Binance is a noteworthy name in the crypto exchange space. Binance.US was recently created as an off-shoot of Binance.com for US citizens. The exchange was started in China, but then later moved its headquarters to the cryptocurrency-friendly Island of Malta in the EU. In 2017, Binance exploded to maniacal levels and has since gone to become one of the top-rated crypto exchanges in the world. It has become a massive success in the world competing with crypto giants, like Coinbase.com.
This quick guide will touch upon the pros and cons of Binance.US while detailing its background, trading fee, funding options, and other features.
Why Should Beginners Choose Binance.US?
Quick with the ability to process 1.4 million orders per second
Low trading fees
One of the best customer service departments
What’s not to like?
No service in 12 US States including New York
Limited choice of cryptocurrency for trading
Brief Background of Binance.US
Binance has a strong team with vast experience in wall-street and crypto finance. The team is led by Changpeng Zhao, who has multiple successful start-ups under his belt. Binance.US was launched in September 2019 as a digital asset marketplace powered by matching wallet and engine technologies. Binance US is operated by San Francisco, California based BAM Trading Services.
However, the exchange is not yet open for the following states - Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, New York, North Carolina, Idaho, Vermont, Washington, and Texas. Although, Binance US is working with these states to get people ready to trade.
What are the Trading Fees and Limits in Binance.US?
An average fee of 0.1% is charged on each trade made by a user. Withdrawal fees depend on the type of digital currency. Where transfer limits are concerned, you can deposit any number of crypto coins. However, there is a limit on the number of coins you can withdraw without being verified. Verification would provide the status of a level two user thereby removing any limits.
The verification is not cumbersome. All you have to do is provide your full name, country, gender, a copy of passport/government-issued ID, and selfie.
Which funding options are accepted by Binance US?
Bank transfer (ACH)
Is Binance.US Versatile in Terms of Trading?
Binance has often been praised for offering a wide variety of digital currency and supported coins. However, where Binance.US is concerned, this is a disappointing aspect. Currently, the exchange only supports 7 coins, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Tether (USDT), and Binance Coin (BNB).
However, it is exploring other options, including Cardano (ADA), Decentraland (MANA), Raven (RVN), Waves (WAVES), Cosmos (ATOM), Dash, IOTA, NANO, TrueUSD (TUSD), Stellar (XLM), Basic Attention Token (BAT), EOS, Holo (HOT), LINK, NEO, USD Coin (USDC), Ethereum Classic (ETC), Loom Network (LOOM), Paxos Standard (PAX), Zilliqa (ZIL), Augur (REP), VeChain (VET), and 0x (ZRX). Again, this is still in speculation mode with no confirmation from the Binance US team.
There are currently 13 trading pairs on offer with USDT and USD markets, namely:
Binance has placed restrictions where margin trading is concerned. While Biannce.com allows for invitation-only margin trading, Binance.US has not even bothered with margin trades because of complex regulations associated with it.
Does Binance Coin (BNB) Help?
BNB can come in very handy for beginners to pay for fees and enjoy discounts. The coin is also a major player in the exchange’s plans to become a decentralized exchange (DEX). BNB would be one of the key base currencies on this platform.
Your trading fee is automatically deducted from your BNB balance when you hold these coins in your Binance wallet. You can enjoy a discount of 25% on the trading fee if you pay using BNB.
Binance also has a solid buy-back program in place. They use a portion of their profits to purchase coins every quarter and burn them. This ensures that the decreased supply becomes all the more valuable to holders.
How User-Friendly is Binance.US?
The US site is almost identical to the feel and looks of the original Binance.com. It has the same user-friendly interface, which gives traders the trademark Binance “basic” and “advanced” options. As a beginner, you won’t get lost on the interface and will learn the ropes pretty quickly.
Binance.US Customer Service
This is probably the best part about Binance US. Its customer service is based right here in the US and is far superior to other top exchanges, and even Binance original.
The Bottom Line
Binance is a safe exchange with a really low trading fee. BNB coins make the exchange even more lucrative for beginners. The only downside to this exchange right now is the lack of versatility in trading coins. However, if you are looking to deal with only the major coins as a beginner, the ease, user-friendliness, and great customer service offered by Binance US make it the perfect option.