Binance US Exchange Review-An Exchange Perfect For US Citizens?
Binance Team using all its knowledge and tools in developing Binance and making it fabulous over the years. Such experience of Binance helped them in Launching Binance US.
Before we handle the US aspect of things — this Binance US review will need to start with an inquiry of Binance itself.
Binance is a successful crypto exchange that originated in 2017. The title Binance is a combination of two words ‘binary’ and ‘finance.’ Binance simply added the US to Binance US rather than changing the name.
Binance US is an effort to deliver cryptocurrencies to US-based customers.
Binance, the largest cryptocurrency exchanges worldwide, continues to accept US Clients months later after its launch. But to comply with US rules, Binance has to launch Binance US.
Changpeng Zhao and He-Yi co-founded Binance. Zhao made his computer science degree from Canada and gained his crypto experience from Blockchain.info and OKcoin.
After regulators in America began pressing on Binance, They declared the launching of Binance U.S., which complies with US regulations.
Zhao got a tattoo of Binance on his forearm. This is to demonstrate just how dedicated he is to build the ideal crypto trading firm.
Binance US brings the same cutting edge technology and world-class trading services loved by crypto traders globally to US clients under US laws.
Thirty percent of Binance’s traffic in 2018–2019 came from the US, and since the regulations began causing problems, that number fell to 15 percent.
Maybe some US users purchased a VPN to get access to Binance. Still, Binance US registration started in September 2019, making it easier for US residents to access Binance US without any VPN.
Traders were eager to know that how Binance US will compare to Binance.com and along with other popular exchanges such as Coinbase. How Binance US will be working and how US taxpayers citizens would start legally trading on the exchange.
Binance US handled all these questions unusually well by providing high-quality trading services.
Binance US Coverage
Binance.US, based in San Francisco, works with U.S.-registered firm BAM Trading Services as the official partner.
Binance.US is led by Catherine Coley, a former executive in Ripple, and Binance CEO Changpeng Zhao says he doesn’t have an operational function in Binance US.
But still, Binance US connection with the global exchange Binance is powerful enough to be considered its arm.
While Binance US has begun accepting accounts registrations, started trading and deposits/withdrawals of Cryptocurrencies, it still doesn’t cover the entire US marketplace as the following states are excluded from its service.
For more details on US states that are not supported by Binance US, Please visit:
Binance US continuously strives to bring crypto trading to more US states by complying with the state laws. Recently Binance US have expanded their operations to Florida, Georgia, and Alabama.
Binance US Fees
Binance.US introduces a uniform fee schedule. Binance US charges a flat-fee amounting to 0.10 percent per transaction for personal accounts.
To put it differently, the purchase of 1000 USD value of BTC requires 1 USD as trading fees.
The commission schedule for corporate accounts is based on the trading volume.
Binance.US supports desktop and mobile-based net access upon the first launch, guaranteeing the future app version. Now Binance US app has been launched and ready to use. Both android and iOS users can take benefits from the Binance US app.
Binance US ensures accessibility and speed that matches with main Binance’s exchange trading engine that executes around 1,400,000 orders each second.
Binance US Features
- Binance US fees are 0.1% per trade, but 25% less if you hold and pay fees in BNB. Binance fees are significantly less as compared to Coinbase.
- Binance US utilizes similar technologies as Binance.
- Binance US, like Binance, provides exceptional user safety and is continuously innovating.
- Binance US provides even better customer support compared to Binance as customers are highly valued in the US.
- Binance US provides high liquidity for its traders.
- Binance US is extremely fast in processing orders and can process over 1.4 million orders per second.
Binance US Supported Cryptocurrencies
Binance.US supports the following cryptocurrencies, including:
All trading pairs of the crypto coins mentioned above are against USD.
Binance US Account Verifications
On Binance.US, making an account is relatively simple. It includes supplying an individual’s email address and password.
However, doing any action like trading, depositing, or withdrawing on Binance US requires a KYC. Without KYC, you can do nothing in Binance US.
Basic account verification requires users to publish their name, sex, social security number, Date of Birth, and address. Basic account verifications enable deposit and withdrawal of cryptocurrencies only with a daily withdrawal limit amounting to USD 5,000 equal in Crypto.
Advanced account verification requires all documents of basic verifications, plus the user’s US green card, passport, ID card, driver license, and proof of address in the shape of utility bills or bank statements. The daily withdrawal limit for advance accounts is USD 1 million in Crypto.
Fiat account verification needs to submit both basic and advanced verifications and also fill a complete questionnaire.
Depositing fiat in Binance US is supported by two choices. Deposits through an automated clearing house (ACH) or via bank wire.
With a fiat account, users may draw around USD 10,000 using ACH or 1,000,000 USD using a bank wire.
Fiat and Crypto Deposit and Withdraw on Binance.US
Depositing fiat and crypto assets on Binance.US is dependent upon the user account verification level.
Depositing any cryptocurrency is very comfortable and without fees. Binance US charges no fees for depositing cryptocurrencies. However, standard rates apply while depositing fiat currencies into Binance US.
When withdrawing any cryptocurrency, Binance US charges nothing, but you need to pay network fees. In the case of Bitcoin withdrawal, users need to pay network fees of 0.001 BTC per withdrawal.
Binance US Security
Binance US assures the highest level of security to protect its customers. Binance US uses cold wallets, multiple security signatures, and a committed security team that keeps an eye on everyday operations to safeguard from hackers.
Binance US encourages its users to use strong passwords, avoid sharing passwords, not use the same passwords repeatedly, and use password managers.
Telephone calls scams are common, so US users are advised by Binance US never to call numbers that claim to be part of Binance US. Never get any numbers sent on social media and never provided personal info to unknown callers.
Binance US encourages users to retain their funds safe by not sending cryptocurrencies or fiat to anyone on social media or email. Always copy paste cryptocurrency addresses and confirm these addresses more than twice before depositing and withdrawing cryptocurrencies. Always use top-rated trusted wallets to store your crypto assets.
Binance US also makes it obligatory for all US traders to use two-factor authentication. All operations like signing into Binance US account, depositing, and withdrawing require 2FA codes.
Binance US Referral Program
Binance US started its referral program soon after its launch.
Binance US referral program is only for those users that can pass advanced level verifications.
Binance referral is updated in May 2020, and it has replaced previous free monthly trading and sign up bonuses.
According to the new Binance US referral program, the more BNB you hold, the more trading fees you will earn.
If your BNB balance is greater than zero, you will save 25% on your trading fees.
If your balance is less than 500 BNB, you will earn 20% of your referral trading fees along with 25% savings on your fees.
If your balance is greater than 500 BNB, you will earn 40% of your referral trading fees.
For more details on Binance US referral program, please visit: https://www.binance.us/en/blog/429245281322094597/New-BinanceUS-Referral-Program-
Binance US Exchange Vs. Coinbase
The United States has just two outstanding exchanges to pick from Coinbase and Binance.US.
Coinbase was made in 2012 as a primary trading platform. It established its exchange in 2015. Coinbase old name was GDAX and has been renamed to Coinbase Pro in 2018.
Binance barred American users from its worldwide exchange because of its regulatory factors but launched Binance US to serve US traders.
Trading Volume on Exchanges
Coinbase always ranks among the five biggest exchanges by trading volume. Coinbase Pro consistently manages $150–250 million of trading volume daily, based on Coinmarketcap figures.
Binance typically ranks as the biggest exchange of the crypto market, but Binance.US is undoubtedly a lot smaller since it only serves one particular nation. Binance.US regularly manages $20–30 million of trading volume each day, according to Coinmarketcap.
Both exchanges seem to report valid volumes. However, Bitwise found fake volumes on many meaningful exchanges this year. But Binance US and Coinbase are among exchanges that always say accurate trading volume details.
Trading Fees of Exchanges
Exchanges try to offer low fees and high volumes to attract more users. Exchanges also strive to give low fees to high-volume investors.
Binance.US trading charges start at 0.1 percent while Coinbase Pro fees begin at 0.5 percent. Binance US also offers a 25% discount on trading fees if you hold BNB coins. Binance US is cheaper than Coinbase in many regards. Binance US does not charge anything while depositing cryptocurrencies or Fiat currencies.
Liquidity On Both Exchanges
Liquidity is one other means to evaluate exchanges. This is the speed at which a cryptocurrency could be purchased or sold without affecting its price. By expansion, exchanges with higher liquidity can grant quicker trades and prices to users. Trading volumes offer some insight to exchange liquidity, but they aren’t the most direct means to measure it.
Many firms, like the Crypto Watch, measure exchange liquidity. According to the Crypto watch, both Binance US and Coinbase provide superior liquidity. Coinbase being an old and famous exchange of America, tends to have more liquidity than Binance US.
Both exchanges are also trying to enhance their liquidity in technical ways. Binance.US has partnered with the crypto broker Tagomi to onboard more investors and strengthen its liquidity. Meanwhile, Coinbase has altered its fee plans to bring more investors to increase liquidity.
Both exchanges take security incredibly gravely. Safety is the crucial factor of exchange reputation, and you cannot relax on it.
Like other centralized exchanges, Coinbase and Binance.US handle users’ keys, meaning they are accountable for their customers’ funds. Therefore, the two exchanges offer two-factor authentication, FDIC insurance, and follow the most desirable security practices.
Both firms have outstanding track records against hackers. Binance was hacked for $40 million in May 2019, but the business immediately recovered its losses, and not a single Binance user wasn’t affected by the hack.
Coinbase successfully averted a phishing attack in August 2019. Coinbase also fell victim to a severe data leak in 2015, but this didn’t lead to stolen funds.
Binance US and Coinbase try to support as many cryptocurrencies as possible, but before launching any digital assets, they have to comply with US regulations.
Still, Binance US serves more cryptocurrencies for trading than Coinbase. The trading volume and liquidity of crypto assets on Binance US are very reasonable, and traders don’t struck in their trades.
Binance US is offering trading in more than 30 cryptocurrencies. The list is growing every day. To see a complete list of Binance US coins, please visit:
You can see a list of Coinbase pro markets on:
Both exchanges are US-based. Coinbase is serving more US states than Binance US. Coinbase is present in 47 US states, while Binance US serves 31 states.
Both exchanges operate beyond the USA too. Coinbase functions in over 105 countries globally and Binance serve users from more than 200 nations. Binance also has many regional exchanges: Binance Jersey for European citizens, Binance Uganda for Africa users.
Trading Limits of Exchanges
Coinbase provides unlimited trading. They impose no trading limits. Binance.US does impose restrictions on trading like BTC/USD orders can’t be bigger than 3200 BTC. These limits vary per every trading pair.
Coinbase restricts bank transfers around $10,000 daily. Binance.US enables investors to deposit or withdraw up to $1 million per day.
Summary Of Comparison
It’s excellent to decide on an exchange with higher liquidity to take advantage of quicker trading, lower trading prices, and much better overall support. It’s imperative to start looking for an exchange that reports legitimate trading volumes or exchange that has a fantastic reputation for the same reasons.
Binance.US and Coinbase both step up well against these standards. Each exchange appears to report real trading volume, and each seems to have significant liquidity.
Coinbase is much older, serves more US countries, and Offers more significant trading limitations. Binance.US has a more prominent parent firm, lower Fees, and more substantial bank transfer limitations.
Binance.US and Coinbase aren’t perfectly equal, yet they are the best options for US traders in liquidity, trading volume, and trading pairs.
Frequently Asked Questions
How quickly funds become available on Binance US?
Bank wire transfer on Binance US may take a day, while ACH transfers can take one to two days. Cryptocurrencies transfer is fast; crypto transfer usually depends on the coin’s network, but crypto transfer maximum takes 15 minutes to 2 hours. The same is the case with withdrawals. Crypto withdrawal is very fast as compared to bank wire or ACH.
What are the payment methods on Binance US?
Binance US support the following payments methods:
What states are served by Binance US?
After adding Florida, Georgia and Alabama, states Binance US serve every US state except for Hawaii, Idaho, Louisiana, New York, Alaska, Connecticut, North Carolina, Texas, Vermont, and Washington.
How to convert from Binance to Binance USA?
You can quickly transfer funds from Binance to Binance US.
- Go to your binance.com account.
- Go to the Spot wallet.
- From spot wallet, select Withdraw.
- Now go to your Binance US account and copy the corresponding coin address you want to deposit from Binance to Binance US.
- Now just paste that address on binance.com for withdrawal.
- Double-check everything and click on withdraw to transfer funds from Binance to Binance US.
What is the Binance US location?
Binance US is based in San Francisco, California.
BAM Trading Services license the Binance US trading engine. Binance.US functions in acquiescence with its US regulatory necessities. Verification is needed for trading, and there are various verification layers available. Binance.US adopts the industry’s most excellent exercises when securing customer digital assets. User funds are stored by a third-party organization based in Nevada.
Binance US get legal approval from all states before starting any trading services. So Binance US is legal in all the states they are operating because they have obtained legal authorization from state authorities to launch a crypto trading exchange.
Originally published at https://thecryptobasic.com on October 31, 2020.