Binance.US Review 2024: The Leading Exchange for US Traders?
TDLR
This Binance.US review gives you everything you need about this exchange giant. It is a popular cryptocurrency exchange platform that can trade peer-to-peer. It provides users with high liquidity, lower fees, fast transactions, and staking options. Pros of this only major crypto platform include access to a wide range of cryptocurrencies and its fee structure.
There are also drawbacks, such as a lengthy ID verification process and a lack of acceptance for credit card deposits. To create an account on Binance.US, users must provide their name, address, date of birth, and govt. Issued ID and click a selfie photo.
Additionally, users have access to the Binance Earn feature. Potential improvements on the platform include better customer support, low trading transaction fees, faster withdrawal times, and more accepted payment methods.
Who should use Binance.US?
Binance.US is an option for any novice cryptocurrency investor in the U.S. keen on experimenting with the industry.
It is a great starting point for beginners as it has well-known cryptocurrencies such as Bitcoin and Ethereum, making it a low thresh hold for all those interested.
Not only that, but you also have access to 150 other cryptocurrencies as well, giving you a diverse trading portfolio. The features make it easy to start your crypto investing with just an account, but for seasoned traders, more advanced tools are available,
Beginner friendly
Beginning with Binance.US can be intimidating, especially if cryptocurrency trading is new. Despite the learning curve, there are plenty of resources to simplify the process.
The user interface is straightforward, and many tutorials are available for those who need help navigating the platform. On top of that, if users have questions or require assistance, their customer support team quickly responds and provides helpful answers.
Advanced traders
Binance.US is an attractive trading platform for those with advanced investing skills. Its comprehensive range of insider trading options makes it simple to execute complex strategies, and its ample analytics provide traders with market insights to aid in informed decision-making.
Advanced traders can access user-friendly interfaces for quick mutual fund and ETF purchases, paired with order books designed for optimal depth and liquidity, all of which combine to give them a competitive edge.
Geographical availability
Binance.US has significantly expanded its geographical reach and provided access to various cryptocurrency exchanges and trading services for residents of the United States. Now, most parts of the country can participate in this exciting platform, yet certain areas within the U.S. still have yet to gain access.
These include New York, Hawaii, Texas, and Vermont, who continue to miss out on this engaging opportunity until further notice.
Binance.US Review: What makes Binance a good choice?
Wide range of cryptocurrencies
With over 150 crypto assets available, Binance.US can allow beginners and experienced investors to diversify their portfolios and find the cryptocurrency that best suits their needs.
With great crypto assets, users can unlock their investment’s full potential. Leveraging technologies and research, investors in cryptocurrency markets can significantly enhance their odds of success.
Zero-Fee Trading for Bitcoin
Binance.US offers an opportunity for Bitcoin and Binance coin traders. Their zero-fee spot market trading on thirteen different pairs provides an accessible way to increase profitability while giving no to zero fees or very low spot trading fees.
BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD are all available with Binance.US, so users have plenty of options available to find the pair best suited to their trading strategy.
Fast transactions
Binance.US conveniently provides speedy transactions and large volumes, ensuring all users have a good experience. This is thanks to the same reliable technology Binance (one of the largest crypto exchanges) has offered for years: lightning-fast order processing at 1.4 million orders per second.
High liquidity
For crypto traders searching for dependable, swift transactions, Binance.US is a great option. This platform lets users quickly purchase and sell cryptocurrency and trade digital assets at competitive costs.
This means that traders can make fast trades with higher odds of success. Moreover, the high liquidity rate on offers allows us to swiftly fulfill our customers’ needs with zero trading fees, giving them the upper hand in all available trading opportunities.
Staking
Binance.US is also an option for crypto traders looking to increase their rewards by staking tokens. Not only does Binance.US offer a wide selection of altcoins and tokens, but its competitively high staking rates allow users to diversify their portfolio while earning rewards quickly.
The platform also allows users to track the latest market trends, making it the perfect place to get an overview of micro and macro market conditions.
Disadvantages of Binance.US
Not available in some U.S. states
Binance.US is not available within the United States in some states, including New York, Hawaii, Texas, and Vermont. This is a significant disadvantage in keeping up with the competition, as other cryptocurrency exchanges also cater to these areas.
Even though it has been reported that Binance.US could become available in every U.S. state eventually, users in any of these states will be lost out on taking advantage of its services.
Trusted Partners
5.0
Fees
0.1 – 0.5%
Tradable Coins
600+
Payment Options
+ 3
4.7
Fees
0.01 – 0.10 %
Tradable Coins
100+
Payment Options
4.3
Fees
0.04% – 0.10%
Tradable Coins
145 +
Payment Options
Smaller selection than the global Binance platform
Binance.US has only 150 tokens compared to 350+ on the global Binance platform. This is a significant setback for new traders who want to access more than just the top coins and seasoned traders looking to diversify their portfolios with non-mainstream assets.
Lengthy identity verification process
Binance.US’ lengthy identity verification process is a significant drawback. This time-consuming and cumbersome step can frustrate even the most experienced traders, mainly if one is used to completing KYC procedures on other trading platforms in minutes.
Unfortunately, with Binance.US, one must often wait days or weeks before identity verification is confirmed, costing valuable time and trading opportunities.
Does not accept credit card deposits
A bump in the road appears for Binance.US regarding payments via debit card only. Even though this platform offers advanced users some of the best features for cryptocurrency exchange, credit cards are not accepted as payment methods.
Despite potential delays resulting from the bank transfers of external funds via debit cards or other services that may occasionally present technical issues, buyers will still find Binance.US to provide effortless transactions each time they use it.
Fewer features than the international Binance platform
Binance.US lacks essential features that the international version of the platform offers. This puts traders and investors at a significant disadvantage because they cannot access the full extent of Binance’s capability. Many users miss out on advanced trading capabilities, such as trailing stops and sub-accounts, which allow them to manage their funds more efficiently.
They also miss out on the educational benefits offered by the international platform, such as in-depth market analysis articles and access to expert chats with cryptocurrency professionals. Without these features, traders must look elsewhere for support and educational resources accessible on Binance’s global counterpart.
Binance.US review: Top Features & Perks
The Binance Academy
Binance Academy is a premier, comprehensive educational platform and offers hundreds of hours of content on blockchain technology, cryptocurrency, and numerous other topics. Unlike many others, Binance does not prioritize its interests; the guides are impartial, with all-encompassing coverage from Binance Dex to your crypto wallet security.
The Academy provides a great service to the blockchain world, connecting novices and experts. With Binance’s support, anyone can benefit from these technologies reinventing our reality for a better future.
Trading Interface
Trading on Binance.US’s user-friendly platform is precise and accessible for all experience levels. Its interface features a modern and clean design, making it easy for users to access the data required to succeed in cryptocurrency trading.
With Binance.US’s intuitive platform, experienced and novice traders can effectively maneuver and make informed financial decisions.
Peer-to-peer trading
By trading assets on a peer-to-peer basis, traders who don’t have the time or technical know-how can take advantage of Binance.US’s revolutionary exchange. This platform gives you an alternative to conventional exchanges by permitting quick and effortless swaps between different traders in your network – quickly getting you the best deal for your asset!
Trading on Binance.US is not only convenient and secure but also hassle-free. With it, users don’t need a powerful platform for charting – anyone can begin trading quickly! There’s no complex navigation between brokers or unnecessary intermediaries; hop onto the platform immediately.
Binance earn
Binance Earn is a groundbreaking feature from Binance.US that provides unbeatable rewards on assets across 23 coins and rates of up to 15%. Crypto investors can use this remarkable tool to take advantage of the most comprehensive earning opportunities available. No other platform in the industry comes close to offering what Binance Earn does.
Users can claim high returns on their assets and earn rewards on BNB tokens with Binance Earn, but it also offers exclusive staking products that offer even higher returns.
Binance convert
Binance Convert is a feature of Binance.US, giving traders an easy way to swap cryptocurrencies without needing access to the advanced charting interface or trading orders. It consolidates the sometimes complex process of exchanging digital assets into a few clicks, allowing users to quickly and efficiently switch between coins as needed.
Moreover, its user-friendly design allows even those new to trade crypto and casual investors alike to capitalize on this revolutionary tool for their portfolios.
Advanced security
Binance.US uses a state-of-the-art storage system to protect their customer’s cryptocurrency and USD assets, reflected in their impressive 9.63 Cybersecurity score.
Binance.US is well-known for its dedication to maintaining the security of customer assets and data. It demonstrates this commitment by employing advanced technology to prevent complex cyber threats.
24/7 live chat, plus e-mail support
With Binance.US, getting the help you need is a breeze. Their extraordinary customer service provides unparalleled 24/7 live chat and e-mail support, ensuring your inquiries are promptly addressed.
This is essential for any company since customers prefer to have their questions and issues handled as quickly as possible. Additionally, their helpful support staff allows users to find solutions quickly and keeps them satisfied with their service.
How to open an account on Binance.US?
Step 1: Visit the Binance.US website
To start trading on Binance.US, you’ll need an account. For account creation, the first step is to visit the official Binance.us website and click on the [Get Started] button in the top right corner.
Step 2: Enter your e-mail and password
Next, you’ll progress to the sign-up page. Here, you must input your e-mail address and establish a strong password.
In addition, you need to read the terms and conditions and agree to them before moving to the next step.
Step 3: Verify e-mail
After you’ve given the required details, you’ll need to verify the e-mail address. This process is relatively simple. All you need to do is enter the confirmation code that’ll be sent to your e-mail address.
Step 4: Secure account
You’ll secure your account and complete identity verification in the third step. This may take a little time as you’ll be required to upload identity documents.
Step 5: Enable SMS authentication
Securing your bank account will be done by enabling 2-factor SMS authentication. You’ll provide your number, and a confirmation code will be sent to it to verify.
Step 6: Fund your account
After verifying your identity and activating 2-factor authentication, you will finish setting up your account. This will lead you to the dashboard, where you can fund your account, withdraw funds, and commence cryptocurrency trading.
Binance.US review: What could be improved?
Binance.US must continue to progress and develop, particularly for investors in the United States. To do so, expanding their accessibility into states where they are currently restricted would be incredibly advantageous.
Additionally, providing customers with a broader selection of coins akin to its global version will give them more options when it comes to trading, which all users can surely benefit from.
Shortening the identification process would make it easier for customers who require quick service access. Being able to pay fees with credit cards would undoubtedly broaden the selection and usage of payment methods and gateways Binance.US offers. These changes could improve customer satisfaction and overall user experience with Binance.US.
Summary
To summarize the Binance.US review, it is a good platform for those wishing to participate in cryptocurrency trading in America. It offers a broad array of coins and zero-fee Bitcoin transactions, making it appealing to many traders.
However, there are several drawbacks that you should be aware of before using the platform; the selection may not stack up against what’s available on Binance globally, and availability is limited in certain U.S. states.
Despite the negative points, Binance.US has impressive components that make it a good option for traders. It offers an easy-to-navigate trading platform and provides educational materials through its Academy feature. If you want to open an account on this crypto exchange, follow the instructions to get started quickly.
Binance.US is recognized for its strong exchange security. As evidence, the crypto exchange security review site CER, in October 2022, rated Binance.US among the most secure exchanges, surpassing well-known platforms such as Coinbase and Gemini.
Binance.US ensures that all U.S. dollar deposits are stored in custodial bank accounts and are insured up to $250,000 against bank failure by the Federal Deposit Insurance Corp.
In conclusion, despite Binance's lower cost, Coinbase takes the winning position overall. Its platform is more user-friendly and provides a broader range of trading options, especially for U.S. users. Plus, Coinbase offers superior customer service, including phone support.
A standout feature of Binance.US is its competitive trading fees. It is the only major crypto platform in the United States offering zero-fee Bitcoin (BTC) spot trading across BTC/USD, BTC/USDT, BTC/BUSD, and BTC/USDC pairs for all traders, without imposing minimum trading volume requirements.
