Binance.US Review

Hedge with Crypto aims to publish factual and accurate information as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own inquiries.

Bottom line:

Binance.US is a useful cryptocurrency exchange for U.S residents with low fees to buy major cryptocurrencies like Bitcoin and Ethereum. Although the U.S. platform supports a lesser number of digital assets, compared to the international Binance Exchange, it offers a wide range of deposit methods to buy crypto and cash out to a bank account.

However, existing customers comment poorly on third-party outlets like Trustpilot and Reddit. These complaints range from slow app log-in to poor email response times. Moreover, Binance.US is not available in all 50 US states, and its money transmitter license was recently revoked in North Dakota.

How We Rated Binance.US

Review Criteria	Hedge With Crypto Rating
Features	4.5 / 5
Supported Fiat and Deposit Methods	4.2 / 5
Supported Crypto & Trading Pairs	3.7 / 5
Fees	4.4 / 5
Ease of Use	4.8 / 5
Customer support	4.2 / 5
Security Measures	4.9 / 5
Mobile App	4.5 / 5

Binance.US Overview

Binance.US was established in 2019 and is a subsidiary of Binance and its U.S. partner, BAM Management US Holdings. The platform's objective is to specifically cater to US-based crypto investors' trading needs. This resulted in the main Binance platform shutting down its operations to US customers due to regulation issues. Binance.US is headquartered in San Francisco, United States. This U.S.-based exchange offers over 130 limited cryptocurrencies compared to its parent company.

Notable features of Binance.US include:

• 0.1% flat trading fee, which is lower than most U.S crypto exchanges
• Two user interfaces for beginner and more experienced investors
• A simplified interface geared towards both basic and advanced traders
• A free tax portal that seamlessly integrates with crypto tax software to prepare investors' tax accounts
• Binance.US integrates a blog with hundreds of content on blockchain technology and crypto assets. This feature can be helpful for crypto beginners
• Availability of crypto staking and rewards for the investor
• Users can use any wallet of choice to store purchases of crypto assets, as there are no limitations.

Exchange Name	Binance.US
Accepted Fiat Currency	US Dollars (USD)
Deposit Methods	Debit Card, Wire Transfer, Automated Clearing House (ACH) Bank Deposit, Apple Pay and crypto
Cryptocurrencies Available	Bitcoin, Ethereum, Bitcoin Cash & 127 others
Trading Markets	Spot exchange, Over-the-Counter (OTC)
Trading Fees	0.1%
Fiat Deposit Fees	Fee-free deposits for wire transfer and ACH bank deposits, 4.5% fee for debit card deposits
Fiat Withdrawal Fees	Fee-free withdrawals for ACH withdrawals, $15 on domestic withdrawals, $35 on international wire transfers
Mobile App	Yes (Android and iOS)

Review of the Top Features on Binance.US

Multiple Trading Platforms

Binance.US incorporates the same trading technology as the main global platform. Users are provided with two trading platforms: Basic and Advanced trading platforms. The basic platform is suitable for users new to crypto-investing. They can use the platform to buy or sell crypto quickly, get information on an asset’s trade volume, the 24-hour price performance of supported cryptocurrencies, etc.

Meanwhile, the advanced platform is suitable for more experienced traders who need more tools to analyze the markets. There are options to trade on Futures and derivatives or access earn products such as cryptocurrency staking or the crypto lending and borrowing platform.

OTC Trading Desk

Binance.US integrates an over-the-counter (OTC) Trading Portal, which enables U.S. residents to trade directly without the use of a public order book listing all the trades. This means that trade negotiations are done directly between buyers and sellers on the platform. With this integration, U.S. investors can move large sums of trade without disrupting the market. This is useful for high-net-worth individuals only.

Tax Statement Portal

The tax statement portal is a key feature that distinguishes Binance.US from competitors. The portal allows customers to access their crypto transaction history and seamlessly sync their activities with some of the best tax software for cryptos like TaxBit, CoinTracking, and CoinTracker. Binance.US makes reporting crypto taxes straightforward with its tax portal facilities and a good option for US individuals and companies.

The free tax portal utilizes two powerful tools: the tax AI key and the Export Statement tool. These tools help traders generate, export, and download their transactional history on the platform. The Tax API key tool sources and shares cryptocurrency transaction data, while the Export Statement tool enables customers to generate, download, and export their transaction history.

Cryptocurrency Staking

Binance.US has introduced an earn product that allows its users to deposit or transfer Proof-of-Stake (PoS) coins to the platform and earn rewards. Staking on Binance.US offers up to 13.5% APY on coins. 18 crypto assets can be staked. For instance, individuals can stake BNB for an estimated yield of 3.5% APY, and also Ethereum which has a reward of 6% APY. The available coins to stake on Binance.US are listed below:

• Audius (AUDIO)
• Avalanche (AVAX)
• Band Protocol (BAND)
• BNB, Cardano (ADA)
• Cosmos (ATOM)
• Ethereum (ETH)
• Livepeer (LPT)
• Near Protocol (NEAR)
• Polkadot (DOT)
• Polygon (MATIC)
• SKALE Network (SKL)
• Solana (SOL)
• The Graph (GRT)
• Threshold Network Token (T)
• VeChain (VET/VTHO)

Binance.US Compared to other Exchanges

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Kraken	222	0.16% (maker) and 0.26% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.8 / 5	None available at this time	Visit Kraken	Kraken Review
Coinbase	241	0.4% (maker), 0.6% (taker)	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	$5 BTC bonus (USA only)	Visit Coinbase	Coinbase Review
eToro	79	1%	Rating We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against. 4.7 / 5	None available at this time	Visit eToro Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.	eToro Review

Binance.US Verification Requirements

Binance.US exchange is subject to regulations within the United States and, therefore, requires users to complete a Know-Your-Customer (KYC) verification process. This process applies to all newly created accounts to prevent criminal activities like money laundering. It also allows the government and financial institutions to track customer accounts' identities in case a crime is committed.

Binance.US verification is divided into two levels: Basic and advanced verification. The entry-level verification process is straightforward and requires few details and minutes to complete. Traders must provide their full legal name, Social Security Number (SSN) for verification purposes only, and their current valid address. Once this verification level is completed, traders will have access to some of the best features on Binance.US platform such as:

• USD deposits and withdrawals via bank transfer or debit card.
• Staking crypto assets
• Buy, sell, and convert staking feature
• Crypto seamless deposits and withdrawals
• Advanced trading tools

Advanced verification is for traders who have passed the basic verification process but need more trading tools and features Binance.US offers. This verification requires more documents, such as a valid identification card (Driver’s license, Passport, Work Visa, or State ID) and a selfie photo needed for facial verification. This verification grants access to:

• All Basic verification features, plus;
• Over-the-counter (OTC) trading
• Application programming interface (API) trading
• Increased limits for bank transfer and debit cards

Buying and Trading User Experience

Binance.US integrates with TradingView (a comprehensive charting platform used by top traders globally) to provide state-of-the-art charting features for its users. There is access to transaction history and real-time pricing to give experienced investors the best tools to trade seamlessly. With this feature, serious crypto traders can easily execute orders at the fairest prices.

Moreover, customers can buy cryptocurrencies directly from the sellers in the OTC trading portal. Investors should note that the OTC trading portal is only available for crypto trades above $10,000. In short, the trading experience on Binance.US is reasonable and covers the basic features of buying and selling crypto. Compared to other trading platforms, the user interface is a little basic and does not include advanced order types like its competitors.

Binance.US Funding & Limits

Regarding funding, the U.S Dollar (USD) is the only supported fiat currency traders can use to fund their Binance.US account. Dollar deposits can be processed by debit card, wire transfer via bank account, automated clearing house (ACH) bank deposit, and Apple Pay. Binance.US does not accept deposits via credit cards. As for the limits, Binance.US allows verified customers to withdraw funds up to $1,000,000 daily via wire transfer.

Supported Coins

Binance.US has an extensive list of the most popular cryptocurrency assets that can be bought and sold using the instant convert feature or traded on the advanced platform. There are over 140 cryptocurrencies, including all the major ones such as Bitcoin, Ethereum, XRP, Tether, and Cardano. Investors in the US can also buy Binance Coin, which is the native token of the exchange. For traders, the supported coins have pairings against USDT and Bitcoin, which gives them the flexibility to swap between assets.

Binance.US Fees

Trading Fees

Binance.US trading fee structure makes the platform appealing to retail and institutional investors. The U.S exchange fee uses a maker-and-taker fee model, ranging from 0% to 0.1%. There are zero trading fees for Tier 0 pairs regardless of the trading volume, which includes BTC/BUSD, BTC/USD, BTC/USDC, and BTC/USDT. This makes Binance.US one of the cheapest Bitcoin exchanges in the USA. For other tiers, the fees start from 0.1% / 0.2%. Users that own the platform’s native token – Binance Coin (BNB), can receive an automatic discount of 25% on all trading fees.

Related: Best places to buy Bitcoin with zero fees.

Deposit Fees

Although Binance.US offers very low trading fees, debit card transfers incur a 4.5% fee. Customers can opt for charge-free automated clearing house (ACH) and wire transfer deposits to streamline deposit costs.

Withdrawal Fees

Binance.US offers fee-free ACH withdrawals in US dollars. However, wire transfer withdrawals incur a $15 fee for domestic transfers and $35 for international transfers. These withdrawal fees are comparable to those of Coinbase and FTX.US.

Binance.US Mobile App

Binance.US has a mobile app that can be downloaded on iOS and Android devices via Google Play and Apple App Store, respectively. The app permits access to all features of Binance.US via a modern mobile application. Customers can buy, sell, and trade top cryptocurrencies with U.S dollars anytime.

Apart from trading, the Binance.US app features a stellar range of features like faster and easier log-in via QR-code scanner, home page customization, Binance Earn/staking integration, real-time view of transactions, and 24/7 customer support.

Binance.US Security

Binance.US is a reputable and trusted crypto platform with highly rated security features. The exchange has never been hacked since it was founded and relies on standard security practices like facial recognition, FDIC insurance cover, wallet address whitelisting, and multi-factor authentication. Moreover, Binance.US has partnered with a trusted and seamless crypto wallet: Trust Wallet. This encrypted and highly secured wallet enables users to store their crypto assets without fear. For more information, read our full Trust Wallet review.

Customer Support

Binance.US customer support can only be contacted via direct email. There is no live chatbot or ticket system in place. In short, the reputation of the Binance.US service is poor, with several comments in public forums complaining of slow response times to queries.