Binance.us Review

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

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Binance.us

Binance.us

Our Take

Binance.us is a cryptocurrency exchange for U.S. users, providing access to 50+ 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 take up to 15 days

  • 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 50+
  • Customer Support Email

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 50 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.

Cryptocurrency is a speculative investment and involves a high risk of loss.

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 far fewer features and supported cryptocurrencies.

Though Binance.us operates exclusively in the United States, it’s not currently available in seven U.S. states, including Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont. 

Binance boasts some of the lowest trading fees for crypto exchange, with transaction fees as low as 0.10%. It also offers “staking” of certain crypto assets, allowing users to earn interest on their crypto while it is lent out to the platform.

Binance is currently under investigation by U.S. Justice Department and IRS for money laundering and tax evasion.

Cryptocurrencies That Trade on Binance.us

Binance.us offers access to over 50 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 support assets.

A few popular cryptocurrencies are missing from Binance.us, including Ripple (XRP), Terra (LUNA), Polkadot (DOT), and Avalanche (AVAX).

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 does not have a native “hot 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 are as low as 0.10%, and instant purchase fees are as low as 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 
Bank Account 0.50% (Instant Buy)
USD Wallet  0.10% 
Debit/Credit card  4.50% 
ACH Transfer  Free 
Wire Transfer  Free 
Crypto Conversion  0.10% 
Purchases  0.50% (Instant Buy) 
Trades  0.10% 
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 3-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 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 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 hot 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 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 up to 15 days, so prepare to 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 support only, and users can only get in contact with the support team by filling out a support request form. 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.

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) is also under investigation by the U.S. authorities, 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 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).

But while Gemini offers a simple design to help new users purchase crypto, Binance.us is designed 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, as low as 0.10%, while Gemini fees are 1.49% or more.
  • Gemini offers insurance on its native digital wallet, while Binance.us does not have a native digital wallet
  • Binance.us offers discounts 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 are only considered for review if they are safe, secure, liquid, and either regulated by a proper agency or entirely decentralized.

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. Binance.us. “Markets.” Accessed Nov. 5, 2021.

  2. Binance.us. “Fee Schedule.” Accessed Nov. 5, 2021.

  3. Bloomberg. “Binance Faces Probe by U.S.” Accessed Nov. 5, 2021.

  4. Binance.us. “Updated on Account Verifications.” Accessed Nov. 5, 2021.

  5. Gemini. “Web Fee Schedule.” Accessed Nov. 5, 2021.