Binance.US Review

Low-fee crypto exchange, but not available in all U.S. states

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Binance.us

Binance.us

overall rating
4.1

Our Take

Binance.US is a cryptocurrency exchange for U.S. users, providing access to 120+ cryptocurrencies. It was launched in 2019 to create a regulatory-compliant company for U.S. residents, as Binance.com is not available in the United States. Binance.US is designed for both beginner and advanced crypto traders, offering some of the lowest fees available, as well as advanced charting and trading tools. While the low fees are attractive, Binance.US offers fewer coins than most other exchanges, so users seeking more selection may want to look elsewhere.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • Very low fees

  • Advanced charting and trading tools

  • Peer-to-peer trading option (for larger transactions)

  • Ability to “stake” crypto to earn interest

Cons
  • Certain popular cryptocurrencies are not available

  • Account verification can be lengthy

  • Parent company under investigation by U.S. regulators

Key Takeaways
  • Binance.US is a U.S. FinCEN-registered cryptocurrency exchange
  • Binance.US offers low trading fees, but high debit card fees
  • The Binance.US trading interface may be too complicated for beginners 
  • Binance.US is a subsidiary of the parent company, Binance.com, one of the world’s largest crypto exchanges
Specifications
  • Company Name Binance.US
  • Year Founded 2019
  • Official Website www.Binance.us
  • Cryptocurrencies Available 120+
  • Customer Support Email

Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.

Introduction

Binance.US is a cryptocurrency exchange for U.S. residents that allows users to buy, sell, and trade supported cryptocurrency. Binance.US also offers “staking,” or lending of several cryptocurrencies, paying users interest for lending their crypto assets. Over 120 cryptocurrencies are currently offered on Binance.US.

We’ve reviewed Binance.US’s platform, fees, user experience, customer service, available crypto, and more to determine if it’s a good option for crypto investors and traders.

Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.

Company Overview

Binance was founded in 2017 by Changpeng Zhao, and Binance.US was launched in 2019 as a way for the company to comply with U.S. regulatory requirements. While Binance is one of the largest centralized cryptocurrency exchanges in the world by volume, Binance.US offers a smaller selection of features and supported cryptocurrencies.

Though Binance.US operates exclusively in the United States, it’s not currently available in four U.S. states, including Hawaii, New York, Texas, and Vermont. 

Binance.US boasts some of the lowest trading fees for crypto exchange, with trading fees starting between 0% for higher volume traders and up to 0.10% max. It also offers “staking” of certain crypto assets, allowing users to earn interest on their crypto while it is lent out to the platform.

In 2021, Binance faced investigation by the U.S. Justice Department and IRS for money laundering and tax evasion.

Cryptocurrencies That Trade on Binance.US

Binance.US offers access to over 120 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and Dogecoin (DOGE). Binance.US will occasionally add new crypto to its offerings, and you can review its current list of all supported assets.

Only a few popular cryptocurrencies are missing from Binance.US, such as Ripple (XRP).

Trading Experience

Binance.US offers a simple purchase experience through its desktop and mobile dashboards for users that want to buy crypto. Users can make instant purchases using a debit card, or by depositing fiat currencies (such as U.S. dollars) into their account via wire transfer or ACH transfer. Users can also connect their crypto wallet and deposit crypto to trade on the platform. 

While buying crypto on Binance.US is relatively simple, trading crypto on the platform may overwhelm new users. Even the basic trading dashboard offers detailed candlestick charting, live order books, and multiple order types. Binance.US also offers an “Advanced” trading option, with even more order types, as well as a selection of charting tools, including integration with popular charting tool TradingView. 

Binance.US does not have a native “DeFi wallet” available but recommends using the free service Trust Wallet. Users can also typically deposit or withdraw crypto from most popular digital wallets, but may not receive any support from Binance.US if there are issues. 

Fees

Binance.US offers some of the lowest fees available for trading and buying crypto. Fees for crypto trades max out at 0.10%, but go lower as your volume increases. Instant purchase fees are generally 0.50%, which is far lower than many other centralized exchanges. However, debit card purchases tack on an additional transaction fee, so be wary of buying crypto on Binance.US with a debit card.

Users can also receive a 25% discount on trading fees if they pay them using the Binance native token, Binance Coin (BNB).

Payment Method Binance.US Fee 
Debit/Credit card  4.50% 
ACH Transfer  Free 
Wire Transfer (deposit) Free 
Crypto Conversion  0.10% 
Purchases  0.50% (Instant Buy) 
Trades  0.10% or lower
BNB Coin Discount  25% discount on fees 

Binance.US VIP Fees (Volume Discounts)

High-volume traders that execute a large number of transactions over a 30-day period enjoy lower fees on Binance.US. Fees range from 0.00% to 0.10%, depending on the volume produced, and are based on a maker-taker fee model.

When users place an order at the market price that gets filled immediately, they’re considered a “taker” and are charged the taker fee. When users place an order that is not immediately matched, it’s placed in the order book until a match is found, and they’re considered a “maker” and charged a maker fee once the trade executes.

Here is a breakdown of the Binance.US fee structure for large volume accounts:

30-Day Trade Volume (USD) Maker/Taker 
< 50,000.00 USD 0.1000% / 0.1000%
≥ 50,000.00 USD  0.0900% / 0.0900% 
≥ 100,000.00 USD  0.0800% / 0.0900% 
≥ 500,000.00 USD  0.0700% / 0.0800% 
≥ 1,000,000.00 USD  0.0500% / 0.0700% 
≥ 5,000,000.00 USD  0.0400% / 0.0600% 
≥ 10,000,000.00 USD  0.0000% / 0.0600% 
≥ 25,000,000.00 USD  0.0000% / 0.0500% 
≥ 100,000,000.00 USD  0.0000% / 0.0400% 
≥ 250,000,000.00 USD  0.0000% / 0.0300% 
≥ 500,000,000.00 USD  0.0000% / 0.0200% 

Binance.US users can also get a 25% discount on fees when paying transactions with the BNB token.

Security

Binance.US follows typical centralized exchange security protocols, including requiring photo ID verification and recommending two-factor authentication (2FA) for accounts. It also offers some extra protection by allowing you to monitor devices that have logged into your account.

Here are a few of the security features offered by Binance.US:

  • Whitelisting crypto wallet addresses: Binance.US allows users to whitelist crypto wallet addresses to help prevent unauthorized withdrawals from a user’s account. Whitelisting blocks any withdrawals from the account to wallet addresses that are not approved.
  • Two-factor authentication (2FA): Binance.US also offers two-factor authentication (2FA) via SMS or the Google Authenticator app.
  • Trust wallet support: Binance.US does not have its own native DeFi wallet, but instead partners with Trust Wallet. Trust Wallet is a digital wallet app that uses multiple layers of security, such as a PIN number, biometric access (for mobile access), and an encrypted key with a 12-word recovery phrase.
  • Device management: Binance.US allows you to review all the devices that have accessed your account and restrict any that you don’t recognize.

Opening a Binance.US Account

To get started with Binance.US, you can create a free account using your email address and a password. Once you verify your email address, you are required to go through account verification to be able to buy and sell crypto. 

Account verification includes verifying your identity with a government-issued photo ID, providing proof of address (using a utility bill or similar), and providing your Social Security number or ITIN. Verification can take just minutes or a few business days, so be prepared to potentially wait for access. Once your account is officially verified, you can buy, sell, trade, deposit, and withdraw cryptocurrency on Binance.US.

Customer Service

Binance.US offers email and 24/7 live chat support, and users can get in contact with the support team by filling out a support request form or reaching an agent via live chat. The platform also offers a small library of help articles, as well as user education materials on its blog.

There is no phone or live chat support available, but Binance.US does typically respond to social media support requests using its dedicated customer support Twitter account.

Customer Satisfaction

Binance.US has received several customer complaints, mainly related to its account verification process and lack of response from customer support. A few of the complaints also mention users being locked out of their accounts without the ability to access deposited funds. Their average score on TrustPilot is just 1.3 stars out of 5.

While Binance.US does require a long account verification process, the inability to withdraw funds is concerning. To help avoid this issue, ensure that your account is verified before you start buying or trading crypto using the platform.

Binance (the parent company of Binance.US) was also under investigation by the U.S. authorities in 2021, which may be concerning to some users.

There are no formal rating agencies for cryptocurrency exchanges. All user reviews are self-reported and might not be 100% accurate.

Account Management

Binance.US is a web-based and mobile platform that allows users to buy, sell, and trade crypto, as well as keep track of crypto holdings. Users can manage their accounts from web browsers, with the ability to set up security parameters, deposit funds, and withdraw funds to supported wallets.

Binance.US also offers a mobile app that operates much the same as the web-based platform. The mobile app offers a dashboard to monitor a user’s portfolio and trade history, as well as buy, sell, and trade crypto. Users can also set up recurring purchases, and monitor market prices of supported cryptocurrencies.

How Binance.US Compares to Other Cryptocurrency Companies

Binance.US is a low-fee option for U.S. residents who want to invest in Bitcoin or other popular cryptocurrencies. It doesn’t support as many assets as other exchanges, including the Binance.US global exchange, and even its basic trading platform may be overwhelming to new crypto investors. 

Binance.US also receives quite a few complaints about its customer service response times and ability to access account funds, which may be concerning. 

Here’s how Binance.US compares to another large crypto exchange in the U.S.

Binance.US vs. Gemini

Binance.US and Gemini are both U.S.-based cryptocurrency exchanges. Each requires account identity verification, and both offer access to popular cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).

While Gemini offers a simple design to help new users purchase crypto, Binance.US is also designed to allow beginner users to purchase crypto, but also offers support for more advanced traders who want access to charting tools and multiple order types.

Here are a few other key differences between Binance.US and Gemini:

  • Gemini offers crypto custodial services, securing user digital assets in offline storage with insurance coverage, while Binance.US does not.
  • Binance.US offers extremely low trading fees, starting from 0% to 0.1%, while Gemini fees are 1.49% or a flat fee for small trades.
  • Gemini offers insurance on its native digital wallet, while Binance.US offers a native exchange wallet, and recommends users download Trust Wallet as a DeFi wallet solution.
  • Binance.US offers a flat, fixed-rate 25% discount on trading fees for users that make purchases with its native BNB token

Binance.US is aimed at users who want access to some of the lowest trading fees in the U.S., while Gemini is aimed at investors who prioritize security above all else. While Gemini's fees are higher, Binance.US has poor user reviews, and its parent company is under scrutiny by the U.S. government.

Final Verdict

Binance.US is a low-fee option for U.S. traders. However, this exchange has some concerning user reviews and its parent company is being investigated by the U.S. government. It does allow users to secure their accounts with whitelisting wallet addresses and monitoring device logins, which is more secure than some exchanges. But users also report being locked out of accounts for weeks (or more), without the ability to access their deposited funds.

Overall, Binance.US is a decent option for crypto traders who want extremely low trading fees. But with its long account verification process and concerning reports of losing account access, users should proceed with caution.

Methodology 

The Balance is dedicated to helping those interested in cryptocurrency investing make informed and safe decisions. We are committed to providing our readers with unbiased reviews of the top cryptocurrency exchanges for investors of all levels.


Exchanges were reviewed on points including security, fees, number of cryptocurrencies available, and more. We also considered if the exchange is regulated by a proper agency or entirely decentralized. Our full cryptocurrency exchange methodology, including the data collection and review processes and weighted data points, is available for review. 

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. Bloomberg. “Binance Faces Probe by U.S.