This Binance US review highlights how the American arm of Binance transformed into the world’s largest cryptocurrency exchange by trading volume.
While Binance US does not offer as many currencies and crypto-to-crypto exchange as its parent organization, more than 50% selection at Binance.US dominates other U.S. exchanges. Also, its 0.1% exchange fee is lower than many other US exchanges.
Binance is known for its fast exchange execution. Before organization founder Changpeng Zhao launched Binance in China in 2017, he fostered a product framework for matching orders for high-speed traders. Binance faced challenges with regulators, moving its operations from China to Japan; at May 2020 tech conference, Zhao said that the parent organization doesn't have headquarters because "Bitcoin doesn't have an office."
Binance US support more than 50 cryptocurrencies, including Bitcoin, Etherium, Bitcoin Cash, Litecoin, Chainlink, Dogecoin and other popular digital currencies.
Crypto Trading Costs & Transaction Fees
The Binance.US review reveals that this platform charges a competitive cost of 0.1% for spot trading, which is lower than many other U.S. exchanges, including eToro (about 0.75% for Bitcoin trades) and Coinbase (which charges 0.5% for trading fees plus a flat fee of up to $2.99 per trade, depending on trade amount). Binance US also offers flexibility of 0.5% Instant Buy/Sell fee for traders in a hurry.
Binance charges an additional There are no fees for cash deposits or withdrawals by ACH bank transfers, while bank wire transfers are $15 per transaction. Fees for cryptocurrency withdrawals differ by cryptocurrency; withdrawals of Bitcoin cost 0.0005% and a minimum withdrawal amount of 0.001 bitcoin.
The parent company charges an additional trading fee of 4.5% for debit card transfers. Whereas Binance US doesn’t allow any kind of credit or debit card purchases.
Binance.US presently supports more than 50 crypto-to-crypto exchange with Bitcoin and eight other digital currencies including:
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Etherium (ETH)
- Chainlink (LINK)
- Litecoin (LTC)
- Uniswap (UNI)
- VeChain (VET)
- Tezos (XTZ)
According to this Binance US review many other cryptocurrencies can be exchanged for stablecoins Tether, Binance USD, and Binance’s own stablecoin ($1 BUSD always equals $1 USD).
The portal of Binance US's OTC enables direct exchange between purchasers and sellers. There are no exchange expenses, however clients are charged the spread between the purchasing and selling cost. The optimal trading amount is $10,000 approx.
Binance US utilizes the same tech as its parent platform, and offers three diverse exchange systems: Basic, Advanced and OTC to facilitate peer-to-peer trading. Binance US review suggests that new traders start trading on basic platform, which will give experienced traders the estimates for spot price, trading volume, and 24-hour price performance.
For new traders, even the basic mode can be too much firepower. If you simply need to buy some bitcoins, you can sidestep and buy Bitcoin from the site directly. When your account is evaluated and verified, you can just enter the quantity of bitcoins or U.S. dollars you need to spend. The trade has a least exchange value of $10.
According to our Binance US review there have been no reported breaches, but the global Binance site reported in 2019 that hackers stole 7,000 bitcoins worth $40 million at the time. Although, the company paid the losses in full to affected users.
Binance US Review of Insurance & Crypto Wallet
All USD deposits at Binance.US are secured at custodial bank accounts and insured for more than $250,000 in case of bank failure by the Federal Deposit Insurance Corp. In contrast to stock businesses, crypto exchanges like Binance.US are not covered by the Securities Investor Protection Corporation, which ensures investors up to $500,000 in cash and securities losses in case of a brokerage failure, unauthorized trading, or theft.
Trust Wallet is the base wallet for Binance clients, a free application to store digital currency that is profoundly rated by Google Play and App Store clients. However, traders are free to choose their own crypto wallet.
Also Read: HYPERCOIN v2.0
The Final Verdict
Binance US gives a wide choice of cryptocurrencies with a trading fee that is among the lowest of the cryptocurrency exchanges NerdWallet reviews. The U.S. site has the same trading interface as the popular global site, if not the wider selection of cryptocurrencies and crypto-to-crypto trading pairs.
No matter where you decide to make your purchase, understand that investing in cryptocurrencies like Bitcoin is highly speculative and known for its volatility. It’s wise to never invest any more than you can afford to lose.
However, if you don’t have the time and background knowledge to trade on a traditional exchange, you can opt for PrimeXBT Covesting. This exchange allows traders the flexibility to copy trade of other traders. Meaning, you can earn profits effortlessly without any spending time.