Binance.US Crypto Exchange
U.S. Status
Supported Coins
Our Rating
Spot Trading Fee
Binance.US is a popular cryptocurrency exchange designed specifically for U.S. residents. It offers a range of digital assets for trading, including popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), as well as +120 other coins.
The platform provides a range of features suitable for both beginners and experienced traders, including educational resources and staking options for earning rewards on certain cryptocurrencies.
One of its main draws is its low trading fees, with some pairs offering zero fees, making it an attractive option for crypto traders.
However, new users may find its interface slightly complex, and the account verification process can take time.
Also, it has a reduced selection of coins compared to its parent platform, and the absence of certain features like margin trading may deter some users.
Can I use Binance.US for margin trading?
No, Binance.US does not offer margin trading, which means you can’t trade with leverage. If you’re looking for margin trading, you may want to consider other platforms like Kraken or Gemini.
How long does it take to verify my Binance.US account?
Account verification can take anywhere from a few days to a week, depending on the volume of applications and the accuracy of the information provided. Be sure to upload clear images of your ID to avoid delays.
What is the minimum deposit required on Binance.US?
The minimum deposit varies based on the payment method. For ACH transfers, there’s no minimum deposit, while debit card deposits may have different requirements. However, cryptocurrency deposits have no minimum.
Are my assets safe on Binance.US?
Binance.US uses industry-standard security measures, such as two-factor authentication (2FA) and cold storage for most of its assets. The platform has never been hacked, and your U.S. dollar deposits are FDIC-insured up to $250,000.
What’s the difference between Binance and Binance.US?
Binance.US is the U.S. version of Binance, created to comply with U.S. regulations. While both offer similar features, Binance.US has fewer cryptocurrencies and lacks certain services like margin trading and futures trading that are available on Binance.
Pros | Cons |
|---|---|
Low Trading Fees | No Margin or Futures Trading |
Wide Selection of Cryptocurrencies | Slow Verification Process |
Staking Rewards | Lack of NFT and Web3 Features |
High Security Standards | Regulatory Scrutiny |
Advanced Trading Features | Limited Customer Support |
User-Friendly Mobile App |
Supported Cryptocurrencies & Assets
Binance.US supports a wide range of cryptocurrencies, including popular coins, tokens, and stablecoins.
While it doesn’t offer NFTs (non-fungible tokens), the platform provides access to +120 cryptocurrencies, giving users a broad selection for trading, buying, and staking.
It includes well-known coins like Bitcoin and Ethereum, as well as many smaller tokens and stablecoins like Tether (USDT) and Binance USD (BUSD).
However, its selection to include emerging digital assets, although the number of supported cryptocurrencies is smaller compared to its international counterpart, Binance.
Is Binance.US Available In All U.S. States?
No, Binance.US is not available in all U.S. states. Due to regulatory restrictions, Binance.US operates in only 46 states, and it is unavailable in some high-profile states like New York, Texas, Hawaii, and Vermont.
Even in the U.S. states where Binance.US is available, there are still some exclusions or limitations on certain services. For example, while most users in supported states can trade, deposit, and withdraw cryptocurrencies, there are a few things to keep in mind:
- No U.S. Dollar (USD) Deposits: Binance.US halted support for USD deposits in 2023. This means that users can no longer deposit U.S. dollars directly onto the platform
- Certain Features May Be Restricted: Some advanced features like margin trading, futures, and the full range of staking options are unavailable on Binance.US compared to its international counterpart, Binance.
Binance.US Legal Issues & Trustworthiness
Binance.US has faced significant legal challenges that could affect its trustworthiness in the eyes of some users.
In 2023, the SEC filed a lawsuit against Binance.US, alleging that the platform had violated securities laws by offering unregistered securities and misrepresenting its operations.
The SEC’s actions have raised concerns about the platform's regulatory compliance and its future in the U.S. market.
Additionally, in November 2023, Binance and its CEO, Changpeng Zhao, pleaded guilty to money laundering charges, leading to a hefty $4.3 billion settlement.
While Binance.US is a separate entity, its association with the parent company could still raise questions about its regulatory standing.
Main Features For Crypto Investors
Here are the key features that I found most appealing in Binance.US:
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Binance.US Platform: Great For Experts, Beginners Have Learning Curve
Binance.US offers a user-friendly experience for experienced traders, while beginners may need more time to get used to it.
The platform has a simple “Buy Crypto” feature that’s perfect for newcomers looking to make quick purchases.
However, its advanced trading interface, featuring real-time charts and order books, is better suited for more experienced users.
The mobile app, available for both iOS and Android, mirrors the desktop platform’s functionality, making it easy for traders to manage their assets on the go.
While beginners might feel overwhelmed by the full range of features, the educational resources available help bridge this gap, making it easier for new users to learn as they go.
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Is Binance.US Safe? A Look at Security & Regulatory Standards
Binance.US uses industry-standard security measures to protect user funds and personal data:
- Two-Factor Authentication (2FA): Binance.US requires 2FA to enhance account security. Users must verify their identity through an additional layer of security when logging in or making transactions.
- Withdrawal Whitelisting: To prevent unauthorized withdrawals, users can set up a whitelist of trusted wallet addresses. This ensures that only pre-approved wallets can receive funds.
- Cold Storage: The majority of user funds are stored in cold storage, which is not connected to the internet, providing an extra layer of protection against hacking.
- Encryption: Binance.US uses encryption protocols to protect user data and ensure that sensitive information is securely transmitted.
Binance.US complies with KYC regulations, requiring users to submit personal information for identity verification. However, Binance.US does not provide private insurance for crypto deposits.
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How to Deposit & Withdraw on Binance.US
Binance.US supports various deposit and withdrawal methods, including ACH transfers, wire transfers, and debit cards.
U.S. dollar deposits have been restricted as of 2023, but users can still deposit funds through debit or credit cards, or transfer crypto assets into the platform.
Withdrawals are processed through ACH and wire transfers, with ACH withdrawals being free and wire transfers costing a small fee.
For crypto withdrawals, the fees vary based on the asset being transferred, with network fees applying depending on blockchain congestion.
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Understanding Binance.US Fees Model & Costs
Binance.US offers a competitive fee structure, making it an attractive option for traders.
Spot Trading Fees | Future Trading Fees |
|---|---|
0.10%
For both maker and taker orders. The more you trade, the lower the fees – can decrease to as low as 0.04%. Users who pay fees using Binance Coin (BNB) receive a 25% discount | N/A |
- Zero Fee Bitcoin & Ethereum Trading: Binance.US offers zero-fee Bitcoin (BTC) and Ethereum (ETH) spot trading across select pairs
- Instant Buy Fees: If you use the “Instant Buy” feature, the fee is 0.5%, which is higher than regular trades.
Deposit and Withdrawal Fees:
- ACH Transfers: Deposits and withdrawals through ACH are free.
- Debit Card Deposits: There is a 3.75% fee for debit card deposits.
- Wire Transfers: Domestic wire withdrawals cost $15, while international withdrawals cost $35.
Crypto Withdrawal Fees: These fees depend on the network congestion and the asset being withdrawn.
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No NFTs, No Web3: Binance.US Limited in the Digital World
Currently, Binance.US does not support NFTs, blockchain gaming, or Web3 integrations, which are available on its international platform.
As a U.S.-specific exchange, it has focused primarily on providing access to major cryptocurrencies and digital asset trading.
Binance.US does not offer compatibility with decentralized finance (DeFi) applications or NFT marketplaces.
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Customer Support & Reputation
Binance.US offers 24/7 customer support via live chat and email, but many users have reported slow response times, with some waiting up to 24 hours for a reply.
The platform lacks phone support, which can be frustrating for users seeking immediate assistance.
Despite this, Binance.US has a strong reputation for security and low fees, although it has faced some regulatory scrutiny.
Customer reviews are mixed, with users praising its low costs but criticizing the lengthy verification process and occasional account issues.
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Staking on Binance.US
Binance.US allows users to stake certain cryptocurrencies to earn rewards.
Staking involves locking up a digital asset to help maintain the security and operations of a blockchain network. In return, users can earn a share of the transaction fees or new tokens.
Binance.US supports staking for over 20 cryptocurrencies, including Ethereum (ETH), Cardano (ADA), and Solana (SOL).
The rewards are calculated daily and distributed weekly. Staked assets can be unstaked at any time, but users should note that the time to unfreeze assets can vary by coin.
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Buy and Sell Crypto Using P2P
Binance.US offers a peer-to-peer (P2P) trading option, where users can buy and sell cryptocurrencies directly with each other.
This method bypasses traditional order book trading, allowing for more flexible transactions. The P2P platform works by connecting buyers and sellers and enabling them to negotiate prices.
Once both parties agree, the crypto is transferred into escrow until the payment is completed. However, keep in mind that P2P trades are subject to market spreads, which can add an additional cost.
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Binance.US Pay
Binance.US Pay is a feature that allows users to send and receive crypto payments instantly.
This peer-to-peer payment system is integrated into the Binance.US platform, enabling users to transfer cryptocurrencies to friends, family, or businesses.
Payments are fast and low-cost, and users can send any supported crypto asset, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
This feature is a great way to make crypto payments without dealing with high transaction fees or slow confirmation times, making it ideal for everyday use.
When Binance.US May Be a Good Choice? When Not?
As with any financial platform, Binance.US isn’t the perfect fit for everyone.
Here’s a look at who might find Binance.US a better choice and who might want to consider other options
When Binance.US May Be a Good Choice | Who Should Look Elsewhere |
|---|---|
Low-Cost Traders | Beginners Looking for Simplicity |
Intermediate to Advanced Traders | Users Interested in NFTs and Web3 |
Staking Enthusiasts | Margin and Futures Traders |
Crypto Enthusiasts Looking for a Wide Selection | Users in Restricted States |
4 Simple Steps to Set Up the Binance.US Account
Let's see the main steps when setting up an account with Binance.US:
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1. Create Your Account
To begin, go to the Binance.US website and click the “Get Started” button. You’ll be asked to provide an email address and set a strong password.
After entering this information, you’ll receive a confirmation email with a verification code. Enter the code to activate your account.
- Our tip:
Make sure your password is unique and strong, combining uppercase and lowercase letters, numbers, and symbols.
You’ll need access to the email you use for this process, as this will be your main method of communication with Binance.US.
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2. Complete Basic Verification
Once your email is confirmed, the next step is to verify your identity. You’ll need to provide personal details like your full name, address, and phone number.
Additionally, you’ll upload a government-issued ID, such as a driver’s license or passport.
- Our tip:
Make sure the ID you upload is clear and legible, as blurry or unclear images can delay the process.
The verification process can take a few days, so be patient. Ensure the address you enter matches the one on your ID to avoid complications.
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3. Deposit Funds into Your Account
After verification, you can deposit funds into your Binance.US account.
You’ll have several options, including ACH transfer, wire transfer, or depositing cryptocurrencies from another wallet.
Choose the method that works best for you and follow the platform’s instructions.
- Our tip:
For faster deposits, ACH transfers are typically free and faster, while debit card deposits come with higher fees.
Make sure you understand the deposit and withdrawal limits, as some methods might have restrictions.
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4. Start Trading
Once your funds are deposited, you can begin trading.
Binance.US provides a “Buy Crypto” feature for beginners, as well as an advanced trading platform with real-time charts and orders.
Simply select the cryptocurrency you want to buy or sell and complete the transaction.
- Our tip:
For beginners, start with the simple “Buy Crypto” option to avoid confusion with the more complex features.
Always double-check the trading fees before confirming any transactions to avoid unexpected costs.
FAQ
No, Binance.US is only available to users in the United States. Additionally, it is not accessible in all U.S. states, such as New York, Texas, and Hawaii, due to regulatory restrictions.
You can withdraw funds via ACH transfers, wire transfers, or by sending cryptocurrencies to an external wallet. Cryptocurrency withdrawals have network fees that vary based on the asset, while ACH withdrawals are free, but wire transfers incur a fee.
Yes, Binance.US supports a wide range of crypto-to-crypto trading pairs. You can trade popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) against each other.
Yes, Binance.US is registered as a Money Services Business (MSB) with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). However, it is also under investigation by the U.S. Securities and Exchange Commission (SEC).
No, Binance.US does not currently support buying cryptocurrencies with a credit card. You can purchase crypto with ACH transfers, debit cards, or through cryptocurrency deposits from another wallet.
Binance.US offers customer support via 24/7 live chat and email. However, many users report slow response times, and the platform does not offer phone support.
