Basic information about Binance.US

In 2019, US-based clients of Binance move to its American partner, Binance.US. As well as other well-known decentralized exchanges, it allows users to sell and stake cryptocurrency. The platform takes one of the lowest transaction fees. On the negative side, close scrutiny by regulators and insufficient transparency discourage many users from joining Binance.US. Let’s look at the benefits and drawbacks of this company.

Binance vs Binance US: main differences

Binance is the largest cryptocurrency exchange by trading volume. Today, the platform developed in China in 2017 by Changpeng Zhao is presented in more than 170 countries. Binance’s native asset (BNB) is considered one of the top 10 coins by market cap. 

Binance remains one of the strongest cryptocurrency platforms. The company even has an exclusive token launch platform, Binance Launchpad. 

Created by Binance in 2019, Binance.US is a cryptocurrency exchange for residents of the US. It started to serve US users after Binance ceased to accept them. But the thing is, Binance.US doesn’t operate in some states, and its functionality is very restricted.

States with Binance US Login 

At the moment, Binance’s sister company stays unavailable in certain states, namely: Hawaii, Connecticut, Louisiana, Idaho, Vermont, New York and Texas. Residents of the above-mentioned states have no access to Binance.

How Binance.US works

The platform has limited features and assets compared to Binance. Users must connect a conventional bank account for deposits and a wallet like Trustwallet.

There are several opportunities to earn from crypto — buying, selling, trading, and staking. Users can manage their accounts from mobile or desktop devices, and

 the platform caters to all levels of crypto experience.

How long does it take Binance to complete verification?

The verification procedure takes a very long time. Most clients need to wait a few days before they can start conducting transactions (whether they use a data dashboard or mobile application for verification). 

Is Binance secure?

Over the last few years, the platform has dealt with growing regulatory scrutiny: 

  • Outside the United States, authorities in different countries have been investigating the platform for possible insider trading and market manipulation.
  • In 2021, Binance has suspended futures and derivatives products offerings in Italy.
  • Bloomberg reported that Binance.US is being investigated by the Commodity Futures Trading Commission for tax evasion and money laundering. However, no accusations have been formulated yet. 
  • Binance.US lacks transparency.

The platform has addressed its transparency shortcomings by extending its compliance department. However, these actions may not convince the regulators.

Another important problem is the Binance hacks. Three years ago, hackers stole $40 million worth of bitcoin from the exchange. In 2021, The London court ordered Binance.US to track the identity of hackers and freeze their accounts after one of the users have reported the theft of nearly $3 million. Nevertheless, authorities didn’t attempt to close Binance. 

Is Binance.US secure to use?

In contrast to its mother company, Binance.US hasn’t dealt with regulatory problems yet. But still, the platform demonstrates the lack of transparency in comparison with competing exchanges (such as Coinbase and Gemini). It is less transparent about its safety, storage options and client support. For most long-term investors, we’d recommend choosing other platforms.

How to store cryptocurrency on Binance.US?

Binance.US has a custodial wallet, so users can store their assets directly on the platform. Still, some customers prefer to move their funds to an external wallet. Our recommendation is to use Trust Wallet, as it supports more than million assets across fifty blockchains. It is one of the safest wallets for BTC and lots of other cryptocurrencies. 

List of supported assets

At the moment, Binance.US offers access to about 60 cryptocurrencies (which is not even close to the parent company with its 500+ assets), while NFTs can only be purchased on Binance NFT. 

However, Binance.US is not the worst option given that many other platforms work only with BTC. The platform supports many popular cryptocurrencies, including:

  1. Bitcoin (BTC)
  2. Harmony (ONE)
  3. PAX Gold (PAXG)
  4. Ethereum (ETH)
  5. Chainlink (LINK) 
  6. Helium (HNT)
  7. Orchid (OXT)
  8. Cardano (ADA)
  9. Stellar (XLM) 

10. Tether (USDT)

A wide variety of assets (for example, Ethereum, Bitcoin, Dogecoin, etc.) can be bought with USD directly. Binance.US also allows its customers to buy some of the most promising coins (including INU SHIB).

The trading pairs include purely crypto tools and combinations of fiat and crypto. That’s why users who want to avoid cashing out for dollars every time have a large number of alternatives.

In October 2021, the company announced that it will no longer support Binance stock tokens. This enabled users to buy a part of publicly traded company’s shares without paying commission charges. Binance doesn’t currently support Safemoon trading. 

How to start using Binance.US?

As referred, customers should link a conventional bank account and a cryptocurrency wallet in order to be able to conduct transactions. Not long ago, Binance.US only supported Binance Chain, but not the BEP-20 (which is a token standard on Binance Smart Chain). This necessitated the use of both MetaMask and Binance Chain wallet, both of which can be downloaded on Brave and Chrome. 

But nowadays, users have an opportunity to establish a direct connection. Moreover, Binance.US offers rewards to the new clients. Using your referral ID, you can get a $15 bonus after trading at least $100.

Binance bridge provided users access to inter-blockchain liquidity for Binance Chain and Binance Smart Chain decentralized apps until 2022. However, the feature has been canceled, which has made the international cryptosystem more fractured. 

How to Connect MetaMask with Binance Smart Chain

Once you have the browser extension fully set up, you can then create a wallet and store your recovery phrase in a safe place. Binance.US doesn’t accept the BSC network. If you enter the wrong address, you might lose your funds. In order to connect MetaMask with Binance Smart Chain, you should do the following:

  • Enter the Settings menu.
  • Go to Networks.
  • Press the button “Add network” in the right-hand corner.
  • Type the following information in the field and save your selection:

Purchasing cryptocurrency on Binance.US

The process of buying crypto on Binance.US is simple and intuitive. However, Binance.US supports only three order types: limit, market and stop-limit. In order to buy cryptocurrency, you should do the following: 

  • Enter to your account.
  • Type in the amount (in US dollars) you’re going to spend.
  • Click on “Buy Crypto”. 

In addition, Binance.US has such features as recurring buys, which makes your purchases easier than ever.

Seasoned traders can benefit from sophisticated trading instruments, such as live order books, charts, as well as stop and limit orders. 

How to trade on Binance.US?

Click on “Trade” to track market performance data and find the most profitable trading opportunities. Experienced investors can use the platform’s sophisticated technical characteristics, including real-time market prices, a candlestick chart, TradingView, etc.  Users with little experience can find this interface confusing.

Institutional investors can use the services of OTC market, where the minimum transaction size amounts to $10,000. This option has the following advantages:

  • price live data
  • 24/7 customer support
  • low fees
  • possibility to engage in direct negotiations with traders

How do I deposit cash on Binance.US?

Depositing crypto into your Binance account can be done in a few clicks. Just make sure to provide the right address and select a currency accepted by the platform.

  • Enter to your account.
  • Press the button “Wallet” in the upper part of the screen.
  • Select “Deposit” on the right side of the screen.
  • Select the cryptocurrency and the network that you would like to use for deposit.
  • Copy the address or scan the deposit QR code.
  • Open your wallet and type in the destination.

How to withdraw crypto out of your Binance.US account?

Withdrawing crypto from your Binance.US account is very easy. Just click on “Withdraw”, and then, 

  • Choose the currency and enter the withdrawal amount.
  • Select which account you want to send the funds to from the drop-down menu.
  • Click “Preview Withdrawal”.
  • Proceed to your email inbox. You’ll receive a confirmation email. Click “Confirm”.
  • Enter to your account again and check the transaction status using Wallet. 

Binance US trading fees

As well as Binance, Binance.US provides excellent trading conditions. Users pay a maximum 0.1% maker/taker fee, which is highly competitive compared to the rest of exchanges. However, there are a few ways to save even more:

  • Binance offers a 25% discount on trading fees to the clients who pay in BNB. 
  • The fee for instant buyers is 0.5%, which is much less than in other major platforms. 
  • Fees are also reduced for high-volume traders who own large amounts of BNB.

Binace.US customers can also save by purchasing crypto directly for USD, as there’s no need to pay two sets of fees to exchange dollars for a stablecoin, then use the stablecoin to purchase the crypto asset of your choice. On the negative side, the American version of the platform takes an extremely high fee for debit card deposits. 

How much do fiat and deposit Binance withdrawals cost?

Despite its low trading fees, Binance.US doesn’t provide good withdrawal and deposit conditions. 

If you want to make deposits by debit card, you should opt for other platforms (such as Gemini). Binance.US charges an extra 4.5% for debit card transfers, while Gemini offers its users 10 free deposits per month, and CoinLoan doesn’t charge fees for wire transfers. 

There is a way to withdraw cash from Binance.US for free. You can do it via ACH. Otherwise, Binance charges a $15 withdrawal fee and for domestic wires, and $35 for international wires.

Cryptocurrency deposit and withdrawal fees

Depositing your crypto into Binance is free of fees. However, you should know that the withdrawal fee varies significantly based on the asset. The same is true for other platforms.

For example, it costs 0.01 ALGO (around $0.25) to withdraw Algorand, but 0.0045 ETH (almost $18) to withdraw ETH into an ERC-20 network.

Ways to earn passive income

Customers tying up their assets on Binance.US for a specific period earn rewards. This allows Binance.US to maintain the development of certain blockchains. Binance.US currently allows users to stake XTZ, VET, EOS, ONE, ATOM, and ALGO. Storing these assets on the platform, you can earn up to 10% APY.

Binance.US doesn’t accept credit card deposits: benefits and drawbacks

As well as many other exchanges, Binance.US doesn’t accept credit card payments. Actually, it is almost always a bad idea to try to purchase crypto with a credit card. In this case, your may deal with high transaction fees, not to mention that you will take out a huge loan to make a risky investment.

Client support

The quality and availability of support are the most important factors for the clients who appreciate their safety. Unluckily, Binance.US customer support doesn’t have a telephone number. However, the company has an automated live chat function, where you can get answers to all your questions. 

Educational resources

Binance.US users have access to the educational library called Binance Academy, where you can find over 250 blockchain articles in many different languages. In addition, the platform has a particularly strong social media presence (including Facebook, Twitter, Instagram, Reddit, etc.)

Binance.US: benefits and drawbacks

Binance has one of the most popular logos in the cryptocurrency industry. It is one of the largest exchanges offering low trading fees. However, the platform also has many shortcomings, such as regulation problems, lack of access in certain states, and a very small range of assets. 

Binance is especially attractive for the users looking for low trading fees and persons who strive to make passive income from staking crypto. Its sophisticated platform is perfect for experienced traders searching for progressive tools. Still, the weaknesses outweigh the strengths:

Extremely competitive trading fees25% discount when you use BNB to pay for trading feesPossibility to earn passively from stakingVolume discountsNo fee for depositing via ACH and wire transferNo fee for withdrawals via ACHSmall variety of tools and functions (in comparison with the parent’s company)Regulatory problems faced by BinanceLack of assets in some statesHigh charges for debit card deposits.Lack of phone supportInsufficient information about safety measures$10 minimum depositHigh withdrawals feesInterface may be confusing for beginners

Other platforms to consider

Users who give high priority to regulatory compliance (which is highly desirable), you should choose other crypto exchanges (for example, Gemini). Unlike most of its rivals, Gemini is available in all 50 U.S. states and can boast a huge educational library.

Coinbase supports a lot more cryptocurrencies than Binance US. The company tries to enhance opportunities for clients by listing every cryptocurrency that may be lawfully included. However, it also has drawbacks, such as high fees. CoinLoan provides excellent conditions for trading, interest accounts, and the possibility of working outside the United States.