We are living in a time where it is safe to say cryptocurrency is a booming topic. There has been significant upside in the past 9 months or so in the crypto market and it has continued to gather significant traction. People are now looking towards the best options for places to buy, store, and trade cryptocurrency. Whether it be simply buying Bitcoin, Ethereum, Litecoin, or something like Dogecoin or up-and-coming coins in Pancakeswap and Uniswap, everyone is trying to figure out the all-in-one cryptocurrency platform.
The most popular cryptocurrency exchange in existence right now is Binance, which has a plethora of options you can use your crypto for such as normal spot trading, margin trading, derivatives trading with futures and options, staking, mining, crypto loans, liquid swaps, and even its very own Binance Visa Card. Unfortunately, due to certain regulations in the United States, the usual Binance is not available to U.S. residents. However, Binance.US was created for Americans and is still a very good platform.
Here's how to get started with a Binance.US account and its features that can help you decide if it is the cryptocurrency exchange for you.
Binance.US was founded in 2019 with the vision that it would increase the freedom of money in the U.S. and better improve the lives of people around the world. It was founded by Changpeng Zhao, more commonly known to people in the crypto world as “CZ.” Binance.US is a branch of the original Binance, which is the world’s biggest cryptocurrency exchange. It is operated by BAM Trading Services based in San Francisco. Binance.US is best for users in the United States looking for a more diverse range of cryptocurrencies and those wanting a more advanced crypto trading platform.
How does Binance.US work?
Signing up for Binance.US is simple. First, go to the Binance.US website and select “Get Started” in the middle or top right of the screen.
To get started with account creation, you just enter your email address and a password of your choosing. You must have a secure email and one that you access a fair amount, as there are tons of security measures when you login and withdraw with two-factor authentication that will require confirmation by clicking an email link.
After you click “Create Account” you will be prompted to do a security test by sliding a puzzle piece in a slot to prove you are a human. Once you do that, you will get receive a six-digit code. Then you will be prompted to secure your account and set up identity verification.
Then you are free to start buying and depositing crypto.
How much does Binance.US cost?
Binance.US is free to use with no paywalls. Binance.US is available on the web, desktop, and mobile for both iOS and Android.
Although there are no fees associated with signing up and using the platform, as with any other cryptocurrency exchange there are fees when you are doing tasks such as buying crypto, selling crypto, and withdrawing crypto. These are low on Binance.US.
Binance has a tiered system when it comes to transaction fees. The trading fees start at 0.10% and can go all the way down to 0.0120% with the help of holding BNB, which is Binance’s very own cryptocurrency, and referral bonuses.
Large catalog of cryptocurrencies
Binance is the world’s largest cryptocurrency exchange and as such offers many cryptocurrencies that other platforms do not because Binance has such a strong compliance team that makes integrating other cryptocurrencies easier. Binance.US currently has over 50+ unique cryptocurrencies available just to purchase in its spot markets, which are the normal markets people just buy and sell like normal investors.
Trust Wallet integration
A massive advantage Binance has over much of its competition is its ownership of the popular crypto wallet Trust Wallet, which it acquired in July of 2018. With Trust Wallet, you can buy, earn, and store crypto assets as well as non-fundable tokens (NFTs). Trust Wallet is growing in popularity with the rise of meme coins such as Safemoon, Shiba Inu, and others that are primarily sold on Trust Wallet. Binance’s integration with Trust Wallet has made it unbelievably easy for any Binance.US user to securely store and transact their crypto assets, and find new ones.
Staking has started to become a popular factor for people in choosing what platform they want to primarily use in crypto. Binance.US does offer staking of up to 10% APY. Binance.US currently offers staking on five assets: QTUM, EOS, Vechain, XTZ, and ALGO.
There is nothing more convenient for someone than being able to do what they do on their computer on their phone. Binance.US has a very smooth and visually appealing mobile app that will let you access every feature that you could on a desktop. It is possible to solely use the mobile version of Binance.US from the beginning if you so wanted.
Who is Binance.US best for?
People trying to branch out and explore crypto to its fullest
Those that have recently gotten into crypto and are trying to explore all of what crypto has to offer should heavily consider Binance.US. Binance.US will introduce new users to concepts such as staking, stablecoins, bull and bear markets, and more. Binance.US has a great blog that is a fantastic resource. Binance.US can strongly educate both new and advanced crypto investors and the customer support is also 24/7.
Those that want access to a plethora of cryptocurrencies
The reality is that there are over 10,000 different cryptocurrencies now, and while many of the most recent ones happen to be meme coins or even scams, most are legitimate projects that are not tradable on most platforms. Lower market cap coins are not prevalent on most of the other major platforms, so investors looking to get their hands on a hefty library of coins should feel great with Binance.US.
More advanced traders
Those that are interested in trading cryptocurrency more seriously should take note of Binance.US. There are basic ways to purchase and sell crypto on Binance.US, but there is also a dedicated advanced section that takes things more seriously.
Who shouldn’t use Binance.US?
Those that want a simple user experience
There are many platforms in crypto that are catered towards extremely simple, casual use. While Binance.US itself can be used casually, the user interface is not easy. There are a lot of moving parts to the Binance interface, and it is a whole lot more complex than seeing one chart of your portfolio with its price over time and then how much of what asset you own.
Pros & Cons
Binance.US vs Coinbase vs Kraken
While Binance.US certainly has its bright spots, it still has some serious competitors trying to give it a run for its money. Coinbase and Kraken are two other platforms that allow you to buy and sell cryptocurrencies as well. Here are some of the differences between them.
0.10% or less
3.99% or less
Yes (on Coinbase Pro)
0.26% or less
Coinbase is a huge platform, especially in the United States. It is extremely user-friendly, has a solid amount of cryptocurrencies tradable, and lets you earn free tokens without even needing to put in your first deposit. With that being said, the fees Coinbase has for purchasing, withdrawing, and selling crypto are some of the highest in the entire industry. It also does not offer advanced trading with derivatives or margin, so that should be noticed for more serious traders.
Kraken is a good alternative to Coinbase if you are trying to get a little more serious with your investing, while also having a very smooth user interface. The fees are way better than Coinbase even though they are still worse than Binance. Kraken allows for margin trading as well, which for crypto traders trying to take trading to the next level can be a huge deal. Unfortunately, bank transfers do take a fair amount of days to process so depositing with Kraken can be not ideal.
To use Binance.US, you are required to be at least 18 years old as per their terms of service to own an account.
How do I add money to my Binance.US account?
To add money to your Binance.US account, you can choose to purchase crypto through a debit card or credit card, bank account, or from another outside platform, and then deposit it to the wallet address of the coin of your choosing on Binance.US.
Are there geographic restrictions to using Binance.US?
Yes. Binance.US is not meant to be used outside of the United States. Also, Binance.US is not available to be used in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
The bottom line
Binance.US is a good cryptocurrency platform despite the lack of having many of the features from the original version. It has by far the lowest fees of any legitimate cryptocurrency platform and it is pretty simple to buy cryptocurrency on as well. The Binance.US blog is very useful for those trying to learn the ins and outs of the crypto market. If there was any doubt a person could have about an exchange possibly going underwater or not having the financial resources to stay running, those doubts should not be had with Binance.US. With the overwhelming success that regular Binance has had, it is safe to say that Binance.US is in good hands and has a ridiculous amount of room to grow.
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