Binance US Review

3.9
  • Summary
  • Crypto
  • Fiat
  • Fees
  • Features
  • Safety
  • FAQs

Binance US is one of the biggest cryptocurrency exchanges by volume (24 hour: $117,523,105). Binance US has a native token named Binance Coin (BNB) which is used to facilitate crypto trading on the exchange. Binance US offers traders 138 and 298 to trade with.

Overview
🏆 CI Exchange Rank 3.9 (#30) 📈 24H Volume $117,523,105 (#23)
📌 Headquartered Cayman Islands 🧱 Founded 2017
💧 CI Liquidity Rank 0.077 (#24) 🚀 Beginner-friendly? Yes
💲 Supports Fiat? Yes 🎌 Languages Supported
💼 Business Accounts Yes ✖️ Margin Trading No
👛 External Wallet Yes 🔃 OTC Trading Yes
📱 Mobile App Yes 💰 Integrated Wallet Yes
🔮 Futures Trading No ⚪️ Spot Trading Yes
⭕️ Coins: 138 🔀 Pairs: 298

Only United States investors can trade over 50 cryptocurrencies, including Binance Coin or BNB, Bitcoin, Ethereum and more. Users outside of the United States should use Binance.com.

Pros Cons
Binance offers traders 309 coins and 1087 currency pairs Binance US only offers traders 52 coins and 108 currency pairs to trade with
Suited to both beginner and advanced traders Only US investors are allowed to trade

Binance was founded by Changpeng Zhao, a Chinese-Canadian businessmen, in July 2017. The Binance headquarters is in the Cayman Islands; Mahé, Seychelles.

Crypto on Binance US

Crypto Market Listings on Binance US

Binance US has a reported trading volume of $117,523,105 in the last 24 hours. Traders can expect an average bid-ask liquidity spread of 0.077. Binance US is ranked position #24 among exchanges for liquidity.

  • USD
  • EURO
  • GBP
Coin Pair Price Spread
BTC/USDT $16999.17 0.03
ETH/USDT $1254.88 0.04
BTC/BUSD $17010.42 0.02
ETH/BTC $1257.42 0.13
DOGE/USDT $0.102529 0.03
BTC/USDC $17002.35 0.02
SHIB/USDT $0.00000927 0.11
BNB/USDT $291.23 0.03
MATIC/USDT $0.909743 0.11
ETH/BUSD $1255.22 0.06
ADA/USDT $0.31873 0.05
BNB/BTC $290.88 0.02
Cosmos
ATOM/USDT $10.08 0.03
ETH/USDC $1259.25 0.19
SOL/USDT $13.43 0.06

Crypto Verification

There are three verifications levels, basic, intermediate and advanced. All three of these levels will allow you to buy and sell cryptocurrencies . However, on the basic level, you will only be allowed to withdraw 2 BTC per day. The intermediate level will allow you more freedom and is less restricted.

Intermediate level verification requires:

  • Basic and personal information
  • Government issued ID and  facial recognition
What's Needed
🛂 Documents Passport, Driving Licence, Bank Statement 🕖 Verification Duration 1-3 days

Crypto Deposits

Binance does not charge traders a deposit fee.

Buying In
Crypto/Coins Free

Crypto Withdrawals

When it comes to withdrawing cryptocurrencies on Binance US, all you have to do is pay the cryptocurrency equivalent of $1 to $15 (0.066%) as your withdrawal fee.

Cashing Out
Crypto/Coins 0.066%

Fiat on Binance US

Fiat Market Listings on Binance US

  • USD
  • EURO
  • GBP
Coin Pair Price Spread
USDT/USD $1 0.02
BTC/USD $16984.57 0.01
USDC/USD $1 0.02
ETH/USD $1254 0.02
MATIC/USD $0.9093 0.03
DOGE/USD $0.1025 0.1
ADA/USD $0.3187 0.06
LINK/USD $7.33 0.04
BNB/USD $290.42 0.05
SOL/USD $13.42 0.04
LTC/USD $76.25 0.01
Avalanche
AVAX/USD $13.7 0.07
Cosmos
ATOM/USD $10.08 0.05
APE/USD $3.95 0.08
BCH/USD $110.58 0.1

Fiat Verification

The fiat verification process is much like crypto verification. The basic level will limit your fiat deposit and withdrawals to $300, while you may have more freedom when choosing intermediate level verification.

Intermediate level verification requires:

  • Basic and personal information
  • Government issued ID and  facial recognition
What's Needed
🛂 Documents Passport, Driving Licence, Bank Statement 🕖 Verification Duration 1 day

Fiat Deposits

Fiat deposits are free. Although your bank may incur charges.

Buying In
Debit Card Free Credit Card Free
Bank Transfer Free

Fiat Withdrawals

Binance does not charge traders any fiat withdrawal fees. Although your bank may incur some charges.

Cashing Out
Debit Card Free Credit Card Free
Bank Transfer Free

Binance US Fees

Binance US a 0.10% spot trading fee. For traders interested in buy/sell trades, it charges 0.50%.

Binance US Features

Spot Trading

Spot trading is a simple transaction between a buyer and a seller to trade at the current market rate, known as the spot price. The trade takes place immediately when the order is fulfilled.

Traders can prepare spot trades in advance to trigger when a specific spot price is reached, known as a limit order. You can make spot trades on Binance US through the trading page interface.

OTC Trading

OTC trading  is a form of decentralized trading. This means you sell directly to the buyer through a broker, rather than through a large centralized exchange with lots of red tape and exorbitant fees.

There will initially be 12 coins available for trading on the portal (plus USD).There are no OTC trading fees charged on Binance US. However,  the minimum trade amount is an equivalent value of 10,000 USD. If you would like to trade beyond the maximum trade amount allowed, please reach out to [email protected]

Peer-to  Peer Trading

P2P trading happens when traders buy and sell cryptocurrencies directly to other traders, without using a third party or an intermediary. Binance US P2P allows traders to sell their cryptocurrencies locally, with 0 trading fees. Traders are also allowed to create their trade advertisements to set their own prices.

Binance Chain Wallet

The Binance Chain Wallet is the official Binance cryptocurrency wallet for accessing the Binance Smart Chain, Binance Chain and Ethereum. The Binance chain wallet can be used to store crypto as well as connect to thousands of projects across different blockchains.

Traders can use their Gmail accounts to sign in to their wallets through tKey.

Wallet Direct

Allows traders to transfer coins between their Binance.com account and their Binance Chain Wallet.

Trust Wallet

With Trust Wallet you can store a variety of tokens on the market, with more projects and blockchains adopted all the time. Trust Wallet is a multi-coin wallet. This means that you have one backup for all your assets. The Trust Wallet works with decentralized exchange too.

 

External Wallet

Traders are able to deposit cryptocurrencies from external wallets or use a credit card, or deposit fiat currency.

Business Accounts

Binance US supports eligible business accounts for USD, EUR, GBP, NGN, AUD, and BRL deposits and withdrawals. Corporate account users can purchase cryptocurrencies with USD, EUR, GBP, NGN, AUD, and BRL.

Referral Program

Registered Binance US traders are allowed to participate in the Binance referral program. To earn rewards on your referrals, users must pass verification. Users must then go to the Referral Program page to review the Terms and Conditions of the Referral Program and register to participate. This program will replace the previous sign-up bonus and a free month of trading promotion.

Earn 20% from the fee of each referrals trade. Earn 40% if you hold 500 BNB or more.

Mobile App

Now you can download the Binance.com mobile app. It is available on IOS and Android.  On the Binance Mobile app, traders will be able to:

  • Buy and sell cryptocurrency and fiat on the mobile app
  • Keep track of all incoming and internal transactions.
  • Binance Pay is available on the mobile app, which means that you can transfer and receive crypto payments via Pay in the App wherever you are.
  • Keep Your Funds Safe with Whitelist Addresses
  • Invite more traders to join Binance through the referral programme on the app.

Customer Support

There is a 24/hour customer service department available to traders. They can reach the customer service department via live chat or by logging a ticket.

Binance US Safety

CER Cyber Security Score (CSS)

9.74/10

CSS is an industry benchmark assessment of the cybersecurity characteristics of a given exchange. It consists of three weighted components: application-level security, SSL/TLS connection, and domain security. CSS uses over 18 indicators, based on the best practices of cybersecurity protection.

Cold Storage

Binance US does support Cold Storage. Cold wallets have no connection to the Internet. Instead, they use a physical medium to store the keys offline.  As a way to protect the traders funds, Binance US only holds a small percentage of its coins in hot wallets. The remainder is kept in cold storage.

Two-Factor Authentication

Binance US has a two-factor authorization process.  In order to make withdrawals from your Binance US account, you are required to set up two-factor authentication. Each time you sign in you will be reminded to enable 2FA.

Binance US FAQs

Is Binance US Safe?

Yes. Binance US is protected by 2FA and has an advanced cold storage system.

Does Binance US Support Fiat Currencies?

Yes. Binance US makes it easy for you to buy crypto using US Dollars, Euros, Pound Sterling, and other fiat currencies.

Can You Short on Binance US?

Unfortunately, Binance US does not permit margin or futures trading.