Binance.US Review – The World's Biggest Crypto Exchange
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Binance.US may not be as feature-rich as its original version, but it boasts the lowest fees of any legitimate cryptocurrency platform.
8/10
Cost
9/10
Features
8/10
Ease of use
8.5/10
Services
7.5/10
More and more people are now looking for the best options for places to buy, store, and trade cryptocurrency. Whether it be simply buying Bitcoin, Ethereum, Litecoin, or something like Dogecoin or up-and-coming coins in Pancakeswap and Uniswap, everyone is trying to figure out the all-in-one cryptocurrency platform.
The most popular cryptocurrency exchange in existence right now is Binance, which has a plethora of options you can use your crypto for, such as normal spot trading, margin trading, derivatives trading with futures and options, staking, mining, crypto loans, liquid swaps, and even its very own Binance Visa Card. Unfortunately, due to certain regulations in the United States, the usual Binance is not available to U.S. residents. However, Binance.US was created for Americans and is still a good platform.
Here's how to get started with a Binance.US account and its features that can help you decide if it is the cryptocurrency exchange for you.
Related: How to Invest in Crypto
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What is Binance.US?
Binance.US was founded in 2019 with the vision that it would increase the freedom of money in the U.S. and improve the lives of people worldwide. It was founded by Changpeng Zhao, more commonly known to people in the crypto world as “CZ.” Binance.US is a branch of the original Binance, the world’s biggest cryptocurrency exchange. It is operated by BAM Trading Services based in San Francisco. Binance.US is best for users in the United States looking for a more diverse range of cryptocurrencies and those wanting a more advanced crypto trading platform.
Binance.US is unavailable in Hawaii, New York, Texas, and Vermont.
How does Binance.US work?
Signing up for Binance.US is simple. First, go to the Binance.US website and select “Get Started” in the middle or top right of the screen.
To get started with account creation, you just enter your email address and a password of your choosing. You must have a secure email and one that you access a fair amount, as there are tons of security measures when you log in and withdraw with two-factor authentication that will require confirmation by clicking an email link.
After you click “Create Account,” you will be prompted to do a security test by sliding a puzzle piece in a slot to prove you are a human. Once you do that, you will receive a six-digit code. Then you will be prompted to secure your account and set up identity verification.
Then you are free to start buying and depositing crypto.
How much does Binance.US cost?
Binance.US is free to use with no paywalls. Binance.US is available on the web, desktop, and mobile for iOS and Android.
Although there are no fees associated with signing up and using the platform, as with any other cryptocurrency exchange, there are trading fees when doing tasks such as buying crypto, selling crypto, and withdrawing crypto.
Binance has a complex fee structure. What token you're trading, how you pay, and how much you trade are all considered before quoting you the fee.
Binance.US features
Large catalog of cryptocurrencies
Binance is the world’s largest cryptocurrency exchange and offers many cryptocurrencies that other platforms do not because Binance has such a strong compliance team that makes integrating other cryptocurrencies easier. Binance.US currently has over 400 cryptocurrencies available for trading.
Trust Wallet integration
A massive advantage Binance has over much of its competition is its ownership of the popular crypto wallet Trust Wallet, which it acquired in July 2018. With Trust Wallet, you can buy, earn, and store crypto assets and non-fundable tokens (NFTs). Trust Wallet is growing in popularity with the rise of meme coins such as Safemoon, Shiba Inu, and others primarily sold on Trust Wallet. Binance’s integration with Trust Wallet has made it unbelievably easy for any Binance.US user to securely store and transact their crypto assets and find new ones.
Staking
Staking has become a popular factor for people in choosing what platform they want to use in crypto primarily.
Mobile app
Nothing is more convenient for someone than being able to do what they do on their computer or phone. Binance.US has a very smooth and visually appealing mobile app that lets you access every feature you can on a desktop. It is possible to solely use the mobile version of Binance.US from the beginning if you so want.
Who is Binance.US best for?
People trying to branch out and explore crypto to its fullest
Those that have recently gotten into crypto and are trying to explore all of what crypto has to offer should heavily consider Binance.US. Binance.US will introduce new users to staking, stablecoins, bull and bear markets, and more. It has a great blog that is a fantastic resource. Binance.US can strongly educate new and advanced crypto investors, and customer support is also 24/7.
Those that want access to a plethora of cryptocurrencies
The reality is that there are thousands of different cryptocurrencies. While many of the most recent ones happen to be meme coins or even scams, most are legitimate projects that are not tradable on most platforms. Lower market cap coins are not prevalent on most other major platforms, so investors looking to get their hands on a hefty library of coins should feel great with Binance.US.
More advanced traders
Those that are interested in trading cryptocurrency more seriously should take note of Binance.US. There are basic ways to purchase and sell crypto on Binance.US, but a dedicated advanced section takes things more seriously.
Who shouldn’t use Binance.US?
Those that want a simple user experience
Many platforms in crypto are catered towards extremely simple, casual use. While Binance.US can be used casually, the user interface is not easy. There are many moving parts to the Binance interface, and it is a lot more complex than seeing one chart of your portfolio with its price over time and then how much of what asset you own.
Pros and cons
Pros
- Supports 400+ cryptocurrencies. Binance.US has a good catalog of cryptocurrencies and many of the newer cryptocurrencies based around DeFi that other exchanges are behind on.
- Extremely useful learning resources. Binance.US has the best-in-class learning resources with the Binance blog. The blog has many videos and tutorials covering anything and everything related to cryptos, such as investing, learning about a coin, staking, NFTs, and more.
- Low fees and great liquidity. Binance.US has very low fees and only gets better if you hold Binance Coin. The liquidity on Binance.US is great since the trading volume is extremely high, so there are no worries about low users and coin trading pairs that have very small volume.
Cons
- Fairly overwhelming user interface. The way Binance.US looks when you first go on the platform is reminiscent of an advanced stockbroker. Many charts, graphs, and live numbers can easily overwhelm the typical person who has not been exposed to them before. The trading interface will likely require a lot of learning before grasping the hang of it – even if you aren’t making advanced trades.
- Annoying identity verification. To access many of Binance.US’s good withdrawal limits and API keys, you must complete fairly rigorous identity verification. You are also forced to do verification just to purchase crypto using a bank account.
- Lots of missing features from regular Binance. The normal version of Binance has many features, such as derivatives, more options for staking, Binance Earn, margin trading, mining pools, and crypto loans. Sadly, none of these features are currently available on Binance.US. The U.S. version of the exchange is pretty barebones compared to what it is branched off of.
Binance.US vs Coinbase vs Kraken
While Binance.US certainly has its bright spots, some serious competitors are still trying to give it a run for its money. Coinbase and Kraken are two other platforms that also allow you to buy and sell cryptocurrencies. Here are some of the differences between them.
Platform | Fees | Cryptocurrencies Supported | Margin Trade |
Binance.US | 0.6% to 3.75% | 400 | No |
Coinbase | 0% to 3.99% | 200+ | Yes |
Kraken | 0.16% to 2% | 200+ | Yes |
Coinbase
Coinbase is a huge platform, especially in the United States. It is extremely user-friendly, has a solid amount of cryptocurrencies tradable, and lets you earn free tokens without even needing to put in your first deposit. With that being said, the fees Coinbase has for purchasing, withdrawing, and selling crypto are some of the highest in the entire industry.
Get $5 in free Bitcoin for signing up
- Trade popular and trusted cryptocurrencies like Bitcoin, Ethereum, and Dogecoin among dozens of others
- Earn up to $35 worth of crypto with their Coinbase Learn video tutorials
- Extremely simple user interface
- Easy to take money out of investments - high liquidity
Kraken
Kraken is a good alternative to Coinbase if you are trying to get a little more serious with your investing while also having a very smooth user interface. The fees are way better than both Coinbase and Binance.US. Kraken also allows for margin trading, which can be a huge deal for crypto traders trying to take trading to the next level. Unfortunately, bank transfers do take a fair amount of days to process, so depositing with Kraken cannot be ideal.
FAQs
How old do you have to be to open an account?
To use Binance.US, you are required to be at least 18 years old as per their terms of service to own an account.
How do I add money to my Binance.US account?
To add money to your Binance.US account, you can choose to purchase crypto through a debit card or credit card, bank account, or from another outside platform, and then deposit it to the wallet address of the coin of your choosing on Binance.US.
The bottom line
Binance.US is a good cryptocurrency platform despite the lack of many features from the original version. It has by far the lowest fees of any legitimate cryptocurrency platform and is pretty simple to buy cryptocurrency on. The Binance.US blog is very useful for those trying to learn the ins and outs of the crypto market. If there was any doubt a person could have about an exchange possibly going underwater or not having the financial resources to stay running, those doubts should not be had with Binance.US. With the overwhelming success that regular Binance has had, it is safe to say that Binance.US is in good hands and has a ridiculous amount of room to grow.
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Writer
Sabah Banse is a business major at University of Connecticut who is a cryptocurrency trader and brand ambassador to Blox.io.
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