If you are a US citizen, you should be aware that Binance launched the cryptocurrency exchange for you. If you want to know more, keep reading because this is a complete, most comprehensive Binance.us review you can find.
What is Binance.us?
Binance.us is an American branch of the most popular cryptocurrency exchange in the world – Binance. Binance launched its US trading service provider on September 24th and in full compliance with the US regulation.
Considering the fact that Binance was off-limits for American, the launch of a US branch can be considered as a gigantic move by the trading giant.
Who can trade on Binance.us?
Only the US and Puerto Rico citizens can use Binance.us. Yet, the policy doesn’t support all of the American states. These are the exceptions:
- New York
- North Carolina
Binance.us security review
Binance.us uses the same security measures as the original crypto exchange. Nevertheless, since we are aware that Binance.com was hacked in May 2019, there is still room for improvement in that department.
Since Binance.us is compliant with the US laws, it carries a number of KYC procedures users have to fill to be able to use the service. Accordingly, all users will have to give their personal details (ID) in order to be able to deposit and withdraw funds as well as trade on the exchange.
Withdrawals are limited in accordance with the level of verification a user went through. For instance, if a trader undergoes a level 1 verification, he will be entitled to a $5,000 daily withdrawal limit and crypto-to-crypto trading pairs. On the other hand, those who fill in fiat verification will be able to trade fiat-to-crypto pairs. In order to be able to withdraw $1 million, a user will have to pass an advanced verification.
While those who highly value their privacy will not accept lightly all these requirements, they were obviously a condition for entering the US market. However, those who pass the verification get $15 as a reward as well as those who refer a new member.
It is important for all potential users to acknowledge the fact that their funds, upon a successful deposit, will be held by a third-party guardian organization based in Nevada.
Binance.us deposits and withdrawals review
Binance.us accepts deposits and withdrawals in USD and in all cryptocurrencies available for trading on the platform. When depositing and withdrawing cryptocurrencies, only regular network fees are enforced. However, with fiat, the story is different.
Users have two options to deposit and withdraw fiat:
- Wire transfer
- Bank transfer
While bank transfers (ACH) are free, wire transfers cost a flat $15 for withdrawals with free deposits. For the full list of deposit and withdrawal fees, and transfer durations, check the table below.
|Cryptocurrency||Bank transfers (ACH)||Wire transfers|
|Deposit fee||Network fee||Free||Free|
|Withdrawal fee||Network fee||Free||$15|
|Duration||Few minutes||The same day||2-3 days|
Regarding the trading fees, Binance also enforces a flat fee of 0.1% for every trade. 0.1% is rather competitive in comparison to other similar exchanges, therefore, it is obvious that Binance aims to lure in as many traders as possible.
Binance.us supported cryptocurrencies
For a month-old exchange, Binance.us has a decent number of coins available for trading. However, it still lacks the depth and inclusiveness of the original platform.
Besides the USD trading support, Binance.us offers these 17 cryptocurrencies:
Furthermore, traders also have the ability to trade pairs with Tether (USDT) and Binance’s new stable coin Binance USD (BUSD), approved by the New York State Department of Financial Services.
Despite such a small number of cryptocurrencies on the platform, Binance has a massive daily trading volume even though only a month has passed since the launch.
Binance.us UI review
Regarding the user interface (UI), Binance uses the proven recipe. The trading screen is practically the same as the original. That means that it has two options – basic and advanced, which are enough for any trader’s appetites.
Nevertheless, just like the original platform, the charting somewhat lacks responsiveness. However, there is an option to switch to TradingView charting, which is a good alternative.
Other mechanics of the platform are pretty intuitive and easy to use, although, could have more options integrated. Yet, Binance has always been more of a tool for all traders than a professional’s paradise.
Binance.us customer support
To get customer support on Binance.us, a user has to file a support ticket, which is a common way to resolve issues in the crypto exchange business. Yet, there is no live chat or call options currently supported by the platform. Considering the fact that these possibilities became mostly standard, it is a shame that Binance didn’t integrate them into the US exchange.
However, Binance is known to be fairly quick in responding to support tickets. At least compared to their closest competitors. At the end of the day, it is important for the issue to be resolved quickly, regardless of the channel.
Binance.us pros and cons
In the end, and taking into account everything presented in the article, we bring you the pros and cons of the new Binance.us cryptocurrency exchange
- US regulations compliant
- User-friendly UI
- Fiat and crypto deposits and withdrawals
- Competitive fees
- High KYC requirements
- Not many coins available
- Not all US states included (yet)
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