Binance US - 2022 Review Review

While no crypto exchange is perfect, Binance.US offers a rich mix of useful charts and an intuitive user interface. Best of all, Binance.US charges very low fees for spot trading and very competitive instant-buy fees. However, keep in mind that this platform is not available to all residents of the US.

Who should use Binance.US?

Binance is one of the most used crypto exchanges in the world - and for good reason. Its extremely low fees and wide selection of crypto coins make it attractive to traders of all stripes.

In the US, a San Francisco-based subsidiary, Binance.US, is available to many, even though not all, US residents. It is important to note that this crypto exchange is not accessible to residents of Hawaii, New York, Texas, and Vermont. Despite these restrictions, Binance.US remains one of the top 10 crypto exchanges in the world, according to the CoinMarketCap.com crypto industry ranking.

The U.S. edition of Binance offers less than a quarter of the number of coins that the affiliate offers in other geographic regions, and its educational resources are not as impressive. However, Binance.US remains a very competitive platform thanks to its industry-low fee structure.

Regardless of which platform you use, however, you should keep in mind that buying cryptocurrencies usually comes with a big buyer beware. Cryptocurrencies are highly speculative and subject to volatility at the slightest news.

However, if you are looking to invest in cryptocurrencies, Binance.US's platform should provide most, if not all, of what you are looking for.

Binance.US Fees

Since August 1, 2022, Binance.US offers a tiered trading system.

In this case, there will be no fees for Tier 0 trades. However, this is limited to only four types of Bitcoin (BTC) trades: BTC/USD, BTC/USDC, BTC/USDT and BTC/BUSD. The rest of the trades fall under Tier 1 or Tier 3.

For Tier I trades, there are initial 0.20% Taker and 0.1% Maker fees for those who trade less than $10,000 on the exchange within 30 days in certain asset pairs. Some examples of asset pairs under Tier 1 are Ethereum (ETH)/USD and Solana (SOL)/USD, to name a few.

Fees for Tier II trades are slightly higher, starting at 0.60% Taker/0.40% Maker fee for trading less than $10,000 in a 30-day period for select asset pairs categorized as Tier II. Cardano (ADA)/USD and Polkadot (DOT)/USD are examples of Tier II trading pairs.

Customers should review Binance.US's fee structure to learn the exact fees for the crypto pairs they wish to trade.

Binance.US's trading fees decrease the more you trade. For example, those who have a 30-day trading volume of more than $50,000 but less than $100,000 will pay 0.075% Taker fees for Tier I trades. Fees are also lower if you use the platform's own NBB stablecoin to pay for transactions.

Ease of use

Like other popular exchanges, Binance.US makes it easy to buy and sell cryptocurrencies. There are two main options, Basic Verification and Advanced Verification.

With Basic Verification, Binance.US allows traders to deposit and withdraw US dollars via bank transfer and debit cards. Traders can also deposit and withdraw cryptocurrencies, buy, sell and convert cryptocurrencies, and qualify for Advanced Trading Feature.

However, experienced investors will be more interested in Binance.US's Advanced Verification feature. Advanced users can do everything Basic users can. However, they can also make deposits and withdrawals via wire transfer and have higher limits for bank transfers and credit cards. They can also do OTC and API trading and staking.

Security

Binance.US is highly rated in terms of the security of its exchange. For example, crypto exchange rating site CER ranked Binance.US as one of the safest exchanges in August 2022, ahead of big names like Coinbase and Gemini.

When you sign up, you will be asked to enable two-factor authentication and verify your identity through a government-issued ID.

Binance.US also has a preferred crypto wallet partner, so you can easily keep your crypto cache, although you can also use another wallet you prefer.

Binance.US and Original Binance

While Binance.US has not caused much controversy, the same can not be said for its partner company Binance Holdings, the largest cryptocurrency exchange in the world.

In 2021, the Commodity Futures Trading Commission (CFTC) announced that it was investigating Binance for its role in helping American traders buy and sell derivatives that fall under the regulator's jurisdiction. Binance has since deleted all American customers and redirected them to Binance.US.

Perhaps more worrisome for crypto traders was a 2019 hack in which criminals stole more than 7,000 bitcoin from Binance. Fortunately for the victims, Binance compensated its customers for their losses.

Supported Cryptocurrencies

Currently you can buy the following cryptocurrencies on Binance.US among others:

Bitcoin (BTC)

Ethereum (ETH)

BNB (BNB)

Dogecoin (DOGE)

Cardano (ADA)

Bitcoin Cash (BCH)

Litecoin (LTC)

Stella Lumens (XLM)

TetherUS (USDT)

USD Coin (USDC)

Final thoughts on Binance.US

If you are an experienced trader with hightrading volume, Binance.US might be worth considering due to its low fees. Traders with less experience might also appreciate the platform's educational resources. However, Binance.US only offers a limited selection of cryptocurrencies compared to other exchanges and does not support margin or futures trading. Moreover, Binance.US is not available in all US states. So, residents of Hawaii, Idaho, New York, Texas, and Vermont will have to look for other options.