While Binance may be the most popular cryptocurrency exchange out there, that doesn’t mean it’s the only one. If you’re based in the United States, you may have noticed that there’s also a Binance.US exchange. So, what’s the difference between these two exchanges?
Follow along as we will discuss Binance.US vs. Binance to see if there is a difference by comparing and contrasting the two exchanges in terms of their features, fees, supported cryptocurrencies, and more.
Binance vs. Binance.US
Are you one of the traders across the world who frequently ask the question: is there a difference between Binance and Binance.US?
Although the two were created with the same goal in mind—to offer a platform for competitive exchange—there are differences between the two that completely separate them from one another.
What is Binance?
Binance is a digital asset exchange founded by Changpeng Zhao and was launched in 2017. This centralized digital exchange has advanced swiftly to where it is now.
Eventually, it became one of the most well-known cryptocurrency exchanges worldwide, catering to major coins such as Bitcoin (BTC) and Ethereum (ETH). Binance is recognized for its low charges, ample liquidity, and distinctive features that support smart trading, such as when it launched the parallel blockchain Binance Smart Chain.
However, Binance has faced challenges due to the rapidly evolving cryptocurrency market and government restrictions. In the years following its founding, it repeatedly clashed with governmental regulations from other nations, later including the United States. The company then realized it had to launch a parallel platform just for customers in the United States.
What is Binance.US?
Later in 2019, Binance.US was launched as a cryptocurrency exchange designed specifically for citizens of the United States. It was the outcome established by Binance and its United States partner, BAM Trading Services. This US-based exchange platform was a response to restrictions that impacted Binance operations in the U.S.
Despite having a formal launch in the country, the exchange is yet to be available for New York, Vermont, Hawaii, and Texas residents. Notwithstanding its drawbacks, Binance.US’s trading tools, reasonable fees, and valuable trading materials can make it a viable choice for specific cryptocurrency traders.
14 Differences Between Binance and Binance.US
To better understand how the two platforms can be distinguished from each other, check out the table below.
| Category | Binance | Binance.US |
|---|---|---|
| Website | binance.com/en | binance.us/ |
| Exchange Location | China | United States |
| Cryptocurrencies Offered | More than 300, including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Dogecoin (DOGE), and the platform’s blockchain-based token Binance Coin (BNB) | More than 130, including Bitcoin (BTC), Solana (SOL), Ethereum (ETH), Cardano (ADA), and VeChain (VET) |
| Supported Fiat Currencies (Learn how to withdraw your fiat money, please click here) | 34 AUD, AED, EUR, GBP, USD, ZAR, RUB,UAH, HKD, NGN, SAR, IDR, NOK, SGD, VND, INR, ILS, PEN, KRW, COP, KZT, PHP, SEK, NZD, KES, PLN, HRK, CHF, TWD, CZK, MXN, RON, THB, TRY | 1 USD |
| Accessibility | Available in many countries, excluding the US | US-based, but only available in selected states Full list of unsupported states. |
| Trading Fees | Each trade has a 0.1% standard fee for non-BNB payers No required minimum trading volume Offers 25% discount for traders who use BNB to pay fees Zero fees on certain fiat and stablecoin (Kindly refer to the chart below to see Spot Trading fee rates) | The only major cryptocurrency exchange available in the United States that provides zero-fee spot trading for Bitcoin (BTC) across USD, USDT, BTC, and USDC No required minimum trading volume for bank transfer Has a $10-15 fee for Wire Transfer for a $100 minimum withdrawal Trading fees for other currencies range from 0% to 0.01% Buy fees cost 0.50% Offers a 0.25% trading fee discount for BNC holders |
| Deposit Fees | None | Bank Transfer: None Wire Transfer: None Cryptocurrency: None Debit Card: 3.75% Apple Pay: 3.75% |
| Deposit Methods | Bank transfer via ACH | Bank Transfer via ACH Debit Card Wire Transfer Apple Pay Cryptocurrency |
| Liquidity | Recognized as an exchange with a massive liquidity pool, and with a spot trading volume amounting to $1.5 trillion | Limited liquidity as it only caters to U.S. traders, and with a trading volume of approximately $28 billion |
| Security | Quality standards of security as trusted by millions of users all over the world | Industry-standard security Cash deposits are held in U.S. banks with up to $250,000 insurance granted by the Federal Deposit Insurance Corp. (or FDIC) |
| Wallets | Offers the proprietary Binance Wallet | Offers the proprietary Binance Wallet |
| Offers Debit Card | Yes | Yes |
| Binance-branded Visa Card | Yes | No |
| Crypto Lending | Yes | No |
Spot Trading Fee Rate
Should I use Binance or Binance.US?
So you’re looking to get into cryptocurrency trading and have come across the two most famous exchanges – Binance and Binance.US. But which one should you use?
The answer comes down to a few factors. Firstly, where are you located? If you’re in the U.S., then you can only use Binance.US. If you’re elsewhere in the world, then you can use the Binance global platform.
Secondly, what are you looking to trade? Binance has a much more comprehensive range of altcoins available to trade than Binance.US. So, if you’re looking to trade less popular coins, then Binance is probably the better option.
Finally, what fees are you willing to pay? Binance charges are close to Binance.US, but they also offer discounts if you pay with their native token–BNB. So, if fee savings are essential to you, then using BNB to pay your fees on Binance could be a good option.
That said, there’s no definitive answer as to which exchange is better, as it depends on your circumstances. But hopefully, this guide has helped clarify the differences between the two exchanges and which one might be better for you.
Conclusion
It is important to note that there are some distinctions between Binance.US and Binance. However, these differences are not necessarily significant enough to dissuade users from using either exchange. Overall, both offer a great experience with plenty of features and benefits for users.
FAQs
Can I use Binance in the US?
Binance used to cater to U.S. clients and users. However, in 2019, the global platform announced it would no longer accept users from the United States. Instead, it would collaborate with Binance.US, a platform established in the United States and for its citizens.
Are Binance.US and Binance.com the same?
Binance.US is the American version of Binance because the global Binance platform has been subject to strict regulations in the United States. The U.S. version is for the citizens and residents of the United States. However, some Binance features are unavailable to the other platforms due to restrictions.
Can I transfer from Binance to Binance.US?
US-based traders cannot access Binance since the site no longer allows U.S. users. However, if you were once a Binance account holder and wanted to transfer to Binance.US, you need to open a Binance.US account and proceed with the KYC process. You may withdraw your tokens by copying and pasting your Binance wallet address from one platform to the other until you move all your funds.
