How Does Binance.US Work?
Binance.US is a cryptocurrency exchange created for United States residents. In 2019, Binance.US’ parent company Binance and its US partner decided to create a platform for US residents that enables them to buy/sell/trade more than 60 popular cryptocurrencies such as Ethereum, Bitcoin, Cardano, Solana, and many more.
The exchange offers some of the lowest trading fees and even offers discounts to high-volume traders. But, how does Binance.US work? What is the trading fee on the platform? How secure is it? Let’s uncover some details.
Connecting your Binance.US Address to ZenLedger For Your Crypto Tax Forms
Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. For many centralized exchanges, we support a direct API code import, while others may require a CSV import. Decentralized exchanges may require a wallet address.
To import your transactions from an exchange, simply navigate to the "Exchanges" tab of the "Imports" page. Select the exchange that you are looking to import, and instructions will be provided for that specific exchange!
Where Binance.US Shines
- Low fees: As we’ve mentioned earlier, the exchange has low fees compared to other exchanges. The maker/taker fees range from 0 to 0.1 percent and instant buy/sell fees are 0.50 percent.
- Educational content available: Investors eager to learn about blockchain and crypto can access Binance Academy and watch education videos and read articles on these topics.
- Discounts on trading fees: Traders/investors who are holding Binance Coin (BNB) are eligible for a 25 percent trading fee discount
Where Binance.US Falls Short
- Arduous verification process: To buy, sell, or trade on the exchange, you have to go through a long KYC process, which could take days.
- The poor regulatory history of partner company: Its partner company, Binance, has faced a lot of compliance and regulatory issues.
- Fewer assets: On Binance.US, only 64 tokens are available for trading.
How Does Binance.US Work?
To figure out how Binance.US works, we will look at its several aspects such as trading experience, the fees it charges, and the security it offers, but first let’s see how to open an account on the exchange.
Opening an Account on Binance.US
Opening an account on the exchange is quite a simple process.
- First, go to https://accounts.binance.us/en/register
- Enter your email address, set a password, agree to the terms and conditions, and click on “Create Account.”
- A six-digit code will be sent to your email address. Enter that code and you’ll be asked to “Secure your account.” You can choose to do it or click on “Skip for Now.”
- When you skip securing the account or when you are done securing the account, you’ll see your “Portfolio Balance” on the screen.
But, you can’t buy/sell/trade yet. To do so, you have to provide some basic personal information and provide a government-issued ID to start your KYC process. As we’ve mentioned, the KYC process can take quite a while, so brace yourself for a waiting period.
Once you create an account, you can either access the exchange via an online dashboard on the desktop or a mobile app available for both iOS and Android. To buy/sell/trade on Binance.US, do this:
- Log in to your account
- Click on “Buy Crypto” in the top left corner.
- Next, on the right side of the screen, you’ll see a “Buy/Sell/Convert.” Enter the amount of coin you want to purchase, select the coin from the search bar below that, preview your purchase and complete your transaction.
- If you wish to trade, click on “Trade” besides the “Buy Crypto” button and you’ll be able to make trades on the exchange’s OTC and advanced portals.
The advanced portal has features such as TradeView, real-time pricing, a candlestick chart, and access to your order history. On the OTC portal, buyers can negotiate and buy directly from sellers.
Note: OTC only allows trade for more than $10,000.
The overall trading experience on the Binance.US exchange is simple but has a small learning curve.
The feature that makes Binance.US so appealing is its user's low trading fees. Its competitors charge 0.50 percent trading fees whereas on Binance.US, The maker/taker fees range from 0 to 0.1 percent and instant buy/sell fees are 0.50 percent. Moreover, for investors/traders that hold BNB, there’s an extra 0.25 percent trading discount.
Though the trading fees is low, depositing funds on the exchange via debit cards fetch a relatively high fee of 4.5 percent. The better options for depositing money are wire transfers or via ACH (both are free). Withdrawing funds via ACH is also free but via wire transfer, you have to pay $15 and $35 for domestic and international transfers, respectively.
The exchange offers industry-grade security features and the users have to finish the KYC process to buy/sell/trade, which prevents fraud and other illegal activities. Additionally, users can set up multi-factor authentication and mobile users can also set up facial recognition for additional security.
Binance.US offers more than 60 crypto tokens such as:
- Bitcoin (BTC)
- PAX Gold (PAXG)
- Ethereum (ETH)
- Orchid (OXT)
- Harmony (ONE)
- Chainlink (LINK)
- Helium (HNT)
- Stellar (XLM)
- Cardano (ADA)
- Tether (USDT)
The exchange also offers numerous trading pairs including options to trade two coins without cashing out one for USD.
There are several states in the USA such as Louisiana, Idaho, New York, Hawaii, Vermont, and Texas where BInance.US is not available. For US residents outside these states, Binance.US offers a ton of features and an easy way to buy/sell interface. It charges fewer fees and offers discounts for holding Binance Coin. However, this exchange is not ideal for beginners as they might get overwhelmed with the features and tools.