Binance, the world’s largest exchange by volume has released a US-only subsidiary called Binance US.
Initially, Binance announced a flat-out ban of all US-based traders on their platform. Instead of serving US customers on the main platform, they have now launched Binance US for United States customers.
Each coin enabled on the platform must first pass their Digital Asset Risk Assessment Framework.
Binance US Referral ID
Binance US offers $15 dollars when you complete $100 in trading volume! Just use the referral code when signing up at Binance.us to qualify or a Binance.us link (like this one). You will also get a 30-day welcome bonus for zero trading fees on all trading pairs!
|Binance US Referral ID||35002704|
|Binance Bonus||Get $15 when you complete $100 in trading volume & 30-Day Zero Trading Fees.|
|Referral Requirements||New user and must be 18+ years.|
|Last Verified||February 22, 2020|
All of our reviews take a look at three main categories that are most important for users. These include ease-of-use, trading fees, and customer support.
Although Binance US isn’t up and running yet, we’ll run through each of these with the most likely scenario, using the main Binance platform as a benchmark.
Ease of Use
Binance US is almost identical in look and feel to the original Binance platform.
It has a user-friendly interface, and provides traders with their trademark “basic” and “advanced” options for the trading panel.
Binance US is fiat-friendly, and features USD trading pairs. Users can make US Dollar deposits via ACH or wire payments.
Binance has recently released a mobile app currently available on Google Play and the App Store on iOS devices.
The current fee schedule published on the Binance US website shows a flat 0.1% trading fee for all trades although new users get 30-day welcome bonus with zero trading fees.
Traditionally, exchanges (including the original Binance platform) have offered smaller fees for greater trading volumes.
The original Binance platform also featured a discount for users paying their fees in the BNB token, however there is no sign of this option on Binance US yet.
We don’t have any anecdotal reports of customer support experiences for Binance US yet.
We do know, however, that the main Binance platform has mixed reviews concerning their support processes.
The general consensus is that most users are able to have their issues resolved within a 24-hour period, using the support ticket system.
The Binance social media team has also historically been quick to respond to inquiries.
It should be safe to assume that support on Binance US will be just as good, if not better, than the main platform.
Binance US Review 2019
Ease of Use
Binance.us is now available in the United States with 7 trading pairs (BTC, USDT, ETH, XRP, BCH, LTC and BNB)
If you want to know more about Binance US and their parent company, Binance, we’ve gathered some of the most important facts about them in this section.
The original Binance platform was launched in 2017 by Changpeng Zhao, also known more simply to the community as “CZ”.
Binance rose extremely quickly to become the most popular exchange in the crypto-sphere, and remains as the go-to option for a large majority of traders.
In June 2019, however, the exchange announced that it would ban US-based traders, and move them to their own US-specific platform: Binance US. Binance.us launched for United States customers on September 18, 2019.
Binance US has been built in partnership with BAM Trading Services, a firm approved by the Financial Crimes Enforcement Network (FinCEN).
Accepted Payment Methods
As with the original Binance platform, deposits are be enabled for any cryptocurrency that the exchange supports. This range of options will be narrower for Binance US, however BTC, ETH, BCH, BNB, LTC, XRP, and USDT are already confirmed.
Binance US has also enabled US Dollar deposits, via ACH payment or wire transfer.
Binance US transaction fees
Binance US Transaction Fees
Binance US currently charges a flat fee on all trades of 0.1% – a rate very competitive with other exchanges. New users get zero trade fees for 30 days after basic verification.
Binance US States
Binance is available in most US states like California, Pennsylvania, Arizona, Oregon, Colorado, Michigan, etc.
Binance currently excludes 12 states: Alabama, Connecticut, Florida, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Georgia, Vermont, and Washington.
Binance US has a strict Know Your Customer (KYC) verification process for creating an account.
Different levels of verification are required for a higher daily withdrawal limit.
At the very least, you will be required to provide your name, date of birth, tax identification number, and address.
Advanced verification will require additional information, such as a US government-issued ID.
Fiat deposit and corporate account verification processes also exist, which can be viewed here.
Buy/Sell Limits at Binance
Although there aren’t limits on trading activity, Binance US does have limits on how much money a user can withdraw in any given 24-hour period.
This is a maximum of US$5,000 daily for a basic verification user, or up to US$1,000,000 for an advanced verification user.
The original Binance has had some security breaches in the past, however it has managed to maintain a good track record in managing these and keeping user funds safe.
We can expect Binance US to have top-notch security, too.
The exchange provides two-factor authentication (2FA) and other login confirmation tools, to keep individual accounts safe.
Binance US is not decentralized, however, so user funds will be held by the exchange itself.
Binance has been one of the less-controversial exchanges in the crypto world.
Some notable occasions, however, include contentious coin de-listings, as well as dubious practices around the listing of new coins on the platform.
Cryptocurrencies listed on Binance US will be subject to much more scrutiny, and we are estimating that there will be less drama within this exchange.
We expect Binance US to provide a solid support experience, following in the footsteps of the original exchange.
Most issues seem to be fixed on the original Binance platform within 24 hours using their support ticketing system. If anything falls through there, a simple inquiry via one of their social media pages will tend to get it sorted!