Binance.US Review 2021: Pros, Cons and How It Compares

Binance.US offers lower trading fees and more cryptocurrencies than other providers, but not as large a selection as its parent site.
Kevin VoigtOct 15, 2021

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Our Take

4.5

NerdWallet rating 

The bottom line:

Binance.US offers lower trading fees and more cryptocurrencies than other providers, but not as large a selection as its parent site.

Binance.US

Binance.US

Fees

0.1%-5%

depending on payment method

Account Minimum

$10

Promotion

None

no promotion available at this time

Pros & Cons

Pros

  • More than 50 cryptocurrencies available.
  • Low trading fees.

Cons

  • Not available in seven U.S. states.
  • Fewer crypto-to-crypto currency pairs than global Binance site.

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Full Review

Where Binance.US shines

Low fees: Binance’s 0.1% trading fee is lower than many other U.S. exchanges.

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 nearly 60 cryptocurrencies at Binance.US 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

0.1% spot trading fee; 0.5% Instant Buy/Sell fee. Debit card transactions add 4.5%. Other fees may apply.

Number of cryptocurrencies

50-plus.

Crypto-to-crypto trading pairs

50-plus trading pairs.

Website transparency

Some information difficult to find on the website.

Can use your own digital wallet?

Yes.

Mobile app

iOS app highly rated, while Android app earns lower rated reviews.

Customer service

Email only.

More details about Binance.US's ratings

Minimum trade

Binance.US has a minimum trade of $10.

Trading and transaction fees

Binance.US charges a flat 0.1% spot trading fee, which is lower than many other U.S. exchanges, including eToro (about 0.75% for Bitcoin trades) and Coinbase (which charges 0.5% for trading fees plus a flat fee of up to $2.99 per trade, depending on trade amount). For traders in a hurry, Binance.US also offers a 0.5% Instant Buy/Sell fee.

Binance charges an additional 4.5% for debit card transfers (unlike its global brokerage, Binance.US doesn’t allow credit card purchases). There are no fees for cash deposits or withdrawals by ACH bank transfers, while bank wire transfers are $15 per transaction. Fees for cryptocurrency withdrawals differ by cryptocurrency; withdrawals of Bitcoin cost 0.0005% and a minimum withdrawal amount of 0.001 bitcoin.

Number of cryptocurrencies

Binance.US offers the purchase and sale of nearly 60 cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Chainlink, Dogecoin and other popular digital currencies. (Want to know more? Understand what cryptocurrencies are and how they work).

Crypto-to-crypto trading pairs

Binance.US currently offers nearly 60 crypto-to-crypto trading pairs with Bitcoin and nine other digital currencies: Cardano (ADA), Bitcoin Cash (BCH), Binance Coin (BNB), Ethereum (ETH), Chainlink (LINK), Litecoin (LTC), Uniswap (UNI), VeChain (VET) and Tezos (XTZ). Many other cryptocurrencies can be traded for stablecoins Tether and Binance USD, Binance’s own stablecoin  ($1 BUSD always equals $1 USD).

Digital wallet options and security

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 unlike stock brokerages, cryptocurrency exchanges like 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.

Mobile app

In December 2020, Binance.US released an update of its mobile app to include live price tracking, the ability to automate recurring buys and more customizable features. The mobile app mimics much of the same functionality as the desktop site.

Customer support options

The only way to contact Binance customer support is via email.

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. Also, the minimum trade amount is high, at the equivalent of $10,000.

Three trading platforms: Binance.US uses the same technology as the global platform, and offers three different trading platforms: Basic, Advanced and OTC for peer-to-peer trading. Binance.US suggests new users start on the basic trading platform, which will still give experienced traders the information they need such as spot price, 24-hour price performance and trading volume.

For the newly crypto curious, even the basic platform may be too much firepower. If you just want to purchase some bitcoins, you can bypass the exchange and purchase directly from the site. Once your account is verified, you can simply input the number of bitcoins or U.S. dollars you want to spend.

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.

No matter where you decide to make your purchase, understand that investing in cryptocurrencies like Bitcoin is highly speculative and known for its volatility. It’s wise to never invest any more than you can afford to lose.

How do we review crypto exchanges and platforms?

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. cryptocurrency exchanges, along with emerging industry players, using a multifaceted and iterative approach. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs.

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We collect data directly from providers, and conduct firsthand testing and observation through provider demonstrations. The final output produces star ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

RATING FACTORS

Evaluations vary by provider type, but in each case are based upon the weighted averages of factors that include but are not limited to: trading and transaction fees, crypto withdrawal fees, cryptocurrency selection, crypto-to-crypto trade offerings and whether consumers can use their own cryptocurrency wallets. We also score providers based on website transparency regarding fees and offerings, their mobile platforms and customer support.

FACTOR WEIGHTINGS

The weighting of each factor is based on our team’s assessment of which features are the most important to consumers and which ones impact the consumer experience in the most meaningful way. The factors considered, and how those factors are weighted, change depending upon the category of providers reviewed.

INFORMATION UPDATES

Writers and editors conduct our reviews on an annual basis but continually make updates throughout the year. We maintain frequent contact with providers and highlight any changes in offerings.

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