Binance.US has reduced trading costs and a larger assortment of cryptocurrencies than other exchanges, but not as much as its parent site.
Where Binance US shines
Explained below are the distinguishing features of Binance US
Low fees
Binance’s trading charge of 0.1 percent is cheaper than that of several other US exchanges.
Trade execution
Binance is famed for its lightning-fast trading. Changpeng Zhao, the company’s creator, built a software system for matching orders for high-speed traders before launching Binance in China in 2017.
Crypto selection
While it does not have as many cryptocurrencies or crypto-to-crypto trading pairs as its parent firm, Binance.US nevertheless has a larger assortment of over 60 cryptocurrencies than many other US exchanges.
Where Binance US falls short
Binance US despite its amazing features has some shortfalls, they are:
Accessibility
Binance US isn’t available in all 50 states.
Regulatory issues
Binance, the parent business, has moved operations from China to Japan due to legal concerns and controversies in some nations; at a May 2020 tech conference, founder Changpeng Zhao claimed the parent company doesn’t have a headquarters because “Bitcoin doesn’t have an office.”
More details about Binance US’s ratings
Some more details of Binance US are given below
Minimum trade
Binance.US has a minimum trade of $10.
Trading and transaction fees
Binance.US has a flat 0.1 percent spot trading fee, which is lower than many other US exchanges, such as eToro (around 0.75 percent for Bitcoin trades) and Coinbase (0.5 percent for trading fees plus a flat price of up to $2.99 per trade, depending on trade amount). Binance. The US also imposes a 0.5 percent Instant Buy/Sell fee on traders who are in a rush.
Unlike its global brokerage, Binance, Binance charges an extra 4.5 percent for debit card transfers.
Credit card purchases are not allowed in the United States). Cash deposits and withdrawals made through ACH bank transfers are free, but bank wire transfers cost $15 per transaction. The fees for cryptocurrency withdrawals vary by cryptocurrency; for example, Bitcoin withdrawals cost 0.0005% of the total value, with a minimum withdrawal amount of 0.001 bitcoin.
Number of cryptocurrencies
Binance US allows users to buy and sell approximately 60 different cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Chainlink, Dogecoin, and other well-known digital coins.
Crypto-to-crypto trading pairs
Cardano (ADA), Bitcoin Cash (BCH), Binance Coin (BNB), Ethereum (ETH), Chainlink (LINK), Litecoin (LTC), Uniswap (UNI), VeChain (VET), and Tezos(XTZ) are among the almost 60 crypto-to-crypto trading pairings now available in the Binance. The US. Tether and Binance USD, Binance’s stablecoin ($1 BUSD always equals $1), can be traded for a variety of different cryptocurrencies.
Digital wallet options and security
Trust Wallet is Binance’s official wallet, a free app for storing cryptocurrency that has received high ratings on Google Play and App Store. Users, on the other hand, are free to use any cryptocurrency wallet they want.
There have been no known breaches at Binance.US, however, hackers stole 7,000 bitcoins worth $40 million from the global Binance site in 2019. Users that were harmed were compensated in full, according to the business.
All U.S. dollar deposits at Binance.US are maintained in custodial bank accounts and are protected by the Federal Deposit Insurance Corporation for up to $250,000 in the event of a bank collapse. However, unlike stock brokerages, cryptocurrency exchanges such as Binance.US are not covered by the Securities Investor Protection Corporation, which insures investors up to $500,000 in total cash and securities losses if the brokerage goes bankrupt, trades are done wrong, or the money is stolen.
Mobile app
Binance.US updated its mobile app in December 2020, adding live price tracking, the option to automate regular purchases, and additional configurable features. Much of the functionality of the desktop site is replicated in the mobile app.
Customer support options
Email is the only way to contact Binance customer service.
Other features you should know
There are other not-too-prominent features you should be aware of
Peer-to-peer trading
The OTC gateway of Binance.US allows buyers and sellers to trade directly. There are no transaction fees, but users are paid the difference between what they buy and what they sell for. In addition, the minimum trade value is quite hefty, at $10,000.
Three trading platforms
Binance.US uses the same technology as the worldwide platform and offers three trading platforms for peer-to-peer trading: Basic, Advanced, and OTC. New users should start on Binance. basic US’s trading interface, which will nevertheless provide experienced traders with information such as spot price, 24-hour price performance, and trading volume.
Even the basic platform may be too much firepower for the newly crypto inquisitive. If you merely want to buy bitcoins, you can skip the exchange and buy them straight from the website. After your account has been validated, all you have to do now is enter the number of bitcoins or dollars you want to spend.
Is Binance US right for you
Binance.US offers a diverse range of cryptocurrencies with one of the lowest trading fees among cryptocurrency exchanges. The popular global site offers the same trading interface as the US site, albeit with a smaller variety of cryptocurrencies and crypto-to-crypto trading pairs.
Understand that investing in cryptocurrencies like Bitcoin is very risky and known for its volatility, no matter where you buy it. It’s a good rule of thumb to never invest more than you can afford to lose.
