Binance.US Review 2023: Pros, Cons and How It Compares
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Our Take
3.7
The bottom line:
Pros & Cons
Pros
About 125 cryptocurrencies available.
Low or no trading fees.
Cons
Not available in four U.S. states.
Fewer crypto-to-crypto currency pairs than global Binance site.
Smaller selection than global Binance platform.
Compare to Similar Brokers
NerdWallet rating 5.0 /5 | NerdWallet rating 3.5 /5 |
Fees 0% - 3.99% varies by type of transaction; other fees may apply | Fees 1% for cryptocurrency |
Account minimum $0 | Account minimum $0 |
Promotion Get $200 in crypto when you sign up. Terms Apply. | Promotion Get a $10 bonus when you buy $100 worth of crypto (U.S. only). |
Learn more on Coinbase's website | Learn more on eToro's website |
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Full Review
Where Binance.US shines
Low fees: Binance has a complex fee structure that varies based on what asset you're trading, how you're paying and how much you trade. But Bitcoin trades are generally free.
Trade execution: Binance is known for its high-speed trade execution. Before company founder Changpeng Zhao started Binance in China in 2017, he developed a software system for matching orders for high-speed traders.
Crypto selection: While it doesn’t offer as many cryptocurrencies and crypto-to-crypto trading pairs as its parent company, the selection of more than 125 cryptocurrencies at Binance.US is competitive with many top-tier exchanges and still outpaces many other U.S. exchanges.
Where Binance.US falls short
Accessibility: Binance.US isn’t available in all 50 states.
Regulatory issues: Global parent company Binance has run into regulatory issues and controversy in some countries, moving operations from China to Japan; at a May 2020 tech conference, founder Changpeng Zhao claimed the parent company doesn’t have a headquarters because “Bitcoin doesn’t have an office.”
Binance.US is best for:
Peer-to-peer trading.
Crypto-to-crypto trading.
Binance.US at a glance
Minimum trade | $10. |
Trading and transaction fees | Trades range from free to 0.6%, but as high as 3.75% if using a debit card. Other fees may apply. |
Number of cryptocurrencies | Approximately 125. |
Crypto-to-crypto trading pairs | More than 150, but only with BTC and stablecoins. |
Website transparency | Some information difficult to find on the website. |
Storage offering | Binance.US does not say whether it carries insurance on customer assets. |
Staking and rewards | Binance.US supports rewards on about 25 assets, with some rates exceeding 8%. |
Mobile app | iOS app highly rated, while Android app earns lower rated reviews. |
Customer service | 24/7 live chat, plus email support. |
More details about Binance.US's ratings
Minimum trade: 4 out of 5 stars
Binance.US has a minimum trade of $10.
Trading and transaction fees: 4.5 out of 5 stars
Binance.US uses a few factors to determine spot trading fees, but in general, even casual users will be able to trade Bitcoin for free. For other cryptocurrencies, spot trading fees range from 0% to 0.6%. Here are the variables that Binance.US takes into account:
Users who pay fees using Binance.US' native BNB cryptocurrency get 25% off trading costs.
Different cryptocurrencies cost different amounts to trade.
Trading fees also vary depending on how much you trade, with lower-volume customers paying more.
Binance charges an additional 3.75% for debit card transfers (Binance.US doesn’t allow credit card purchases). There are no fees for cash deposits or withdrawals by ACH bank transfers. Bank wire deposits are free, and wire withdrawals cost $10 to $15.
Fees for cryptocurrency withdrawals differ by cryptocurrency; withdrawals of Bitcoin cost 0.0002 BTC.
Number of cryptocurrencies: 5 out of 5 stars
Binance.US offers the purchase and sale of about 125 cryptocurrencies.
Crypto-to-crypto trading pairs: 4.5 out of 5 stars
Binance.US currently offers more than 150 crypto-to-crypto trading pairs. While this is a high number, trading pairs are limited to just Bitcoin and stablecoins.
Storage and security: 3.5 out of 5 stars
Trust Wallet is the official wallet for Binance users, a free app to store cryptocurrency that is highly rated by Google Play and App Store users. Users, however, are welcome to use their own choice of crypto wallet.
There have been no reported breaches at Binance.US, but the global Binance site reported in 2019 that hackers stole 7,000 bitcoins worth $40 million at the time. The company said it paid the losses in full to affected users.
All U.S. dollar deposits at Binance.US are held at custodial bank accounts and insured up to $250,000 for bank failure by the Federal Deposit Insurance Corp. But Binance.US does not say whether it has private insurance for crypto deposits held on its services.
Unlike stock brokerages, cryptocurrency exchanges such as Binance.US are not covered by the Securities Investor Protection Corporation, which protects investors up to $500,000 in total cash and securities loss in case of a brokerage failure, unauthorized trading or theft.
Staking and rewards: 3.5 out of 5 stars
Binance.US offers staking rewards on about 25 coins, with some rates exceeding 8%. Rewards are calculated daily and distributed weekly. Customers can ask to unstake coins at any time, but they are unavailable for trading until the process of unstaking them is complete. The amount of time that will take varies depending on the cryptocurrency in question.
Mobile app: 4 out of 5 stars
Binance.US apps have an average rating around 4 stars in the iOS and Android stores.
Customer support options: 4 out of 5 stars
Binance offers support by email and 24/7 live chat.
Other features you should know
Peer-to-peer trading: Binance.US's OTC portal allows trading directly between buyers and sellers. There are no transaction fees, but users are charged the spread between the buy and sell price.
BNB cryptocurrency: BNB, or Binance Smart Chain cryptocurrency, is used to support many applications and products in the cryptocurrency sector. BNB has some utility on Binance.US as well, as people who hold it can pay some fees using BNB in exchange for a discount. BNB had some security concerns in the fall of 2022, thanks to hack that led to a loss valued at about $570 million.
Is Binance.US right for you?
Binance.US gives a wide choice of cryptocurrencies with a trading fee that is among the lowest of the cryptocurrency exchanges NerdWallet reviews. The U.S. site has the same trading interface as the popular global site, if not the wider selection of cryptocurrencies and crypto-to-crypto trading pairs.
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