Binance US Review – Learn More About Fees and Reviews

Binance . US offers lower trading fees and more cryptocurrencies than other providers, but not as much choice as its parent site.

Launched in September 2019 in San Francisco as the US arm of the world’s largest cryptocurrency exchange Binance , Binance US is now one of the top 10 exchanges by trading volume, according to CoinMarketCap, a market research website.

While it doesn’t offer as many cryptocurrencies and crypto-to-crypto trading pairs as its parent company, Binance.US’s selection of over 120 still outpaces many other cryptocurrency exchanges in the U.S. market. And its 0.1% trading fee is lower than many other U.S. exchanges.

Binance is known for its fast execution speeds. Before founder Changpeng Zhao founded Binance in China in 2017, he developed an order-matching software system for high-speed traders. Binance ran afoul of regulators by moving its operations from the Chinese market to Japan. At a tech conference in May 2020, Zhao said the parent company does not have a headquarters because “Bitcoin has no office.”

Who is Binance US Best For?

Binance US is not suitable for everyone , but only for certain categories of users:

1. US Residents: Binance US is a regulated exchange intended exclusively for US residents and citizens. If you are located in another country, you should use Binance.com.

Binance.US is available for payment purposes in all states except these seven: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

2. For investors who prefer simplicity: Binance US has a simple and clear interface, making it convenient for beginners.

3. For users trading a limited selection of cryptocurrencies: Binance US offers a smaller volume and selection of cryptocurrencies than Binance.com, but all major assets such as Bitcoin , Ethereum, Litecoin, and more are available.

4. For traders who value low fees: Binance US is known for its low trading fees, especially for Bitcoin trading.

5. For those who want to stake cryptocurrency: Binance US offers staking of some cryptocurrencies, allowing you to earn interest on your assets.

What Binance US offers

Other fees may apply. Website Transparency Some information is difficult to find on the website. Can you use your own digital wallet? Yes. Mobile App The iOS app is highly rated, while the Android app gets more modest reviews. Customer Service Email only. Promotion None.

Cryptocurrency trading costs and transaction fees:

• Minimum trade is $10.
• Binance.US charges a flat 0.1% spot trading fee, which is lower than many other US exchanges, including eToro (around 0.75% for Bitcoin trades) and Coinbase (which charges 0.5% in trading fees, plus a flat rate of up to $2.99 ​​per trade, depending on the trade size). For traders in a hurry, Binance.US also offers a 0.5% instant buy/sell fee.
• Binance.US charges an additional 4.5% for debit card transfers (unlike its global broker, Binance.US does not allow credit card purchases). There is no fee for depositing or withdrawing cash via ACH bank transfers, which cost $15 per transaction. Fees for withdrawing cryptocurrency vary by cryptocurrency; Bitcoin withdrawals cost 0.0005% and have a minimum withdrawal amount of 0.001 Bitcoin.

Quantity, asset price, margin and other Binance US features you should know about

Number of assets

Binance.US offers trading in over 120 cryptocurrencies, including Bitcoin, Ethereum, Solana, Cardano, Dogecoin, and many more. Trading pairs between cryptocurrencies – over 60. The number of available assets may change over time.

Exchange rate price

Binance.US displays real-time cryptocurrency exchange rates against the US dollar (USD). Exchange rates may fluctuate based on market conditions.

Margin

Unfortunately, Binance.US does not currently offer margin trading. Margin trading allows you to borrow funds from the exchange to increase the efficiency of your trades, potentially increasing your profits (or losses).

Binance (global version) offers margin trading, but it is not available on Binance.US.

If you are interested in margin trading cryptocurrencies, you may want to consider using another platform that offers it. However, keep in mind that margin trading generally involves a high degree of risk and is not suitable for all investors.

Exchange cryptocurrency to cryptocurrency

Binance. US currently offers multiple ways to trade crypto-to-crypto with Bitcoin and eight other digital currencies: Cardano (ADA), Bitcoin Cash (BCH), Binance Coin (BNB), Etherium (ETH), Chainlink (LINK), Litecoin (LTC), Uniswap (UNI), VeChain (VET), and Tezos (XTZ). The other cryptocurrencies on the market can be traded for Tether and Binance USD, Binance’s own stablecoins (1 BUSD is always equal to 1 US dollar).

Peer to Peer Trading

Outside of the main Binance crypto exchange, Binance.US allows direct trading between buyers and sellers. There are no transaction fees, but users are charged the difference between the buy and sell price. The minimum trade amount is equivalent to $10,000.

Advanced Binance US Platform

Binance.US uses the same technology as the global platform and offers three different trading platforms: Basic, Advanced, and OTC for peer-to-peer trading. Binance.US encourages new users to start with the Basic trading platform, which will still provide experienced traders with the information they need, such as spot price, daily price changes, and trading volume.

For those new to cryptocurrency, even the basic platform can be too much firepower. If you just want to buy Bitcoin, you can bypass the exchange and make your purchase directly on the site. Once your account is verified, you can simply enter the amount of Bitcoin or US dollars you want to spend. The exchange has a trading minimum of $10.

Binance Security . US

Binance.US positions itself as a secure cryptocurrency trading platform, offering a number of features to protect its users and their assets. Here are some of the key security measures:

Storage

Binance.US is used to store most of its crypto assets. This means that these assets are stored offline, away from the internet, making them less vulnerable to hacker attacks.

The platform also uses hot storage to store small amounts of cryptocurrency that are required for daily operations. The hot storage is insured for up to $100 million.

Account security

Binance.US requires users to use two-factor authentication (2FA) to log into their accounts. 2FA adds an extra layer of security by requiring users to enter not only their password, but also a code generated by an authentication app or a second device when logging in.

The platform also offers additional security features such as IP whitelisting and email notifications of suspicious activity.

Monitoring and Compliance

Binance.US works with leading cybersecurity firms to monitor its platform for suspicious activity.

The platform also complies with KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements to verify its users and prevent money laundering and terrorist financing.

It is important to reiterate that no platform is completely secure and there is always a risk of cryptocurrency being hacked or stolen. Users should take steps to protect their assets by using strong passwords, enabling 2FA, and storing their cryptocurrency in a secure wallet.

There have been no reported hacks so far, but Binance’s global site reported in 2019 that hackers had stolen 7,000 bitcoins, worth $40 million at the time. The company said it had paid the affected users in full.

Insurance

For the most part, all USD deposits on Binance.US are held in custodial bank accounts and are insured by the Federal Deposit Insurance Corporation for up to $250,000 in the event of bankruptcy. But unlike stock brokers, cryptocurrency exchanges like Binance.US are not covered by securities protection. The corporation protects investors up to $500,000 in total against loss of securities in the event of brokerage failure, unauthorized trading, or theft.

Cryptocurrency wallet

Trust Wallet is the official wallet for Binance users, a free cryptocurrency storage app that is highly rated by Google Play and App Store users. However, users can use their own crypto wallet. Binance.US has an insurance policy of up to $100 million to protect their hot wallets from hacking.

Binance.US Mobile App

In December 2020, Binance.US released an update to its mobile app that includes real-time price tracking and changes, the ability to automate recurring buys and sells, and other customizable features. The mobile app largely mimics the same features as the desktop site.

The Binance.US mobile app is a convenient way to buy, sell, and trade cryptocurrencies on the go. It is available for both iOS and Android devices and offers a range of features that make cryptocurrency trading simple and convenient.

Some of the main features of the Binance.US app include:

• Buy and Sell Cryptocurrency: You can easily buy and sell a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
• Cryptocurrency Trading: You can trade cryptocurrency pairs using a variety of orders, including market orders, limit orders, and stop orders.
• Deposit and Withdrawal: You can easily deposit and withdraw funds from your Binance.US account via a variety of methods, including bank transfers, ACH transfers, and cryptocurrency.
• Cryptocurrency Price Tracking: You can track cryptocurrency prices in real time and view historical charts.
• Setting up notifications: You can set up notifications to receive alerts about cryptocurrency price changes, your trading activity, etc.
• Security: Binance.US uses a number of security features to protect your account and funds, including two-factor authentication and cold wallet storage.

Overall, the Binance.US mobile app is a powerful and easy-to-use cryptocurrency trading tool. It is a great choice for traders of all experience levels.

• App size: 51.5 MB (iOS) 54 MB (Android)
• OS Requirements: iOS 10.0 or later Android 4.4 or later
• Languages: English, Chinese, French, German, Spanish, Korean, Russian, Turkish, Vietnamese
• Developer: Binance.US

Binance US MA (Moving Average) Technical Analysis Method

The moving average (MA) is a technical indicator used to analyze price changes over time. It shows the average price of an asset over a certain period of time, and its chart can be used to determine the current market trend.

There are two main types of MA:

Simple Moving Average (SMA): SMA calculates the average price of an asset over a given period, with all prices in the period weighted equally.

Exponential Moving Average (EMA): The EMA gives more weight to newer prices than older ones, making it more sensitive to recent price changes.

Using MA on Binance.US

Binance.US allows you to add MA indicators to your charts. You can choose the type of MA (SMA or EMA) as well as the time period that will be used to calculate the average. Common time periods for MA include 10, 20, 50, and 200 days.

Is Binance US Right for You?

Pros:

• Wide range of cryptocurrencies: Binance.US offers over 100 cryptocurrencies for trading, which is one of the largest selections among US exchanges.
• Low fees: Binance.US has some of the lowest fees in the industry, making it attractive to traders looking to minimize their costs.
• Easy to Use Platform: The Binance.US platform is easy to use and navigate, making it a great choice for beginner traders.
• Safe and Secure: Binance.US uses a number of security measures to protect its users’ funds, including cold wallet storage and two-factor authentication.
• Offers staking: Binance.US allows its users to lock up their cryptocurrencies and earn rewards for doing so.

Cons :

• Not Available in All States: Binance.US is not available to residents of certain US states, including New York, Texas, and Washington.
• Limited Customer Support: Binance.US has received criticism for its limited customer support.
• Security Issues: Binance.US has been subject to hacking attacks and other security issues in the past.

Overall, Binance.US is a reliable and easy-to-use cryptocurrency exchange with a wide selection of cryptocurrencies and low fees. However, it is important to note that it is not available in all US states and has had issues with customer support and security in the past.