While no cryptocurrency exchange is perfect, Binance.US offers a wealth of practical charts and an intuitive user interface. Most importantly, the spot trading fees charged by Binance.US are very low, and the 'instant buy' fees are highly competitive. Please note that the platform is not open to all U.S. residents.

Advantages

  • Low fees, especially compared to major competitors.

  • Supports multiple cryptocurrencies.

  • Provides an easy-to-use trading platform for users of any cryptocurrency experience level.

  • Allows staking.

Disadvantages

  • Not all U.S. residents can use it.

  • The parent company suffered a major hack in 2019.

Who is Binance.US suitable for?

Binance is one of the most widely used cryptocurrency exchanges in the world, and there is a reason for that. Its low fees and extensive range of cryptocurrencies make it attractive to traders of all types.

Binance.US is available to many (though not all) U.S. residents. Notably, residents of Hawaii, New York, Texas, and Vermont cannot use this cryptocurrency exchange.

Despite these limitations, according to data from cryptocurrency industry ranking agency CoinMarketCap.com, Binance.US remains one of the top ten cryptocurrency exchanges in the world.

Why Binance.US is a good choice

Binance.US offers over 130 cryptocurrencies. While this is not as many as the parent company Binance offers to international users, it should cover most cryptocurrencies individuals may want to trade.

Binance.US also allows staking of 19 different cryptocurrencies, including Ethereum, Cardano (ADA), Polkadot (DOT), Polygon (MATIC), Solana (SOL), and The Graph (GRT), with advertised yields of up to 12.5% annual percentage yield (APY).

Staking refers to the ability to earn passive income by using cryptocurrency as collateral to help build a cryptocurrency's blockchain.

Binance.US ranks as one of the top exchanges in (Forbes Advisor) best staking platforms.

In addition, Binance.US has a high security rating and ultra-low fees. In fact, some Bitcoin (BTC) pairs can be traded for free. For users located within the company's jurisdiction, this easy-to-use platform is an excellent choice among many global cryptocurrency exchanges.

Disadvantages of Binance.US

The cryptocurrency offered by Binance.US is fewer than those supported by its parent company in other regions, and its educational resources are also not as impressive.

Regardless of what platform you use, remember that buying cryptocurrency usually requires caution. Cryptocurrencies are highly speculative and can fluctuate with just a bit of news.

If you are interested in investing in cryptocurrencies, the Binance.US platform should be able to provide most (if not all) of what you are looking for.

Binance.US Features

Binance.US separated from its parent company Binance in 2019.

One reason for the split is that the parent company is under investigation by the U.S. Commodity Futures Trading Commission (CFTC) for a series of potential violations.

By 2021, Binance had completed rerouting U.S. users to Binance.US.

Fees

Binance.US offers a tiered trading system for customers.

Tier 0 trades incur no fees. However, this is limited to four types of Bitcoin pairs: BTC/USD, BTC/USDC, BTC/USDT, and BTC/BUSD. All other trades fall into Tier I or II.

Tier I trading starts at 0.2%, with a maker fee of 0.1% applicable to trades of certain asset pairs below $10,000 within 30 days. Examples of Tier I asset pairs include ETH/USD and SOL/USD, to name a few.

Tier II trading incurs slightly higher fees, with a starting fee of 0.6% for the taker fee and 0.4% for the maker fee for trades below $10,000 within 30 days for selected Tier II asset pairs. ADA/USD and DOT/USD are examples of some Tier II pairs.

Customers need to check Binance.US's fee structure to understand the specific fees for the cryptocurrency pairs they wish to trade.

Please remember that users who use Binance Coin (BNB) receive a 25% discount on trading fees. VIPs can enjoy discounts on maker/taker fees.

30-day trading volume (USD) Tier 0 Tier I Tier II Maker Taker Maker Taker Maker Taker < $10,000 Free Free 0.0750% 0.1500% 0.3000% 0.4500% $10,000 - $50,000 Free Free 0.0750% 0.1500% 0.1875% 0.3000% $50,000 - $100,000 Free Free 0.0750% 0.1500% 0.1125% 0.1875% $100,000 - $1,000,000 Free Free 0.0450% 0.1350% 0.0750% 0.1500% $1,000,000 - $20,000,000 Free Free 0.0225% 0.0675% 0.0600% 0.1350% $20,000,000 - $100,000,000 Free Free Free 0.0375% 0.0375% 0.1125% $100,000,000 - $300,000,000 Free Free Free 0.0375% 0.0150% 0.0750% $300,000,000 - $500,000,000 Free Free Free 0.0375% Free 0.0600% ≥ $500,000,000 Free Free Free 0.0375% Free 0.0375%

It is also worth noting that although Binance.US does not charge deposit fees, withdrawal fees vary by currency. These withdrawal fees range from a fraction of a cent for cryptocurrencies like BTC to around $27 for AUDIO.

Security

While Binance.US has not caused much controversy, its parent company Binance Holdings (the world's largest cryptocurrency exchange) has not been so lucky. Binance has become a target for several U.S. regulatory bodies, primarily the CFTC.

However, what may worry cryptocurrency traders the most is a 2019 hack where criminals stole over $40 million in BTC from Binance. At that time, Binance.US did not even exist. It should also be emphasized that the hack targeted the parent company, not Binance.US.

Additionally, in October 2022, the parent company Binance suffered another major hack, resulting in losses of over $570 million in BNB. At this time, Binance and Binance.US were independent entities, and the Binance.US website was not affected.

Binance.US is highly rated for the security of its exchange. For example, the cryptocurrency exchange security review site CER ranks Binance.US as one of the safest exchanges as of October 2022, ahead of major exchanges like Coinbase and Gemini.

Open a Binance.US Account

Like other popular exchanges, Binance.US makes buying and selling cryptocurrencies easy. There are primarily two ways to do this: basic verification and advanced verification.

For basic verification, Binance.US allows traders to make USD deposits and withdrawals via bank transfers and debit cards. Traders can also deposit and withdraw cryptocurrencies, buy, sell, and exchange cryptocurrencies, and qualify for advanced trading features.

To register for basic verification, traders need to provide:

  • Full legal name and date of birth

  • Social Security Number

  • Current address (not a P.O. box)

However, more experienced investors may prefer to use Binance.US's advanced verification. Advanced users can do everything basic users can do. However, they can also make wire deposits and withdrawals, and limits for bank transfers and credit cards are higher. They can also engage in staking, over-the-counter trading, and API trading.

Traders seeking advanced verification will also need to provide:

  • State-issued ID

  • Use Binance.US's own automated selfie process for facial verification.

Cryptocurrencies available on Binance.US

Binance.US does not offer the full range of over 350 cryptocurrencies traded on the parent company Binance platform. However, with support for over 130 cryptocurrencies, most traders will find what they want on Binance.US.

Here is a list of some major cryptocurrencies traded on Binance.US:

Coins available on Binance.US include Bitcoin (BTC) ✔ Ethereum (ETH) ✔ XRP Ripple (XRP) ✔ Cardano (ADA) ✔ Solana (SOL) ✔ Dogecoin (DOGE) ✔ Polkadot (DOT) ✔ Polygon (MATIC) ✔ TRON (TRX) ✔

Currencies available on Binance

For a complete list of cryptocurrencies available on Binance.US, please refer to the company's market page.

Binance.US Rating

Trade

Advanced Trading Features

Security and Storage

Cryptocurrency Wallet

Staking

Lending

Margin Trading

What measures can Binance.US take to improve?

All U.S. residents can use it.

Binance.US is available to most U.S. residents. However, the platform is still limited to residents of New York, Hawaii, Texas, and Vermont. To truly do their best to serve U.S. residents, Binance.US would better cover all 50 states.

The reason Binance.US is currently unavailable across the entire U.S. is that Binance.US cannot or is unwilling to meet the regulatory requirements listed for certain jurisdictions.

However, as more cryptocurrency regulatory laws are introduced at both the state and national levels, Binance.US may face another issue. Binance.US states on its website that if new jurisdictions are restricted, they will notify users in that jurisdiction about their access to the website via email, website, or other means.

Better Customer Service

Binance.US does not provide phone support to any users. Without phone support, Binance.US users can only get answers to their questions through the company's ticketing system or email.

This is not a problem for most issues users may encounter. However, if users need immediate help or have a very complex issue, this may not be ideal.

Of course, not all Binance.US competitors offer phone support. Thus, this may not be seen as a disadvantage for experienced cryptocurrency traders.

Reward Card Offers

Many of the world's largest cryptocurrency exchanges offer credit or debit cards. Binance.US does not.

In most cases, this does not negatively impact users' accounts. However, many competing exchanges offer cards that allow customers to use the value of their cryptocurrencies as collateral for purchases made with credit or debit cards.

This opportunity allows users' cryptocurrencies to appreciate immediately. It also allows users to earn extra cryptocurrency rewards for purchases, which is a nice perk and a good way to build wealth for existing accounts.

Binance.US FAQs

What are the differences between Binance.US and the original Binance?

Binance is the parent company of Binance.US. As U.S. regulators began investigating potential violations by the platform, it separated from its parent company in 2019. The original Binance platform is no longer available to U.S. users. Instead, U.S. users must use the Binance.US platform.

What features does Trust Wallet have?

Binance.US has a preferred cryptocurrency wallet partner, Trust Wallet, which is owned by the parent company Binance. Trust Wallet is decentralized and can be downloaded for free. This way, you can easily store all your cryptocurrencies in one place. However, if you wish, you can also use other wallets.

What is Binance Coin (BNB)?

Binance Coin (BNB) is a cryptocurrency launched by the Binance platform in July 2017. This token can be used on both Binance and Binance.US exchanges. It is also used as a trading pair on other cryptocurrency exchanges and has real-world use as a payment method. Additionally, using BNB to pay for trading fees on the Binance.US platform can reduce costs for investors.

Methodology

To determine the rankings of cryptocurrency exchanges, we evaluated the features and options offered by nearly 25 exchanges, trading apps, and brokerage platforms that provide cryptocurrency trading options.

To select the overall best cryptocurrency exchange and the best exchange for beginners, we evaluated all the features and options provided by these 25 platforms. The editorial team then developed a standardized approach to analyze 10 key benchmark features and variables to assess the quality of each platform.

Basic trading features are a factor in overall and beginner rankings. Other ranking factors include platform availability, customer service, educational resources, security, and features such as storage, staking, and rewards.

Each ranking calculates the weighted sum of all or part of the key factors to award each broker or exchange its overall ranking. When choosing the best cryptocurrency exchange for beginners, margin trading, platform lending, and advanced trading are not considered.

Original article: https://biantutorial.com/binance-us-review/