Binance.US Review 2024 – Forbes Advisor - Forbes

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Who Is Binance.US Good For?

Binance is one of the world's most widely used crypto exchanges—and for good reason. Its rock-bottom fees and extensive array of cryptos make it appealing to traders of all stripes.

Binance.US is available to many, albeit not all, U.S. residents. It's important to note that this crypto exchange is not available to residents of Hawaii, New York, Texas and Vermont.

Despite these limitations, Binance.US remains one of the top 10 crypto exchanges in the world, according to crypto industry ranker CoinMarketCap.com.

What Makes Binance.US a Good Choice

Binance.US offers more than 130 cryptos. Although this isn't as many cryptocurrencies as parent company Binance offers international users, it should cover most cryptos an individual may be looking to trade.

Binance.US also allows staking of 19 different cryptos, including Ethereum, Cardano (ADA), Polkadot (DOT), Polygon (MATIC), Solana (SOL) and The Graph (GRT), advertising yields as great as 12.5% annual percentage yield (APY).

Staking is the ability to earn passive income on cryptocurrencies by using them as collateral to help facilitate building the coin's blockchain.

Binance.US is ranked among the top exchanges for staking in Forbes Advisor's best staking platforms.

In addition, Binance.US carries high-security rankings as well as ultra-low fees. In fact, some Bitcoin (BTC) pairs can be traded at no fee whatsoever. For users based within the company's jurisdictions, this easy-to-use platform offers an excellent option among the world's many crypto exchanges.

Binance.US Disadvantages

The U.S. edition of Binance offers fewer cryptos than its parent company supports in other geographical locales, and its educational resources are not as impressive.

Regardless of what platform you use, remember that buying cryptocurrencies generally comes with a big buyer beware. Crypto is highly speculative and subject to volatility on the slightest bit of news.

If you're interested in investing in crypto, Binance.US's platform should offer most, if not all, of what you're looking for.


Binance.US Features

Binance.US split from its parent company Binance in 2019.

One of the reasons for the split had to do with the parent company facing an investigation by the U.S. Commodity Futures Trading Commission (CFTC) for a host of potential violations.

By 2021, Binance completed its rerouting of U.S.-based users to Binance.US

Fees

Binance.US offers a tiered trading system to their customers.

Tier 0 trades have zero fees. But this is limited to just four types of Bitcoin pairs: BTC/USD, BTC/USDC, BTC/USDT and BTC/BUSD. All other trades fall under Tier I or Tier II.

Tier I trades start with a 0.2% taker and 0.1% maker fee for trades less than $10,000 on certain asset pairs within a 30-day period. A few examples of asset pairs under Tier I include ETH/USD and SOL/USD, to name a couple.

Tier II trades are a bit steeper and start at a 0.6% taker and 0.4% maker fee for trading less than $10,000 in a 30-day period on select Tier II asset pairs. ADA/USD and DOT/USD are a few Tier II pair examples.

Customers will want to check Binance.US's fee structure to see the exact fees for the crypto pairs they want to trade.

Keep in mind that those using Binance Coin (BNB) receive a 25% reduction in trading fees. VIPs receive discounts on maker/taker fees.

30d Trade Volume (USD) Tier 0 Tier I Tier II
Maker Taker Maker Taker Maker Taker
<$10K Free Free 0.0750% 0.1500% 0.3000% 0.4500%
$10K - $50K Free Free 0.0750% 0.1500% 0.1875% 0.3000%
$50K - $100K Free Free 0.0750% 0.1500% 0.1125% 0.1875%
$100K - $1M Free Free 0.0450% 0.1350% 0.0750% 0.1500%
$1M - $20M Free Free 0.0225% 0.0675% 0.0600% 0.1350%
$20M - $100M Free Free Free 0.0375% 0.0375% 0.1125%
$100M - $300M Free Free Free 0.0375% 0.0150% 0.0750%
$300M - $500M Free Free Free 0.0375% Free 0.0600%
≥$500M Free Free Free 0.0375% Free 0.0375%

Another thing to keep in mind is that although Binance.US doesn't charge deposit fees, there are variable withdrawal fees for each coin. These withdrawal fees can range from a fraction of a cent for cryptos like BTC or around $27 for AUDIO.

Security

While Binance.US hasn't engendered much controversy, the same can't be said of its parent company Binance Holdings, the world's largest cryptocurrency exchange. Binance has come into the crosshairs of a number of U.S. regulatory commissions, not the least of which is the CFTC.

Most worrying, however, to crypto traders might be a 2019 hack that saw criminals steal more than $40 million in BTC off Binance. Binance.US wasn't even in existence at the time. It should also be stressed that the hack occurred to the parent company, not Binance.US.

Also, in October 2022, parent company Binance suffered another major hack that cost the platform more than $570 million in BNB. Binance and Binance.US were separate entities by this point, and the Binance.US site wasn't affected.

Binance.US rates highly on the security of its exchange. For instance, crypto exchange security review site CER ranked Binance.US as one of the most secure exchanges as of October 2022, ahead of big names like Coinbase and Gemini.

Opening a Binance.US Account

Like other popular exchanges, Binance.US makes it easy to buy and sell cryptocurrency. There are two main ways to do this: basic verification and advanced verification.

For basic verification, Binance.US allows traders to make U.S. dollar deposits and withdrawals via bank transfers and debit cards. Traders can also deposit and withdraw cryptocurrency, buy, sell and convert cryptocurrencies, and become eligible for Advanced Trading Feature.

To sign up for Basic Verification, traders need to provide:

  • Full legal name and date of birth
  • Social security number
  • Current address (not a P.O. Box)

More experienced investors, though, will gravitate toward Binance.US's Advanced Verification. Advanced users can do everything Basic users can. However, they can also make wire deposits and withdrawals, and they have increased limits for bank transfers and credit cards. They can also do staking, OTC trading and API trading.

Traders seeking advanced verification will also need to provide:

  • State-issued ID
  • Facial verification using Binance.US's own automated selfie photo process

Cryptocurrencies Available on Binance.US

Binance.US doesn't offer the full 350+ cryptocurrencies traded on parent-company Binance's platform. However, with more than 130 cryptocurrencies supported, most traders will find what they're looking for on Binance.US.

Here is a list of some of the major cryptocurrencies traded on Binance.US:

Coin Available on Binance.US
Bitcoin (BTC) ✔
Ethereum (ETH) ✔
XRP (XRP) X
Cardano (ADA) ✔
Solana (SOL) ✔
Dogecoin (DOGE) ✔
Polkadot (DOT) ✔
Polygon (MATIC) ✔
TRON (TRX) ✔

Coins Available on Binance