Binance.US Review
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Binance.US is a cryptocurrency platform that is regulated for US residents to buy, trade, and sell digital assets such as Bitcoin, Ethereum, and others. It was created following regulatory concerns on its parent company, Binance, which is the most popular and largest crypto exchange by reported trading volumes. This Binance.US review will assess the main features of the platform, the supported cryptos, and currencies, the deposit methods, trading fees, and security.
Our Take
Bottom line:
Binance.US is a useful cryptocurrency exchange for U.S residents with low fees to buy major cryptocurrencies like Bitcoin and Ethereum. Although the U.S. platform supports a lesser number of digital assets, compared to the international Binance Exchange, it offers a wide range of deposit methods to buy crypto and cash out to a bank account.
However, there are unsatisfactory comments from existing customers on third-party outlets like Trustpilot and Reddit. These complaints range from slow log-in via the app and poor response times when a complaint is submitted via email. Moreover, Binance.US is not available in all 50 US states.
Promotion:- Maximum 0.1% trading fee to buy and sell crypto
- Potential to earn passive income via staking Proof-of-Stake (PoS) coins
- Wide range of educational resources for beginners
- Tax statement portal to help prepare crypto tax reports
- Limited selection of cryptocurrencies
- Not available in all US states
- Limited customer support features
Binance.US Overview
Binance.US was established in 2019 and is a subsidiary of Binance and its U.S partner, BAM Management US Holdings. The objective of the platform is to specifically cater to the trading needs of US-based crypto investors. This was a result of the main Binance platform shutting down its operations to US customers due to regulation issues. Binance.US is headquartered in San Francisco, United States. This U.S.-based exchange offers over 130 cryptocurrencies which are limited compared to its parent company.
Notable features of Binance.US include:
- 0.1% flat trading fee, which is lower than most U.S crypto exchanges
- Two user interfaces for beginner and more experienced investors
- A simplified interface geared towards both basic and advanced traders
- A free tax portal that seamlessly integrates with crypto tax software to prepare investors' tax accounts
- Binance.US integrates a blog that features hundreds of content on blockchain technology and crypto assets. This feature can be helpful for crypto beginners
- Availability of crypto staking and rewards for the investor
- Users can use any wallet of choice to store purchases of crypto assets, as there are no limitations.
| Exchange Name | Binance.US |
|---|---|
| Accepted Fiat Currency | US Dollars (USD) |
| Deposit Methods | Debit Card, Wire Transfer, Automated Clearing House (ACH) Bank Deposit, Apple Pay and crypto |
| Cryptocurrencies Available | Bitcoin, Ethereum, Bitcoin Cash & 127 others |
| Trading Markets | Spot exchange, Over-the-Counter (OTC) |
| Trading Fees | 0.1% |
| Fiat Deposit Fees | Fee-free deposits for wire transfer and ACH bank deposits, 4.5% fee for debit card deposits |
| Fiat Withdrawal Fees | Fee-free withdrawals for ACH withdrawals, $15 on domestic withdrawals, $35 on international wire transfers |
| Mobile App | Yes (Android and iOS) |
Review of the Top Features on Binance.US
Multiple Trading Platforms
Binance.US incorporates the same trading technology as the main global platform. Users are provided with two trading platforms: Basic and Advanced trading platforms. The basic platform is suitable for users new to crypto-investing. They can use the platform to quickly buy or sell crypto, get information on an asset’s trade volume, the 24-hour price performance of supported cryptocurrencies, etc.
Meanwhile, the advanced platform is suitable for the more experienced traders in need of more tools to analyze the markets. There are options to trade on the Futures and derivatives or access the earn products such as cryptocurrency staking or the crypto lending and borrowing platform.
OTC Trading Desk
Binance.US integrates an over-the-counter (OTC) Trading Portal which enables U.S residents to trade directly without the use of a public order book listing all the trades. What this means is that trade negotiations are done directly between buyers and sellers on the platform. With this integration, U.S investors can move large sums of trade without disrupting the market. This is useful for high-net-worth individuals only.
Tax Statement Portal
The tax statement portal is a key feature that distinguishes Binance.US from competitors. The portal allows customers to access their crypto transaction history and seamlessly sync their activities with some of the best tax software for cryptos like TaxBit, CoinTracking, and CoinTracker. Binance.US makes reporting crypto taxes straightforward with its tax portal facilities and a good option for US individuals and companies.
The free tax portal utilizes two powerful tools: The tax AI key and the Export Statement tool. These tools help traders generate, export and download their transactional history on the platform. On the other hand, the Tax API key tool sources and shares cryptocurrency transaction data, while the Export Statement tool enables customers to generate, download, and export their transaction history.
Cryptocurrency Staking
Binance.US has introduced an earn product that allows its users to deposit or transfer Proof-of-Stake (PoS) coins to the platform and earn rewards. Staking on Binance.US offers up to 13.5% APY on coins. There are 18 crypto assets that can be staked. For instance, individuals can stake BNB for an estimated yield of 3.5% APY, and also Ethereum which has a reward of 6% APY. The available coins to stake on Binance.US are listed below:
- Audius (AUDIO)
- Avalanche (AVAX)
- Band Protocol (BAND)
- BNB, Cardano (ADA)
- Cosmos (ATOM)
- Ethereum (ETH)
- Livepeer (LPT)
- Near Protocol (NEAR)
- Polkadot (DOT)
- Polygon (MATIC)
- SKALE Network (SKL)
- Solana (SOL)
- The Graph (GRT)
- Threshold Network Token (T)
- VeChain (VET/VTHO)
Overall, the selection of staking coins on Binance.US is very limited when compared to the premium staking platforms in the market and there are also limited options for flexible terms. However, it is a viable option for users to put their assets to work while left on the exchange.
Binance.US Compared to other Exchanges
| Exchange | Crypto Assets | Trading Fees | Rating | Promotion | Website | Review |
|---|---|---|---|---|---|---|
 Kraken | 222 | 0.16% (maker) and 0.26% (taker) | Rating  | None available at this time | Visit Kraken | Kraken Review |
 Coinbase | 241 | 0.4% (maker), 0.6% (taker) | Rating | $5 BTC bonus (USA only) | Visit Coinbase | Coinbase Review |
 eToro | 79 | 1% | Rating | None available at this time | Visit eToro Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB. | eToro Review |
Binance.US Verification Requirements
Binance.US exchange is subject to the regulations within the United States, and therefore requires users to complete a Know-Your-Customer (KYC) verification process. This applies to all newly created accounts to prevent criminal activities like money laundering. This process allows government and financial institutions to track customer accounts' identities in case a crime is committed.
Binance.US verification is divided into two levels: Basic and advanced verification. The entry-level verification process is straightforward and requires few details and minutes to complete. Traders would need to provide their full legal name, Social Security Number (SSN) for verification purposes only, and their current valid address. Once this verification level is completed, traders will have access to some of the best features on Binance.US platform such as:
- USD deposits and withdrawals via bank transfer or debit card.
- Staking crypto assets
- Buy, sell, and convert staking feature
- Crypto seamless deposits and withdrawals
- Advanced trading tools
Advanced verification is for traders who have passed the basic verification process but need more trading tools and features Binance.US offers. This verification requires more documents such as a valid identification card (Driver’s license, Passport, Work Visa, or State I.D) and a selfie photo needed for facial verification. This verification grants access to:
- All Basic verification features, plus;
- Over-the-counter (OTC) trading
- Application programming interface (API) trading
- Increased limits for banks transfer and debit cards
Buying and Trading User Experience
Binance.US integrates with TradingView (a comprehensive charting platform used by top traders globally) to provide state-of-the-art charting features for its users. There is access to transaction history, and real-time pricing to give experienced investors the best tools to trade seamlessly. With this feature, serious crypto traders can easily execute orders at the fairest prices.
Moreover, customers can buy cryptocurrencies directly from the sellers in the OTC trading portal. Investors should note that the OTC trading portal is only available for crypto trades above $10,000. In short, the trading experience on Binance.US is reasonable and covers the basic features to buy and sell crypto. Compared to other trading platforms, the user interface is a little basic and does not include advanced order types like its competitors.
Binance.US Funding & Limits
In terms of funding, the U.S Dollar (USD) is the only supported fiat currency traders can use to fund their Binance.US account. Dollar deposits can be processed by debit card, wire transfer via bank account, automated clearing house (ACH) bank deposit, and Apple Pay. Binance.US does not accept deposits via credit cards. As for the limits, Binance.US allows verified customers to withdraw funds up to $1,000,000 daily via wire transfer.
Supported Coins
Binance.US has an extensive list of the most popular cryptocurrency assets which can be bought and sold using the instant convert feature, or traded on the advanced platform. There are over 140 cryptocurrencies which include all the majors such as Bitcoin, Ethereum, XRP, Tether and Cardano. Investors in the US can also buy Binance Coin, which is the native token of the exchange. For traders, the supported coins have pairings against USDT and BTC which gives the flexibility to swap between assets.
Binance.US Fees
Trading Fees
Binance.US trading fees structure makes the platform appealing to retail and institutional investors. The U.S exchange fee uses a maker-and-taker fee model, ranging from 0% to 0.1%. There are zero trading fees for Tier 0 pairs regardless of the trading volume which includes BTC/BUSD, BTC/USD, BTC/USDC and BTC/USDT. This makes Binance.US one of the cheapest Bitcoin exchanges in the USA. For other tiers, the fees start from 0.1% / 0.2%. Users that own the platform’s native token - Binance Coin (BNB), can receive an automatic discount of 25% on all trading fees.
Related: Best places to buy Bitcoin with zero fees.
Deposit Fees
Although Binance.US offers very low trading fees, there is a 4.5% fee for debit card transfers, which is relatively high compared to other cryptocurrency exchanges like eToro (which offers free card deposits). To streamline deposit costs, customers can opt for charge-free automated clearing house (ACH) and wire transfer deposits.
Withdrawal Fees
Binance.US has fee-free ACH withdrawals for US dollars. However, wire transfer withdrawals come with a $15 fee for domestic transfers and $35 for international transfers. The withdrawal fees are quite comparable to Coinbase and FTX.US.
Binance.US Mobile App
Binance.US has a mobile app that can be downloaded on iOS and Android devices via Google Play and Apple App store respectively. The app permits access to all features of Binance.US on the go via a modern mobile application. Customers can buy, sell, and trade top cryptocurrencies with U.S dollars anytime.
Apart from trading, the Binance.US app features a stellar range of features like faster and easier log-in via QR-code scanner, home page customization, Binance Earn/staking integration, real-time view of transactions, and 24/7 customer support.
Binance.US Security
Binance.US is a reputable and trusted crypto platform that uses highly rated security features. The exchange has never been hacked since it was founded and relies on standard security practices like facial recognition, FDIC insurance cover, wallet address whitelisting, and multi-factor authentication. Moreover, Binance.US has partnered with a trusted and seamless crypto wallet: Trust Wallet. This wallet is encrypted and highly secured, enabling users to store their crypto assets without fear. For more information, read our full Trust Wallet review.
Customer Support
Binance.US customer support can only be contacted via direct email. There is no live chatbot or ticket system in place. In short, the reputation of the Binance.US service is poor, with several comments in public forums complaining of slow response times to queries.
Frequently Asked Questions
Although Binance.US provides lower trading fees and comprehensive crypto content to aid seamless cryptocurrency trading, users with zero or little knowledge about the crypto market may find the platform complex. Although, beginners can get acquainted easily by leveraging the educational content for a better understanding of the platform.
Binance.US is a trusted platform that features industry-standard security measures to protect users’ funds and personal data. The U.S exchange keeps the majority of customers’ funds in cold storage; this means that funds are stored in secured wallets that are never connected to the internet. As a result, internet hacks and theft are prevented.
Binance.US and Coinbase are both reputable and popular cryptocurrency exchanges. Both provide excellent trading functionalities. However, Binance.US may be better for traders already familiar with crypto trading and investment options. Coinbase may be best suited for convenient and easy trading for crypto beginners. Overall this is based on user preference.
Final Verdict and Rating
To conclude this review, Binance.US will appeal more to experienced and high-volume traders in the USA due to its low trading fee structure and advanced trading features. Those with little experience can still leverage the platform’s comprehensive educational resources about cryptocurrencies. However, individuals that want access to wider features such as margin and derivatives trading, earning interest, DeFi liquidity pools, and demo trading should look elsewhere.
Binance.US offers low fees and a relatively limited range of cryptocurrencies compared to other U.S. platforms that provide additional services like advanced trading tools like margin or futures trading. Overall, Binance.US is a great platform for American investors looking to trade and invest in cryptocurrencies in one place.
| Review Criteria | HedgewithCrypto Rating |
|---|---|
| Features | 4.5 / 5 |
| Supported Fiat and Deposit Methods | 4.2 / 5 |
| Supported Crypto & Trading Pairs | 3.7 / 5 |
| Fees | 4.4 / 5 |
| Ease of Use | 4.8 / 5 |
| Customer support | 4.2 / 5 |
| Security Measures | 4.9 / 5 |
| Mobile App | 4.5 / 5 |
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