Binance.US Review

Binance.US Review

09:21 03/10/2021

Binance.US Overview

Binance.US is a completely separate entity from Binance and requires existing users to register for a new account (as well as go through KYC). Launched in 2019, Binance.US is still quite a new exchange compared to others. Binance.US aims to offer a fast, and stable trading platform for users based in the United States. They also offer educational resources and blog posts geared towards both beginner and advanced users. Binance.US has both Beginner and advanced trading charts depending on your skill level. This makes it easy to trade without the added features you may not want or use. However, Binance.US still falls short in comparison to Binance when it comes to coin coverage.

Security

Login URL verification
Login URL verification

Binance.US has appropriate security features such as multi-factor authentication (MFA or 2FA), FDIC insurance for all funds held in USD, and an Anti-Phishing code. One security feature we have yet to see in other cryptocurrency exchanges is a reminder to verify the login URL.

Binance.us hacked

In May of 2019, Binance was hit by a large scale hack that resulted in the loss of over $40 million dollars in bitcoin. Bitcoin was reportedly taken from Binance’s hot wallet, which accounts for roughly 2% of their total Bitcoin holdings. Later that day, Binance stated that any loss would be fully covered at no extra cost to the users. Due to this security threat, Binance.US offers the login URL double check as well as an Anti-phishing Code that you can set up through your account. Every time Binance.US sends you an email this code will be attached to the email. This is just another security check that they set in place to limit potential security breaches.

Staking

Staking on Binance.US
Staking on Binance.US

Binance.US currently allows for staking of seven separate coins ranging from the well known Tezos and Cosmos to the lesser known Harmony and VeChain. Staking is as simple as clicking on the coin you wish to stake on the staking page and you will have 2 options, deposit or buy. If you already have coins, click deposit and select the amount and the rest is fairly simple. Remember that some coins have an inflation rate while others do not or are very low. Take this into consideration when staking your cryptocurrency on any exchange. Check out our staking calculator to better understand the potential gains you can expect based on different coins.

Which coins can Binance.US stake?

  • Algorand (ALGO)
  • Cosmos (ATOM)
  • EOS (EOS)
  • Harmony (ONE)
  • Qtum (QTUM)
  • Tezos (XTZ)
  • VeChain (VET)

For an updated list see the Binance.US staking page

Fees & Funding

Generally you should expect a 0.2% fee for spot trades and a 0.5% fee for instant buy or sell trades. One exciting feature of Binance.US is the 25% discount on trading fees when you use Binance Coin (BNB) to pay for these fees. Binance.US does not charge any fees for staking. They believe that the users should earn the maximum amount of staking rewards, they instead charge trading fees.

Verification

Binance.US allows for 3 levels of verification, Basic, Advanced, and Cash Account Verification. Let’s break each level and explain the differences:

  1. Level 1: Basic verification allows you to transfer cryptocurrency into Binance.US and withdraw up to $5,000 per day.
  2. Advanced verification increases your daily withdrawal limit to $1 million worth of cryptocurrency.
  3. Cash Account Verification gives you access to trade Crypto/Cash pairs as well as fund your account with fiat currency (e.g. US Dollars or British Pounds). Neither the basic or advanced levels of verification allow you to deposit or withdraw in fiat currency. To do this, you must use the cash account verification level.

Binance.US does not restrict your staking ability based on your verification level. As long as you own coins that are able to be staked in your Binance.US Account, you can stake them.

Usability

Binance.US operates on a super simple design, allowing just about everyone to use their website after a very small learning curve. Everything that you will need on a daily basis is listed across the top of the screen. This includes buttons to buy cryptocurrency, access your wallet, trade cryptocurrency and much more. Under the resources tab you will find access to the Binance.US blog as well as staking options and a whole array of documentation. On the upper right hand corner, you should see your email, this is where you can interact with your account to make security changes and more.

Questions From Our Community

Is Binance.US available in the United States?

Binance.US is available in the United States with some restrictions. States that are not available to use the service are listed below. These states are not allowed to participate in the trading exchanged based on local regulations that each state holds. Binance.US is working on accepting these states to the platform. Initially there were 13 states that were excluded, that number is now down to just 7 (Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, Vermont).

Is Binance.US owned by Binance?

Binance.US and Binance are separate companies. Binance.US is operated by BAM Trading Services, its CEO is Catherine Coley. Binance is a China-based company run by Changpeng Zhao. Binance.US bears Binance’s name and logo.

What’s the difference between Binance.US and Binance?

Binance.US is approved to be used by US customers whereas Binance blocks US customers from using their site. Binance is not legally allowed to offer their services in the US. Binance.US has a smaller coin coverage compared with Binance, and as a result, less options for staking.

Is Binance Legit?

Binance.US is a legitimate company and uses KYC (Know Your Customer). There are 3 levels of verification: Basic, Advanced and Cash Account Verification. Each one of these levels of verification allows you more access to Binance.US. to learn more, read our “Security” section above.

Can I still use Binance in the US with a VPN?

Technically, yes you can. However, this is in violation of Binance’s term of service which does not allow servicing clients in the US. It’s important to know that Binance is not legally allowed to offer their services in the US. This may result in challenges during tax filing given that Binance isn’t a regulated entity in the US.

Does Binance.US Have An App?

Binance.US does offer a mobile application for both iOS and Android users. This application allows you to view your account, make trades and more! Binance also offers a Binance Academy app that is also available for iOS and Android. Binance Academy is geared towards helping you learn more about cryptocurrency and trading.

Is Binance.US better than Kraken?

Binance.US and Kraken both have great features geared towards buying, staking, and trading cryptocurrency. Kraken has a wide array of article and video documentation in order to help you get started and enhance your cryptocurrency experience. To read more about Kraken, head over to our review.

Summary & Verdict

We use a proprietary exchange rating system for these reviews that are based on several key factors such as exchange reliability, ease of use, history, withdrawal limits, support and more. These ratings are geared towards helping you make an educated decision when looking at various exchanges. Binance.US has received a score of 59/100. Where Binance.US shines is their overall user interface and design of the website across trading and staking. It is intuitive to use and information is easy to find. However, Binance.US struggles with the quality and speed of their support team and considering an above average amount of down time and temporary site limitations this might be a factor to consider. Overall Binance.US is a solid alternative for US users wishing to stay in the Binance ecosystem. If you are outside of the United States it is recommended to use the global Binance website as it has more options and is not restricted to United States laws and regulations.

Ask us anything!

We hope that you enjoyed this article and found it informative. As always, if you have any questions or if you would like to get in touch, feel free to connect with us on Twitter @staking_rewards.

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