Binance.US Review

Quick Takeaways 

• Binance.US is a cryptocurrency exchange for US-based users. The parent company, Binance, is one of the leading crypto exchanges on the global stage. 
• It offers features that other exchanges and brokers may find hard to match; this includes significantly lower trading fees. 
• Binance, the global company, offers a lot of cryptocurrency pairs to trade. However, Binance.US offers, as a matter of regulation, a limited number of cryptocurrency pairs to trade in comparison.
• The platform is worth the time for crypto enthusiasts who want to take on crypto-to-crypto trading. 

Getting Started With Binance.US

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: 

• Visit the Binance.US signup page.
• Enter your credentials; you will need to enter your email address, choose a password, and fill in your Binance.US referral ID (if there is any). This will enable anyone who has referred you to earn a commission on your registration. 
• Once you have entered all of your credentials and confirm that they are valid, you can click on ‘Create an Account.’ 
• You will receive an email asking you to complete your registration with a verification code. 
• Once you enter the verification code, your account will be activated. 

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: 

• You have to fill out a form where you have to state your address and other details.  
• You will also be required to submit a document issued by the government – your proof of address, an ID, etc. 
• It will take a while to verify these documents. Keep checking your dashboard to see if you have been verified.

How Does Binance.US Work? 

• Binance.US makes money from the fees it charges on trading and exchanging one cryptocurrency asset for another.  
• On the trading front, Binance.US utilizes the same technology as the global parent company and offers three differentiated trading platforms; the basic, advanced, and the OTC (over-the-counter) for peer-to-peer trading. 
• New users should start with the basic interface as it is easy to switch from one trading level to another once you are well-versed with the basics.

Who Should Choose Binance.US? 

• Given Binance.US’s tiered approach to cryptocurrency trading, it can accommodate beginners and expert traders. 
• The experts will have the best feel of the cryptocurrency exchange platform seeing that it gives them all of the analytical tools they need on the chart and for their trading. This does not rule out beginners from using the exchange too.

Binance.US Features

Binance.US has several essential and instrumental features to the functioning of the exchange platform; these include: 

Staking 

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.  

OTC Trading

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. 

Institutions 

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 and Technology 

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.   

Desktop Experience 

• Binance.US does not have a desktop app like Binance Global. However, you can access the website on the desktop. 
• Traditionally, verification of accounts tends to be faster on the desktop than on the mobile app.   
• With the desktop experience comes smooth usage; you can easily add extensions that will allow cross integration with other websites and get more in terms of usability. 

Mobile App Experience 

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:  

• Easier login with QR code scanner: You don’t always have to remember your password as you can easily log in with a QR code.
• Easy switch between Binance Lite and Pro: With one click, you can switch between the Binance Lite and the Pro version, allowing you to access both quickly.

Is Binance.US Safe?

Binance.US runs a transparent, centralized exchange with strict security protocols to run its business. Some security features available on Binance.Us include:  

• Whitelisting crypto addresses
  Binance.US allows users to whitelist crypto addresses to help prevent withdrawals from user accounts. Whitelisting addresses is akin to blocking off access to your account until you authorize the access. 
• Secure fund storage
  All U.S. dollar deposits at Binance.US are held in custodial bank accounts and insured up to $250,000 for bank failure by the Federal Deposit Insurance Corp.

Cryptocurrencies Available on Binance.US

The global Binance marketplace offers over 600 cryptocurrencies, and Binance.US offers a selection of over 80 cryptocurrencies. Here are a few of them:

Depositing And Withdrawing Money

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 – 

• Log in to your Binance.US account
• Under the Wallet tab, click Deposit.
• At the dropdown menu, select USD as the deposit coin.  
• Enter the USD amount you want to deposit, choose the ACH account you wish to deposit from and click Preview Deposit.
• Make sure you read and agree to the terms of use before checking that box off. Then, verify the details from the popup dialog. Click ‘Confirm Deposit’ to complete the transaction if everything is correct. To use the debit card option, you have to correctly enter the card details and click on ‘Pay Now.’  

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.

Binance.US Fees And Commissions

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. 

* 4.5% will be charged for using debit cards to deposit USD.

Binance.US Bonus And Promotions

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 Service

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.

*Varies per asset
**Upon full verification