Binance.US Review 2024: Pros, Cons and How It Compares
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Our Take
3.7
The bottom line:
Pros & Cons
Pros
Large selection.
Low fees on crypto-to-crypto trades.
Cons
Major regulatory concerns.
Does not accept U.S. dollars.
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Full Review
Editor's note: More than a dozen states have restricted or limited access to Binance.US services after Changpeng Zhao, the former CEO of parent company Binance, pleaded guilty to charges that Binance did not have appropriate money laundering protections in place. The SEC has also filed a complaint against the company, arguing that Binance.US is operating as an unregistered exchange. Given that, NerdWallet has paused updates to this review.
Where Binance.US shines
Crypto pairs: Binance.US has a lot of crypto trading pairs — they'd better, given that they don't accept cash anymore. But if you are using Binance to trade cryptocurrencies for one another, you will have a lot of options.
Low fees: Binance has a complex fee structure that varies based on what asset you're trading and how much you trade. But Bitcoin trades are often free.
Where Binance.US falls short
No cash: Amid increasing regulatory scrutiny, Binance.US announced in June of 2023 that it would become a "crypto-only" exchange. That means that you can't use U.S. dollars to buy cryptocurrency, one of the key functions of centralized exchanges like Binance.
Regulatory issues: Binance.US's parent company has faced increasing scrutiny both in the U.S. and abroad. In June of 2023, the U.S. Securities and Exchange Commission accused Binance of a list of violations. Among the allegations was a claim that the company had shifted customer funds to a separate company controlled by founder Changpeng Zhao. Binance has also faced allegations that it took inadequate steps to separate its U.S. business from its international operations . Binance.US also isn’t available in all 50 states, and the list of states that have temporarily paused new new users is growing. Here's a breakdown:
Binance.US is unavailable in:
Alaska
American Samoa
Hawaii
Maine
New York
Northern Mariana Islands
Texas
U.S. Virgin Islands
Vermont
And the company can no longer onboard new users in:
Connecticut
Florida
Georgia
Guam
North Carolina
Ohio
Oregon
Minnesota
Washington
Binance.US is best for:
Crypto-to-crypto trading.
Binance.US at a glance
Minimum trade | $1, which is low, but Binance.US does not currently accept USD. |
Trading and transaction fees | Trades range from free to 0.45%. These are very low for the industry, but don't apply to cash transactions. |
Number of cryptocurrencies | Approximately 156, but none with cash. |
Crypto-to-crypto trading pairs | About 175. |
Website transparency | Information is generally easy to find on the Binance.US website. |
Storage offering | Binance.US does not say whether it carries insurance on customer assets. |
Staking and rewards | Binance.US supports rewards on about 17 assets, with some rates exceeding 25%. |
Mobile app | Apps available for Android and iOS. |
Customer service | 24/7 live chat, plus email support. |
More details about Binance.US's ratings
Minimum trade: 3 out of 5 stars
The minimums for crypto-to-crypto trades are often under a dollar, but because Binance.US does not accept USD, it loses some of its advantage here.
Trading and transaction fees: 2.5 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.
Fees for cryptocurrency withdrawals differ by cryptocurrency. The company does not list the rates, however, saying only that they depend on the level of activity on the network supporting the cryptocurrency in question.
It's important to note that while Binance.US's costs are relatively low, many competitors reserve their higher fees for cash purchases — something Binance.US no longer offers.
Number of cryptocurrencies: 4 out of 5 stars
Binance.US offers trading in more than 150 cryptocurrencies. But unlike competitors, you can't buy any of them with cash.
Crypto-to-crypto trading pairs: 5 out of 5 stars
Binance.US currently offers about 175 crypto-to-crypto trading pairs.
Storage and security: 4 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 have 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.
Finally, though the SEC charges have yet to work their way through the courts, regulators have called into question some of the company's practices around handling customer funds.
Staking and rewards: 4 out of 5 stars
Binance.US offers staking rewards on about 17 coins, with some rates in the double digits. Rewards are 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: 3 out of 5 stars
Binance.US offers support by email and live chat. The company left customers, scrambling, however, when it announced with less than a week's notice that it would stop supporting dollars.
And though Binance sent out an email announcing the change, it did not make information easy to find on the website. On June 12 — a day before the end of trading in dollars — the company continued to list information about how to deposit cash.
While basic information is easy to find on the website, the platform is still not the most transparent among those reviewed by NerdWallet. It doesn't list withdrawal fees in a place that is easy to find, for instance. There are many choices when you are selecting a crypto provider, and more complete information can help you make a decision that works best for you.
Other features you should know
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?
You probably think of exchanges like Binance.US as a way to convert cash into cryptocurrency — and vice versa. Binance no longer offers this service to U.S. customers. If you need this capability, you'll probably want to look elsewhere.
Binance does have a wide selection of affordable crypto-to-crypto trades, and it has competitive rates on its staking offering. So there are services that might work for some people. But given the regulatory scrutiny, it's anyone's guess whether these products will remain available.
That said, there are many other crypto companies that are facing legal and regulatory challenges. So wherever you choose to trade crypto, go in with open eyes.
If you do use Binance.US, you'll need to send your crypto to another exchange (this can incur fees) if you want to cash out.
How do we review cryptocurrency platforms?
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We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 10 factors. The final output produces star ratings from poor (one star) to excellent (five stars).
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