Binance.US Review 2023: Low-Fee Crypto Trading
Written by
Emily Cahill
Edited by
Amber Barkley
Commitment to Our Readers
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GOBankingRates Score
-
Low Fees
5.0
-
Availability of Cryptocurrencies
4.5
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Availability to U.S. Residents
4.0
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Ease of Crypto Conversions
5.0
Pros
- Continue in the Binance-like ecosystem as a U.S. citizen after being ejected from the official Binance in 2020
- Trade crypto for crypto without needing to convert to real currency
- Trading fee as low as 0.1%
- Access a comparatively high number of cryptocurrency options versus other U.S. platforms
Cons
- Limited access in the U.S. with seven states still excluded
- Reduced crypto options compared to the original Binance platform
Binance.US Overview
Binance.US is a cryptocurrency exchange limited to United States investors, with over 150 cryptocurrencies available for trade, 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.
In late 2020, the 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.
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.
Institutional 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.
Binance.US Features
Here’s an overview of some of the features available when using Binance.US:
Thanks!
Low Fees
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.
Availability of Cryptocurrencies
Currently, Binance.US allows users to trade over 150 digital assets. Though U.S. users still do not have access to all of the 350 plus digital assets on the international Binance website, Binance.US still offers users a large selection of cryptocurrencies and trading pairs.
Availability to U.S. Residents
The original Binance is an international cryptocurrency exchange platform founded by Changpeng Zhao. Due to regulations, its U.S. users were removed and directed to Binance.US. Technically a separate entity run by Catherine Coley, Binance.US follows U.S. regulations to offer similar tools and trade options to U.S. residents.
Unfortunately, Binance.US is inaccessible in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont. If it hopes to truly become the premier U.S. crypto trading platform and digital wallet, then finding a way to serve users in all 50 states is essential.
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.
Ease of Crypto Conversions
As a cryptocurrency exchange platform, Binance.US’s app and browser integration permits 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.
For larger purchases of at least $10,000, Binance uses an over-the-counter trading portal. This block trading portal still permits clients to buy, sell and trade on their own time.
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.
How Binance.US Stands Out
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 several options, including USD coin, tether, binance USD and dai.
Comparable Cryptocurrency Exchange Options
Binance.US is a leader in the crypto trading pack with over 150 available cryptos and low fees. But there are other competitors in the field that are worth considering:
Coinbase
Coinbase is one of the largest exchanges available to U.S. customers, giving them access to over 350 different cryptocurrencies. Fees vary depending on the cryptocurrency and transaction amount, though they are usually higher than those on Binance.
If you use the Coinbase Advanced Trade interface, you can buy cryptocurrencies with a per-transaction fee of 0.6%. Coinbase also allows users to buy a monthly $29.99 subscription to Coinbase One, where members can purchase crypto without any transaction fees.
Kraken
Kraken is another option for U.S. customers, giving them access to over 200 cryptocurrencies. Fees on the Kraken app vary per currency and transaction amount but are lower than those on Coinbase, starting at 0.26% for 30-day transaction volumes below $50,000.
However, users can use the Kraken Pro platform to purchase cryptocurrencies on a tiered per-transaction basis.
How To Apply
To use the Binance.US exchange, you will need to visit the website, click the Sign Up button and follow the site’s instructions to create an account. To become a Binance.US customer you must several requirements, including:
- Be 18 years of age or older.
- Be a legal resident of the U.S.
- Provide a valid ID, such as a U.S. Passport, State Driver’s license or Federal/State-issued ID card.
- Provide a valid Social Security number.
- Provide a valid Proof of Address document, such as a bank or utility statement.
Who Binance.US Is Best For
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.
Final Take
Given the wide variety of available cryptocurrencies and the easy-to-use, in-app tools for buying, selling and trading on the fly, 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.
Binance.US FAQ
Here are the answers to some of the most frequently asked questions about Binance and Binance.US.- Is Binance legal in the USA?
- Unfortunately, users residing in the U.S. cannot use Binance. In 2020, U.S. users were directed to move their funds to Binance.US.
- Does Binance.US report to the IRS?
- Yes – because it is a U.S. entity with U.S. customers, Binance.US is required to report all transactions over a certain amount to the IRS.
- Is it legal to use Binance with a VPN?
- While it may not be illegal to use a VPN to access the international Binance platform, if the exchange catches you, it may lock you out of your account and funds. U.S. customers may not have any protection if they trade with an unregistered exchange outside the U.S.
- How do I buy binance coins in the U.S.?
- You can buy binance coins on the U.S. version of Binance, Binance.US.
Chris Ozarowski contributed to the reporting for this article.
Information is accurate as of May 31, 2023, and is subject to change.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
