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Is Binance.US right for you?
Formed in 2019 by Binance and BAM Trading Services, Inc., Binance.US is an online cryptocurrency marketplace offering trading for individuals and institutions based in the US. The investment platform currently supports Bitcoin and more than 50 other cryptocurrencies.
Binance also offers crypto trading pairs (virtual assets that traders can exchange for each other), staking rewards, secure storage, over-the-counter (OTC) trading, and more.
But the investment app also has a few limitations. You currently can’t use Binance.US if you’re a resident of Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont. In addition, unlike exchanges like Kraken, Binance.US doesn’t offer margin accounts or futures trading. Keep reading to see if Binance.US is right for you.
How does Binance.US compare?
Binance, Webull, and Kraken all offer cryptocurrency trading for assets like bitcoin, ethereum, litecoin, and dogecoin. However, the three investment platforms have very different features, and you’ll find more or less crypto options, depending on which company you choose.
If you’re solely set on trading crypto, Binance.US and Kraken are the best options. Both offer staking rewards, services for individuals and institutions, and dozens of cryptocurrencies. But Webull is a better fit for those who want to trade stocks, cryptocurrencies, ETFs, and options all under the same roof.
Ways to invest with Binance.US
Binance offers a range of investment options for retail and institutional crypto traders. Among these are recurring buys (an automated feature that lets you invest on a set schedule), Stablecoins (virtual assets that are backed by US dollars), crypto trading pairs, OTC trading, and staking rewards.
Fees and rewards
Binance’s staking features allow you to earn rewards for holding crypto assets for a set period of time. For instance, if you were to hold a minimum of 20 QTUM, you’d earn an annual reward ranging from 1-2%.
When it comes to management fees, you can place a regular trade and incur a 0.1% spot fee, or you can have your order executed immediately by paying 0.5% for an instant buy/sell transaction.
The method you choose for funding your account also affects how much you’ll pay for securities. While ACH transfers and wires have a $0 deposit fee, you’d have to pay an extra 4.5% if you used a debit card.
Cryptocurrency trading pairs
Binance also prides itself on its offering of cryptocurrency trading pairs. Trading pairs are two crypto assets that can be exchanged for one another. In other words, you can use these pairs to compare each asset’s value and determine if makes sense to trade one for the other.
For instance, both the Ethereum/Bitcoin and Litecoin/Bitcoin trading pairs are available on Binance.US (see a complete list of eligible trading pairs here).
Institutional clients
The crypto exchange offers a variety of services for institutions. These offerings — which mainly apply to market makers, proprietary traders, algorithmic traders, hedge funds, family offices, and high-net-worth clients — include an OTC trading portal, institutional monthly staking rewards, and 24/7 customer support.
Institutional clients can also utilize a Websocket feed that provides real-time market data, and the exchange’s trading API lets you take advantage of programmatic trading bots, according to Binance.US.
Binance.US also says it offers storage for crypto and USD assets. In fact, the exchange has received a 9.74 rating in cybersecurity from the CER crypto exchanges ranking platform.
The Binance mobile app is available for iOS and Android devices.
Is Binance.US trustworthy?
The Better Business Bureau has given Binance a B- since more than 1,000 complaints have been filed against the company (it also attributes this rating to the length of time the exchange has been in business). BBB grade ratings usually range from A+ to F, and the bureau says it also considers a number of other factors when evaluating companies.
These include time in business, type of business, complaint history with BBB, licensing and government actions, advertising issues, and business practices. But be sure to conduct your own research as well, since the BBB says its ratings don’t guarantee a company’s reliability or performance.
Binance.US has closed nearly 1,020 complaints in the last 12 months, according to BBB data.
Rickie Houston, CEPF
Wealth-Building Reporter
Rickie Houston is a wealth-building reporter for Business Insider, tasked with covering brokerage products, investment apps, online advisor services, cryptocurrency exchanges, and other wealth-building financial products. He is also a Certified Educator in Personal Finance (CEPF). Previously, Rickie worked as a personal finance writer at SmartAsset, focusing on retirement, investing, taxes, and banking topics. He’s contributed to stories published in the Boston Globe, and his work has also been featured in Yahoo News. He graduated from Boston University, where he contributed as a staff writer and sports editor for Boston University News Service. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
