Binance.US offers lower trading fees and more cryptocurrencies than other providers, but not as large a selection as its parent site.
Launched in September 2019 in San Francisco as the American arm of Binance — the world’s largest cryptocurrency exchange by trading volume — Binance.US itself is now among the 10 largest exchanges by trading volume, according to CoinMarketCap, a market research website.
While it doesn’t offer as many cryptocurrencies and crypto-to-crypto trading pairs as its parent company, the 50-plus selection at Binance.US still outpaces many other U.S. cryptocurrency exchanges. And its 0.1% trading fee is lower than many other U.S. exchanges.
Binance is known for its high-speed trade execution. Before company founder Changpeng Zhao started Binance in China in 2017, he developed a software system for matching orders for high-speed traders. Binance has courted controversy with regulators, moving operations from China to Japan; at a May 2020 tech conference, Zhao claimed the parent company doesn’t have a headquarters because “Bitcoin doesn’t have an office.”
Binance.US is best for:
Binance.US at a glance
Binance.US features you should know
Cryptocurrencies offered: Binance.US offers the purchase and sale of more than 50 cryptocurrencies, including Bitcoin, Etherium, Bitcoin Cash, Litecoin, Chainlink, Dogecoin and other popular digital currencies. (Want to know more? Understand what cryptocurrencies are and how they work).
Crypto trading costs and transaction fees: Binance.US charges a flat 0.1% spot trading fee, which is lower than many other U.S. exchanges, including eToro (about 0.75% for Bitcoin trades) and Coinbase (which charges 0.5% for trading fees plus a flat fee of up to $2.99 per trade, depending on trade amount). For traders in a hurry, Binance.US also offers a 0.5% Instant Buy/Sell fee.
Binance charges an additional 4.5% for debit card transfers (unlike its global brokerage, Binance.US doesn’t allow credit card purchases). There are no fees for cash deposits or withdrawals by ACH bank transfers, while bank wire transfers are $15 per transaction. Fees for cryptocurrency withdrawals differ by cryptocurrency; withdrawals of Bitcoin cost 0.0005% and a minimum withdrawal amount of 0.001 bitcoin.
Crypto-to-crypto trading: Binance.US currently offers more than 50 crypto-to-crypto trading with Bitcoin and eight other digital currencies: Cardano (ADA), Bitcoin Cash (BCH), Binance Coin (BNB), Etherium (ETH), Chainlink (LINK), Litecoin (LTC), Uniswap (UNI), VeChain (VET) and Tezos (XTZ). Many other cryptocurrencies can be traded for stablecoins Tether and Binance USD, Binance’s own stablecoin ($1 BUSD always equals $1 USD).
Peer-to-peer trading: Binance.US’s OTC portal allows trading directly between buyers and sellers. There are no transaction fees, but users are charged the spread between the buy and sell price. The minimum trade amount is the equivalent of $10,000.
Platform: Binance.US uses the same technology as the global platform, and offers three different trading platforms: Basic, Advanced and OTC for peer-to-peer trading. Binance.US suggests new users start on the basic trading platform, which will still give experienced traders the information they need such as spot price, 24-hour price performance and trading volume.
For the newly crypto curious, even the basic platform may be too much firepower. If you just want to purchase some bitcoins, you can bypass the exchange and purchase directly from the site. Once your account is verified, you can simply input the number of bitcoins or U.S. dollars you want to spend. The exchange has a trading minimum of $10.
Security: There have been no reported breaches at Binance.US, but the global Binance site reported in 2019 that hackers stole 7,000 bitcoins worth $40 million at the time. The company said it paid the losses in full to affected users.
Insurance: All U.S. dollar deposits at Binance.US are held at custodial bank accounts and insured up to $250,000 for bank failure by the Federal Deposit Insurance Corp. But unlike stock brokerages, cryptocurrency exchanges like Binance.US are not covered by the Securities Investor Protection Corporation, which protects investors up to $500,000 in total cash and securities loss in case of a brokerage failure, unauthorized trading or theft.
Crypto wallet: Trust Wallet is the official wallet for Binance users, a free app to store cryptocurrency that is highly rated by Google Play and App Store users. Users, however, are welcome to use their own choice of crypto wallet.
Mobile app: In December 2020, Binance.US released an update of its mobile app to include live price tracking, the ability to automate recurring buys and more customizable features. The mobile app mimics much of the same functionality as the desktop site.
Available in 43 U.S. states: Binance.US is available in all but these seven states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont.
Is Binance.US right for you?
Binance.US gives a wide choice of cryptocurrencies with a trading fee that is among the lowest of the cryptocurrency exchanges NerdWallet reviews. The U.S. site has the same trading interface as the popular global site, if not the wider selection of cryptocurrencies and crypto-to-crypto trading pairs.