Our Take: Binance.US is a solid transitional option for those forced to migrate from Binance or those just getting started in the crypto world. However, its limitations on available cryptocurrencies and incomplete U.S. coverage may lead some users to search for a wider-ranging option. Binance.US provides many great crypto options for U.S. users. But there is still some room for improving access and availability.
- Low Fees
- Availability of Cryptocurrencies
- Availability to U.S. Residents
- Ease of Crypto Conversions
How did we calculate this?
- An option for US users to continue in the Binance-like ecosystem after being ejected from the official Binance in 2020
- Trade crypto for crypto without needing to convert to real currency
- Save money with a trading fee as low as 0.1%
- Offers a comparatively high number of cryptocurrency options versus other U.S. platforms
- Limited access in the US with seven states still excluded
- Reduced crypto options compared to the original Binance platform and certain US competitors like Kraken
What Is Binance.US?
Binance.US is a cryptocurrency exchange where only United States investors can trade over 50 cryptocurrencies, including Binance Coin or BNB, Bitcoin, Ethereum and more. It is the U.S. branch of Binance — the original international platform that U.S. users no longer have access to.
Binance.US has tools for beginners, experienced members and institutions to trade on the platform using self-service tools and other options for cryptocurrency-to-cryptocurrency trades.
Here’s an overview of some of the features available when using Binance.US:
|Digital wallet||Store your cryptocurrency even when not trading in your Binance.US wallet|
|Access||Use the app–available in the iOS App Store and Google Play Store–or your browser to access your account|
|Low fees||Enjoy fees as low as 0.1%|
|Recurring buys||Make investing easy with scheduled investments|
|Security||Binance.US has a Certified Cybersecurity Score of 9.63|
Simple Buy, Sell or Trade
As a cryptocurrency exchange platform, Binance.US’s app and browser integration permit users to buy, sell and trade cryptocurrencies with no middleman. A simple purchase form allows users to buy, sell and convert with just a few clicks.
OTC Trading Portal
For larger purchases, Binance uses an over-the-counter trading portal for sales of at least $10,000. This block trading portal still permits clients to buy, sell and trade on their own time.
Keep your crypto stashed safely in the wallet hooked to your Binance.US account.
The fees to trade crypto on Binance.US are low at 0.1% flat. However, anyone transitioning from the main Binance platform will notice an increase in fees.
Binance Coin (BNB) can be used to fund trades at a discount of 25%, so traders who maintain a balance in their wallets can get automatic savings during trades.
What Is Binance.US Best For?
Binance.US offers services for beginner, advanced and institutional cryptocurrency traders. In late 2020, crypto exchange platform Binance ejected U.S. users. As a result, Binance.US was created. Though technically a separate entity, Binance.US operates under similar guidelines and functions as Binance, though it is limited to users located in certain states within the U.S.
Crypto Trade Conversions
Binance.US’s main advantage as an exchange platform is trading cryptocurrency for other cryptocurrencies. For large amounts of block size positions, it operates an over-the-counter trading portal that permits traders to make moves on their own.
The wide variety of trading pairs is attractive to traders who are looking for an exclusively crypto-based trading system. For example, those looking to trade between BTC markets have options — Ethereum, BNB, Uniswap, VeChain, Cardano, Bitcoin Cash, Tezos, Litecoin and Chainlink. These pairs make it possible to trade in virtually any cryptocurrency.
Tools for Institutions
Binance.US is useful beyond just the individual trader. For institutions and businesses in need of crypto services, Binance.US has set up “Institutional.” This suite allows any given firm’s accounts to buy, sell and trade crypto. It is designed to meet the standards and regulations that various institutions are subject to regarding financial trades.
Institutional’s users will find built-in tools that cater to their needs including volume-based fees, matching engine endurance and API integrations such as WAPI, REST and WebSocket. Institutions can also take advantage of trading large block size positions through the OTC trading portal.
What Could Binance.US Change?
Binance.US’s limitations stem directly from U.S. financial regulations. In fact, these were why Binance removed its U.S. users in the first place. Unfortunately, this still translates to limited cryptocurrencies in comparison to some other exchange platforms. Users who left Binance lost access to over 200 cryptos during the switch to Binance.US.
There’s also the unfortunate fact that Binance.US is inaccessible in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont. If it hopes to truly become the premier U.S. user crypto trading platform and digital wallet, then finding a way for users to be located in all 50 states is essential.
Binance.US vs. Kraken
Binance.US leads the crypto trading pack with over 50 available cryptos and low fees. But there are other competitors in the field that are worth considering:
|Binance.US||Low fees: 01% trading fee and a 0.5% Instant Buy/Sell fee|
|Kraken||Widest variety of almost 60 cryptos for U.S. traders|
|Coinbase Pro||Streamlined use with simple navigation for beginners|
Who Should Use Binance.US?
Only U.S. Investors can use Binance.US. It is ideal for those who are looking for an all-in-one digital wallet and crypto trading platform that facilitates and promotes pair trading. Binance.US users are looking to cut out conversion to fiat currency like the U.S. dollar. They will value the ease with which crypto conversions occur in the Binance.US app or its browser integration.
Given the wide variety of available cryptocurrencies plus its easy-to-use in-app tools for buying, selling and trading on the fly, we agree that Binance.US is a strong contender in the crypto exchange platform field. Its low fees are enticing for beginning traders looking to start small and build a portfolio.
Here are the answers to some of the most frequently asked questions about Binance.US.
- Can you still use the original Binance in the U.S.?
- Unfortunately, users residing in the U.S. cannot use Binance in the US and comply with rules and regulations. In 2020, U.S. users were directed to move their funds to Binance.US.
- Binance vs. Binance.US: What’s the difference?
- Binance is an international cryptocurrency exchange platform founded by Changpeng Zhao. Due to regulations, its American users were removed and directed to Binance.US. Technically a separate entity run by Catherine Coley, Binance.US follows US regulations to offer similar tools and trade options.
- Is Binance.US a legitimate cryptocurrency exchange?
- Yes, Binance.US follows U.S. regulations on cryptocurrency exchange. It has a Certified Cybersecurity rating of 9.63.
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About the Author
Emily Cahill is a writer with over three years of experience creating digital content. Previous to that, she worked as a freelancer in publishing while attending Trinity College for English/Rhetoric. She specializes in SEO-driven content that highlights the unique properties of a product or service while making them digitally “findable,” particularly for the finance, geek culture, and lifestyle niches.
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