If you’re an American cryptocurrency trader looking to buy assets on the biggest exchange Binance, we’re sorry to inform you that you can’t. But not all is lost, there’s the company’s American branch – Binance.US, created especially for US residents. If you haven’t heard about this platform for crypto trading before, or you want to learn more about it before you decide if you want to trade there, we’ve got your back. In this article we’ve prepared a Binance.US review, highlighting the advantages and disadvantages of the exchange, to help you learn more about it and make an informed decision.
What Is Binance.US?
Binance.US is a centralized cryptocurrency exchange that operates only in the United States. What this means is, that the exchange complies with all money-laundering laws, and know-your-customer (KYC) policies and uses a third party to monitor transactions. What makes this platform distinct, is the fact that it was created specifically to comply with the growing US crypto regulations. When in 2019 the States started regulating cryptocurrencies more strictly, the biggest crypto exchange by trading volume Binance stopped operating there and instead created this new company that was registered and worked under all current laws.
If you’re wondering what are the differences between Binance vs Binance.US besides the fact that one isn’t legally operating on US grounds, we can summarize them by saying that Binance.US is similar to its parent company, but provides fewer coins for trading and currently less additional features, because of the law restrictions it’s under. Additionally, the American exchange is also led by a different team, unlike the main exchange which is established and led by Changpeng Zhao.
In this Binance.US review, we’ll try to provide more clarity on how it works and what you should know before you trade cryptocurrencies there. If you’re not residing in America, you won’t be able to use the exchange, however, this Binance.US review may still be useful to you to point out how it differs from the main exchange.
Binance.US Review: Everything You Should Know About the Exchange in 2022
Before we begin, here is a list of the things we’ll cover in our Binance.US review, trying to help you understand better how the platform functions and is it a good choice for you, based on its fundamentals. It’s inevitable not to compare Binance.US to Binance, so keep in mind that when we do our review of the American platform, we’ll be also pointing out the differences between the two.
🟡 Creating an account on Binance.US
🟡 Offered services
🟡 Supported coins
🟡 Trading fees
🟡 Payment methods
🟡 Supported locations
🟡 Security
🟡 Customer support
Creating an Account on Binance.US
At the beginning of our Binance.US review, we must establish the level of difficulty of registering on the platform. You can create an account using the website or the Binance.US app. What you should do is first enter your email address and password (at least 8 characters, an upper case letter, a number, and a unique character). Then you’ll receive a code to your email which you should enter in the registration form to complete the first verification you need for your account. Once you’ve done that, you’re officially registered.
To continue with your account and be able to trade on the exchange, you have to go through a second form of verification – of your identity. You’ll need to enable SMS authentication for that, though later you can change your two-factor authenticity method. Then, you’ll verify your identity, providing your legal documents and a photo of you. If you want to avoid issues with your account, make sure that all details from the account and your documents match and are typed correctly. It may take some time after you complete the process for your account to be verified, usually depending on the workload of the site. However, once Binance.US verifies your account, that’s it – you’re ready to start trading!
Having read in our Binance.US review how to create an account on the platform – does it seem complicated or time-consuming? If it’s so, here’s what you need to consider:
Even though Binance and Binance.US are two separate platforms, the way they work is similar. The international exchange is known for taking some time to verify your account. Additionally, the American exchange needs to put even stronger security measures, since it complies with all the laws in the country. That’s why it’s natural to see it prioritizing the safety of its users over the speed of the account creation.
Offered Services
If we’re doing a Binance.US review, we can’t skip talking about the functions of the platform. It’s obvious that you can buy and sell cryptocurrencies there, but you can also take advantage of a professional trading interface, staking, and over-the-counter trading (OTC). Put that way, the platform provides a very good variety of trading services for its clients. It won’t be fair to compare it to the many things Binance offers, since Binance.US has to comply with American laws and thus is limited in the things it provides. However, it may expand its services in the future, making American crypto traders happier.
Supported Coins
We can’t forget to mention the number of offered coins in our Binance.US review. Considering the exchange is relatively new, it was established in 2019, and it has to go by all American regulations to be legally operating, the number of cryptocurrencies it provides is quite good. Today you can find more than 100 digital assets for trading on the site of the platform. With time it’s likely that the exchange will add new digital assets but it may take some time until it reaches the over 600 Binance provides since it won’t be able to list assets that don’t comply with American laws, like Ripple (XRP) at the moment, for example.
Trading Fees
Like the global exchange, the American one comes with very low trading fees that we can’t skip to mention in our Binance.US review. You can find more information on its site about the exact fees you’ll pay for deposits, withdrawals, or other fees on the platform. You’ll be happy to learn that you can use the Binance Coin, now renamed to BNB only, on the exchange as well, meaning you’ll get a 25% on some already low taxes on the exchange. This makes the American exchange very attractive to investors looking to pay less additional money.
Payment Methods
If we compare Binance.US to its parent company when it comes to payment methods and supported fiat currencies, you can see how much the American regulations have affected and limited the exchange. We’re using our Binance.US review to inform you that you can only pay with US dollars and you can’t use a credit or debit card on the platform. American users can still pay with stablecoins like BUSD or USDT, and use bank deposits, but at the moment the payment options seem a little limited.
Supported Locations
As already established in our Binance.US review, this exchange is only available in the United States, where it was made specifically for. The exchange was registered with the United States Financial Crimes Enforcement Network and follows all the SEC regulations, as well as other US laws, regarding finances and cryptocurrencies. However, since digital assets aren’t globally but locally regulated, some States have made their own crypto policies. That’s why Binance.US isn’t available in New York, Hawaii, Vermont, and Texas. For example, the New York State requires all crypto businesses to have a special BitLicense to operate, that’s why the exchange isn’t available there, and it’s similar in other states.
While the fact that Binance.US doesn’t operate in all States or outside the country may seem limiting, remember that if you’re an international trader and your country allows it, you can take advantage of Binance’s services instead.
Security
The American cryptocurrency laws and regulations were all established to protect the citizens from the risky nature of digital assets. As we’ve already covered in our Binance.US review, the exchange was created to comply with all of those laws. On top of that, the international exchange is known for its security measures. That makes the American exchange a very secure platform for traders. That’s why you shouldn’t wonder why you need to complete so many verification stages – it’s all done to make sure you’re trading among real people and everyone is safe from potential attacks.
What’s more, according to CER – a security ranking and certification platform for crypto exchanges, Binance.US is certified and takes position number 5 out of 100 global exchanges.
Customer Support
If you’ve specifically looked for a Binance.US review, the chances of you searching how the platform treats its customers are very high. That’s why we want to inform you that you can connect with customer support 24/7 through email or the contact form on the website. The options are still limited but hopefully, as the exchange grows, it will open more options for traders to connect with support.
What Are the Pros and Cons of Binance.US
To sum up our Binance.US review, you can check out the pros and cons of this platform below.
Binance.US Review: Pros
✔️ Low trading fees and additional discounts, using BNB
✔️ Potential to earn passive income
✔️ Advanced trading software for experienced or institutional investors
✔️ Solid amount of cryptocurrencies provided
Binance.US Review: Cons
❌ Limited features compared to Binance
❌ Not available in all states
❌ Doesn’t accept credit or debit card deposits
❌ Customer support only available via email
Binance.US Review 2022: Should You Trade Crypto There?
Having read our Binance.US review, are you willing to trade there? You now know that you can only use this exchange if you’re a resident of the United States and you live in states that aren’t New York, Texas, Hawaii, or Vermont. This platform was created to serve US crypto traders when the regulations in the country forced the biggest crypto exchange in the world Binance to stop operating there.
Since then, Binance.US manage to gain considerable popularity due to its security services and a good variety of coins. Today it ranks 10th by trading volume, riveling well with more than 500 international and local exchanges. That means that even though the platform is only for American users and is highly limited by the laws it complies with, it’s still very popular and used daily, proving its reliability. If you’re an American resident in whose state this exchange operates, you may consider our Binance.US review when picking a place where to buy and sell digital assets.
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