Binance.US Review: Binance.us is a cryptocurrency exchange for residents of the United States. Binance, one of its partner companies, is one of the world’s major cryptocurrency exchanges. While Binance.US has lower trading costs than rivals, it has a limited variety of digital assets to buy, sell, and trade, and it isn’t available in every state in the United States.
⦿ Low trading fees
⦿ Solid list of cryptocurrencies
⦿ Potential to earn passive income
⦿ Educational resources available
⦿ Lengthy KYC identity verification process
⦿ Not available in seven U.S. states.
⦿ Limited selection of assets
- This U.S.-based exchange is a partner company of Binance, one of the largest crypto exchanges in the world by trade volume.
- The Binance.us trading interface may be too complicated for beginners
- Binance.us offers low trading fees, but high debit card fees
- Binance.US is not available in all U.S. states.
- Binance.US has far fewer features and supported cryptocurrencies than the global Binance exchange.
Year Founded: 2019
Official Website: https://www.binance.us/en/home
Cryptocurrencies Available: 60+
Customer Support: Chatbot, customer support tickets, FAQ, email.
- 1- Binance.US has maker/taker costs ranging from 0% to 1%, as well as immediate buy fees of 0.50 percent. In comparison to the competitors, the costs for this platform are quite affordable.
- 2- Binance.US has over 60 cryptocurrencies on its platform.
- 3- Binance.US allows users to stake a limited number of coins on its platform. Staking involves tying up your coins for a set period to earn rewards.
- 4- Those interested in learning about crypto and blockchain can access Binance Academy, which offers educational videos and articles for traders of all experience levels.
- 1- You can’t buy, sell, or trade on Binance.US until your identity is verified, and the verification process can take several days.
- 2- Binance.US is not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont. Cryptocurrency traders in these states will need to look for another exchange.
- 3- Even though Binance.US supports 60 cryptocurrencies, several competitors offer a larger selection.
Introduction to Binance.US
Binance.US is a cryptocurrency exchange for citizens of the United States, created by Binance and its U.S. partner BAM Trading Services. Users may buy, sell, and trade over 60 cryptocurrencies on the marketplace, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA) (ADA). This exchange has among of the lowest trading fees and gives discounts to high-volume traders, but the regulatory background of its partner firm is troubling.
Binance was founded in 2017 by Changpeng Zhao, and Binance.us was established in 2019 as a way for the company to comply with US regulatory requirements. Despite being one of the largest centralized cryptocurrency exchanges in terms of traffic, Binance.us offers much less features and supported currencies.
Despite being situated in the United States, Binance.us is currently inaccessible in the following states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
Binance provides some of the most affordable cryptocurrency trading fees, with fees starting at 0.10 percent and dropping for high-volume traders. Users may also “stake” certain crypto assets to make money on their crypto while it is lent out to the site.
Cryptocurrencies Available on Binance.US
Binance.US offers a selection of over 60 cryptocurrencies. Users can buy, sell, and trade popular assets like Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), Solana (SOL), and Cardano (ADA), as well as lesser-known ones like VeChain (VET) and Orchid (OXT).
A few popular cryptocurrencies are missing from Binance.us, including Ripple (XRP) and Terra (LUNA).
How to buy Crypto on Binance.us?
2- Click on the 0 and type the amount you wish to purchase in USD. Please note that all orders must be at least 20.00 USD.
3- Select the coin you wish to purchase.
4- For this transaction, choose a payment method. This will be your Binance by default. Wallet of the United States. If you’re going to use your bank account, make sure you alter this to your bank.
5- Click the “One-Time Purchase” option. You may specify the transaction’s frequency from here, allowing for the complete capability of repeating transactions. Make sure the One-Time Purchase option is selected if you just want to make one transaction.
6. Click the “Buy” button to go to the Transaction Confirmation page.
7. Please confirm the details of the transaction. If there are any issues, you may press the “Back” button to return to the previous screen.
9. As you complete the transaction, a notice saying “Purchase in Progress” should appear shortly. Please wait a few seconds before retrying this transaction if you do not see this message.
10. Check your Buy & Sell Page to confirm the transaction has been processed.
Congratulations! You have now invested in the cryptocurrency world.
How to Trade Crypto on Bitcoin on Binance.us?
1- Log in to your account.
2- Hover over Trade, which you will find at the top of the screen.
3- Click Advanced to navigate to the Trading screen, or Markets to see a basic overview of all available trading pairs.
You may also go to the Advanced Trading screen from the Markets page by hovering over the chosen trading pair (such as BTC/USD) and selecting Trade. Instead than using the ‘Buy’ button, you may use the ‘Buy Crypto’ (OCBS) tool to finish your transaction.
4- Below is a general overview of the Trading screen. You will see some coin statistics here, including the order book and current market price, how it has changed over the last 24 hours, the high and low from the last 24 hours, and 24-hour trading volume.
5. On Binance, this is where you can buy BTC. For example, in the United States, you can use USD or USDT. To do so, go to the top of the screen and choose the current trading pair. Select USDT and then either look for it in the menu or type BTC into the search box to discover the BTC/USDT trading pair.
6. Then choose BTC/USDT. As indicated in step 4, the relevant trade page will be shown. This website displays pertinent market data and allows you to purchase or sell Bitcoin with USDT. If you’re purchasing BTC with USD, you’ll follow the identical steps only you’ll choose the BTC/USD trading pair instead.
7. To make your trade, navigate to the following section. For this example, we’ll place a limit order.
A. Tabs for Limit, Market, and B. Stop-Limit trading.
C. Buy Coin.
D. Sell Coin.
E. The price of BTC (in terms of USDT) at which you are willing to buy or sell BTC.
F. The amount of BTC you wish to buy or sell at that price.
G. The slider allows you to quickly select a percentage of your balance for the trade.
The total USDT value you will pay for your buy, or receive for your sell.
8. We’re going to purchase BTC in this example, therefore we’ll utilize the Buy BTC section (B) to create a limit order. Enter the quantity of BTC you want to buy (E) and the price at which you want to acquire it (F) (D). You can use the slider (F) in the relevant area if you choose to spend a specified proportion of your USDT balance for the purchase. You can also use a stop-limit order, also known as a market order, to purchase at the current market price. Limit, OTC, or even Iceberg orders are recommended for considerably bigger orders.
9. To move forward with the trade, click the bar that says “Buy BTC”, then confirm your order details in the pop-up window.
10. A pop-up will briefly display in the lower right-hand corner, confirming your trade.
11. Your Limit Buy order can be viewed in the Open Orders section in the lower left of the screen. In this section, we will see the open Limit Buy Order, as well as any other open orders. From here you can view details of your open orders, and cancel individual orders or all open orders.
A. Open orders, order and Trade history, and available funds.
B. Order information labels, including Date, Pair, Type, Amount, and more.
C. The cancel all button will cancel all of your orders.
D. The Cancel button will cancel only the order it is listed beside.
E. The option to Hide Other Pairs.
12. Now all you have to do is wait for your open order to be completed. A market order will be executed immediately, but a limit order placed outside of the market price may take longer to complete. You’ve successfully completed your trade when it does! The completed deal will now appear under the ‘History’ tab on your Orders page.
Any trades that have not been completed will appear in the ‘Open’ tab of your Orders page, where you may also cancel any open orders (A date range of a maximum of 90 days will need to be selected to view your Order histories).
That’s it! You have completed your Binance.US trade.
Log into your Binance.US account and click the “Buy Crypto” button to buy or sell cryptocurrencies. If you wish to trade, go to the platform’s advanced and OTC portals and click “Trade” to observe market performance and place transactions. The advanced gateway is TradeView-integrated and includes a candlestick chart, real-time pricing, and order history access. Buyers and sellers can negotiate deals directly through the OTC site. OTC trading is only possible for deals worth more than $10,000.
Essential tips when spot trading:
- Users can trade instantly at the current market price by choosing a market order. The default order type is a limit order. If traders want to place an order as soon as possible, they may switch to [Market] Order.
- If the market price of BNB/BTC is at 0.002, but you want to buy at a specific price, for example, 0.001, you can place an [Limit] order. Your placed order will be executed when the market price reaches your set price.
- The percentages shown below the BNB [Amount] field refer to the percentage amount of your held BTC you wish to trade for BNB. Pull the slider across to change the desired amount.
Binance.US charges three types of fees: deposit, withdrawal, and trading. These vary depending on how you deposit money, your monthly trading volume, and what crypto you withdraw.
Deposit and withdrawal fees
Binance.US‘s deposit and withdrawal fees are roughly in line with those of other cryptocurrency exchanges. Some platforms make it cheaper to deposit money by debit card, and Gemini stands out with its limited number of free monthly withdrawals. Here’s how Binance’s fees break down:
Deposits are often free, while withdrawal costs vary widely depending on the cryptocurrency. For example, withdrawing Algorand costs 0.01 ALGO (about $0.20), whereas withdrawing Ethereum to an ERC-20 network costs 0.0045 ETH (around $17). Similar arrangements can be seen in other exchanges.
Binance.US includes a “Buy Crypto” feature that allows novice investors to convert cash to cryptocurrencies instantly. This is charged at a flat rate of 0.5 percent. Traders that use its sophisticated platform, as illustrated below, incur a lesser maker/taker cost.
Binance offers users who pay in its utility token, Binance Coin, a 25% reduction on trading costs (BNB). Fees for high-volume traders who retain big quantities of BNB are also reduced.
Assume you’re a low-volume crypto trader looking to purchase $300 in Bitcoin (BTC). You may deposit cash for free by bank transfer and trade on the sophisticated platform. In this case, the trading fees are $0.30.
Opening a Binance.us Account
To get started with Binance.us, simply enter your email address and password to establish a free account. After you’ve verified your email address, you’ll need to go through account verification before you may purchase or sell cryptocurrency.
Verifying your identity using a government-issued picture ID, presenting evidence of address (using a utility bill or equivalent), and supplying your Social Security number or ITIN are all part of the account verification process. Verification might take as little as a few minutes or as long as a few business days, so be prepared to wait. Binance.us allows you to purchase, sell, trade, deposit, and withdraw bitcoin once your account has been validated.
How Binance.US Compares to Other Cryptocurrency Companies
While the cheap trading costs on Binance.US are appealing, other exchanges provide a larger range of cryptocurrencies and more complex order types. Here’s how Binance.US stacks up against another well-known cryptocurrency exchange:
Binance.US vs. Kraken
Binance. Both US and Kraken are U.S.-based exchanges with low trading costs when compared to competitors like Coinbase. Both platforms have established KYC standards to assist prevent fraud and safeguard users, as well as industry-standard security features such as multi-factor authentication and wallet whitelisting. There are, however, some significant differences between the two platforms:
- Kraken offers over 100 cryptocurrencies to buy, sell, and trade, while Binance.US offers just over 60.
- Kraken’s trading fees are slightly higher than Binance.US’s trading fees. Kraken users pay between 0%-0.26% per trade, and Binance.US users pay between 0%-0.1% per trade.
- Binance.US does not offer margin or futures trading, and Kraken does offer these options for certain users.
- Kraken is available in 48 U.S. states, and Binance.US is available in 45 states.
- Kraken has more customer support options than Binance.US.
- Kraken users can speak to someone over the phone for help with their accounts, and 24/7 live chat support is also available.
Top 10 Approach
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Binance.Us “Fee Structure” https://www.binance.com/en/fee/cryptoFee Accessed June 01, 2022.
Binance.Us “FAQ” https://www.binance.com/en-NG/support/faq Accessed June 01, 2022.
CoinMarketCap. “Top Cryptocurrency Spot Exchanges.” https://coinmarketcap.com/rankings/exchanges/ Accessed June 01, 2022.