Binance US

Binance.us has put together a very well developed FAQ with guides to everything. The content is a mix of videos and text, and displays a very mature understanding of new crypto traders, likely a result of what they’ve learned during the last few years with Binance.com, which has seen massive volume and exponential growth.

Generally speaking, spot trading fees are 0.1% on Binance.us with the instant buy/sell fee of 0.5%. These represent some of the lowest crypto trading fees available in the US. 

Binance.us has a unique fee structure where maker and taker fees are reduced when you hold tiered amounts of Binance’s BNB token. You can trade up to $50,000 without having to maintain a Binance Coin (BNB) balance. 

Trades above that amount are tiered as are the required BNB balances necessary to trade the large amounts. When the fees are paid in BNB (instead of USD), there’s a 25% fee reduction. So the traders moving large amounts of crypto around will need to have correspondingly large BNB balances in order to make those bigger traders.

Minimum and maximum trade limits vary by coin.

Here is a complete Binance.us trading fee schedule.

Offers over 40 coins for buying and selling crypto.

1. Fiat deposits – USD only via bank transfer, ACH, or wire.
2. Cryptocurrency deposits – All supported coins.
3. Credit & debit cards – Debit cards only.

Fees for crypto withdrawals are low compared with Binance.us competitors. It depends on each coin. As an example, BTC withdrawals to an external wallet currently cost about $10.00, regardless of the withdrawal amount (compare with Coinbase’s 18% fee for $175.00 BTC withdrawal). Altcoins like Ethereum currently cost under $10 per withdrawal and most others have fees per withdrawal that are under $1.00. 

Crypto withdrawal limits

• Basic Verification – withdrawal limit is $5000 USD equivalent in crypto daily
• Advanced Verification – $1,000,000 USD equivalent in crypto daily

Fiat Withdrawal limits

• Fiat Account Verification – withdrawal limit is $5,000 USD using ACH or $7,500,000 USD per wire

Verification

This varies, and the terms for this change quite frequently. There are three verification levels: basic, advanced, and fiat. The complete documentation requirements and timing for these with current terms can be found here.

Binance.us offers limit, market, and OCO orders, or “One Cancels the Other”, which enables traders to place 2 orders at the same time. It combines the limit order with the stop limit order. Only one can be executed and cancelling one will automatically cancel the other.

The dollar cost averaging feature on Binance.us is not quite as intuitive as on Gemini and Kraken exchanges, but it does have a page enabling traders to set up recurring buys from the drop down at the top of your dashboard.

Traders may stake EOS, ONE, VeChain, ATOM, XTZ, and ALGO to earn “in-kind” token rewards, which range from 0.05% apy to 10% apy, depending on the coin. Minimums stakes depend on the coin and range from $.01 to $150.00. The interface for staking is easy to understand and also offers a quick buy feature for those that need to buy coins to get started with staking.

Traders can request a quote for over the Counter (OTC) trades directly from the Binance.us website. The minimum buy is $10,000 equivalent.

Navigating the Binance.us site should not pose any problems for anyone. It may not be as sleek as or user friendly as Gemini, and not as simplified as Coinbase, but it also provides some unique touches you won’t see elsewhere as well as helpful guides and call out boxes to explain technical topics along the way.

Having only launched a few months ago, it’s not surprising that Binance.us is struggling with customer support, especially in light of the bull market it has been operating in since its inception. Overwhelmingly, the complaints are about withdrawal issues and slow customer support, with some users citing 2-hour chat waits and getting their accounts disabled. 

The number of users on Binance.us are not available publicly, though Google Play does provide download information, showing the exchange’s android app has more than 100,000 downloads.

The Basic trading view includes 1-minute to 1-month windows, nice contrasting colors, and provides several ways to customize your screen. 

In the Advanced view, which is also linked to TradingView, traders have many more tools and options for customization. 

• They have more color and design choices for trend lines and arrows.
• Full designability for creating and sharing charts for an audience.
• Sleek depth charts.
• All can be easily enlarged or expanded with many additional functions.

As far as reliability, Binance.us uses the same technology as Binance.com, which can process 1.4 million orders per second. Binance.us does not have the reputation for downages during bitcoin bull markets like Coinbase, but the lack of any status page makes this difficult to discern.

Compared with Coinbase, Kraken and Gemini, Binance.us does not divulge much information regarding their cold storage and security protocol. The number of users is not publically available and there’s no status page to view historical outages and bugs. The first section in their Terms of Use is “Trading Risks” which warns traders of what they might encounter when trading crypto.

The company behind Binance.us (Binance.com) was hacked for about $40,000,000 in 2019. Users were refunded for any losses. Binance.us has not been hacked.

Margin trading is not available, however CEO Catherine Cooley has indicated they are moving to add margin trading in 2021). 

Automated trading is not a Binance.us feature, but crypto traders have integrated their own trading bots and programs to initiate automated trading on the exchange. One report noted that at any given time, 1000s of bots are executing trades on Binance.us. 

Self custody – At this juncture, none of the American exchanges offer this feature.

Automated tax reporting is not available.