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BINANCE US REVIEW

Honest, Direct, & Hyper-Distilled

Table of Contents

"Binance US is everything you need as an American that's into crypto"
Malcolm D
FX & CRYPTO TRADER

Get Started with Binance US

OVERVIEW

25 +
CRYPTO PAIRS
1
COUNTRY (US ONLY)
0
LANGUAGE AVAILABLE (ENGLISH)
1
INNOVATIVE PRODUCTS
01

THE BIG PICTURE

A platform for US citizens only, Binance US offers low trading fees and lists more tokens than other platforms. It also offers advanced trading and OTC trading features, as well as staking. That’s pretty much it! Although users have more limited options relative to the 500+ tokens, derivatives, futures trading, and all other things that Binance global supports, you can rest assured in the compliance department as Binance US is fully regulated. To read about Binance International, go here.

FOR US CITIZENS ONLY
02

FEES

Like its parent site, Binance US also follows the maker-taker fee structure, charging 0.5% for instant buy and sell (market) orders. Trading fees are determined based on your trading volume over 30 days (in USD) and your daily BNB balance.

If you hold BNB tokens, you can receive an additional 25% discount on the trading fee. You can also take advantage of extra discounts by leveling up from VIP 0 to VIP 10.


The entire trading fee schedule is available here.

LOW FEES
03

PRODUCTS

Binance US offers a limited number of products:

  • 50+ Tokens
  • Spot Trading
  • Advanced Trading
  • OTC Trading
  • Staking
LIMITED NUMBER, BUT HIGH QUALITY
04

AVAILABILITY

Binance US operates across all American states, except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

AVAILABLE FOR (ALMOST) ALL US CITIZENS
05

PROS

  • Low trading fees
  • Easy to use and intuitive trading platform
  • Regulated and secure
  • Offers 25% extra discount for using BNB for paying platform fee
  • Accepts investment as low as $10
MEANINGFUL PROS
06

CONS

  • Not available in all states
  • A limited selection of guides and tutorials
  • Difficult to find information on the website
  • It doesn’t offer futures, derivatives, and margin trading
NOT MANY DOWNSIDES
07

PAYMENT METHODS

Binance US accepts fiat deposits (USD) through ACH, wire transfer, and debit cards. You can also add cryptocurrencies to your Binance US wallet from external wallets.

For withdrawal and deposits, you’ll need to go through KYC verification. Once your verification is processed, you can withdraw up to $5,000 via ACH daily or $1,000,000 via wire or the equivalent crypto. Deposit and withdrawal fees are as follows:

Deposit Fees

  • ACH: Free
  • Wire Transfer: Free
  • Debit Card: 4.50%
  • Crypto Wallet Transfer: Free

 

Withdrawal Fees

  • ACH: Free
  • Wire Transfer: $15 (domestic), $35 (international)
  • Debit Card: Free
  • Crypto Wallet Transfer: Network fees that vary by coin

Click here for the crypto withdrawal fee schedule on Binance US

Fiat & Crypto
08

PRIVACY & SECURITY

We couldn’t find many details on the website (nor anywhere else). AFAWK, Binance US offers device authorization, 2FA, anti-phishing protection, and other similar security measures. The platform is ranked fourth in the live cybersecurity rankings released by CER, so it must be doing a good job.

Apart from that, there’s just a generic statement, no points for guessing it – “We use state-of-the-art storage technology to protect your cryptocurrency and USD assets.”

Good Security Features
09

WHO'S BINANCE US GOOD FOR?

  • Beginners in the US
  • American citizens looking beyond Coinbase, FTX, or Gemini
  • Institutional investors
US CITIZENS WHO LOVE CRYPTO

Get Started with Binance US

THE FINE DETAILS

General Information

Official Website: https://www.binance.us/en/home Support:
https://support.binance.us/hc/en-us/requests/new
Help Center: https://support.binance.us/hc/en-us
Start Now

Registration

Registering for a new account on Binance US is quick and easy. Visit the official website or download the app and enter your email or mobile number to get started. Follow the verification steps (make sure to upload the correct documents), set up additional authentications (Google Authenticator, 2FA, etc.). Once verified, add fiat or crypto to your wallet and start trading.
Register

Support

The website features an FAQ section that gives you direct answers and guidelines on the what and the how of Binance US. There are no video tutorials or such. You can connect with a “Virtual Assistant” for immediate assistance, which will redirect you to the FAQs. Alternatively, you can connect with customer support by submitting a request on the website.
Check it out

Regulation

Unlike Binance global, which is reorganizing for regulatory compliance purposes in many international jurisdictions, Binance US is regulated under US financial guidelines and has a Money Transmitter License. It is licensed to provide its services under BAM Trading Services Inc. across all US states, except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

Features

Binance US offers more than 50 cryptocurrencies and trading pairs. It also has an advanced trading feature, which has all the required functionalities for professional and experienced traders. Other than this, there’s an OTC (over-the-counter) trading desk, where deals are negotiated directly between buyers and sellers. OTC doesn’t share a public order book of all transactions going through OTC, making it an excellent destination for institutional investors.

The platform also offers dynamic API integrations, a top-tier matching engine, and a volume-based fee structure for institutional investors. Finally, Binance US supports staking, empowering you to earn returns on supported tokens from different chains while you simply hold them in your Binance US account.
Read More

Ease of Use

Just like all other exchanges that we have reviewed, Binance US, too, makes it easy for everyone to enter the world of crypto trading. The interface is neat and properly arranged, with visual cues to assist users, making it perfect for beginners to get their feet wet. Users with more experience can leverage the wide range of functionality using the platform’s “Advanced '' trading features, including charts integrated with TradingView, limit orders, and more.

FREQUENTLY ASKED QUESTIONS

Common questions we get asked about Binance US

In 2019, Binance stopped accepting US citizens, and Binance US became available. Most features are the same, though Binance US  offers less cryptocurrencies to trade on and the liquidity pool is more limited. The intellectual property of the brands are under the same umbrella, though they are managed independently. Both versions offer innovative features and ultra-low fees.

Binance was originally registered in China, but it moved its headquarters to the Cayman Islands and Mahé, Seychelles due to legal problems.

Changpeng Zhao and Yi He are the Founder and Co-Founder of Binance. Binance is also owned in part by a group of investors that includes Limitless Crypto Investments, Sequoia Capital, Funcity Capital, Black Hole Capital, Plutus21, Chris McCann, Vertex Ventures China, Vertex Ventures, Vertex Ventures Southeast Asia & India, Karnika Yashwant, Edith Yeung, Phil Chen, AU21 Capital, Dragon Gateway, and several others.

If you have uploaded the correct documents, Binance usually takes 6-12 minutes to verify your account. However, the maximum verification period may be as long as ten days (but that’s very rare) in some cases.

Go to your Coinbase dashboard and select “Receive.” Then select the token and network type and copy the wallet address. Next, open your Binance account, go to send, choose the same token type and then paste the copied address from Coinbase. Hit “Transfer,” and it’s done.

You can buy BNB on the Binance platform using your credit or debit card, bank transfer, or P2P transfer. You can even swap other tokens like USDT/USDC for BNB. Alternatively, you can also search for BNB in your preferred exchange and follow the required steps.

Binance offers mobile, web, and desktop apps. You can simultaneously log in across multiple devices and access all the features.

You can withdraw both fiat and crypto from Binance, depending on your location. For withdrawals, go to your wallet and click on “Withdraw.” Select the token and the network type, enter the recipient’s wallet address, enter the security code, and transfer your crypto. For a fiat withdrawal, follow the same process. Just enter the banking details when Binance asks for them, and your funds will be transferred accordingly.

Click on “Security” and follow the instructions provided on the screen. Note that once you disable your account, you’ll need to contact Binance support to reopen it.

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