Binance.us is a cryptocurrency trading platform that has been around since 2017 and offers over 250 different cryptocurrencies for trading pairs. It was one of the fastest-growing exchanges in 2018, with a 24-hour volume of $11 billion USD. Binance’s primary goal is to provide users with an efficient and secure crypto exchange experience, but many people have questions about how this can be done. In this article, we will answer some of the most common questions about Binance so you know what features are important before creating your account!
What is Binance.us?
The investors on Binance.us can trade over 50 cryptocurrencies, including Binance Coin (BNB), Bitcoin, Ethereum, and others, in the US. It’s the American branch of Binance, the original worldwide platform that US users may no longer use.Binance.us provides self-service tools and various choices for cryptocurrency-to-cryptocurrency trading to help newcomers, experienced members, and institutions trade on the platform.
Top 3 things that Binance.us is best for?
- Cryptocurrency traders
- Peer-to-peer Trading
- Cyrpto-to-Cyrpto Trading
Pros
- Fees are low, especially when compared to its primary competitors.
- Support for a wide range of cryptocurrencies
- Easy-to-navigate exchange versions that match your cryptocurrency comfort and experience
Cons
- Not available to all residents of the United States.
- Its parent firm was just hacked heavily.
Is Binance.US right for you?
Binance.US offers a diverse range of cryptocurrencies and has one of the lowest trading fees among the cryptocurrency exchanges reviewed by NerdWallet. The popular global site offers the same trading interface as the US site, albeit with a smaller variety of cryptocurrencies and crypto-to-crypto trading pairs.
Understand that investing in cryptocurrencies like Bitcoin is highly speculative and known for its volatility, regardless of where you opt to make your purchase. It’s a good rule of thumb to never invest more than you can afford to lose.
Binance.US features you should know
Cryptocurrencies offered: Binance is a cryptocurrency exchange. More than 50 cryptocurrencies, including Bitcoin, Etherium, Bitcoin Cash, Litecoin, Chainlink, Dogecoin, and other notable digital currencies, are available for purchase and sale in the United States.
Crypto trading costs and transaction fees:Binance.US charges a flat 0.1 percent spot trading fee, which is lower than many other U.S. exchanges, such as eToro (around 0.75 percent for Bitcoin trades) and Coinbase (0.5 percent for trading fees plus a fixed price of up to $2.99 per trade, depending on deal amount). Binance.US also has a 0.5 percent Instant Buy/Sell charge for traders in a hurry. Unlike its global brokerage, Binance, Binance charges an extra 4.5 percent for debit card transfers. Credit card purchases are not permitted in the United States). Cash deposits and withdrawals via ACH bank transfers are free, but bank wire transfers cost $15 per transaction. The fees for cryptocurrency withdrawals vary by cryptocurrency; for example, Bitcoin withdrawals cost 0.0005% of the total value, with a minimum withdrawal amount of 0.001 bitcoin.
crypto-to-crypto trading: Binance.us now supports over 50 crypto-to-crypto trading pairs, including Bitcoin (BTC), Bitcoin Cash (BCH), Binance Coin (BNB), Etherium (ETH), Chainlink (LINK), Litecoin (LTC), Uniswap (UNI), VeChain (VET), and Tezos (TZS) (XTZ). Tether and Binance USD, Binance’s own stable coin ($1 BUSD always equals $1), can be traded for a variety of different cryptocurrencies.
Peer-to-peer trading: The OTC gateway of Binance.US allows buyers and sellers to trade directly. There are no transaction fees, however the disparity between the purchase and sell prices is paid to users. A minimum trading amount of $10,000 is required.
Quick review of the Binance platform
Binance provides three different trading interfaces for their new members: Basic, Advanced, and OTC. New users should start with the Basic interface that will still provide experienced traders with information such as spot price, 24-hour average performance, and trading volume.
Even the basic platform may be too much firepower for the newly crypto inquisitive. If you merely want to buy bitcoins, you can skip the exchange and buy them straight from the website. After your account has been validated, all you have to do now is enter the amount of bitcoins or dollars you want to spend. The trading minimum on the exchange is $10.
Let’s dive into the security aspects
Binance.US prides itself on the safety of its platform. Binance, for example, was ranked by the crypto exchange security review site CER. The United States is the third most secure exchange, trailing only Coinbase and Kraken. There have been no known breaches at Binance.US, however, hackers stole 7,000 bitcoins worth $40 million from the global Binance site in 2019. Users who were harmed were compensated in full, according to the business.Binance.US holds all U.S. currency deposits in custodial bank accounts, which are protected by the Federal Deposit Insurance Corporation up to $250,000 in the event of a bank collapse.
Cryptocurrency exchanges, such as Binance, differ from stock brokerages. The Securities Investor Protection Corporation, which protects investors up to $500,000 in total cash and securities loss in the event of a brokerage failure, unlawful trading, or theft, does not cover Binance. Trust Wallet is Binance’s official wallet, a free app for storing bitcoin that has received great ratings on Google Play and App Store. Users, on the other hand, are free to use whichever cryptocurrency wallet they like. When you sign up, you’ll be asked to enable two-factor authentication, create an anti-phishing code (which is how many hacks occur), verify your identity with a government-issued ID, and create a withdrawal whitelist to limit who can withdraw money from your account.
Creating your account
Binance makes trading, buying, and selling bitcoin simple, but you must first authenticate your account.
- Create an account using your email address and a password of your choosing. A minimum of eight characters must be used in your password, with at least one uppercase letter and one number. Please provide their Referral ID in the Referral ID area if you were referred by someone. After you’ve confirmed your age, click Create Account.
- Please double-check your email address. An email containing a verification code will be sent to you. In the Code area, please input this verification code.
- Make sure your account is safe. You’ll be asked to confirm your account’s security. You’ll be prompted to set up SMS Authentication after choosing Secure Account. Please input your mobile phone number and press the Send Code button.
- Enter the code for authentication. Please enter the code we issued to you via SMS. After you’ve double-checked that you’ve entered the code correctly, click Done.
- Please confirm your identity. You must authenticate your identity in order to use our platform. Please select Verification for Institutions if you are enrolling on behalf of an institution. Select Verify Identity if you are an individual.
- Please fill out the form below. Please fill up the blanks with the necessary information. Please click Next once you’ve finished entering your information.
- Please double-check your address. Please provide your mailing address. Please click Confirm once you’ve typed it and verified its accuracy.
- Please read the Account Agreement carefully. Make sure you read the Account Agreement thoroughly. Please click Accept Agreement once you’ve read them and are certain you understand them.
- Follow the instructions on the screen. Please fill in the blanks on the screen with the necessary information.
- Go to your account’s dashboard. Click While you wait for your documents to be examined, go to Dashboard.
- Get verified. Once your documents are accepted, you may add a payment method and begin using the platform!
Key Takeaways:
- Binance is a cryptocurrency exchange that allows customers to trade cryptocurrencies online. Many of the most widely traded cryptocurrencies are supported.
- Binance provides its traders with a crypto wallet in which they can store their electronic funds.
- The exchange also offers a variety of support services to assist traders in making investment selections.
- Binance has its own cryptocurrency, Binance Coin, which is based on the blockchain (BNB).
Bottom line
While no exchange is flawless, Binance.Us offers a unique combination of intuitive goods, useful charts, and cheap fees, earning it the title of Best Overall Crypto Exchange and Best Crypto Exchange for Crypto Enthusiasts from Forbes Advisor. Crypto trading, on the other hand, is speculative by nature and should only be attempted by people who are willing to lose everything they invest.
