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Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    7. Binance.us Review 2023: Security,...

    Binance.us Review 2023: Security, Deposit and Features

    binance-usa-review

    Binance.us Review: Our Opinion

    Binance.us is a crypto exchange for US-based crypto traders that offers digital assets to buy/sell and low trading fees when compared to other cryptocurrency exchanges. It also has limitations of use within the United States as it isn’t available in every state.

    An Overview of Binance US

    binance.us-review

    Founded in 2019 by the popular cryptocurrency exchange, Binance.com and its United States partner BAM Trading Services, Binance.us was built for United States residents excluding residents of New York, Hawaii, Texas, and Vermont. Crypto investors on the crypto exchange can buy, sell, trade, and stake assets on the platform. Binance.com and Binance.us are different cryptocurrency exchanges as the latter offers just over 130 crypto assets as opposed to the 350+ cryptocurrencies available on Binance.

    Binance.us also provides staking services where crypto traders can hold their addresses for specific lock-in periods in exchange for rewards.

    Pros

    Cons

    Key Features of Binance.us

    Binance Tax Portal

    This Binance.us feature enables users to prepare their crypto taxes by giving them all the tax tools they need in one place. The portal grants users access to their transaction history and sync all their crypto activities with supported third-party tax and accounting platforms. The Binance.us tax portal is compatible with Tax Bit and CoinTracking.

    The tax portal has an Export Statement tool that users can use to generate and download ready-to-use statements. The statements contain details about the user’s Trade, Buy & Sell, Deposit & Withdrawal, and Distribution activities.

    They can also use the Tax API Key tool to connect their Binance accounts to third-party accounting and tax platforms and share their transaction data with the platforms.

    Binance Academy

    Binance Academy is a blockchain education portal that offers hundreds of hours of easy-to-understand content on cryptocurrency, blockchain, crypto assets, crypto economics, etc.

    Binance Academy is a one-stop shop knowledge hub for beginners and crypto enthusiasts who wish to expand their knowledge of the crypto world.

    The Academy isn’t just for beginners, it caters to users across different experience levels. The contents of the platform range from simple topics for beginners to more complex topics for advanced traders.

    It also has an intuitive interface and most topics have accompanying videos and a comprehensive glossary. Binance Academy is available in English and 13 other languages including French, Spanish and Italian.

    Binance Pay

    Binance Pay is a secure cryptocurrency payment technology that allows users to make contactless and borderless payments in cryptocurrencies. With Binance Pay, users do not have to deal with the complexities associated with transferring crypto the conventional way including paying gas fees and waiting for an unspecified time frame for transactions to be settled.

    It allows Binance users to request, send and receive payments in over 70 cryptocurrencies. Payments via Pay are instant and do not attract crypto transfer costs. Supported cryptocurrencies include Bitcoin, Ethereum, Binance Coin, Bitcoin Cash, Polygon, USD Coin, Dogecoin, Polkadot, Litecoin, Tron, Chainlink, Filecoin, Uniswap, etc.

    As already stated, Binance Pay transactions are confirmed instantly but funds sent to the funding wallet cannot be used until 24 hours after the funds were received.

    Binance Pay can be accessed from the Binance mobile app in 4 ways. Here are the ways to send crypto through Binance Pay:

    • Go to the App home page and tap the Pay icon, then tap “Send”. Once this is done input the recipient’s phone number, email, Pay ID, or Binance ID.
    • Go to the QR code scanner on the Binance app home page and scan the Recipient’s Binance Pay QR code.
    • On the Binance app homepage, long-press the Binance app icon and click ” Scan”. This will open the QR code scanner. Scan the recipient’s QR code.
    • Go to “Wallets” in the mobile app, click “Funding”, next select “Pay” and tap “Send”. Enter the recipient’s details including his email, phone number, and Pay ID.

    Making payments with Binance Pay is simple, all you need to do is:

    First, type in or scan the recipient’s details, choose the cryptocurrency you want to send, and enter the amount.

    Next click on the name of the cryptocurrency. This will redirect you to the cryptocurrency list where you will be able to see the cryptocurrency balance in your Funding and Spot Wallets. You can change the payment method for your funding wallet to your Spot wallet. To do this, Tap “Funding Wallet” and select “Spot Wallet”.

    Once that is done, input the amount you wish to send and tap “Continue”

    Next, enter your Binance Pay PIN to verify your payment. An email and SMS notification will be sent to you to confirm the payment has been sent.

    Cryptocurrencies Available

    Cryptocurrencies-available-on-Binance us

    Binance.US users can buy, sell, and HODL over 130 cryptocurrencies. Available cryptocurrencies include Bitcoin, Ethereum, Cardano, USD Coin, Dogecoin, Polkadot, Binance Coin, Bitcoin Cash, Tezos, VeChain, Solana, XRP, Polygon, Orchid, etc.

    Binance.us Review: Fees

    Binance.us charges several fees including trading fees, withdrawal fees, and deposit fees. These fees vary depending on the particular situation at the time of the transaction. When compared to other crypto exchanges Binance.us charges low fees.

    Trading Fees

    Binance.us offers an instant buy option that allows newbie investors to use their dollar debit card to purchase cryptocurrencies. For this service, Binance.us charges 0.50% in trading fees.

    For users who trade on the advanced platform of the cryptocurrency exchange, they’re charged using a Maker and Taker payment model with several tiers. The tier you belong to is dependent on your previous 30-day monthly trading volume. You will also receive discounts to access low trading fees based on the amount of Binance Coin (BNB) that you hold on the platform. If you hold a high number of BNB coins you’ll pay low fees.

    That said, here are the tiered levels and BNB discounts:

    30-day trade volume and BNB held: Less than $50,000 traded and no BNB

    • Maker and Taker Fee: 0.10%/0.10%

    30-day trade volume and BNB held: $50,00 – $99,999 traded and a minimum of 50 BNB

    • Maker and Taker fee: 0.09%/0.09%

    30-day trade volume and BNB held: $100,000 – $499,999 traded and a minimum of 100 BNB

    • Maker and Taker fee: 0.08%/0.09%

    30-day trade volume and BNB held: $500,000 – $999,999 and a minimum of 200 BNB

    • Maker and Taker fee: 0.07% / 0.08%

    30-day trade volume and BNB held: $1,000,000 – $4,999,999 traded and a minimum of 400 BNB

    • Maker and Taker fee: 0.05%/0.07%

    30-day trade volume and BNB held: $5,000,000 – $9,999,999 traded and a minimum of 800 BNB

    • Maker and Taker fee: 0.04%/0.06%

    30-day trade volume and BNB held: $10,000,000 – $24,999,999 and a minimum of 1,500 BNB

    • Maker and Taker fee: 0%/0.06%

    30-day trade volume and BNB held: $25,000,000 – $99,999,999 and a minimum of 2,500 BNB

    • Maker and Taker fee: 0%/0.05%

    30-day trade volume and BNB held: $100,000,000 – $249,999,999 and a minimum of 4,000 BNB

    • Maker and Taker fee: 0%/0.04%

    30-day trade volume and BNB held: 250,000,000 – $499,999,999 and a minimum of 6,000 BNB

    • Maker and Taker fee: 0%/0.03%

    30-day trade volume and BNB held: Over 500,000,000 and a minimum of 6,000 BNB

    • Maker and Taker: 0%/0.02%

    Deposit and Withdraw Fees

    • Debit Card: Binance.us charges 4.5% in trading fees for card purchases.

    • ACH Transfer: No deposit or withdrawal fee

    • Domestic Wire Transfer: No deposit fee but $15 for domestic deposits.

    For crypto, as with other exchanges, cryptocurrency deposits are free but withdrawal fees are dynamic and depend on the particular asset you intend to withdraw.

    Binance.us Review: Payment Methods

    Binance.us offers 4 payment methods debit card (Binance.us does not support credit card payments), ACH transfers, Apple Pay (via your debit card), and domestic wire transfers.

    Security

    Just like the parent company, Binance.us does not provide enough information about its security practices. Information on their website however shows that Binance.us, like other crypto exchanges, holds the vast majority of users’ assets in cold storage offline.

    To be able to buy, sell, or trade crypto on the platform, Users are required to verify their identities. They can also protect their accounts with facial recognition, multi-factor authentication, and crypto wallet address whitelisting.

    Binance.us: Staking Rewards

    The Binance.us crypto exchange supports the following cryptocurrencies for staking:

    Fetch.ai (FET), Harmony (ONE), Kusama (KSM), Livepeer (LPT), Near Protocol (NEAR), Audius (AUDIO), Polygon (MATIC), SKALE Network (SKL), Avalanche (AVAX), Band Protocol (BAND), BNB, Cardano (ADA), Celer Network (CELR), Cosmos (ATOM), Flow (FLOW), Solana (SOL), Tezos (XTZ), The Graph (GRT), Ethereum (ETH), Fantom (FTM), Oasis Network (ROSE), Polkadot (DOT), Threshold Network Token (T), Tron (TRX), and VeChain (VET/VTHO).

    The crypto exchange allows users to earn rewards of up to 18% APY on held assets.

    Opening a Binance.us Account

    binance-sign-up-us

    The process of creating your Binance.us crypto exchange account differs depending on the device you’re using to do so.

    For its mobile app:

    • First, download and install the Binance.us app.
    • Next, tap the No Account Yet? Sign Up Now button.
    • Enter your email address and select a password then carefully go over the platform’s Terms of Use and Privacy Policy. Once you’re done, check the box to agree before trading the Register button.
    • You will get an email requesting that you confirm your email address with a verification code. Next, you need to copy the verification code from the message sent and paste it into the respective field on your Binance.us app.
    • You’ll be asked to enable SMS authentication as Binance.us requires SMS verification on sign-up. To do so, input your phone number and tap Send SMS. Next, enter the 6-digit verification code that was sent to your mobile device and tap Next to confirm.
    • That’s it, you’ve created your Binance.us account.
    • The next step as with most cryptocurrency exchanges is to verify your identity, which you can do on the Binance.us mobile app as well. To do so, tap the Verify Identity button.
    • Next, input the last 4 digits of your Social Security Number then tap Continue to go to the next stage.
    • Every your complete legal name and any other requested data like your residential address. After entering your data, tap Next. That’s it, the next step is to Add a Payment Method to deposit USD via Bank Transfer (ACH), Apple Pay, Domestic Wire, or Debit Card.

    Binance.us Review: Trading Experience

    You can access the Binance.us exchange through their iOS and Android Mobile apps as well as the online platform. To use the exchange for basic cryptocurrency trading hit the Buy Crypto button. Alternatively, you can click the Trade button to access the OTC trading portal and advanced features.

    The advanced platform uses Tradeview and offers real-time pricing, candlestick charting, order history, etc. That said, Binance.us’s user interface may be confusing to newbies and is best suited for seasoned and expert cryptocurrency trading.

    Binance.us Review: Customer Service

    Binance.us offers 24/7 customer support to users’ email. Live chat customer support is also available during select operating hours.

    There is also an extensive list of FAQs with lots of blogs and articles that users can check for answers to common problems encountered while using the platform.

    Customer Satisfaction

    Binance.us has lots of negative feedback from users on platforms like Trustpilot. The bulk of the complaints revolves around difficulty withdrawing, trading, and inability to get the required help from the support team.

    The mobile app has a 2.5 stars rating and 4.2 stars rating on the Google Play Store and Apple App Store respectively.

    Does Binance.us Offer Education?

    Binance.us offers educational resources via its blog. Some of the educational resources include topics like What is Litecoin? What is Cardano? What is Futures Trading? How Do Futures Trading and Margin Trading Work?

    The education platform covers topics about recent happenings in the cryptocurrency space as well.

    Is Binance.us Right for You?

    Binance.us is best for expert crypto traders interested in more features, OTC trading, low fees, charting tools, and other advanced functions. Users interested in simple spot trading may find the platform useful but difficult to use.

    Final Thoughts

    Binance.us is a United States subsidiary of the global Binance exchange that offers low fees and a limited selection of cryptocurrencies. However, the platform suffers in regulation as it is not permitted in a couple of states in the United States. It is also best suited for advanced traders as beginners will face a steep learning curve when using the platform.

    If you want to know more about on Binance US Competitors and other Crypto Exchanges, you can check out our list of the Best Crypto Exchange USA.

    FAQ

    Most frequent questions and answers

    The platform is regulated in most states in the United States. However, in certain states like New York and Texas, Binance.us isn’t permitted to operate. That said, there have been no reported security breaches at Binance.us.

    Binance and Binance.us are different crypto exchanges. If you reside in the United States you cannot use the major Binance cryptocurrency exchange if you’re in the United States. So you’ll have to use the Binance.us platform instead.

    Binance.us is a partner company of Binance.

    Yes, but not in every state. In some states like Texas, New York, and Vermont, Binance.us isn’t legal.

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