What Is Binance-US? How It Works? Complete Guides 2024

Binance-US is the U.S. registered arm of the world’s largest cryptocurrency exchange by trading volume — Binance. The separate exchange was launched in response to U.S. regulations restricting the main exchange. While Binance owns the Binance.US name and intellectual property, the exchange is managed independently by BAM Trading Services. Both exchanges differ in terms of deposit and withdrawal methods, liquidity and trading fees.

Moreover, the U.S. platform offers users fewer cryptocurrencies and trading pairs than the global site, with 120+ assets, while the main exchange lists about 600. The platform is not available in all 50 states of America.

How Does Binance-US Work ?

Binance-US, similar to its global counterpart Binance, functions as a cryptocurrency exchange platform designed specifically for users in the United States. Here’s a breakdown of how it works:

Services:

• Spot Trading: allows users to buy and sell cryptocurrencies directly at market prices. This is the most common way to trade crypto on the platform.
• Fiat Deposits/Withdrawals: You can deposit and withdraw US dollars (USD) through various methods like bank transfers or ACH transfers to purchase or sell crypto.
• Limited Margin Trading: While regulations might limit it compared to the global Binance, may offer some margin trading options, allowing users to borrow funds to amplify returns (be aware of the risks involved).

Trading Platform:

• User Interface: Binance.US offers a web-based platform and mobile apps for iOS and Android devices. These interfaces cater to users with varying experience levels.
• Multiple Order Types: You can place various order types like market orders (buying/selling at the current market price) or limit orders (specifying a desired price for buying/selling).
• Trading Fees: Binance.US charges trading fees based on a tiered system. These fees can vary depending on your trading volume within a 30-day period. There are also instant buy/sell fees for those who prioritize convenience.

Other Features:

• Staking: Binance.US offers staking options for some cryptocurrencies, allowing you to earn rewards for holding them on the platform.
• Fiat Conversion: You can convert your USD balance directly to various cryptocurrencies and vice versa without placing a trade order. This can be a simpler option for beginners.

Here’s an analogy to understand the concept:

Imagine Binance.US as a marketplace specifically for US residents to trade cryptocurrencies. You can deposit USD, browse cryptocurrencies, place buy or sell orders, and your trades are executed when matched with other users.

Things to Consider:

• Limited Features: Compared to the global Binance, Binance.US might have limitations due to US regulations. This could affect functionalities like:
  • Availability of certain cryptocurrencies.
  • Advanced margin trading options.
  • Participation in Initial Exchange Offerings (IEOs).
• Trading Fees: While Binance.US offers competitive fees, be sure to understand the fee structure before trading.

Overall:

Binance.US is a popular cryptocurrency exchange platform in the US, known for its user-friendly interface, diverse trading options, and focus on USD transactions. However, keep in mind the potential limitations in features and fees compared to the global Binance.

Who Are the Binance-US Founders?

The exchange was launched in September 2019 and is managed independently by BAM Trading Services. The company’s CEO is Brian Shroder, a former executive director of Ant Group Co. and Uber Technologies Inc. Shroder graduated from Harvard Business School with an MBA and holds dual BS degrees in Accountancy and Management from

Miami University.

Where Is Binance-US Located?

Binance.US is based in Palo Alto, California.

Binance-US Restricted Countries

The U.S.-based exchange is not available in Hawaii, Texas, New York and Vermont.

What Coins Are Supported on Binance-US?

The platform provides access to more than 120 cryptocurrencies and offers over 60 trading pairs with digital assets like BTC, ETH, ADA, BCH, BNB, LINK, LTC and more.

How Much Are Binance-US Fees?

Binance.US offers free Bitcoin trading, claiming to be the only major exchange to do so in the U.S. Trading pairs are categorized in three tiers — “Tier 0,” “Tier I” and “Tier II” — fees on “Tier 0” pairs are 0%.

Fees on “Tier I” and “Tier II” pairs depend on the user’s VIP level — ascertained by one’s 30-day trading volume. For “Tier I,” maker fee ranges from 0.0750% (VIP 1) to free (VIP 9), while taker fee ranges from 0.1500% (VIP 1) to 0.0375% (VIP 9). For “Tier II,” maker fee ranges from 0.3000% (VIP 1) to free (VIP 9), and taker fee ranges from 0.4500% (VIP 1) to 0.0375% (VIP 9).

Furthermore, users can receive 25% off fees if they use BNB to pay.

Is It Possible To Use Leverage or Margin Trading on Binance-US?

On the platform, users cannot trade futures or invest with a margin account.

Features and Benefits of Binance-US

Binance-US, catering to users in the United States, offers a variety of features and benefits that make it an attractive option for cryptocurrency trading. Here’s a breakdown of the key points:

Features:

• US-Dollar Focused: Binance-US prioritizes USD transactions, allowing users to deposit, withdraw, and trade cryptocurrencies with US dollars easily. This simplifies the process for US residents compared to global exchanges.
• Spot Trading: Buy and sell a wide range of cryptocurrencies directly at market prices. Binance.US offers a good selection of popular coins and tokens.
• Limited Margin Trading: While regulations might restrict it compared to the global Binance, Binance.US may offer some margin trading options. Remember, this involves borrowing funds and carries significant risks.
• Staking: Earn rewards on certain cryptocurrencies by holding them on the platform. This is a way to generate passive income with your crypto holdings.
• Fiat Conversion: Easily convert your USD balance to various cryptocurrencies and vice versa without placing a trade order. This is a convenient option for beginners who don’t want to deal with order books.
• Multiple Order Types: Place various order types like market orders (buying/selling at current price) or limit orders (specifying a desired price) for more control over your trades.
• User-friendly Interface: Binance-US offers a web platform and mobile apps with a clear and intuitive design. This caters to users of all experience levels.

Benefits:

• US Regulation Compliance: Operating within US regulations can provide peace of mind for some users, knowing the exchange adheres to specific compliance standards.
• Focus on US Users: The platform caters specifically to US residents, streamlining the KYC (Know Your Customer) and verification processes for US citizens.
• Security: Binance.US leverages the security practices established by the global Binance exchange, likely including industry-standard measures like cold storage and 2FA.
• Competitive Fees: Binance.US offers a tiered fee structure with competitive rates, especially for high-volume traders.

Things to Consider:

• Limited Features: Compared to the global Binance, functionalities might be restricted due to US regulations. This could affect:
  • The availability of certain cryptocurrencies.
  • Advanced margin trading options.
  • Participation in Initial Exchange Offerings (IEOs).
• Limited Fiat Options: You can primarily use USD for deposits and withdrawals, with potentially fewer options for other fiat currencies.

Overall:

Binance.US is a solid choice for US residents seeking a secure and user-friendly platform for buying, selling, and trading cryptocurrencies with a focus on USD transactions. However, be aware of potentially limited features and fiat options compared to the global Binance exchange.

Binance-US User Experience?

Here’s a breakdown of what you can expect from the Binance.US user experience, based on user reviews and the features offered by the exchange:

Positives:

• US-Dollar Focus: Easy deposits, withdrawals, and trading with USD is a major advantage for US residents.
• User-Friendly Interface: The platform boasts a clear and intuitive design, making navigation and trading straightforward for beginners and experienced users alike.
• Security: Binance.US inherits security practices from the global Binance exchange, likely including industry standards like 2FA and cold storage for cryptocurrencies.
• Mobile App: Trade and manage your crypto holdings on the go with the Binance.US mobile app available for iOS and Android.
• Staking Rewards: Earn passive income by holding certain cryptocurrencies on the platform.

Potential Negatives:

• Limited Features: Compared to the global Binance, some functionalities might be restricted due to US regulations. This could include limitations on:
  • Access to certain cryptocurrencies.
  • Advanced features like margin trading options.
  • Participation in Initial Exchange Offerings (IEOs).
• Customer Support: Some users report mixed experiences with Binance.US customer support wait times or resolution processes.
• Limited Fiat Options: Primarily USD deposits and withdrawals might be a drawback for users who prefer more diversity in fiat currencies.

Overall:

The Binance-US user experience seems geared towards US residents who want a secure and convenient platform to trade cryptocurrencies with USD. However, be prepared for potentially fewer features and fiat options compared to the global Binance.

Here are some additional tips for evaluating the Binance.US user experience:

• Check online reviews: Look for reviews specifically about Binance.US user experience, keeping in mind there might be some bias.
• Explore the platform: If Binance.US allows demo accounts or guest access, you can get a feel for the interface and features before signing up.
• Compare with other US-based exchanges: Research other cryptocurrency exchanges operating in the US to see how Binance.US stacks up.

By considering these factors, you can get a better idea of whether Binance-US offers the user experience you’re looking for.

Disclaimer ||

The Information provided on this website article does not constitute investment advice,financial advice,trading advice,or any other sort of advice and you should not treat any of the website’s content as such.

Always do your own research! DYOR NFA

Coin Data Cap does not recommend that any cryptocurrency should be bought, sold or held by you, Do Conduct your own due diligence and consult your financial adviser before making any investment decisions!