Binance.us was spun off from Binance.com in Sept. 2019, after the exchange announced they would no longer be serving U.S. customers through the regular exchange URL. It is specifically geared toward American residents and devoid of some of the fancier trading features shared by many other big exchanges, like leveraged products and margin trading. The exchange has grown quite a bit in just over a year’s time and sees about $60 million in exchange volume on a daily basis.
Now that Binance is shifting their US customers to Binance.us, greatly increasing this customer base, we expect they will continue to add trading features like they have on the .com.
If you’d like to view the current Binance.us platform, you can see it here.
Why use Binance.us?
In addition to operating under the esteemed Binance banner, Binance.us has several advantages over other exchanges that service residents of the U.S. For one, they offer some pretty substantial volume on a lot of popular altcoins. Their KYC requirements are quite light for those who plan on doing only a small to fair amount of trading, and order placement is extremely simple.
If security and knowing your money is in good hands is important 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 want to visit the regular Binance exchange URL. Note that Binance.us considers the following states to be “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 area and click “KYC Verification”. There are 3 levels of verifications based on the type and quantity of trading you plan to do:
- Basic Verification. This basic level of account status requires 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 be able to perform up to $1,000,000 in withdrawals daily, an ID document (such as a passport, driver’s license or state ID 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 be able to trade crypto/USD pairs and requires that a Prime Trust questionnaire be filled, as well as the user having completed 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. Select the coin you wish to deposit by changing the coin’s name, or select USD for fiat deposits.
Upon doing this, a deposit address and corresponding QR 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 are depositing 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 some others, it’s a great exchange for new to intermediate traders and investors. Day traders will prefer a more advanced system and trading options, but everyone else should be happy here.
Binance.us has 3 types of trading options:
- Basic. This is for those who are looking to place simple buy/sell orders. It displays a basic chart, orderbook and recent orders, and allows Market, Limit and Stop-Limit orders to be placed. Simply enter the quantity 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 (TA) overlays and the ability to create their own chart analyses. From here you can also place more complex One-Cancels-Other (OCO) orders which allows conditions to be placed when it comes to 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 rather complete the order all at once, rather than having to 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. Trading fees can be reduced 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 always being replenished which means it is 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 their 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 Auth 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
In all, 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.