Binance US Review
Binance US is one of the biggest cryptocurrency exchanges by volume (24 hour: $38,067,321). Binance US has a native token named Binance Coin (BNB) which is used to facilitate crypto trading on the exchange. Binance US offers traders 87 and 1000 to trade with.
Overview | |||
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🏆 CI Exchange Rank | 3.9 (#30) | 📈 24H Volume | $38,067,321 (#33) |
📌 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: | 87 | 🔀 Pairs: | 1000 |
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 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 | |||
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🛂 Documents | Passport, Driving Licence, Bank Statement | 🕖 Verification Duration | 1-3 days |
Crypto Deposits
Binance does not charge traders a deposit fee.
Buying In | |
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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 | |
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Crypto/Coins | 0.066% |
Fiat on Binance US
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 | |||
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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.