Although no cryptocurrency exchange is flawless, Binance.US provides a wealth of helpful charts and a simple user experience. The best part is that Binance.US has extremely low spot trading fees and competitive instant-buy rates. Just be aware that not all Americans can use this site.
Compared to other providers, Binance.US has lower trading costs and a greater assortment of cryptocurrencies, however not as much as its parent site.
- Low costs, especially when compared to its primary competitors
- Numerous cryptocurrencies are supported.
- Trading platforms that are simple to use for customers with any amount of cryptocurrency experience
- Permits staking
- Not all Americans may use this service.
- A significant hack of the parent corporation occurred in 2019.
Low fees: Compared to many other U.S. exchanges, Binance charges a trading cost of 0.1%.
Execution of trades: Binance is renowned for its swift execution of trades. Changpeng Zhao, the company’s creator, created a software system for matching orders for high-speed traders before launching Binance in China in 2017.
Cryptocurrency selection: Despite having fewer cryptocurrencies and crypto-to-crypto trading pairs than its parent firm, Binance.US nevertheless offers a greater selection of over 60 cryptocurrencies than many other U.S. exchanges.
Who Should Use Binance.US?
One of the most popular cryptocurrency exchanges in the world is Binance, and for good reason. It appeals to traders of all colours due to its extremely low costs and wide selection of crypto currency. Many, but not all, Americans can access Binance.US, a San Francisco-based affiliate of the company. It’s crucial to know that residents of Hawaii, New York, Texas, and Vermont cannot use this cryptocurrency exchange.
Despite these restrictions, CoinMarketCap.com’s ranking of the top cryptocurrency exchanges in the world places Binance.US among the top 10. Less than one-fourth of the coins that its partner company sells in other countries are available on Binance’s U.S. branch, and its educational resources are not as strong. Despite this, Binance.US continues to be a very competitive marketplace because of its low tiered fee structure. But keep in mind that buying cryptocurrency typically comes with a significant buyer beware, regardless of the site you use. Because they are so speculative, cryptocurrencies are prone to volatility with the slightest bit of news. However, Binance.platform US’s should provide the majority, if not all, of what you’re searching for if you’re interested in investing in cryptocurrencies.
Beginning on August 1, 2022, Binance.US will provide its users with a tiered trading system. Trades on Tier 0 have no fees in this scenario. However, this is only applicable to the BTC/USD, BTC/USDC, BTC/USDT, and BTC/BUSD trade pairs of Bitcoin (BTC). The remaining trades are classified as Tier 1 or Tier 3. For trades of less than $10,000 on the exchange within 30 days on specific asset pairs, Tier I trades begin with 0.20% taker and 0.1% maker fees. Tier 1 asset pairs include, among others, the following: Ethereum (ETH)/USD and Solana (SOL)/USD. For trades on certain Tier II asset pairs with less than $10,000 in a 30-day period, the taker/maker fees start at 0.60% for Tier II trades, which are a little higher. Examples of Tier II trading pairs are Polkadot (DOT)/USD and Cardano (ADA)/USD.
Customers who want to trade specific crypto pairs should look at the cost structure on Binance.US. As you trade more, Binance.trading US’s costs decrease. People who trade more than $50,000 but less than $100,000 in a 30-day period, for example, would be charged 0.075% taker costs on Tier I deals. Using the platform’s exclusive BNB stablecoin to make payments for transactions also results in lower fees.
Industry-standard security protections are provided to users by Binance.US. Account holders must also authenticate their identities before they may purchase, sell, or exchange cryptocurrency. Although the verification procedure is time-consuming, it is necessary to assist stop fraud and other illicit acts. Users must set up multi-factor authentication in addition to identity verification, and face recognition is an option for mobile. Through your online dashboard, you can simply examine the devices you’ve used to log in as well as whitelist cryptocurrency wallet addresses.
Opening a Binance.US Account
The steps required to create an account on Binance.US are simple. In the top right, you’ll see a button labeled “Get Started.” The first step is to supply contact information like an email address and phone number. You’ll need to enter some basic personal information and upload a photo of a government-issued ID if you wish to make any kind of purchase or sale on the platform. The time it takes to verify your identification is significant, as was previously mentioned. Users have complained that the verification process on Binance.US might take weeks, or even months, which is a major drawback if you’re eager to start trading right away.
There aren’t many ways to get in touch with Binance.support US’s team, much like many other cryptocurrency exchanges. On Binance.US, users can submit a form or start a live chat session at any time. However, if you need quick support with your account, you cannot reach someone by phone or email. Binance.Support US’s page features a comprehensive FAQ in lieu of a live chat feature. Those seeking generic information may benefit from this source.
Most user reviews of Binance.US can be found on other websites are bad. Several reviewers have complained about problems with making trades, making deposits, making withdrawals, and proving their identities. There are, however, a few rave reviews that highlight the platform’s affordability.
It’s to be expected that cryptocurrency exchanges like Binance.US will have a lot of unfavorable customer reviews. Before signing up for an account at any cryptocurrency exchange, it’s a good idea to read up on the community’s opinions of the various platforms.
How Binance.US Compares to Other Cryptocurrency Companies
Even if Binance.US has minimal trading fees, some exchanges provide a larger variety of cryptocurrencies and more sophisticated order types. Here is a comparison between Binance and another well-known cryptocurrency exchange:
Kraken vs. Binance.US
Both the U.S.-based exchanges Binance.US and Kraken charge comparatively modest trading commissions when compared to rivals like Coinbase. Both systems include industry-standard security features including multi-factor authentication and wallet whitelisting, and they both have adopted KYC standards to assist prevent fraud and protect customers. But there are some significant variations between the two platforms:
Kraken offers over 100 options for buying, selling, and trading, compared to over 120 on Binance.US.
Trading commissions on Kraken are somewhat higher than on Binance.US.
US trading charges. Users of Binance pay between 0% and 0.1% every trade, whereas users of Kraken pay between 0% and 0.26%.
Margin or futures trading are not offered by Binance.US, although Kraken does for some consumers.
While Binance.US is accessible in 46 states, Kraken is in 48 of them.
Compared to Binance.US, Kraken offers more customer support alternatives. Users of Kraken can call customer service to get assistance with their accounts, and both services provide live chat support around-the-clock.