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Binance.US review
Binance.US is a popular cryptocurrency exchange with low fees and a large selection of altcoins.
- Good for USD to cryptocurrency trades at competitive rates.
- Not so great for cryptocurrency variety.
Check out our full list of pros and cons or read on.
1
Fiat currencies
110
Cryptocurrencies
Details
| Product Name | Binance.US Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | USD |
| Cryptocurrencies | BTC, DAI, MKR, ADA, XLM, BCH, ZIL, LTC, NEO, & 90+ more |
| Deposit Methods |
Bank transfer (ACH) Bank transfer Cryptocurrency Debit card Wire transfer |
| Trading Fee |
0.1% |
| Deposit Fees | None. Network fees apply for crypto deposits |
| Withdrawal Fees |
Crypto: Network fees apply Wire: $15 |
What is Binance.US?
Binance is among the largest cryptocurrency exchanges in existence. Currently experiencing more than $2 billion per day in trade volume, the platform has grown considerably since its launch in 2017.
In 2019, regulations within the United States forced Binance to create an alternative for the country’s customers. The result was Binance.US, which is run by BAM Trading Services with licenses from the original Binance platform. This review covers everything you need to know about the US focused version of the cryptocurrency exchange.
- If this is your first exchange. The platform’s selection of cryptocurrencies and low trading fees make Binance.US a good choice. Getting used to the platform’s advanced features may take some time, however.
- If you’re switching exchanges. The advanced trading features found on Binance.US may represent a step up from your last exchange. However, if you’ve grown accustomed to your platform’s solid customer support features, you may be disappointed with Binance.US.
Pros and cons of Binance.US
Pros
- Large selection of cryptocurrencies
- Abundant trading pairs
- “Low” trading fees ( < .1%)
Cons
- Slow customer service
- History of regulatory issues
- Not available in all states
Verdict: Is Binance.US any good?
Binance.US is probably best known for its large selection of altcoins and low trading fees. The exchange also features the company’s flagship cryptocurrency, Binance Coin (BNB), which can be used to lower trading fees even further when activated on the platform.
Nevertheless, slow customer service and a series of regulatory issues currently hinder the exchange from serving all 50 states. These factors should be taken into consideration before signing up for the exchange.
What to know about Binance.US
Binance.US supports nearly 70 cryptocurrencies on its exchange, including Bitcoin (BTC), Ether (ETH), Dogecoin (DOGE) and Shiba Inu (SHIB). The large selection of altcoins makes Binance.US an attractive exchange to traders wishing to diversify their portfolio of coins and tokens.
The fees on the platform are among the lowest available for US customers. The platform determines your trading fees based on your trading volume and your BNB balance. But no matter which tier of the fee structure you currently fall under, fees remain 0.1% or less for spot trades. Holding BNB in your account automatically lowers your trading fees further by 25% by deducting the amount charged from your BNB balance.
Binance.US is available as an app for Apple and Android mobile devices. Though not as full-featured as the original Binance platform, the Binance.US interface is streamlined in an easy-to-use format that both beginning and experienced investors can take advantage of.
The reputation of the site remains somewhat mixed, largely due to the wait times associated with customer support. Users can only contact Binance.US customer support via email. Reviews concerning Binance.US have consistently knocked the cryptocurrency exchange for its lack of timely responses.
Finder ratings
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| Transferring money or assets | |
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| Overall score | 3.5 stars |
Binance.US supported cryptocurrencies
While the number of cryptocurrencies found on Binance.US is reduced from those offered on the company’s flagship platform, the abundance of altcoins available is still a major selling point for the exchange. Users are able to trade in and out of nearly 70 coins and tokens using USD, USDT or BTC.
Unfortunately, when using BTC as a trading pair, the number of cryptocurrencies available becomes significantly reduced. Currently, only 11 altcoins are available to trade directly for BTC on the Binance.US cryptocurrency exchange. Those assets are:
Transferring fiat and cryptocurrency
Moving fiat in and out of the exchange is fairly straightforward. Users can connect their bank accounts via ACH for instant transfers. Alternatively, wire transfers and debit card deposits can also be accomplished on the exchange. Minimum withdrawals of $1 via ACH and $100 via wire transfer apply.
Transferring cryptocurrency is equally straightforward. The platform’s custodial wallet features the ability to deposit and withdraw prominently. While it is free to deposit cryptocurrency into the exchange, Binance.US does charge varying fees for withdrawals. These fees are based on which cryptocurrency you are withdrawing.
Binance.US fees and costs
Binance.US fees are lower than 1% in most cases. In general, there is a 0.1% spot trading fee and a 0.5% buy/sell cryptocurrency fee. The actual fees you are charged are determined each day by a combination of factors including your overall trading volume and your current BNB balance. Holding BNB in your account can lower fees by 25%. The discount will be applied by deducting the trading fee from your BNB balance.
Fiat withdraw and deposit fees
| Deposit | Withdrawal |
|---|---|
| 0% – 4.5%. Charges apply for debit card deposits. | $15 -$35 for domestic and international wire transfers, respectively. |
Crypto withdraw and deposit fees
| Deposit | Withdrawal |
|---|---|
| Free | Varying fees apply based on the cryptocurrency being withdrawn. |
What is it like to use Binance.US?
Binance.US has a good mix of tools for experienced and beginning traders. While buying cryptocurrency through the available markets is intuitive for newcomers, the interface also gives users the ability to switch to an Advanced Trading platform for a full set of features, including charts, order books and trade histories.
The platform’s interface may at first seem a bit cluttered when compared to more beginner-focused exchanges, like Coinbase or BlockFi. Still, after getting used to the features available on Binance.US, users may find it difficult to go back to less advanced applications.
Does Binance.US have good customer support?
Binance.US customer service does not have the best reputation. The only way to contact support is through a form on the company’s support page. There is a virtual assistant that can help with basic questions, however.
Unfortunately, customer support can take quite some time to respond via email. Many reviewers of the service report being unable to receive more than canned responses and apologies for continued wait times. Fortunately, a support page with detailed answers to the most basic questions is available.
| Support offered | Wait times | |
|---|---|---|
| Contact us form | ✅ | unavailable |
| Live chat | 🅧 | 🅧 |
| Forum | 🅧 | 🅧 |
List of services on Binance.US
Earning on Binance.US
Earning rewards for cryptocurrency held on Binance.US is available for a select number of cryptocurrencies. Users can earn up to 6.5% by depositing cryptocurrency through the platform’s staking program. Users can stake Vechain (VET), Tezos (XTZ), Cosmos (ATOM) and Algorand (ALGO). Other services, like lending and farming, do not currently take place on the platform.
Binance.US Visa debit/credit card
Binance.US does not currently offer a Visa debit/credit card. The international Binance version does though.
Binance.US promotions
There are no current promotions taking place on Binance.US. However, users can refer friends and family to the platform via a referral link. You can earn up to 40% of the trading fees incurred by friends who have signed up using your referral code. You can also keep an eye out for upcoming promotions through the Binance.US blog.
Binance.US Trust rating
Past hacks
Binance.US has never been hacked. However, the flagship exchange, Binance, suffered a massive hack in 2019. Approximately $40 million worth of Bitcoin was stolen from user accounts on the platform. To its credit, Binance quickly returned the stolen funds to users.
Security audits
Binance.US offers a number of security features for user accounts. Among them is 2-factor authentication (2FA). You can activate 2FA via SMS or through the Google Authenticator app.
In December of 2021, Binance announced a security audit program to enhance the protection of user accounts. Project Shield audits BEP-20 and ERC-20 projects listed on the exchange.
Insurance
US dollar deposits are held in pooled custodial accounts at insured banks. As such, all US dollar deposits made on Binance.US are eligible for FDIC insurance. Binance Holdings Ltd. has also created a Secure Asset Fund of over $1 billion to help combat potential hacks to user accounts.
Signing up on Binance.US
Compare Binance.US against other exchanges
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Frequently Asked Questions about Binance.US
What’s the difference between Binance and Binance.US?
The flagship platform, Binance, is unavailable to US customers. Binance offers several services not found on the reduced, Binance.US, exchange, including leverage and derivatives trading. Binance.US also has a smaller number of cryptocurrencies available and a separate fee structure for customers.
Can US citizens use Binance.US?
Yes, US citizens can use Binance.US. However, the exchange is not available in several states including Hawaii, Idaho, Louisiana, New York, Texas and Vermont.
How do I withdraw money from Binance.US?
USD earned from trading cryptocurrency on the Binance.US exchange can be transferred to your bank account via ACH. Directions for connecting your bank account to the platform can be found on the platform.
Is Binance.US legitimate?
Binance.US is undergoing constant regulatory scrutiny. While the flagship exchange from the company was banned from the US in 2019, Binance.US was created to operate legally in the country.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.