this Binance.US review, we will discuss whether this crypto exchange is the best choice for US investors and traders. In recent years, cryptocurrencies have become more popular and valuable, drawing in millions of investors and traders globally. For Americans, one of the most popular and trusted choices for crypto trading is Binance.US, the US-based branch of the global giant “Binance”.
But what makes it stand out from other crypto exchanges like Coinbse? What are its features, fees, security, and customer support? How does it compare to its parent company and its competitors? And most importantly, is it worth using for your crypto needs? We will answer these questions and more, as we provide a comprehensive and unbiased Binance.US exchange review.
- Binance.US stands as an independent entity separate from the Binance global exchange, formed exclusively for US traders and investors to adhere to US regulations.
- In comparison to Binance, Binance.US presents a more constrained selection of assets and features, although it still provides 150+ cryptocurrencies for trading and services such as spot, convert, OTC, and staking.
- Binance.US has a competitive trading fee with a 0.4% maker and 0.6% taker fee, including 0% charges for some Tier 0 assets such as Bitcoin.
- In November 2023, Binance and its former CEO, Changpeng Zhao, admitted guilty to charges of money laundering, agreeing to over $4 billion settlement.
Binance.US Review: Overview
|Located in Florida, USA
|Founded in 2019
|Registered as a Money Services Business with FinCEN
|Over 150 different cryptocurrencies
|Maker: 0.4%Taker: 0.6%
|No platform fees and up to 3.75% for debit card deposits
|Zero fees for ACH withdrawals and up to $35 fee for Wire transfer
|Credit Card Supported
|2FA, anti-phishing code, insurance, SSL, address whitelisting, and more
|Mandatory for all users
|Fiat Currency Support
|Wire Transfer, ACH, Debit Card, and crypto
What is Binance.US?
Binance.US is a platform for buying and selling cryptocurrencies in the United States. Launched in September 2019 as a separate branch of Binance, the world’s largest crypto exchange by volume, it provides a secure way to access over 150 popular cryptocurrencies like Bitcoin, Ethereum, Solana, and Cardano.
It focuses on user-friendly features with low fees. It offers a 0% trading fee for Bitcoin (only applicable to the Convert feature). Users can pick from various order types like market, limit, and stop-limit to match their trading preferences.
The platform supports instant crypto-to-crypto conversions. You can also check the exchange rate before confirming the transaction. Binance.US is also the largest U.S. staking platform, letting users earn rewards by holding 15+ proof of stake cryptocurrencies.
Regulated and compliant with U.S. laws, it operates in 43 states and territories. Identity verification is also mandatory for trading. Constantly expanding, it provides a web interface, mobile app, and API access.
- Binance.US has a wide range of cryptocurrencies available, with over 150 options for trading
- It offers low fees for crypto-to-crypto trades, starting from 0% and going up to 0.6%, depending on trading volume and pair types (Bitcoin trades are free)
- Users can earn passive income through staking rewards for certain cryptocurrencies
- The platform’s mobile app is user-friendly and well-regarded, providing easy access to various features
- The exchange is highly secure and licensed by various regulatory authorities
- Binance.US is not accessible in certain U.S. states like New York, Texas, Vermont, and Hawaii
- The platform faces regulatory concerns, with complaints and actions from the SEC
- It lacks advanced trading tools such as futures trading and margin trading
Binance.US Review: Key Features
Buy & Sell Crypto
For beginners, the basic interface called “Buy Crypto” offers an uncomplicated way to buy and sell over 150 cryptocurrencies. To get started, simply create a free account on the Binance.US website or app, complete the identity verification process, and buy crypto with bank transfer, debit cards, ACH, or more.
You can also automate your purchases with the “recurring buy” feature and track the market price, 24-hour price change, trading volume, and order book for your chosen pair.
On the other hand, the advanced interface is tailored for seasoned traders, offering additional tools for market analysis and trade execution. You can access it by clicking on the “Advanced” button, finding features like customizable charts with various indicators and drawing tools.
The advanced interface supports different chart types, including line, candlestick, bar, and Heikin-Ashi. It also displays open interest, funding rates, and liquidation data for your chosen pair.
Order placement options expand to limit, market, stop-limit, and OCO (one-cancels-the-other), a feature allowing simultaneous placement of two orders, with one canceling the other when executed.
Considered one of the best ways to exchange crypto on Binance.US, the “Convert” feature is efficient, user-friendly, and cost-effective. You can instantly swap crypto-to-crypto or convert crypto to USD.
The Convert feature offers several advantages for US users:
- Low Trading Fees: Enjoy converting crypto or USD without transaction fees, with Binance.US only collecting a small spread between buy and sell prices.
- Flexibility: Convert directly between cryptocurrencies without needing advanced trading tools.
- Variety: Choose from 150+ cryptocurrencies and start converting as low as $1.
Here is how to use the Binance.US convert feature:
- Choose the cryptocurrency you want to convert from and the one you want to convert to, selecting from over 2,750 pairs, including popular ones like BTC/ETH and USDT/ADA.
- Enter the amount you wish to convert or use the slider for adjustments, starting from as little as 1 USDT.
- Confirm the order and witness the nearly instant completion of the conversion, with the updated balance visible in your wallet.
Binance.US OTC Trading
Binance.US OTC trading is a handy service that lets you trade large amounts of cryptocurrencies directly with Binance.US traders, keeping things private and without impacting market prices or order books. OTC, or over-the-counter, means these trades happen privately between buyers and sellers, not on a public exchange.
Binance.US doesn’t charge fees for OTC trades. There’s a spread, the gap between bid and ask prices, but it depends on market conditions and trade size. OTC trades are also settled within minutes once both parties agree on price and quantity. Funds go straight to your Binance account without intermediaries.
These trades are also confidential and secure. They don’t show up on public order books, ensuring your privacy. The OTC portal has a live chat function that connects you to a Binance.US trader for a private quotation.
OTC market is available exclusively on the website (not the mobile app). Right now, Binance.US only offers OTC crypto-to-crypto trades, so no USD is involved. Plus, keep in mind there’s a cap of $10,000 (in USD equivalent) per trade.
Binance.US staking lets you earn rewards on your crypto holdings by helping secure blockchain networks. It supports Proof-of-Stake (PoS) coins like Ethereum, Cardano, BNB, Polygon, and 15 more.
You can start by choosing a crypto to stake, submit a request, and after processing, you’ll earn rewards based on your staked amount and network conditions. Binance.US makes staking easy, safe, and convenient for the US customers.
Key Features of Binance.US staking:
- Cold Wallet Storage: Binance.US employs a robust security protocol by utilizing cold storage wallets for staking. This ensures an additional layer of protection for your funds as they are stored offline, minimizing exposure to online vulnerabilities.
- Trusted Third-Party Providers: Your assets are staked with the support of reputable third-party providers on your behalf, enhancing the reliability and security of the staking process.
- On-Chain Staking: The staking rewards are generated through on-chain processes, involving blockchain validation. This direct on-chain mechanism ensures transparency in reward distribution, providing you with a clear and traceable record of your earnings.
- High Rates: You can earn up to 12.50% on popular PoS crypto coins. Rates are updated based on network conditions.
- Flexible Staking Periods: Enjoy the freedom to unstake your assets at any time, with the only limitation being the specific “unbonding period” associated with each cryptocurrency.
- No Minimum Stake: Binance.US eliminates barriers by allowing you to stake as much or as little as you desire, without imposing any minimum stake requirements.
Binance.US Pay is a contactless, borderless, and secure digital asset payment service designed by Binance. You can use it to buy stuff, send crypto to friends, and get crypto from other Binance.US users. The best part? No fees, and it happens super fast, no matter which crypto you use.
To use the “Pay” feature, just make sure you have a Binance.US account and the latest mobile app. You can also set up how you want to pay and pick which crypto tokens you prefer. Binance.US Pay currently supports 145+ cryptocurrencies like Bitcoin, BNB, Ethereum, and USDT. Sending or getting crypto is easy — use your unique Binance.US Pay ID or scan a QR code.
You can also ask for crypto from other users by giving the amount and the Binance ID. The Pay also works with Binance Marketplace. That means you can shop at merchants that accept crypto on the Binance.US app.
Please note that you can get up to $1 million in crypto every day or send your whole available balance, but it can’t be more than $1 million. You can also perform up to 50 sends in 24 hours. If you’re asking for crypto from others, you can do it 10 times a day.
Institutional Trading Account
Binance.US institutional trading is a service designed for high-volume investors in the crypto world, like companies, fund managers, brokers, hedge funds, and family offices. Here are some features of institutional accounts:
- Trading through API: Institutional investors can use Binance.US’s secure and fast API to trade on spot markets. It supports advanced orders like stop-limit and OCO.
- Market Maker Programs: Investors can join programs for market makers, getting rewards for adding liquidity. They also get priority support and exclusive market insights.
- Secure Storage: Binance.US provides safe storage options, including self-managed wallets and third-party custody partners. They also offer insurance coverage and risk management tools.
- Exclusive Listings: Institutional clients get access to new crypto projects with strict quality and compliance standards.
So, what are the requirements? Well, you only need to sign up and validate a corporate account on Binance.US by submitting your company details and completing identity verification.
Binance.US has a new feature called crypto domains. You can use a custom domain name to send and receive crypto to your Binance.US wallet. No need to use a long and hard wallet address. Crypto domains also give you a digital identity on Web3 services, apps, and platforms.
To get crypto domains, you need the Binance.US app and an account. You can find and claim domains from your profile. There are many domains to choose from, like two-letter domains or unique names. The price of domains depends on their size and demand, starting from 10 USDT.
You can link your domain to your Binance.US wallet address and make it your primary domain. You can also have more than one domain and switch them as you want.
Crypto domains work with 24 blockchains and over 50 cryptos on Binance.US, like Bitcoin, Ethereum, Binance Coin, and more.
You can use your domain with any app that supports domains, like Unstoppable Domains or ENS. You can also use your domain to move crypto from Binance.US to another wallet. Just type your domain name instead of a long address.
Binance.US Fees and Pricing Review
There are different types of charges on the Binance.US exchange such as trading fees, deposit and withdrawal fees, and staking fees.
Here is the full breakdown of Binance.US fees:
The fees on the Binance.US trading platform depend on the trade type, the payment method, the trade volume, and the use of BNB coins. It has different fees for makers and takers, based on the trading pair and the user’s 30-day trade volume.
Makers place limit orders that add liquidity, while takers place market orders that remove liquidity. The fees vary from 0% to 0.6% for makers and takers. Users can get a 5% fee discount if they use BNB coins. Binance.US also offers zero spot trading fees for some “Tier 0” pairs, such as BTC/USD, BTC/USDC, BTC/USDT, and BTC/BUSD.
Here is the full trading fee structure:
|30 day trading volume
|Tier 0 Fee
|Tier 1 (maker / taker)
|0.4% – 0.6%
|$10K – $50K
|0.25% – 0.4%
|$50K – $100K
|0.15% – 0.25%
|$100K – $1M
|0.1% – 0.2%
|$1M – $20M
|0.08% – 0.18%
|$1M – $20M
|0.05% – 0.15%
|$100M – $300M
|0.02% – 0.1%
|$300M – $500M
|Free – 0.08%
|Free – 0.05%
Also, when you buy, sell, or convert cryptocurrencies on Binance.US, they include something called a “spread fee.” It means there’s a small difference between the price you pay when buying and the price you get when selling. The spread is variable and may change based on the market conditions and the cryptocurrency.
However, when you use an “Advanced Trading” portal, which involves directly interacting with their order book, this extra cost, or spread, doesn’t apply.
Deposit and Withdrawal Fees
Depositing your cryptocurrency into Binance.US is free. You don’t have to pay anything for that. If you want to withdraw your cryptocurrency out of Binance.US, there might be fees.
The fees aren’t the same for every situation. They can change based on things like the specific cryptocurrency, how you’re moving the assets, how often you’re doing it, and the current conditions of the cryptocurrency network.
Before you actually transfer your funds, Binance.US will show you the fees. You can review them on the “Preview Purchase” screen. This way, you know exactly what you’re paying before you go ahead with the transaction.
Please note that when you’re dealing with fiat currency (USD), not cryptocurrencies, there might be fees for depositing or withdrawing depending on the payment method.
|Zero deposit & withdrawal charges
|3-5 business days
|No deposit fees$15 withdrawal fee (domestic)$35 withdrawal fees (international)
|1-2 business days
|3.75% deposit & withdrawal fees
Binance.US applies a service fee ranging from 20% to 35% on earned staking rewards. This fee is accounted for in the estimated rewards rate for each staking asset.
The standard service fee is 20% for ETH, 30% for ADA, ATOM, DOT, SOL, and XTZ, while it can go up to 35% for other assets.
Binance.US Crypto Supported
Binance.US lets users trade on 150+ cryptocurrencies with different pairs, such as USDT, BTC, USDC, DAI, and ETH.
It supports many popular and stable cryptocurrencies, such as Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Tether, USD Coin, and DAI. It also has many altcoins and new projects, such as Aave, ChainLink, Cosmos, Curve, Decentraland, Enjin Coin, EOS, Ethereum Classic, Fantom, Polkadot, Solana, Uniswap, and more.
Here is the list of some high market cap supported coins on Binance.US:
Binance.US Review: Trading Limits
Binance.US has different trade limits for coins and crypto pairs. Here is the overview:
|Minimum Order Size
|Maximum Order Size
You can check out the full trade limits here.
Binance.US Deposit & Withdrawal Methods
One of the important features of Binance.US is the ability to deposit and withdraw funds using different payment methods. Here is a detailed overview of the deposit and withdrawal options on Binance.US:
- Use the ACH network for transfers.
- Great for larger amounts with no fees but may take up to 5 business days.
- Verify your identity and add bank details on the Binance.US website or app.
- Link your Visa or Mastercard.
- Instant deposits with a high fee of up to 3.75%.
- Lower limits than bank transfers.
- Verify your identity and add card information on the Binance.US website or app.
Note: Credit card deposits/withdrawals are not available.
- Deposit or withdraw supported cryptocurrencies.
- Fast, secure, and no fees (except network fees).
- Requires a crypto wallet and understanding of network and memo.
- Use a QR code or copy-paste address.
- Choose the correct network and memo if needed.
Binance.US Security Review
Binance.US is a cryptocurrency exchange platform that offers a range of security features and measures to protect its users and their assets.
The crypto platform claims to be a highly regulated, full-reserve platform that securely holds all customer assets on a 1:1 basis. Binance.US also supports 2FA, anti-phishing code, address management, device management, API key permissions, and security notifications for its users.
Binance.US also securely stores most assets offline in cold wallets, maintains 99.99% uptime, and meets the standards of SOC 2.
Here is the detailed Binance.US review of its security features:
- 2-Factor Authentication (2FA): It gives extra protection with 2FA, which can be done using apps like Google Authenticator or through SMS. This means you have to type in a code from your phone or app when you log in or do specific things on the platform, making it more secure.
- Anti-phishing Code: On Binance.US, you can create a special code to check the legitimacy of emails you receive from them. This code will show up at the top of all incoming emails, helping you confirm that they are real and not phishing scams.
- Address Whitelisting: It enables users to save and write memos for each of their withdrawal addresses. You can strictly choose to only allow withdrawals to the addresses you’ve saved and confirmed. This adds a layer of security, preventing unauthorized withdrawals to unfamiliar or malicious crypto addresses.
- Device Management: Binance.US displays the devices that can currently access your account. You can check and remove any devices that you don’t recognize or trust.
- API Key Permissions: You can connect with other platforms using API, a way for apps to talk and share information. You get to choose how much control the other platform has, such as only reading data, making trades, or withdrawing money. This helps limit potential harm if the connected platform is compromised or harmful to your account.
- Security notifications: The platform sends you an email if it notices anything fishy happening with your account, like someone trying to take out or put in money, resetting your password or two-factor authentication, or changing your phone number, email, or device. If it seems suspicious, Binance.US puts a hold on withdrawals for up to 120 hours automatically.
In addition to the security features that users can control and customize, Binance.US also implements security measures at the platform level to protect its users and their assets. Some of these measures are:
- Secure Digital Asset Storage: Binance.US keeps your crypto assets safe by storing them in cold storage places in the U.S. Most of it is stored offline in hardware crypto wallets that aren’t connected to the internet, so they’re less likely to be hacked. Only a small part of the funds is online, but it’s still very secure, using the best security methods, to help with your everyday transactions.
- High Uptime: It promises that its website, app, and other services are almost always available – about 99.99% of the time. This ensures that you can use the platform smoothly without any delays.
- Certified Security & Privacy Controls: Binance.US continues to meet the standards of the System and Organization Controls (SOC) 2 and the International Organization for Standardization (ISO) exams, which are voluntary certifications of strict controls to ensure security. It also conducts routine penetration testing by external security firms to identify and fix any vulnerabilities in its system.
Note: Binance.US encountered legal issues with the U.S. Securities and Exchange Commission (SEC), which filed a lawsuit against the company and its founder, Changpeng Zhao, citing various violations of securities laws.
The SEC alleged that Binance.US acted as a front for Binance, allowing U.S. customers to trade on the unregistered Binance.com platform. The accusations included misleading investors about trading controls, insufficient oversight, and offering and selling unregistered securities.
In November 2023, Binance and Zhao admitted guilty to federal charges and agreed to pay over $4 billion to settle the case. Zhao stepped down as the CEO of Binance and acknowledged the failure to uphold an effective anti-money laundering program. Binance.US will be under five years of monitoring and compliance commitments.
The platform has the following certifications or licenses in the security and regulatory industry:
- The platform follows important security rules known as Service Organization Control (SOC 2, Type 1). This helps to make sure that the systems are set up securely and follow specific safety guidelines.
- Acknowledged for its commitment, it ensures Payment Card Industry Data Security Standards (PCI DSS) are met. This is important because it means the platform goes beyond what’s required globally to keep payment card information safe and transparent.
- The platform is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB). This registration means it must follow similar rules as regular financial services to prevent financial crimes.
- It aligns its cybersecurity practices with guidelines from the National Institute of Standards and Technology (NIST) and the Center for Internet Security (CIS). This alignment ensures a safe online environment, following recognized standards for cybersecurity.
“Live chat” is one way to talk to Binance.US customer support. You can do it anytime on the app or the web. You just need to log in and chat with someone who can help you. You can also find helpful articles by telling the virtual assistant what you need.
“Email” is another way to talk to Binance.US customer support. You can do it anytime too. You just need to fill out a form on the support center website. You need to give your email, account ID, subject, description, and attachments (if any).
You also need to pick a category and subcategory for your request. This will help the support team find the right person to help you. You will get an email and a ticket number after you send your request. You can also track your ticket on the support center website.
Taking about Binance.US reviews on Trustpilot, it has a rating of 1.7 out of 5 stars based on 323 reviews. Most of the reviews are negative, with users reporting issues such as account blocking, funds freezing, withdrawal delays, and poor communication. A few Binance.USers, however, give positive feedback and say that Binance.US is a reliable and easy-to-use platform with low fees and a large selection of cryptocurrencies. After doing our own research, we conclude that most of these reviews are fake.
Binance.US Review: Mobile App
Binance.US has an app for iOS and Android devices. The app lets users do the same things as the web platform, like spot trading, recurring buys, instant buy/sell, and crypto wallet. The app also has some extra features, like biometric login, price alerts, dark mode, and referral program.
Binance.US app has a sleek and easy design that makes it simple to use and navigate. The app has a dashboard that shows the user’s portfolio, balance, and recent transactions. The mobile app also has a search function that allows users to find and trade any supported asset quickly.
Binance.US Competitors & Alternatives
Binance.US vs Coinbase
Binance.US offers support for 150 different assets, while Coinbase supports a broader range with over 236 assets. It’s worth noting that Binance.US exclusively caters to users within the United States, limiting its service to this specific geographical area. In contrast, Coinbase has a more extensive reach, providing services to users in over 100 countries around the world.
Additionally, Binance.US operates solely with the USD currency, limiting its transactional scope to this currency. On the other hand, Coinbase facilitates transactions in multiple fiat currencies, including USD, EUR, and GBP, allowing users more flexibility.
When you trade on Binance.US, they charge you a small fee based on the size of your transaction, ranging from 0% to 0.6%. In contrast, Coinbase uses a flat fee system, costing you between $0.99 to $2.99, depending on your trade’s size. For trades exceeding $200, Coinbase adds a percentage fee, and there’s an additional 0.50% spread.
When it comes to converting one cryptocurrency to another, Binance does not charge any additional fees and has zero-fee trading. However, Coinbase imposes a conversion fee ranging from 0.5% to 2%, depending on the specific cryptocurrency involved.
However, both platforms are the most secure exchanges and are regulated under various authorities.
|Over 110 Million
|0.4% maker and 0.6% taker
|$0.99 to $2.99 flat fee and up to 0.5% spread
|Spot, convert, OTC, staking
|Buy, sell, swap, receive
|Safety and security
|High Volume Traders
|Both Android and iOS
|Both Android and iOS
Binance.US vs Kraken
Binance.US and Kraken are both cryptocurrency exchanges with distinct features catering to different needs. Binance.US stands out for its highly competitive trading fees, offering zero fees for certain Bitcoin pairs in Tier 0 trades. However, fees for other trades fall under Tier I or Tier II, starting at 0.6% taker and 0.4% maker fees.
Kraken, on the other hand, has higher fees, especially for beginners using the Instant Buy option. However, Kraken Pro offers lower fees, charging a 0.16% maker fee and a 0.26% taker fee. Kraken also supports more than 230 digital assets.
Ultimately, Kraken is recommended for advanced traders due to its extensive cryptocurrency selection, options for staking, and top-tier security. Binance.US is a better choice for those seeking lower trading fees and easy platform usability.
|0.4% maker and 0.6% taker
|0.16% maker and 0.26% taker for Kraken Pro users
|Safety and security
|Yes (not for US traders)
|Available in New York
|Both Android and iOS
|Both Android and iOS
How to Open a Binance.US Account?
To open a Binance.US account, you will need to follow these steps:
Step 1: Open an Account
Navigate to the official website and select “Sign Up”. Input your email, devise a password, and accept the terms and conditions. Optionally, include a referral code if available. You also need to confirm your age (it must be above 18 years).
Step 2: Verify Email or Phone Number
Enter the verification code from the email to activate your account, thereby enabling login. You may need to solve the Captcha for bot verification.
Step 3: Enable 2-factor authentication
To enhance the security of your account, it is necessary to activate two-factor authentication (2FA). You have the option to opt for either SMS or Google Authenticator as your chosen 2FA method. Upon activation, a code will be sent to your mobile device or app, requiring you to input it each time you access your account or carry out specific actions on the platform.
Step 4: Verify your identity
Now you need to verify your identity. This legal requirement serves to deter fraudulent activities and money laundering. The information necessary for verification includes your complete name, date of birth, and residential address.
Additionally, you will be required to submit a photograph of your government-issued identification (such as a driver’s license or passport) along with a selfie featuring yourself holding the ID and a handwritten note displaying the date and “Binance.US.” Please note that you won’t be able to buy crypto without ID verification.
Step 5: Deposit Funds
After your identity verification is successfully completed, you gain the ability to both deposit and withdraw funds from your account. Options for funding your account include utilizing a bank account, a debit card, or a wire transfer.
Additionally, you have the flexibility to transfer cryptocurrencies from another wallet or exchange to your Binance.US account.
For cryptocurrency transfers, you must generate a deposit address for the particular cryptocurrency you intend to send, and you can either scan the QR code or copy the address to your clipboard. Subsequently, paste the address on the sending platform and confirm the transaction.
Step 6: Buy Crypto
Once there are funds available in your account, you are ready to commence trading on the Binance.US platform.
With a selection of over 150 cryptocurrencies, you can engage in trading across various markets, including USDC, USDT, or BTC. Utilize either the basic or advanced interface to execute market orders, limit, or stop-limit orders.
Binance.US KYC verification details
Binance.US provides you with the option to select between two levels of account verification: Basic and Advanced.
Basic KYC Verification:
Basic verification is the minimum requirement to get started using some of the most popular features on Binance.US.
Achieving basic verification grants users the following privileges:
- Deposit and withdraw USD through bank transfer (ACH), debit card, or Apple Pay.
- Engage in buying, selling, and converting cryptocurrencies, including auto-buys.
- Deposit and withdraw various cryptocurrencies.
- Access the advanced trading feature.
- Stake cryptocurrencies to earn rewards.
- Utilize Binance.US Pay and API trading functionalities.
Basic KYC requirements:
- Full legal name & date of birth
- Your SSN (Social Security Number) for verification purposes
- Current address details
Advanced KYC verification:
Opting for advanced verification is not mandatory; however, it grants access to increased limits and additional features on Binance.US.
Successfully undergoing advanced verification provides users with the ability to:
- Utilize all basic verification features, in addition to:
- Deposit and withdraw USD through wire transfer with higher limits
- Engage in OTC (Over-the-Counter) trading
To complete the advanced verification process, users are required to submit:
- A valid identification document (driver’s license, state ID, passport, or work visa)
- Facial verification through a selfie photo using an automated process
Conclusion: Who is Binance.US Best for?
To sum up the Binance.US review, it is one of the leading cryptocurrency exchanges in the United States, offering a wide range of trading pairs, low fees, and high security. It is a subsidiary of Binance, the world’s largest crypto exchange by volume, but it operates independently and complies with US regulations and standards.
One of the main reasons why Binance.US is popular among US-based crypto traders is that it supports over 150 cryptocurrencies, including Bitcoin, Ethereum, Binance Coin, and many others. This gives users access to global liquidity as well as the opportunity to trade various coins and tokens that are not available on other platforms.
However, Binance.US also has some drawbacks, such as limited availability, lower liquidity, and fewer features. Due to regulatory restrictions, Binance.US is not available in all US states, and currently, it does not serve users from New York, Hawaii, etc. Therefore, it is a great choice for US-based crypto traders who want to enjoy the benefits of Binance, while staying compliant with the local laws.
Is Binance.US a good app?
Yes, Binance.US is a good app for crypto trading and investing. It stands out due to its diverse range of cryptocurrencies available for trading, all at relatively low fees. This makes it an attractive platform for both novice and experienced traders.
Additionally, Binance.US offers advanced features such as spot trading with TradingView charts, staking, and OTC trading.
The app boasts a user-friendly interface, ensuring that even those new to crypto can navigate it with ease. Multiple payment methods, including ACH, debit cards, and wire transfers, contribute to its accessibility.
However, it’s important to note that Binance.US operates under certain limitations—it is not available in all U.S. states. Furthermore, customer support options are somewhat limited, and users must adhere to stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, potentially impacting their privacy and convenience.
What is the difference between Binance and Binance.US?
Binance and Binance.US, while sharing a similar name, are distinct entities tailored to different markets. Binance is a global crypto exchange serving users from over 100 countries, offering an extensive array of cryptocurrencies, trading pairs, and advanced features. On the other hand, Binance.US caters specifically to U.S. residents, aligning itself with U.S. regulations and laws.
While Binance.US does provide a platform for cryptocurrency trading, it does so with a smaller selection of cryptocurrencies and trading pairs compared to the global Binance platform. Additionally, some advanced features found on Binance, such as margin trading, futures contracts, P2P trading, crypto copy trading, and Binance Smart Chain launchpad, are not available on Binance.US.
Is Binance.US better than Coinbase?
Binance.US tends to have lower transaction fees, supports a slightly smaller number of assets (150), and is exclusively available to users within the United States. It only supports USD transactions.
On the other hand, Coinbase offers a more extensive range of supported assets (236+), operates in over 100 countries, and supports multiple fiat currencies, including USD, EUR, and GBP. However, Coinbase generally has higher transaction fees, both in terms of flat fees and percentage-based fees for certain trades.
So, if you prioritize lower fees and are a US user dealing primarily in USD, Binance.US might be more suitable for you. If you value a broader range of supported assets, global accessibility, and the ability to transact in multiple fiat currencies, Coinbase could be the preferred choice.
Should I use Binance.US or Crypto.com?
Binance.US is available in 43 states, whereas Crypto.com is in 49 states (excluding New York). If Binance.US doesn’t cover your state, go for Crypto.com. Binance.US also charges zero fees for Bitcoin traders (Tier 0 users), whereas Crypto.com has a flat 0.1% maker and taker fee. However, Binance also has high fees for tier 1 users (0.4% maker and 0.6% taker).
Also, Binance.US has 150+ cryptocurrencies and Crypto.com has 250+ coins and tokens. If you want more choices, Crypto.com is your go-to. However, both platforms are highly secure with certifications, such as SOC 2, PCI DSS, and ISO.
Can I withdraw money from Binance.US?
Yes, you can withdraw funds from your Binance.US account by following a set of prescribed steps and conditions. Initially, you are required to complete identity verification by submitting the necessary documents and information.
Subsequently, linking a bank account or debit card to your Binance.US account and undergoing the verification process is essential. You must also convert your cryptocurrency balance into U.S. dollars or stablecoins, a process subject to fees and potential price fluctuations.
After completing these steps, you can initiate a withdrawal request, confirmed through email. The withdrawal time and limits can vary, contingent on factors such as payment method and verification level. ACH withdrawals may take up to 5 days, whereas crypto withdrawals are instant.
Is Binance.US a safe & legit crypto exchange?
Yes, Binance.US stands as a secure and legitimate cryptocurrency exchange, operating under the watchful eye of U.S. government supervision and regulation. To safeguard your accounts and assets, the platform employs advanced security measures, including two-factor authentication, device management, address whitelisting, and cold storage.
However, it’s crucial to acknowledge that, like any platform, Binance.US is not entirely immune to potential risks and challenges. These include regulatory uncertainties, legal disputes, and the persistent threat of cyberattacks, which may impact its operations and reputation.
Is Binance.US Insured?
While Binance.US does not provide FDIC or SIPC insurance for your accounts and assets, it does offer an alternative safeguard through its insurance fund.
In the unfortunate event of a significant breach or hack, this fund comes into play, covering losses incurred. The fund accumulates fees from liquidations that don’t result in bankruptcy, utilizing them to offset losses in bankrupt accounts or those with negative balances.
Is Binance.US user-friendly for beginners?
Yes, Binance.US has been designed with a user-friendly interface that caters to beginners entering the realm of cryptocurrency trading. The application provides a simple and intuitive platform, allowing you to seamlessly buy, sell, and trade crypto.
To accommodate users with varying levels of experience, Binance.US offers two distinct trading experience levels: basic and advanced.
Recognizing the importance of education in the crypto space, Binance.US goes the extra mile by providing resources such as Binance Academy, Binance Blog, and Binance Research. These tools aim to empower you with knowledge about cryptocurrencies and the broader crypto market, further enhancing the user-friendly experience for beginners on the Binance.US platform.