I was pleased when I started trading with Binance US because of its obligatory verification, variety of available trading instruments, staking program, and its policy to minimize fees. But my terminal crashes regularly. At first, I thought it was my problem, but it’s not. I confirmed this by checking with another exchange, and everything worked fine there. In general, yes, the platform has become unsafe, because I have never had more orders slip other than at Binance US. Hopefully, I will be able to safely withdraw my funds with God’s help.
Binance US Review 2024: Pros, Cons and Key Features
Updated: May 21, 2023
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Binance US is a cryptocurrency exchange that became available to traders from the United States in 2019. The functionality of the exchange allows traders to buy and sell cryptocurrency, and the trading platform is presented in two versions: basic and advanced, which benefits both novice and experienced crypto-traders. Another service of Binance US is staking, which allows you to earn on the storage of cryptocurrency. The proprietary token exchange is available to Binance US users, and you can use it to reduce the amount of trading commissions by keeping it in your account.
Review of the Binance US Cryptocurrency Exchange
👍 The advantages:
• Accessibility: Any adult user can open an account in Binance US, and there are no minimum deposit requirements.
• BNB token allows you to reduce the amount of commissions.
• The exchange has an investment program, under the terms of which traders with large trading volumes can reduce trading costs.
👎 Some disadvantages are:
• There is no leveraged trading.
• Verification is required to replenish an account or trade.
• Training materials are practically nonexistent.
• The exchange is not regulated.
• The maker/taker investment program here is incomprehensible.
• There is no demo account.
• There are no financial bonuses or contests among traders.
Conclusion
Binance US is a crypto exchange for novice traders and professional market participants who trade large volumes. The exchange cooperates with both private crypto traders and institutional clients
Analysis of the main features of Binance US
Analysis of the main features of Binance US
Graph of the dynamics of Binance US’s popularity among Traders Union’s traders, according to 2021 data
Graph of the dynamics of Binance US’s popularity among Traders Union’s traders, according to 2021 data
Investment programs at Binance US
To receive bonuses from investment programs, a Binance US trader needs to actively trade cryptocurrency. No additional actions are required from the user. The platform automatically credits the client's account for trading transactions, and this bonus can then be used to pay trading fees.
Maker/taker commissions and the staking program
With the maker/taker investment policy, active Binance US users can earn additional rewards with no effort. Traders have two options: be a maker, which sets pending orders, or a keeper, which sets market orders. The program works as follows: the trader receives one of the VIP levels depending on his trading activity, monthly turnover, and the amount of BNB in the account. The commission rate depends on the level received: the higher the level, the lower the trade costs. Also, if the trader has BNB on his account, his trading commission is reduced by 25%.
Example of commissions:
-
VIP 0. A trader receives this level if his monthly turnover is less than 50,000 USD. Commission for the Maker and Taker is 0.1%, and 0.075% if the trader has BNB.
-
VIP 5. This level is assigned to the users whose monthly turnover is $500,000 and more. Commission for a maker is 0.04%, for a taker is 0.06%. If the client's account has no less than 800 BNB the commission will be reduced to 0.03% for a maker and 0.045% for a taker.
-
VIP 10. To get it you must have at least $500 million monthly trading volume. There is no commission for a maker and 0.02% for a taker. For owners of 6,000 BNB, the charges for the taker will be reduced to 0.015%.
Staking allows traders to earn extra income for holding one of the cryptocurrencies in their Binance US account. Clients of the crypto exchange get access to the pool, so they can additionally engage in mining.
Binance US’s affiliate program
Referral Program. The program participants can earn additional income by inviting new traders to Binance US. It allows you to receive 20-40% of the referee's fees, which he pays to the exchange.
You get 20% of your referee's commission if you have less than 500 BNB on your account, and 40% if you have 500 BNB or more.
Trading conditions for clients of Binance US
The Binance US crypto exchange has rather low commissions due to its high liquidity, but the trading conditions of the company are average.
Trading platform |
Proprietary trading terminal |
Accounts |
Real account |
Account currency |
Cryptos, USD |
Deposits and withdrawals |
ACH, cryptocurrency wallets, domestic bank transfer, debit card |
Minimum deposit |
From $0 |
Leverage |
No |
Fee |
floating |
Instruments |
Crypto, USD |
Order execution |
No data |
Trading conditions |
Staking is available, a cumulative discount system is active |
Promotions and bonuses |
No |
Comparison of Binance US’s assets with the trading instruments of other exchanges
| Binance US | Coinbase | Bybit | BitMEX | Huobi | |
|---|---|---|---|---|---|
Yes |
Yes |
No |
No |
No |
|
Yes |
Yes |
No |
No |
No |
|
Yes |
Yes |
Yes |
Yes |
Yes |
|
Yes |
Yes |
No |
No |
No |
|
BCH (BitcoinCash) |
No |
Yes |
No |
No |
No |
XMR (Monero) |
Yes |
No |
No |
No |
No |
DASH (Dash) |
Yes |
Yes |
No |
No |
No |
USDT (Tether) |
Yes |
No |
Yes |
Yes |
No |
Binance US’s commissions & fees
The experts at the Traders Union inspected Binance US's trading conditions to determine its trading and non-trading fees. Trading fees depend on the trader's selected instrument, its activity, trading volumes, and if the user has the proprietary currency of BNB exchange on deposit. When withdrawing funds by bank transfer, a $15 fee is charged.
| Account type | Average fee | Withdrawal fee |
|---|---|---|
Real account |
0.5% |
Yes |
To objectively assess the level of trading fees, Traders Union specialists compared Binance US with the performance of its competitors, such as Coinbase and Bybit. The comparative results are presented in the table below.
| Exchange | Average fee | Level |
|---|---|---|
Binance US |
$5 |
Medium |
Coinbase |
$0.5 |
Low |
Bybit |
$20 |
High |
Conclusion
The level of trading fees at Binance US depends on the trading volume and transaction amount. However, the conditions on the crypto exchange are more favorable than on the market, as the exchange's investment programs allow you to reduce the number of commissions by 25%.
Detailed review of the Binance US exchange
The Binance US cryptocurrency exchange first appeared in the United States in 2019. The company allows its institutional traders who trade in large volumes to trade cryptocurrency. Binance US cooperates only with adult users and assumes a mandatory confirmation of identity. Without verification, no transactions may be conducted, including deposits, withdrawals, and trades.
The cryptocurrency exchange Binance US by the numbers:
-
Traders are offered a choice of 55 trading instruments.
-
Binance US is licensed in 34 states of the USA.
-
It is possible to start trading on the crypto exchange from the amount of 1 USD.
Binance US is a cryptocurrency exchange for beginners and professionals
There are 55 cryptocurrencies available to Binance US users, including a unique tool — BUSD. It allows you to convert U.S. dollars to cryptocurrency and conduct financial transactions on Binance US without delays. Traders can also invest in the exchange’s proprietary token, called BNB, or store it in their account, for which they will receive bonuses in the form of reduced trading commissions. The convenience of the process of buying and selling cryptocurrencies provides its own trading terminal. It is presented in two main variants: basic, which is for newcomers; and a more robust terminal, which is for professional traders. Also, Binance US has its proprietary mobile application for iOS and Android, which can be downloaded from the company's website.
Services that may be useful for Binance US traders:
-
FAQs. The company has collected in this section all the answers to frequently asked questions from its traders. Binance recommends reading the section before contacting the support team.
-
Binance. The company also cooperates with business owners and offers special conditions for institutional clients.
Benefits:
The company has a unique tool available — BUSD, that allows you to quickly convert USD to cryptocurrency at a rate of 1:1.
Clients of Binance US can simultaneously trade and earn by holding the exchange's BNB currency.
Traders with a large trading turnover receive low commission rates.
Leverage, as well as the opportunity to test trading conditions and strategies on a virtual account in Binance US, is not provided.
Guide on how traders can start earning profits
Binance US clients are free to open only one type of trading account — a real account. A demo account in the company is not provided.
The only trading account in Binance US offers three trading options:
-
Basic. Suitable for novice crypto traders.
-
Advanced. The conditions are designed for experienced and professional users.
-
OTC. Variant for clients who make a large volume of transactions.
If you have any questions concerning trading on Binance US, the Traders Union recommends contacting the support team of the company.
Binance US’s bonus program
The Binance US cryptocurrency exchange does not offer any bonuses.
On-sight training for traders and investors
Binance US does not have a section with materials that would help traders understand the peculiarities of cryptocurrency trading. The website only provides customers with general information about working with the cryptocurrency exchange.
| Information presented on the Binance US website | Information not available on the Binance US website |
|---|---|
FAQs: Answers to frequently asked questions from traders |
Glossary of terms |
Articles about cryptocurrency trading |
Reviews of the market by professionals |
Blog of exchange with the latest news and updates on the company's work |
Training courses for novice and experienced participants |
Resources library |
|
Video tutorials on trading on Binance US |
Security and protection for clients of Binance US
Binance US is licensed in 34 US states, including Alabama (check sales license: SC 814), Georgia (payment instrument vendor license: 72019), Ohio (money transfer operator license: OHMT199), and others.
Customers' personal information is protected by two-factor authentication. This method of protection is mandatory for all customers of Binance US, and you can set it up in the personal cabinet.
👍 Pros
• Exchange is licensed in 34 US states
• Binance US periodically conducts listings
• Exchange customers are required to install two-factor authentication to protect the account and help protect the exchange
👎 Cons
• Trading cryptocurrencies in the U.S. offers minimal regulatory protection for traders
Replenishment and withdrawal of earnings at Binance US
Clients of this cryptocurrency exchange can deposit both cryptocurrency and fiat currency.
The following payment systems are available in the Binance US: ACH, domestic bank transfer, debit card, cryptocurrency wallets.
For transactions, via bank transfer, there is a fee of $15. Commissions for other payment systems are not specified.
Only verified traders are allowed to deposit and withdraw funds.
Customer support
Binance US has a help desk, which is available 7 days a week at any time of the day or night.
👍 Pros
• Support works around the clock
👎 Cons
• Binance US employees are not always quick to respond to messages from customers
This broker provides the following communication channels for its clients:
-
via online chat on the exchange's website;
-
by messenger program on social networks, such as Telegram, Twitter, etc.;
-
via a feedback form.
Overview of the features of Binance US’s personal account
Before you open an account with Binance US, the Traders Union recommends registering on the Traders Union website. By opening an active account with Binance US through TU using its referral link, traders get a unique opportunity to reduce their trading costs.
Follow these steps to start trading with Binance US:
1
Visit the official website of the Binance US cryptocurrency exchange. If you don't already have an open account there, click on the "Get Started" button that’s located in the upper right corner of the screen, as well as in the center.
Binance US Overview — Registration
2
Fill in the fields with your personal information such as your email address, new password for login, and enter your referral code if you have one. Confirm that you are at least 18 years old and have read the Binance US Terms of Use.
Binance US Overview — Brief questionnaire
3
Confirm that you are not a robot.
Binance US Overview — Captcha
4
The company will send an email with a code to the email you specified. Enter the received digits in the field provided for this purpose. After that, you will be able to enter your personal account/cabinet.
Binance US Overview — Registration confirmation
Your real account is equipped with the following functions:
1
Trade. Here is the trading terminal on which you can make transactions. The terminal is presented in two main variants: basic (pictured) and advanced.
Overview of Binance US — Trading terminal
2
Wallet: Here, traders can make deposits and request withdrawals of their earnings. For financial operations, it is obligatory to pass preliminary verification.
Overview of Binance US — Deposits and withdrawals
3
Other functions include:
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Referral program.
-
Verification of the account.
-
Security settings.
-
Staking.
-
History of completed transactions.
Expert’s assessment of the Binance US exchange
The Binance US exchange appeared on the American market in 2019. Any user who is 18 years old or older can become a client of the company, and it is ready to cooperate with both professional traders of cryptocurrency and with novice traders. There is only a real account at Binance US and it gives access to trading on its terminal that contains basic and advanced functionalities, with the opportunities to make large transactions. In addition to cryptocurrency trading, Binance US offers a staking service for additional income. Other investment programs are aimed at reducing trading fees.
Binance US offers 55 cryptocurrencies, including the BUSD stablecoin, through which U.S. traders can increase the speed of transactions. Clients trading in large volumes have the advantage of low making and taking commissions.
The functionality of the exchange's trading terminal is sufficient both for beginners and professionals. However, professionals have more benefits, including lower commissions, while novice traders cannot open a demo account to test their trading skills. Binance US’s training resources are also limited to only a blog with basic information on how to trade cryptocurrency.
Top 5 reviews of Binance US
Izaiah Maggio
trader
Los Angeles
Binance US is one of the iffiest exchanges in my memory. The conditions are well described, you can deposit funds to your account in any currency or fiat, and you can trade using 100% of all functions of the exchange almost from the start. All you have to do is pass verification, which takes at least a week, and then you have to wait another three days for the money to arrive in your account. I have not started trading yet and I already have a bad impression.
Lora Hagenes
trader
San Antonio
Binance US promised untrue conditions such as you can increase the volume up to infinity. What a bold lie! Also, it has no leverage, no margin trading, and no demo account to test your strategies and learn its terminal. Also, the system to reduce commissions is very complicated, and I have tried diligently to understand it even with the help of the support service, but it is simply not comprehensible. Moreover, the answers to the FAQs are not complete. Nor did Binance US surprise me by the number of its trading instruments. Other Forex brokers have even greater numbers of cryptos, plus they will be regulated, have comprehensive security, and will place its clients’ funds in segregated accounts in leading banks, not just via two-factor authentication. I doubt that it's safe for anyone to trade here, especially in large volumes.
Mateo Erdman
professional trader
Dallas
Binance US is not an exchange that might rise to your expectations but you may still wish to give it a shot because there is no minimum limit for the deposit. Also, the answers to the FAQs are incomplete. I had to spend a week talking to support to get the answers to my basic questions. A week! During that time, I could have already repaid the deposit if the broker was reliable and transparent. The Binance US investment programs do not impress me either. Staking can be found in any cryptocurrency section but this is not a big deal, and Binance US’s conditions are not the best on the market in this respect. Although the trading conditions here, in principle, are acceptable, I have my doubts about its overall operation.
Mercedes Senger
investor
Chicago
I don't think Binance US is the crypto exchange I would want to go back to. I wouldn't recommend it as I am not sure about its competence. For example, newbies here have access to all trading conditions such as the absence of a minimum deposit and a basic trading platform. That's it. No training, no guides. You can't get very far in crypto trading without basic training and knowledge. Well, professionals know this statement like a mantra: “there’s no free lunch” in this world. I feel more comfortable paying a higher commission to an exchange or broker but knowing that my assets and rights are protected, which unfortunately is not the case with Binance US.
Rico Carroll
professional trader
Columbus
FAQs
Is Binance US regulated? Is Binance US safe?
Binance US is not regulated in the US; however the exchange can be considered safe. The thing is that the cryptocurrency market is poorly regulated in general. In order to meet the requirements of the US law, Binance US does not offer its US clients future tradings and does not support some cryptocurrencies. Also, the exchange complies with KYC/AML.
How Binance US is different from Binance (International)
Binance US is a standalone legal entity of the Binance exchange specifically for operation in the US. This exchange does not offer futures trading; it supports only 90 cryptocurrencies, does not offer bonuses and some other services. At the same time, the commissions and fees at both exchanges are identical.
Does Binance US report to IRS?
Yes, this exchange reports tax information as required by the US law and the IRS.
Is Binance US available in all states?
No, Binance US is not available in New York, Hawaii, Idaho, Texas, and Vermont.
Team that worked on the article
Ivan Andriyenko
Author at Traders Union
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Olga Shendetskaya
Author and editor at Traders Union
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!