Binance.US Review: A Low-Fee Exchange for U.S. Investors
Binance.US is a popular cryptocurrency exchange with low fees and a solid range of cryptocurrencies. On the downside, it’s not licensed to operate in every U.S. state, and its parent company is working to become more regulation-friendly. Read our full Binance.US review to find out if this is the right crypto exchange for you.
Full Binance.US review
This cryptocurrency exchange is a good fit for: Experienced traders who value low fees above all else.
Pros
- Low fees
- Solid list of cryptocurrencies
- Potential to earn passive income
- Specific product for institutional investor
Cons
- Limited features compared to international site
- Regulatory concerns
- Does not accept credit card deposits
- Not available in every U.S. state
- No customer support by phone
Top perks
Low fees
One of the biggest attractions of Binance and Binance.US is their low fee structure. Traders pay a maximum 0.1% maker/taker fee, which is extremely competitive compared to other platforms. Another advantage is that many of Binance.US’s cryptocurrencies can be bought directly with U.S. dollars. So there’s no need to pay two sets of fees to convert dollars into a stablecoin, then use the stablecoin to buy the crypto you want.
Solid list of cryptocurrencies
Binance.US has over 60 cryptocurrencies on its platform. This isn’t the best selection — some platforms list over 100 coins and tokens. But it’s also far from the worst, as there are platforms that only let you buy Bitcoin (BTC).
Ways to earn passive income
Binance.US allows users to stake a limited number of coins on its platform. Staking involves tying up your coins for a set period of time to earn rewards. Some cryptocurrencies rely on staking as a way to validate new transactions and keep the network secure. Staking is different from lend-earn products, in which platforms actually lend out your assets and pay you interest.
How Binance.US works
Binance launched Binance.US to ensure it had a cryptocurrency trading exchange that’s compliant with U.S. regulations. Users can buy, sell, trade, and stake cryptocurrencies on the platform. It is available on desktop and mobile devices, and aims to meet the needs of all users, no matter their crypto experience.
- Beginner investors: New crypto investors can enter the dollar amount they want to spend, and immediately purchase cryptocurrency. The platform also lets users set up recurring buys for those who want to pursue a dollar cost averaging investment strategy.
- Experienced traders: Experienced traders can use its advanced trading platform. The charting tools, live order books, and ability to set limit orders and stop-limit orders will appeal to advanced crypto investors.
- Institutional investors. Binance.US has a VIP team to help institutional investors. This includes an OTC trading portal, 24/7 support, real-time data, and lower fees.
Binance.US has a custodial wallet, so customers can leave their assets on the platform. However, many investors prefer to move funds to an external wallet they control. Binance.US suggests customers use its partner, Trust Wallet, which supports thousands of assets. But users can also easily withdraw funds to other crypto wallets.
Fees overview
Binance.US charges three types of fees: deposit, withdrawal, and trading. These vary depending on how you deposit money, your monthly trading volume, and what crypto you withdraw.
Deposit and withdrawal fees
Binance.US’s deposit and withdrawal fees are roughly in line with those of other cryptocurrency exchanges. Some platforms make it cheaper to deposit money by debit card, and Gemini stands out with its limited number of free monthly withdrawals. Here’s how Binance’s fees break down:
Fiat fees
Crypto fees
Crypto deposits are usually free, and withdrawal fees vary considerably, depending on the crypto. For example, it costs 0.01 ALGO (around $0.20) to withdraw Algorand, but 0.0045 ETH (around $17) to withdraw Ethereum to an ERC-20 network. Other exchanges have similar structures.
Trading fees
Binance.US has an instant “Buy Crypto” feature that lets beginner investors convert dollars into cryptocurrency. This carries a straight 0.5% fee. Traders who use its advanced platform pay a lower maker/taker fee, as shown below.
Binance gives a 25% discount on trading fees to customers who pay in its utility token, Binance Coin (BNB). Fees are also lower for high-volume traders who hold large amounts of BNB.
Let’s say you’re a low-volume crypto trader who wants to buy $300 worth of Bitcoin (BTC). You deposit the funds by bank transfer for free and trade on its advanced platform. In this example, you pay $0.30 in trading fees.
Maker/taker fee
Cryptocurrency selection
Binance.US may not have as many available cryptocurrencies as its international parent, but it still has a strong list of coins. It trades over 60 cryptocurrencies, many of which can be bought directly with U.S. dollars. These include many of the top-20 cryptos, such as Bitcoin, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA).
LEARN MORE: Cryptocurrency Availability: Where Can You Buy Your Favorite Tokens?.
Binance.US also allows you to stake a handful of cryptos. Staking involves tying your coins up for a set period of time to contribute to the network’s security, and earning rewards in the process. Binance.US pays between 0.5% and 6% in rewards on staked coins.
Is your cryptocurrency safe with Binance.US?
The main Binance platform has several of the security features we look for on cryptocurrency platforms.
- Binance keeps the majority of its assets offline in cold storage.
- Binance keeps 10% of all trading fees in a secure fund to refund users if there is a security breach.
However, it is not clear whether these measures also apply to Binance.US. One would assume so, but it would be helpful to find a security-specific page on the Binance.US platform. Binance.US does offer user-level security features such as two-factor authentication (2FA).
Security-conscious investors may also be concerned by Binance’s difficult relationship with various regulators around the world. Binance has hired more compliance staff and upped its efforts to stay on the right side of regulators, but it remains a potential issue for customers.
Most notably, U.S. authorities are investigating Binance for money laundering, tax evasion, and possible insider trading — though no charges have been brought, and Binance denies any wrongdoing. Binance.US is not directly implicated, but any actions taken against Binance will have a knock-on effect.
All cryptocurrency investments carry risk, as these are relatively new and unregulated assets. There are no guarantees, but compliance-conscious platforms may have more investor protection, and so may slightly lessen the risks involved.
Binance.US is right for you if:
- You’re looking for a low-fee crypto trading platform.
- You want to stake certain cryptos to earn interest.
- You’re an experienced trader who wants to access advanced tools.
You can join Binance US from this Link: https://accounts.binance.com/en/register?ref=54477361
