Binance.us was spun off from Binance.com in Sept. 2019, after the exchange announced they would no longer serve U.S. customers through the regular exchange URL. As a result, it is geared toward American residents and devoid of some of the fancier trading features that many other big exchanges share, like leveraged products and margin trading. Nevertheless, the exchange continues to grow and sees over $521,000,000 in daily exchange volume.
Now that Binance is shifting their U.S. customers to Binance.us, significantly increasing this customer base, we expect they will continue to add trading features as they have on the .com.
Why Use Binance.us?
In addition to operating under the esteemed Binance banner, Binance.us has several advantages over other exchanges that serve residents of the U.S. For one, they offer some pretty substantial volume on many popular altcoins. In addition, their KYC requirements are pretty light for those who plan on doing only a small to a fair amount of trading, and order placement is straightforward.
If security and knowing that your money is in good hands is essential to you, it’s impossible to go wrong with Binance.us.
Before Getting Started
Per its URL, Binance.us is specifically tailored to customers located in the United States. If you live elsewhere, you will visit the regular Binance exchange URL. Note that Binance.us considers the following states “restricted” and therefore ineligible for service: New York, Hawaii, Texas, Connecticut, Idaho, Louisiana, Vermont, and Washington.
How to Get verified On Binance.us
After creating your account, begin the verification process by hovering over the user profile icon in the top-right menu and clicking “KYC Verification.” There are three levels of verifications based on the type and quantity of trading you plan to do:
- Basic Verification. This basic level of account status requires the submission of your name and address information. It will allow you to deposit and withdraw crypto, trade crypto/crypto pairs and make withdrawals up to $5,000 every 24 hours.
- Advanced Verification. For those who want to perform up to $1,000,000 in withdrawals daily, an I.D. document (such as a passport, driver’s license, or state I.D. card) is required along with proof of address (utility, bank, or phone bill with current address). For reference, I recently completed this process. From beginning to end, including verification approval, took about 10-12 minutes.
- Cash Account Verification. This level of account is for those who want to trade crypto/USD pairs and requires that a Prime Trust questionnaire be filled out, and the user complete the previous two levels of verification.
How to Make a Deposit
After getting approved of at least Basic Level verification, fund your account by hovering over the “Wallet” menu option in the upper-right corner of the screen and clicking on Deposit. Next, select the coin you wish to deposit by changing the coin’s name or choose USD for fiat deposits.
Upon doing this, a deposit address and corresponding Q.R. code will be generated automatically. Note that some coins offer a choice of Deposit Network. You will only want to switch this to BEP2 if you deposit a token (or wrapped coin) that resides on the Binance blockchain.
How to Trade On Binance.us
As it lacks some of the more sophisticated trading features offered on some other exchanges, Binance.us is relatively easy to use. Although the platform isn’t as advanced as others, it’s an excellent exchange for new to intermediate traders and investors. Day traders prefer a more advanced system and trading options, but everyone else should be happy here.
Binance.us has three types of trading options:
- Basic. This is for those looking to place simple buy/sell orders. It displays a basic chart, order book, and recent orders and allows Market, Limit, and Stop-Limit orders to be placed. Simply enter the number of coins you wish to purchase or sell for Market orders and add a price for Limit orders.
- Advanced. This is for more experienced traders who want technical analysis (T.A.) overlays and the ability to create their own chart analyses. You can also place more complex One-Cancels-Other (OCO) orders that allow conditions to be placed for the automated placement and execution of orders.
- OTC. This is for those who want to place big orders at set or unset prices and would complete the order all at once rather than wait for the order to be filled. It is usually used exclusively by commercial, business, and institutional buyers and sellers.
Binance.us Trading Fees
Both taker and maker order fees are 0.075%, which are low compared to several other exchanges of its magnitude. In addition, trading fees can be reduced by 25% by using Binance Coin (BNB) held in your account. Trading fees are further reduced by acquiring new VIP levels, with the first level being awarded after the customer has conducted more than $50,000 in trades.
Overview of Supported Coins
Binance.us offers over 40 cryptocurrencies and 100 trading pairs. While this selection is limited compared to the regular Binance exchange, Binance.us makes up for this by having a good amount of liquidity for the coins and pairings it does have. Order books usually run pretty deep and are constantly replenished, making it easy to get a fair price when placing a buy or sell order.
Some of the most popular coins traded on Binance.us include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Ripple (XRP)
- Stellar Lumens (XLM)
- Cardano (ADA)
- Chainlink (LINK)
- VeChain (VET)
- OMG Network (OMG)
- Binance Coin (BNB)
Binance, as a company, is known for having relatively good security, and most of its hacking incidents are related to some kind of phishing attack.
After creating your Binance.us account, you will be prompted to set a 2-FA code via Google Authorization or SMS. It is recommended that you do this before making a deposit. Other user security options include the ability to whitelist withdrawal addresses, setting an Anti-Phishing code that only appears on official Binance emails, and being able to monitor your account activity through a log.
Benefits of Binance.us
- Trustworthy, secure exchange.
- Light KYC requirements.
- Designed specifically for residents of the United States.
- Easy to make deposits, withdrawals, and trades.
Limitations of Binance.us
- Not available in some states.
- Comparatively limited number of supported coins and trading pairs.
- No fancier trading options or trading products like derivatives, leverage or margin trading.
- No way to quickly make a purchase using a credit or debit card (must complete Cash Account Verification first).
Wrapping it up
We recommend Binance.us as a solid exchange for American customers, especially those who were booted from Binance.com and are looking for a new option. Outside of a somewhat limited selection of coins, pairs, and trading options, there isn’t much bad to say about Binance.us as they are a top-tier operation under the ownership of one of the biggest names in the exchange industry.