Binance US

Written By
Deniz Saat
Reviewed By

Explore the leading cryptocurrency exchange platform Binance US. Binance brings the world-class trading services of its parent platform to the US. Buy, sell, and trade currencies with this highly secure exchange.

Overview

Low fees.

Flexible payment options.

Excellent customer support.

Overall Rating
  • Features
  • Ease of Use
  • Payment Options
  • Fees
  • Security

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Who Are They?FeaturesCurrencies SupportedPayment MethodsSupported CountriesFees and Buying LimitsCustomer Reviews
Is 
Binance US
 Safe? 
ProsConsFAQ

Who are they?

Binance US is the American branch of the global cryptocurrency exchange - Binance. It was launched in September 2019 as a secure marketplace for trading digital assets (cryptocurrencies) for US-based customers. Changpeng Zhao, the creator of Binance, instituted Binance US after a regulatory ban was placed on the former as it was not a US company. Catherine Coley is the CEO of Binance US, and the company is headquartered in San Francisco, California. Binance US is operated very much like its “parent” platform- Binance, in terms of technology and specifications. Therefore it brings all the cutting-edge technology and world-class trading services to US customers while staying in compliance with US regulations. Binance US is believed to be a fast, safe, and reliable platform to buy, sell, and exchange cryptocurrencies.

Features

Binance US functions like any other exchange; it offers popular services like buying, selling, and trading cryptocurrencies. High liquidity and low transaction fees are some of the features offered by Binance US. Buyers can also use credit or debit cards to buy cryptocurrencies. Initially, the exchange did not have transaction fees in order to attract more users to the platform.

  • Binance Coin (BNB): Binance Coin is the native asset of Binance and is used for paying transaction fees on the exchange. Holders of the BNB token also enjoy many privileges on the exchange such as: discounted rates, voting rights, and access to exclusive events.
  • Staking: Staking allows users to deposit their token holdings and earn income by receiving staking rewards. Binance US allows the staking of coins like Algorand (ALGO), Cosmos (ATOM), and Tezos (XTZ) - the latest coin to be staked.

Cryptocurrencies

  1. Bitcoin (BTC)
  2. Binance Coin (BNB)
  3. Ethereum (ETH)
  4. Ripple (XRP)
  5. Litecoin (LTC)
  6. TrueUSD (TUSD)
  7. Tether (USDT)
  8. Chainlink (LINK)
  9. Stellar Lumens (XLM)
  10. Polkadot (DOT)

Fiat Currencies

US Dollar (USD)

Payment Methods

  1. Bank transfers
  2. Cryptocurrencies
  3. Debit/Credit Card
  4. Wire transfer

Supported Countries

Binance US is based in San Francisco and was created for exclusively serving US-based customers. Other countries may use Binance instead, the parent platform for buying, selling, and trading cryptocurrencies. Binance US is available everywhere in the US except for the following states:


❌ Alaska

❌ Connecticut

❌ Hawaii

❌ Idaho

❌ Louisiana

❌ New York

❌ North Carolina

❌ Texas

❌  Vermont

❌ Washington

Fees and Buying Limits

  1. Binance US initially kept the trading fees at zero for all supported trading pairs. It was part of the company’s efforts to get a broader adoption of cryptocurrencies.
  2. It later introduced a flat-fee of 0.1% for trading and this is the current transaction fee.  
  3. The transaction fee for corporate accounts are based on their trading volume.
  4. There are no deposit fees, but a withdrawal fee is applicable based on network charges.
  5. A user may deposit up to $7,500,000 through bank transfers. Binance US won't charge a fee while the user’s bank may charge a fee.
  6. There are two levels of limits on Binance US - Level 1 accounts may withdraw a maximum of 2 BTC within 24 hours. Verified level 2 accounts may withdraw up to 100 BTC within 24 hours.

Customer Reviews

“Binance US is still a work in progress. The exchange has significantly fewer crypto assets listed compared to Binance.com. That being stated, Blockfer recommends Binance US for American users. We expect the platform to continue to improve as more trading features and new assets are listed.” - www.blockfer.com

“Binance US offers even better customer service than the original. It’s based in the US, after all, where “the customer is always right.” - www.cryptomaniaks.com

“We expect Binance US to provide a solid support experience, following in the footsteps of the original exchange. Most issues seem to be fixed on the original Binance platform within 24 hours using their support ticketing system. If anything falls through there, a simple inquiry via one of their social media pages will tend to get it sorted!” - www.bitcoinprice.com

Is 

Binance US

 safe? 

Binance US takes stringent measures to protect users from theft and hacking. It attributes the highest priority to security policy as followed by the parent company - Binance. It responded promptly to fight a major hack attempt in 2019 and overcame the setback with no loss to the customers. Binance US follows the regulations and rules followed by regulated exchanges, making it a safe choice for customers across the US.

Pros of 

Binance US

  • The blockchain-powered exchange platform processes 1.4 million orders per second.
  • Low transaction fees at 0.1%.
  • The dedicated native token, Binance Coin, helps to reduce fees even further.
  • High liquidity.
  • Safe and secure exchange.
  • Great customer support.

Cons of 

Binance US

  • It does not offer services to all US states but is working on licensing with these states.
  • Limited coin options compared to Binance, which offers more than 150 trading pairs of cryptocurrencies.

FAQ

1. Is Binance US safe?

Binance US is considered to be a safe exchange due to its multi-tiered security. It follows the same security procedures followed by the parent exchange.

2. Is verification mandatory for Binance US?

Earlier, one could withdraw up to 2 BTC without any verification. However, the updated policy requires a two- factor verification at the registration phase. It is carried across every action in the platform, be it depositing, trading, or even changing a password.

3. Can a user transfer their account from Binance to Binance US?

‍Yes, users can transfer assets from one Binance account to another without any block confirmations and no transfer fees. Transferring money between accounts is instant, while withdrawals are done through the ‘withdraw’ tab, like any other cryptocurrency exchange.

4. Is there a Binance US app?

Yes, there is a dedicated Binance US app for Android and iOS users.

5. What is the verification process for Binance US?

Basic Verification: This is for crypto (USDT) trading only and has a daily withdrawal limit equivalent to 5000 USD. This requires no document; only basic personal details need to be entered. Advanced Verification: This is for crypto (USDT) trading only with a withdrawal limit of 1 million USD equivalent daily. One needs to complete basic verification and then upload the supporting identification documents.Fiat Verification: This is for USD deposits and withdrawals. One needs to fill out an online form and submit it for verification.

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WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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