Binance US Review
Binance is one of the largest and most well-known cryptocurrency exchanges in the world. The
company operates in over 180 countries globally and offers some very impressive features to its
users.
Unfortunately, Binance decided to ban US users from using the service for fear of future regulatory action by the American government. To fill the void left by the company’s departure from the US, Binance created a US-based version of itself under different ownership.
Who is BinanceUS?
The company behind Binance.US is BAM Trading Services, and it utilizes Binance tech to run its platform. There are many things about the two versions of Binance that are the same, including the stability, speed, reliability, and wide selection of available currency pairs. However, as Binance.US is a relative newcomer to the scene, it lacks many of the advanced features that the original Binance is known for. Still, it is a solid platform, offering traders of varying experience levels plenty of options to choose from.
Products and Services
Binance.US offers several services to its userbase. Traders can buy, sell, and hold cryptocurrencies in the connected wallet app, use advanced charting tools and trade types to execute trades, and stake their tokens for interest. Binance.US also offers OTC options for large transactions, and traders can take advantage an impressive selection of coins.
In addition to its trading products and tools, Binance.US also offers educational content in the form of a well-developed blog and detailed FAQ section to answer any questions that traders may have. Answers to questions of all kinds are easy to find and complete.
Wallet
The wallet is where all user assets are stored. Traders can send and receive cryptocurrencies and USD from within the app. Functionally, the wallet behaves the same way any other digital asset would. The wallet platform provides a clear address with QR code for easy access to the specific wallets.
For every currency option available on Binance.US, users receive a dedicated wallet address which lives in the wallet. To use the wallet, users simple select the crypto they would like to purchase, send, or receive, and then follow the on-screen instructions to complete the transfer.
It is important to note that withdrawals of nearly every available coin come with a small withdrawal fee
Staking
Traders at Binance.US can stake various coins to earn APY rewards. The list of available staking coins is always changing but some of the more popular options include, ALGO, ATOM, XTZ, and ONE.
To stake coins on Binance.US, there is a minimum number of coins that must be staked for earnings to trigger. Average possible APY rates for staking are around 6%, with lows at 2% and highs at 10%.
Open Binance US Account
Open Binance Account
Markets Selection
As already mentioned, the market selection at Binance.Us is quite broad, though it does a lack a little where pair combinations are concerned.
Whether on the ‘Basic’ trading platform or the ‘Advanced’, traders should choose their markets from predetermined lists. Though there are a lot of them, it is not possible to mix and match as you please. A somewhat annoying issue for traders who like to experiment with their own crypto pairs trading ideas.
The trade selection is broken into categories: USD and Stablecoins make up the two primary lists and are paired with every available coin on the platform.
To trade between crypto pairs, traders are limited to the following:
- ETH/BTC
- VET/BTC
- XTZ/BTC
- ADA/BTC
- LTC/BTC
- LINK/BTC
- BNB/BTC
- BCH/BTC
- UNI/BTC
Discounted trading
One very nice feature that Binance.US offers was a fan favorite for US users on the main Binance platform. That is a 25% reduction of trading fees if fees are charged to Binance’s own cryptocurrency, BNB, instead of the currency (coin) being traded. While it may not seem like a big deal to some, trading fees add up very quickly when day trading cryptocurrencies. 25% off can make a big difference over time.
Referral Program
The referral program at Binance.US is another nice feature that traders will likely be attracted to. After passing some ID verification steps and signing a referral program agreement, users are given a referral code which they can share out in any way that they wish.
For each referral, traders earn a percentage of the trading fees incurred from the referral’s trades.
BNB plays an important role in the referral program. As it is the Binance cryptocurrency, the exchange encourages hodl’ing wherever possible. In this case, it pays.
When users hold more than 0 BNBs in their wallets, they get the 25% discount on trading fees. Holding less than 500 BNB ensures that traders earn 20% of the trading fees from all trading activity from their referrals. Holding more than 500 BNB ups the 20% of trading fees to 40%.
Open Binance US Account
Open Binance Account
Trading
Trading options at Binance.US provide investors with quite a few options and should appease a wide variety of trading styles and preferences. Trading on the mobile platform is clean, simple, and snappy which is great. Trading on desktop comes in a few different flavors, each directed at a different set of expectations.
Desktop
Trading on the desktop platform at Binance.US, users can choose the simple ‘Convert’ option found under the ‘Buy Crypto’ tab or they can choose between two web-based trading platforms. To select the preferred platform, traders simply choose between ‘Basic’, and ‘Advanced’ found under the ‘Trade’ tab.
The Buy Crypto option is the simplest form of trading traders can do on the platform. Coins are chosen, a market price is determined, and a convert button is pushed to complete the transaction. The two other options are more complex, and surprisingly similar.
Both of the trading platforms feature a TradingView-powered charting experience with basic functionality. Both feature market depth and time of sale, and both also make market selection clear and simple.
The main differences between the two platforms are additional charting options (still limited but should be fine for most) and OCO orders on the Advanced platform. The Advanced chart also allows for deposits and withdrawals right from the trading platform.
Mobile
Many traders will use the mobile app and for good reason. The wallet, access to the complete selection of coins, and user friendly trading options make the mobile platform quite attractive.
Traders will like the fact that there are two levels of charting available on mobile, depth of market, order book functionality, and trade history worked seamlessly into the mobile interface.
Deposits and Withdrawals
Making deposits and withdrawals on the platform is very similar to what you would find at most other exchanges. USD can be deposited via wire transfer or ACH for free. Deposits made with debit cards incur a fee of 4.5% for deposits.
A faster method of funding a Binance.US account, and often less expensive, is to transfer cryptocurrencies in from another wallet or exchange.
Withdrawals are bit complex, and users should note some special rules that Binance.US maintains. The first thing to understand about withdrawals at Binance.US is that the level of verification will dictate what and how much can be withdrawn.
Basic verification -> $5K in crypto allowed for withdrawal.
Advanced verification -> $1m in crypto allowed for withdrawal.
Fiat account verification -> $5K allowed per ACH transfer & $1m allowed per wire transfer
Pros and Cons
Traders at Binance.US will have many different impressions based on their level of experience, preferences, and expectations. As a broker and an exchange, Binance.US provides a solid experience that traders can depend on. When compared to the original Binance, the number of available services, promotions, and products leaves a lot to be desired. That said, it is likely that additional features will be added which is a fact that would close the gap. Here are some pros and cons to keep in mind when making your decision.
| Pros | Cons |
|---|
| Great selection of tradable coins | Lack of coin pair customization |
| Accessible trading options | Limited charting |
| Attractive promotions | No margin trading |
| Dependable platform | No crypto-backed lending program |
| Solid mobile platform | |
Recommendation
For traders looking for a cryptocurrency exchange that ticks all the most sought-after boxes,
Binance.US is a great choice. The user-friendly trading tools, advanced charting availability,
promotions, and low trading fees all come together to create a well rounding experience.
The mobile platform is crafted nicely and gives traders a chance to stay active in the markets while on the go. The only real downsides relate to the fact that the exchange still feels young, despite carrying the name of the biggest exchange in the world.
Open Binance US Account
Open Binance Account
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