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Binance.Us Review 2022

Blockchain Technology


Binance.US can grab investors’ attention with lower fees than many other cryptocurrency exchanges, but we’d recommend paying a bit more for added transparency. 

Binance.US is an American partner of Binance, the world’s largest cryptocurrency exchange by trading volume, and which was founded in China in 2017. The original platform stopped accepting U.S. users in 2019, and announced it would instead partner with a U.S.-based version of its platform called Binance.US.  

Since the 2019 introduction of Binance.US, which Binance has referred to in the past as a U.S. partner, the international Binance has faced regulatory scrutiny — though that scrutiny has not extended to Binance.US. For example, Italian regulators announced on July 15 Binance was no longer authorized to operate in the country. 

As recently as May 2021, Binance was under investigation by the U.S. government for tax fraud and money laundering, according to reporting by Bloomberg.

The biggest draw of Binance.US is its low fees compared to some other exchanges. It also has an easy-to-use buy/sell option for beginners, while more advanced traders can get the benefit of its in-depth “basic” and “advanced” trading platforms. 

Despite those benefits, Binance.US is much less transparent than many competitor exchanges when it comes to security, storage options, and customer assistance. For most long-term, retirement-minded investors, we’d recommend sticking with exchanges such as Coinbase or Gemini, which are much more transparent about these key operations. 

Pros and Cons of Binance.US

Pros

1. Low fees compared to other exchanges

2. 25% trading fee discount if you pay fees using Binance Coin (BNB)

Cons

1. Not available in all states

2. $10 minimum trade

3. Site can be difficult to use

4. Lack of information on security

5. U.S. partner of Binance, which has a history of regulatory scrutiny

Binance.US At A Glance

1. 50+ currencies available

2. Not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont

3. Flat 0.1% fee for spot trades; 0.5% fee for instant buy/sell

4. $10 minimum trade 

5. Option for recurring investments, for dollar-cost averaging

Cryptocurrencies Available on Binance.US

You can buy and sell over 50 cryptocurrencies on Binance.US, including:

Bitcoin (BTC)

Ethereum (ETH)

PAX Gold (PAXG)

Harmony (ONE)

Orchid (OXT)

Helium (HNT)

Chainlink (link)

Cardano (ADA)

Stellar (XLM)

Tether (USDT)

Binance.US also offers a large number of trading pairs. This includes options to trade two cryptocurrencies without the need to cash out one for USD, as well as options to trade between crypto and a fiat currency like USD. Different exchanges offer different trading pairs based on the cryptocurrencies they offer. 

Binance.US Fees

Binance.US has an option to automatically buy and sell crypto using U.S. dollars, using a simple interface that’s similar to what you’ll find on Coinbase and other competitors. Each of these buy/sell transactions charge a 0.5% fee.  

But to take advantage of its competitive 0.1% standard fee, you’ll need to spot trade through the Binance.US trading platform. This can be confusing if you’re unfamiliar with exchange lingo; on other exchanges, this type of trading and fee structure is typically used in more advanced platform options, such as Coinbase’s Coinbase Pro or Gemini’s Active Trader.  

Deposit and Withdrawal Fees

Before you trade money for crypto, you’ll need to deposit — and when you sell, withdraw —  U.S. dollars into and out of your Binance.US account. The fees for this are minimal, especially if you transfer from your bank account using ACH.

There are also individual withdrawal fees for moving your crypto holdings from your Binance.US account into your own crypto wallet. These fees vary based on the type of cryptocurrency.

Binance.US Security

We couldn’t find any information from Binance.US about its security measures and protections, and the company did not respond to a request for comment. The most descriptive information on the Binance.US site is the following statement, from its homepage: “We use state-of-the-art storage technology to protect your cryptocurrency and USD assets.”

There is no publicly available information about what percentage of assets held by the exchange are kept in secure, offline cold storage vs. online hot wallets, or if there is an insurance policy that protects investors. You must have a Binance.US account to send queries to the help desk, so we were unable to get more information that way.

Binance.US does not provide information on an internal wallet offering, but you can keep your coins within your account on the exchange. It also partners with Trust Wallet, a third-party hot wallet option. You can withdraw your coins from your account onto your own hot or cold storage option at any time (for a fee). 

There have been previous reports that Binance.US keeps users’ USD in FDIC-insured accounts, but posts on the Binance.US site containing that information have since been deleted. While it doesn’t guarantee the same in case of a Binance.US hack, the international version of the exchange, Binance, covered all consumer losses after a $40 million hack in 2019.

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