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Binance.US Review – Fees, Features, Facts & More

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January 22, 2024
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Binance.US Review

Binance.US is an extension of the world’s largest crypto exchange, Binance, made for US citizens due to the traditional exchange’s regulatory issues. Binance.US has an intuitive spot trading interface and extremely low fees for BTC traders. However, there are still many speculations about the exchange that you need to know to decide whether it is the right option for your crypto trading career.

In this Binance.US review, we are going to take a look at the platform’s features, fees, and products to give you a clear and unbiased view of the exchange for your decision-making.

 

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Binance.US Overview

Launched in September 2019, Binance.US is a crypto exchange based in Palo Alto, California. The exchange was born out of the need to provide US residents with a way to key into Binance due to the recurring regulatory issues that the world’s largest exchange has had with the SEC.

Binance.US is powered by matching engine and wallet technologies licensed by the main exchange, Binance. It is operated by BAM Trading Services and offers a secure and reliable platform to trade crypto assets. Unfortunately, though Binance.US was established for US residents, it is still restricted from some states in the country. These include New York, Hawaii, Texas, and Vermont.

Binance.US offers users 129 cryptocurrencies and 140 trading pairs to select from, which is a minimal amount given the number of supported cryptocurrencies available on the main Binance platform. The exchange only supports one fiat currency due to its target community. There is also no futures trading interface on the market. Because of this, users can only trade spots on the exchange, and potential futures traders are neglected.

The exchange currently trades at a 24-hour volume of $19 million on the spot market. Binance.US fees are also some of the lowest in the crypto market today. It offers fees as low as 0% for trades using BTC. For those who decide to trade other assets that are not BTC, the fee structure is extremely high. Binance.US charges a maker and taker fee of 0.4% and 0.6% for all assets different from the VIP 0 fee _which refers to the zero trading fees for BTC traders.

Furthermore, Binance.US offers good security and stable customer service. However, it must be said that there are a lot of concerns about the safety of user funds, especially with the recent lawsuit faced by the exchange in 2023.

Pros and Cons

👍 Binance.US Pros👎 Binance.US Cons
✅ 0 fees for BTC trading❌ Fees charged on other asset trades are extremely high
✅ Good trading interface❌ Not regulated in all states in the country
✅ Offers standard security❌ Security concerns due to recent lawsuits
✅ Educational materials are available for newbie traders❌ No futures trading
✅ Offers staking for passive income❌ Long verification process
❌ Not many available products

 

Binance.US Signup and KYC

Signing up on Binance.US takes no time at all until you get to the verification process. Although it seems like a straightforward process, it can often take longer than expected to get verified. To get started, all you have to do is go to the mobile app or web terminal and click on the ‘No account yet? Sign up now icon. You will be redirected to the signup portal where you will be asked to input your email, password, and referral code(optional).

After that, you must confirm that you are above 18 to open the account. When this is done, a verification code will be sent to your email address to confirm that you are the one using the account.

For added security, Binance.US will require that you verify your phone number as well through a code that will be sent to you via text. The six-digit code will be sent to your phone and you will need to input it to finish up the registration.

After registering on the exchange, you must complete the basic verification before you can perform any transaction on the platform.

You can go to the verification page directly by clicking on step two after registering or by logging in and hitting the start verification icon.

To complete the verification, you will be asked to enter your SSL number. The only other things that will be required of you are your full legal name and your address. This information is taken as directed by the government and your information is secure.

When you are done with the basic verification, you can choose to continue to the advanced verification process, or just start trading on the platform.

 

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Binance.US Trading

Binance.US offers a secure and intuitive trading interface for its users. Trading comes with a great interface for both beginners and experts to benefit from. Unfortunately, the exchange does not have a futures trading interface. This means that traders on Binance.US only have access to a spot trading interface.

 

Spot trading

Users are allowed to trade any of the 120+ cryptocurrencies of their choice made available by Binance. US. The exchange claims to have an advanced trading interface with user-friendly features and powerful tools to help you get the most out of your trading experience, but the tools provided are for beginner traders. These tools include stop, limit, and market order tools as well as a mini candlestick chart.

The interface still mostly appeals to beginners in the United States, and more advanced traders may not find it a good fit for carrying out their trades.

Additionally, trading BTC on Binance.US comes at a zero-fee cost. This applies to every tier for traders on the exchange from VIP1 to VIP9. This means that whenever you carry out a trade on Binance.US using BTC, there are no maker/taker fees attached. However, for other crypto assets, the fees for trading are extremely high. Trading on Binance.US for other cryptocurrencies attracts a 0.4% maker and 0.6% taker fee for members trading <$10,000.

 

Binance.US Fees

Binance.US does not collect fees for trading BTC. This gives the exchange an edge over other exchanges in the United States which charge higher fees, making it a highly competitive exchange.

 

Spot fees

Trading spot on Binance.US attracts a fee of 0.4% maker and 0.6% taker for all assets different from BTC. The 0-tier level means that traders are going to execute their trades using BTC. There are also trading discounts available for those who trade with Binance’s native token BNB.

 

Withdrawal fees (crypto)

Withdrawal fees on Binance.US vary among cryptocurrencies. Although there are no deposit fees on the exchange, the withdrawal fee depends on the network on which the asset operates. BTC withdrawals take a fee of 0.0005, while ETH fees are at 0.013. There are also withdrawal limits for each cryptocurrency.

 

Withdrawal fees (fiat)

Withdrawal fees for USD depend on the chosen method. Users can withdraw via ACH transfers, wire transfers, and Debit card withdrawals. The withdrawal limits also differ based on the level of KYC registration that users have completed.

 

Binance.US Products and Services

Binance.US does not offer a variety of products for users to select from, especially for their passive income. When compared with the parent exchange, this is a very poor turnout. Users only have the option of Staking cryptocurrencies when using the exchange, and investors may not find this appealing.

 

Binance.US Staking

Binance.US offers a staking service where you can earn rewards on your cryptocurrency holdings. This service is typically available on assets that use the Proof-of-Stake (PoS) consensus mechanism.

Binance.US Staking simplifies the staking process to just a few clicks, making it easy, secure, and convenient for users to stake their tokens. It offers a selection of supported Proof-of-Stake cryptocurrencies, including Ethereum (ETH), Cardano (ADA), BNB, Polygon (MATIC), and more. To get started with staking on Binance.US, simply choose a cryptocurrency that Binance.US offers for staking and submit a request to stake your funds.

Binance.US deducts a service fee from the earned staking rewards, which is reflected in the estimated rewards rate for each staking asset. The standard service fees are as follows:

  • 20% for Ethereum (ETH)
  • 30% for Cardano (ADA), Cosmos (ATOM), Polkadot (DOT), Solana (SOL), and Tezos (XTZ)
  • Up to 35% for other assets

 

As for the Annual Percentage Yield (APY), it varies depending on the cryptocurrency. For instance, users can earn rewards at a starting rate of 6% APY for staking Ethereum. However, the APY can go up to 9.50%.

 

Binance.US Educational resources

Binance.US offers a variety of educational materials to help users get acquainted with the exchange and newbies with trading.

  • Blog & Resources: Binance.US maintains a blog and resource section dedicated to education. This collection of posts covers a wide range of topics, providing valuable insights into the world of cryptocurrency.
  • Binance Academy: Binance Academy is a free online platform that provides a comprehensive collection of crypto and blockchain-related materials. It’s one of the world’s largest and most comprehensive online collections of such materials. The academy offers quizzes and rewards, and users can claim a Certificate of Achievement as proof of learning.
  • Global Education Initiative: As part of Binance’s Global Education Initiative, they’re approaching the world’s top universities to build curricula and help educate tomorrow’s users, builders, and blockchain professionals.

 

Binance.US Mobile App

The Binance.US mobile app is a comprehensive platform for trading and managing cryptocurrencies. Here are some of its key features:

  • User Experience: The app is designed with an improved user experience and cutting-edge design. It provides advanced trading tools, live charts, and real-time order book information.
  • Crypto Wallet: The app includes a multi-asset crypto wallet where you can conveniently deposit, withdraw, and maintain your cryptocurrencies.
  • Staking: You can stake crypto to help secure your favorite blockchain networks, support crypto projects, and earn staking rewards.
  • Crypto Conversion: The app allows you to convert between cryptocurrencies with zero transaction fees. A spread applies when converting crypto.
  • Price Alerts: You can set price alerts for your favorite cryptocurrencies so you never miss an opportunity.

 

Binance.US Security

Binance.US maintains industry-standard security for user funds. Here are a few measures put in place:

  • Federal & State Licenses Exchange: As a fully regulated U.S. crypto exchange, Binance.US is registered with FinCEN and holds multiple money transmitter licenses. This requires rigorous examinations of its internal controls, security, compliance, and risk programs.
  • Secure Digital Asset Storage: All customer assets are securely stored in U.S.-based storage facilities. Most assets are kept offline in cold wallets, while a small percentage remains in circulation, secured by industry-leading hot wallet security, to support daily transactions.
  • Real-time Monitoring: Their real-time risk management system monitors every withdrawal and deposit attempt, 2FA or password reset, and phone number, email, or device change. If it looks suspicious, they’ll automatically suspend withdrawals for up to 120 hours.
  • Powerful Security Features: They implement strict security controls and features designed to keep customer accounts and assets secure. This includes API key permissions, anti-phishing code, and more.

 

Binance.US Customer Support:

Binance.US primarily handles customer support through its chat system, which is available nearly 24/7. However, users have to submit a request form to access the exchange’s email support.

 

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Conclusion

Binance.US, an extension of the world’s largest crypto exchange, Binance, is available to US residents only. The exchange offers low fees for BTC trading and a good user interface for beginner users. Although the exchange is licensed in the US, it is still unregulated in some parts of the country. There are also no products for users to earn a passive income or invest long-term aside from the staking platform.

Lastly, trading fees on Binance.US apart from BTC are extremely high. There is no futures interface for futures traders to explore, and there are still uncertainties about the quality of security that is offered by the exchange due to previous lawsuits encountered by the former CEO.

We hope that this article has provided you with the best information needed to start your crypto trading journey or take it to the next level.

 

FAQs

Is Binance.US legit?

Binance.US is a fully licensed exchange in the United States. The exchange is legitimate, although it is still restricted in many states of the country, including New York and Vermont.

 

What are Binance.US fees?

Binance.US fees for spot trading are 0.4% maker and 0.6% taker. However, there are no fees attached to trading BTC on the exchange. There are also fee discounts when trading with the native token.

 

Is Binance.US available in the US?

Binance.US is a USA-based crypto exchange available for all residents and citizens in the country.

 

Where is Binance.US located?

Palto Alto, California.

 

Does Binance.US have a native token?

Binance.US uses the parent exchange’s native token, BNB.

 

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