Launched in 2017, Binance is a cryptocurrency exchange and a leader in the crypto space. It has a separate website and mobile application for users in the United States – Binance.US. The other website – Binance.com – serves customers across the globe.
This Binance.US review will look at the popular exchange in full, including app review, why you should use it, the pros and cons, and several other features that make the exchange worthy of consideration.
Pros
Cons
Disclosure: As a rule, we review the best cryptocurrency exchanges and brokers. This is not financial advice and does not exclude you from the risk of loss that comes with trading volatile financial instruments like cryptocurrencies.
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Registration on Binance.US, like other exchanges that are leading in the global space, is easy. To create your Binance.US account, follow the steps below:
There is a second stage, which is the verification process. It may take some time to get completed. However, if you choose to follow it, you can have your Binance.US account verified, get ready for peer-to-peer transactions, and access other exclusive features.
Secure your account: Once you register your account, you will be prompted to secure your account. Here, you should use 2 Factor Authentication that includes your mobile SMS and email or an external authenticator app that gives you a code to access your Binance.US app.
Verify your identity: Verifying your Binance.US account can open the door to many features that you may otherwise miss. The verification process looks like this:
Binance.US has several essential and instrumental features to the functioning of the exchange platform; these include:
Some coins allows you to hold them in the wallet and get rewarded because the coin is used to support the operations of a blockchain network.
You get rewarded for holding your token on the crypto platform. Binance.US allows staking on VET, XTZ, ATOM, EOS, ONE, and ALGO staking is one way you can earn passive income while leaving your coin secured on the Binance exchange.
Over-the-counter (OTC) trading is a form of trading that is conducted between two counterparties. On Binance.US, it is one of the easiest ways to trade a large cache of coins at any single time.
Institutional accounts are available on Binance.US, giving investors the opportunity to get propriety onboarding, account management around the clock, and unrestricted access to the OTC trading portal. It is better to have a Binance.US institutional account as an institutional trader.
Binance.US platform is available on the web and mobile applications. The exchange carefully curates both experiences to ensure that you get the most out of trading.
The Binance.US website is patterned after the global version, and the design & usability is commendable. You can easily make out the outlay of the site and navigate from one point to the other.
The Mobile App that Binance.US provides is an intuitive way of trading. It changes the whole perspective on trading and allows you to make the best of it. Here are a few features of the mobile app that will change the game for you:
Binance.US runs a transparent, centralized exchange with strict security protocols to run its business. Some security features available on Binance.Us include:
The global Binance marketplace offers over 600 cryptocurrencies, and Binance.US offers a selection of over 80 cryptocurrencies. Here are a few of them:
There are several ways to deposit and withdraw money from the Binance.US account with each method having its advantage. You can decide to go for the crypto-to-crypto deposit method or deposit via bank transfer and debit cards.
Binance.US offers multiple ways to deposit or withdraw your funds, which are easy to follow. For example, one of the methods involves setting up the Automatic Clearing House deposit.
Here’s what the process would entail –
Similarly, the platform describes each process in clear step-by-step instructions.
Binance.US doesn’t have a hold time per se. It pre-credits your account to ensure extra convenience to users when you use ACH or debit cards to debit your funds. Since the deposit, you will be charged for this within 2-7 business days.
You should note that if you deposit funds using a debit card or ACH, you won’t be able to withdraw funds (USD or cryptocurrency) for ten days. You can check how many days are left till you can withdraw funds in your Deposits & Withdrawal history.
Due to this, you won’t be able to withdraw USD or cryptocurrencies for 10 days after the ACH/debit card deposit.
The fees for Binance.US are one of the lowest in the cryptocurrency exchange space. Its fees and commissions are stated in the table below.
|
Transaction Type |
Binance.US Fees |
|
Deposit |
Free* |
|
Cryptocurrencies |
0.5%(buying and selling), 0.1% spot trading fee |
|
U.S. Equities |
Not available |
|
Binance Card |
Not available in the US |
|
Withdrawal Fee |
Varies per asset |
* 4.5% will be charged for using debit cards to deposit USD.
Binance.US runs a referral bonus where if you refer a new user to the exchange, you get to earn from it. You can also earn a 20% kickback on trading fees when you refer your friends.
You can also be a part of regular promotions once you complete your verification. You will receive notifications of any ongoing ones on your phone.
Binance.US customer support offers limited customer service options. While users can submit a form or engage with a chatbot on the Binance.US support page, there is no way to call or email someone directly if you need immediate assistance with your account.
Binance.US competes favorably with several other exchanges. Here’s a quick comparison with some top crypto exchanges -
*Varies per asset
**Upon full verification
The original Binance platform stopped accepting US users in 2019. The crypto exchange giant introduced a new platform for its US users - Binance.US. This platform started as a partnership with the FinCEN’s (Financial Crimes Enforcement Network) registered BAM Trading Services.
Headquartered in California, Binance.US serves in 45 US states.
Here are a few basic company details -
Author :
Osueke Henry
Osueke Henry is an experienced blockchain writer who creates Industry-leading content that helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.
| Name | Price | 24hr Change |
 Bitcoin
|
$27195⇅ | -3.21% |
 Ethereum
|
$1717.24⇅ | -3.55% |
 BNB
|
$310.44⇅ | -5.78% |
 XRP
|
$0.48⇅ | 6.55% |
 Cardano
|
$0.35⇅ | -3.09% |
For most account verifications, it could take about five days on average. Some will take up to 10 days at the maximum or could be as fast as a few minutes.
If you want to use Binance in the United States, you have to install a VPN to use the service. Once you set up the VPN, you will be good to go.
Binance was banned in the US in 2019, citing regulatory concerns, and is no longer accessible to U.S. citizens. The Commodity Futures Trading Commission regulators looked at whether Binance engaged in insider trading or market manipulation by “trading on customer orders before executing them.”
However, the company now renders its services on a new platform exclusive to the US.
You can follow this process:
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