In addition to having lower fees than many other cryptocurrency exchanges, Binance.US offers greater transparency for a higher price.
The partnership with Binance.US, the world’s most popular cryptocurrency exchange by trading volume, which was founded in China in 2017, is the first of its kind for the United States. By the end of 2019, the original platform stopped accepting U.S. users and partnered with a U.S.-based version called Binance.US.
Binance.US, which Binance has described in the past as a U.S. partner, was introduced in 2019 and has faced regulatory scrutiny – though not the same scrutiny as Binance.US. On July 15, Italian regulators announced Binance was no longer permitted to operate in the country.
Interchanges. In addition to offering a simple “buy” and “sell” option for beginners, it also offers in-depth “basic” and “advanced” trading platforms for more advanced traders.
Even though introducing Binance offers many benefits, it is less transparent than many of its competitors when it comes to security, storage options, and customer service. We recommend Coinbase or Gemini to most long-term, retirement-minded investors, which are much more transparent about these key operations.
Table of Contents
An Overview of Finance.US
- There are over 50 currencies available
- Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont do not have access to this service
- Fees for spot trades are flat at 0.1%; fees for instant buys/sells are 0.5%
- A $10 trade minimum is required
- Dollar-cost averaging with recurring investments
Fees Associated With Binance.US
Using a simple interface similar to Coinbase and other competitors, Binance.US allows users to automatically buy and sell crypto using U.S. dollars. A 0.5% commission is applied to all buy/sell transactions.
You must spot trade through the Binance.US platform to take advantage of its 0.1% standard fee. You might find this confusing if you are unfamiliar with exchange lingo; on other exchanges, this type of trading and fee structure is usually only used on more advanced platforms, such as Coinbase Pro And Gemini Active Trader.
Fees Associated With Deposits and Withdrawals
Binance.US requires that You deposit – and then withdraw – U.S. dollars into and out of your account before you can trade money for crypto. There are minimal fees associated with this, especially if you transfer from your bank account. There are also fees associated with withdrawing your crypto holdings from your Binance.US account into your own crypto wallet. Fees for different types of cryptocurrencies vary.
Security From Finance.US
Binance.US did not respond to a request for comment about its security measures and protections. From the homepage of Binance.US, the following statement stands out: “We use state-of-the-art storage technology to protect your cryptocurrency and USD assets.”
Publicly available information is not available about the percentage of assets held by the exchange held in secure, offline cold storage versus online hot wallets, or if there is an insurance policy that protects investors. In order to send queries to the help desk, you need to have a Binance.US account, so we were unable to get more information that way.
Coinbase users have the option of using Binance’s internal wallet, or they can keep their coins within their Coinbase accounts. Moreover, it has partnered with Trust Wallet, another third-party hot wallet. Coins can be withdrawn from your account and stored either hot or cold (for a fee).