Binance.US is America's most popular crypto exchange platform for its incredibly low fees and industry-leading security features. Forbes also ranks it as the Best Overall Crypto Exchange for two consecutive years (2021 and 2022). It has quickly become the default exchange platform for buying, selling, trading, converting, and staking digital assets. It currently supports over 120 coins, and users can expect to find all the popular crypto coins that they want to trade. Binance.US also offers some of the highest APYs among US crypto firms opening new opportunities to make passive earnings on your holdings.
However, because of all the advanced features, it tries to bundle in, Binance.US has a steep learning curve compared to other platforms. Traders often take longer to familiarize themselves with the platform. So, with all that in mind, how good is the Binance.US platform? And how does it fare against other crypto exchange platforms in the US? Let us find out in this comprehensive review.
What is Binance.US Crypto Exchange?
Converting your crypto is also free, but withdrawing money from your account may incur a charge of around 0.50%. Let's dive into to Binance Crypto Exchange Review.
Are Binance and Binance.US the same?
Before we go in-depth with our review, it is important to underline the difference between Binance and Binance.US, as they are not the same platform. Although they belong to the same parent company, you can think of Binance.US; a more streamlined and narrowed-down version launched explicitly for the US market. The reason behind creating two separate platforms is that crypto exchanges operating in the US have to follow specific rules. To avoid confusion, Binance created two separate versions of their platform, one for international customers marketed as 'Binance' and another US-specific platform marketed as 'Binance.US.'
But despite the differences, you can expect the same degree of security and reliability from both platforms as they both share the core principles.
What CryptoCurrencies Does Binance.US support?
- Bitcoin (BTC)
- Ethereum (ETH)
- BNB (BNB)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Stellar Lumens (XLM)
- TetherUS (USDT)
- USD Coin (USDC)
- VeChain (VET)
- Orchid (OXT).
Binance.US offers some of the lowest fees when compared with other established players in this US market. With a maker/taker fee structure, Binance.US incentivizes higher trades and offers the lowest fees for a higher trade volume. You can see the detailed fee structure by clicking here.
Depositing money into your Binance.US account is completely free. However, do note when depositing money using a debit or credit card, your bank may charge a fee of 2.5% to 4.5%, which you will have to pay. There may also be an additional direct wire transfer charge, so check with your bank for details.
Converting your crypto is also free, but withdrawing money from your account may incur a charge of around 0.50%. However, Binance.US offers ZERO fees on four spot trading BTC pairs for all users in the US.
How secure is the Binance.US platform?
Crypto trading platforms need to be secure as they are often considered a high-value target by hackers. Thankfully, Binance.US is a secured platform with features like two-factor authentication (2FA), address whitelisting, and device management to protect users. Binance.US also goes through extensive audits supervised by FDIC to ensure all security features are working correctly.
Binance.US also implements a know your customer policy where they collect photo IDs of all concerned customers to ensure a safe and transparent platform. In addition, Binance.US have never experienced any data breaches and remained a completely secured platform which is phenomenal when you compare it with other leading crypto exchange platforms.
Binance.US Customer Service
Customer service is one sector that Binance.US can seriously improve upon. On Trustpilot, which is considered a reputed platform to determine the quality of customer service, Binance.US scored just 1.3 out of 5 stars. 90% of all reviews were one star, which was alarming. But after we went through some of the reviews, it was apparent that the main complaints of customers were slow replies and a complex verification process.
Users can reach out to Binance.US through email, chat box, social media, or by creating a ticket from the website. Usual replies are automated, and it can take some time to get in touch with a support representative.
Binance.US allows users to stake their crypto holdings and earn from it. Depending on the type of crypto you hold, you can make over 13.5% APR. However, to earn from your crypto holdings, you have to put the tokens in a separate account which will be locked from withdrawal for a set period. You can learn more about Binance.US earn by clicking here.
How Binance.US compares with the cryptocurrency companies
Overall, Binance.US offers a wide range of features and a low fee structure, but how does it compare with other established crypto trading platforms?
Binance.US vs. Gemini
Founded in 2014, Gemini, a US-based crypto trading platform, is considered a key player in the crypto space. Let's find out how Gemini compares with Binance.US.
- Binance.US supports around 120 coins compared to Gemini's 60
- Gemini's fee structure is a bit complex; for lower trade volume, customers have to pay 10% (for trades less than 15 USD) compared to the Binance.US flat rate.
- Gemini 24-hour trade volume is $94 million USD compared to Binance.US $500 million USD.
- They both have similar security features and customer service; however, to date, Gemini did not experience any major data breaches.
- Binance.US offers users to earn from their crypto holding through staking, and Gemini offers a fixed interest on the holdings. When compared, we found Binance.US to offer better value than Gemini.
Binance.US vs. Coinbase
Coinbase is the second largest crypto exchange platform right after Binance.US and offers a similar trading experience. However, they have some key differences, as illustrated below:
- Coinbase and Binance.US both have a similar number of coins.
- The spot trading fees on Binance.US are lower than the maker-taker fees on Coinbase.
- Both have similar reward programs, and the interest offered is comparable.
- Binance.US is much faster with the ability to process 1.4 million orders per second, all while maintaining robust compliance and security structures.
Both Coinbase and Gemini offer great service and may be worth looking into. But Binance.US still holds the upper hand and offers an all-around trading experience.
Binance.US is one of the most popular crypto exchange platforms in the world, and while Binance.US is not perfect, it offers some of the lowest fees and has an array of features that traders will find helpful. Binance.US also offers more than 120 coins to be traded, making it one of the best platforms for new traders. Binance.US has 24x7 Customer Support, however, based on the Trustpilot reviews, they can improve the response time, and we hope Binance.US addresses the issues soon to make it the best crypto platform in the market.