Binance.US Review: An Easy-To-Use Platform For Cryptocurrency Investors
Rating as of based on a review of services November 4, 2021.
Getting started buying cryptocurrency can feel overwhelming. Binance.US gives you access to more than 50 cryptocurrencies in an easy-to-use dashboard that helps you get started.
- New cryptocurrency investors
- Those looking for variety
- Those interested in fast transactions
When it comes to investing, there are beginners, there are experts, and there’s everyone in between.
But since cryptocurrency is a newer type of investment, many investors fall into the “beginner” category. That’s where Binance.US can help. With Binance.US, you’re equipped with the tools you need to trade cryptocurrencies and manage your digital wallet. You aren’t limited to one type of cryptocurrency. You can combine and even use one cryptocurrency to buy a different type.
But the variety of cryptocurrency options is only one of the reasons to consider Binance.US. Low fees, speed of transactions, and a user-friendly interface all make it a great option for newer cryptocurrency investors.
What is Binance.US?
By trading volume, Binance is the largest cryptocurrency exchange in the world. It achieved this designation within only 180 days of its 2017 founding.
Binance specializes in cryptocurrency trades. You transfer money over or pay via debit or credit card, and exchange your cash for cryptocurrency. If you buy Binance Coin, you can even enjoy 25% off Binance.US’s transaction fees. It’s an easy, graceful way to start trading digital currency.
How does Binance.US work?
To get started with Binance, you’ll need to go to the U.S. version of the website and click “Get Started”. You can also sign up through the mobile app. If you prefer that route, step-by-step instructions are here.
Provide your email and password to get started with your registration. Click the checkbox to confirm you’re at least 18 years of age and you agree to the terms. You’ll need to solve a captcha to get to the next screen.
A confirmation code will be sent to your email. Once you’ve confirmed, you’ll proceed to the next step, which is securing your account.
You’ll need to input your mobile number to enable two-factor authentication.
U.S. regulations require you to provide your Social Security number and verify your identity before you can deal in cryptocurrency. Start by entering your contact information and Social Security number.
Next up, Binance.US will match the information you’ve provided with other activities you’ve conducted online using your street address. Make sure you input the street address that’s associated with your name elsewhere online.
Once you’ve signed up and verified your identity, you’ll be able to view your dashboard where you can monitor your funds, deposit and withdraw money, and keep an eye on the fees you’re accumulating. You’ll even get a 25% discount for paying your fees using your Binance Coins (BNB).
Pricing for Binance.US
All trades on Binance.US come with a trading fee of 0.1% and an instant buy/sell fee of 0.5%. You can save 25% on each transaction fee by using Binance Coin (BNB) to pay those fees. If you have BNB in your account when it’s time to pay your trading fees, it will automatically come out of that balance.
You’ll also pay a withdrawal fee when you remove money from your Binance.US account. This fee varies with the market. There are no fees for depositing funds.
There’s no shortage of cryptocurrency trading apps on the market. Here’s what makes Binance.US a standout choice.
Range of options
You may want to get in on Bitcoin or Ethereum today, but tomorrow XRP or Stellar may catch your attention. Binance.US lets you invest in more than 50 cryptocurrencies, so one signup will give you the only platform you’ll need to try out different investments over the years.
Low trading fees
The 0.1% trading fee is lower than what you’ll pay with most other exchanges. Keep a little BNB in your account and you can save 25% by having those fees automatically taken from your balance.
Trading cryptocurrencies can take time, but Binance specializes in speeding the process up. You won’t have to wait days for your cryptocurrency purchases to go through. With Binance Convert, you can exchange your existing tokens for a different cryptocurrency type in a matter of seconds.
One of the best things about Binance.US is that it lets you trade between cryptocurrencies, which is how you can trade so quickly. Once you’re a member, you can choose between basic, advanced, and the OTC (crypto-to-crypto) dashboards. Beginners will want to stick with the basic version, but as you get more advanced, you can move over to the advanced dash and log in. You can also monitor the markets directly from your dashboard to get up-to-date information on top cryptocurrencies.
Binance.US has a Rewards Center where you can participate in challenges and giveaways. You’ll earn rewards for “staking,” which is a term for leaving funds in your wallet for a period of time. By having money in your wallet rather than withdrawing it, you support the overall cryptocurrency market.
Don’t have time to monitor your cryptocurrency account? Binance.US allows you to set up recurring buys using dollar-cost averaging. With dollar-cost averaging, you agree to put in a specified amount, divided up into smaller amounts over a period of days, weeks, or months. This is a tool that can help you reduce your risk.
My experience researching Binance.US
Although I’ve never invested in cryptocurrency, I have to admit I’m curious about it. It seems everyone’s talking about it these days, so it’s hard to ignore the temptation to learn more.
Binance.US looks like a great place to start. Cryptocurrency is a still-emerging area of investing, so I have no idea which way to turn. That’s where Binance.US can help. I love that on one screen, Binance.US lets you monitor how various cryptocurrencies are performing at any given moment.
One thing that really stands out to me is the mobile app. I love that you can monitor how your cryptocurrencies are performing on the go. You can even buy crypto using the app.
Since Binance.US lets you invest in more than 50 cryptocurrencies, you can keep everything in one place. The idea of being able to invest in multiple cryptocurrencies and monitor them together really appeals to me. Plus, Binance.US provides quick funds transfers between currencies, so if I want to use Bitcoin to buy Ethereum, I can do it all in one place.
But what I really like is that Binance.US keeps fees to a minimum. If you can keep some Binance Coin in your wallet, you’ll save 25% on those fees, which puts the cost lower than what you’d pay with many other cryptocurrency trading apps.
Who is Binance.US best for?
Cryptocurrency traders, especially newcomers
First and foremost, Binance.US is for those who are looking to invest in cryptocurrency. It may not comprise the entirety of your portfolio (nor should it), but you’ll need a reputable exchange like Binance.US if you’re interested in buying or trading crypto.
Having everything in one easy-to-use platform can be a big help especially if you’re new to cryptocurrency. You can get a feel for how various cryptocurrencies are performing and make decisions based on all the information.
Best of all, you’ll be learning as you go, which means a year, two years, and three years down the line you’ll be a better-informed cryptocurrency trader.
By now, you’ve probably heard that cryptocurrency is one of the riskier investment types. The market is still relatively new, so you won’t have the long-term performance history that you’ll find with other asset types. But you’ll likely find cryptocurrency can be a highly unpredictable investment, which can cause risk-averse investors to lose some sleep.
Although the Binance.US site has many of the same features as the international version, you do get more trading options and cryptocurrencies if you don’t live in the U.S. Our government’s laws can restrict things compared to other countries.
Who shouldn’t use Binance.US?
Residents of restricted states
Not everyone in the U.S. can enjoy Binance’s features. Residents of Connecticut, Hawaii, New York, Texas, Vermont, Idaho, and Louisiana aren’t currently eligible to participate.
Those who can’t do ACH transfers
Deposits into your Binance.US account are fee-free, but only if you transfer directly from your bank account. You can use a debit or credit card, but you’ll pay a fee of 3.5% or $10 per transaction, whichever is the highest of the two.
Pros & cons
- Low fees — The trading fee of 0.1% is lower than what you’ll pay with other cryptocurrency trading platforms.
- Quick transactions — You’ll be hard-pressed to find a platform that can execute cryptocurrency trades faster than Binance.
- Large collection — Automatically move small amounts of money into “buckets” with each payment you receive to save for emergencies or taxes.
- Rewards — Earn rewards for activities, including staking, which is simply leaving your tokens in your wallet for an extended period of time.
- Fees for credit/debit deposits — To deposit funds into your Binance.US account, you’ll need to use ACH to avoid paying a fee.
- Limited trading pairs — Compared to the international version, Binance.US has some limitations, including fewer trading pairs.
- Not available everywhere — If you’re in one of the seven states where Binance.US is prohibited, you’ll have to wait.
Binance.US vs. competitors
Binance Coinbase eToro
Fees 0.1% per trade 0.5% per trade No per-trade fees or commission fees
Cryptocurrencies offered 50+ 50 25+
Credit/debit deposits 3.5% or $10 per transaction 3.5% per transaction N/A
If your focus is on the top cryptocurrencies, consider Coinbase, a platform that provides all the tools you need to trade and track cryptocurrency trades. You won’t see some of the lesser-known currency types on this platform, but all the top ones are available. Best of all, you’ll earn $5 in free bitcoin for getting started on Coinbase.
Fees with Coinbase are higher than what you’ll pay with Binance.US. Coinbase charges a transaction fee of 0.5% for purchases and sales. This price can go up and down with the market. But you do get points toward cryptocurrency purchases by taking courses in Coinbase’s library of resources.Disclaimer: Personalized $5 reward offer is displayed after account creation. Limited time offer and while supplies last. Offer available to new users who have not previously verified their identification. Offer not available to new users who were referred to Coinbase through the Referral Program or who have previously opened an account using different contact information. Coinbase may update the conditions for eligibility at any time, in its sole discretion. See Terms and Conditions.
eToro, introduced in the U.S. in 2018, offers crypto trading and a handy social feature that allows you to see what other investors are doing (and copy their strategies using the CopyTrader™ feature). You only need $50 to start trading, or you can put up $200 and copy what experienced investors are doing.
Right now, eToro offers 25+ cryptocurrencies to trade in, and they’re constantly expanding their features and offerings. Where eToro wins, though, is in their fees. They tout that they have no hidden fees, including per-trade fees or commissions.
Learning to invest in cryptocurrency can take some time. But with the right tools, you can learn the ropes while also starting to invest. Binance.US’s low fees and wide range of cryptocurrencies make it a great platform to consider if you want flexibility as you learn and grow.