The Chinese-Canadian entrepreneur and cryptocurrency enthusiast Changpeng Zhao launched Binance.us in 2017. Since then, it has grown to become the most active bitcoin trading platform globally.
The company has risen to the top because of a combination of clever advertising, minimal fees, and easy access to numerous blockchain-based assets.
While the platform is certainly remarkable, US citizens are restricted from using Binance.com and instead have access to a stripped-down version of the site at Binance.us. However, despite the scarcity of assets, the organization provides excellent service and a trading platform clearly designed with the experienced trader in mind.
Should you join, then? If you want to know more, read on!
Binance.us’s Key Features
When considering where to buy cryptocurrency, Binance.us is likely to be on the top of your list. Due to their dedication to provide crypto aficionados with high-quality services at affordable prices, the company quickly rose to the top of the industry.
The platform has many fascinating features, but some stand out.
Whether you’re searching to buy Bitcoin (BTC) or a famous altcoin like Ethereum (ETH) or LiteCoin (LTC), the Binance.us exchange probably has what you’re looking for (LTC). It can be useful even if you’re looking to buy relatively new cryptocurrencies such as Tether (USDT) or Cardano (ADA).
There are over 600 distinct cryptocurrencies available through the exchange, but there is a catch.
To trade cryptocurrencies, U.S. citizens are restricted to using Binance.us, a platform with a small selection. Altcoins on the market decline from more than 600 to little over 90 in the United States.
However, people living in the United States can buy the platform’s largest and most sought-after offers, as well as some of the more interesting new coins.
No matter what you put your money into, you can expect to pay some sort of fee. The same applies to cryptocurrency. However, the costs at Binance.us are moderate. Each party involved in a cryptocurrency exchange (buyer and seller) pays a nominal charge to the company, as per the maker/taker fee structure followed by the business.
When compared to Coinbase’s 0.50% cost, the platform’s low trading fees are evident in the spot trading fee, which ranges from 0% to 0.10%.
Withdrawal fees from Binance.us may be assessed according on the payment method you use.
|Payment Type||Transaction Fee|
|Bank Account (ACH Transfer)||Free|
|Wire Transfer||$15 for U.S. Residents|
Margin trading is available at attractive rates on Binance.us as well. Your margin rate will be calculated based on the types of assets and trading volume you engage in.
Simple and Straightforward Market Access
Most exchanges for buying and selling cryptocurrencies are basic, with a few technical resources and no bells and whistles. However, Binance.us is an outlier.
Binance.us is well-liked by professional cryptocurrency traders due to the extensive set of trading tools it provides. Similar to the most advanced stock trading systems, traders get access to real-time, interactive trading charts that can be layered with technical indicators.
Experts will greatly benefit from the trading platform’s many features, while newcomers may find them overwhelming. There is a potentially steeper-than-necessary learning curve due to the platform’s abundance of features. Still, the time spent understanding Binance is well worth it due to the helpful trading tools it provides.
There are numerous trade types to choose from.
The market order is the only order type available on most cryptocurrency exchanges. It can be used to purchase or sell cryptocurrencies in the same way that a limit order is used in the stock market. However, professional traders employ numerous order types to regulate the trade-off between potential loss and gain.
Binance.us gives you the option of seven distinct trade kinds, including market, stop-loss, stop-limit, trailing stop-loss, and limit orders. This allows you to better manage the risk-reward ratio in your trading.
Binance Coin (BNB) Dedicated Cryptocurrency
Along with the debut of the Binance platform, the Binance Coin (abbreviated as “BNB”) was introduced as the site’s native currency. BNB is important to the Binance financial ecosystem, and its owners enjoy perks beyond just speculation on its price appreciation.
These are only a few of the many advantages:
- 25% Off. When you trade spots or use margin, you can save 25% just by owning BNB.
- 10% Off. Futures traders can save 10% on all commission expenses.
- Staking. You can increase the value of your Binance Coins by stacking them in the BNB Vault and receiving dividends. Staking your BNB can earn you up to 8% annually in interest, though yields fluctuate with the market. Those who have BNB are eligible to apply for exclusive cryptocurrency loans.
- Specialized Programs for the Rich and Famous. Depending on how much BNB you have, you may be eligible for VIP programs that provide you access to exclusive discounts on the site. As you move up the nine VIP tiers, your trading expenses will decrease. Your trading fees as a VIP will be between 0.02% and 0.09%. If you make a lot of trades, the reductions could save you a lot of money compared to the 0.1% you pay as a standard user.
There are, however, some limitations to using the proprietary BNB coin. Things to keep in mind that are among the most crucial include:
- Speculation. The high degree of investment risk associated with proprietary coinage like BNB is mostly due to speculation.
- The advantages gradually fade away. On Binance.us, you can save money by paying with BNB. However, it is anticipated that these price breaks will lessen with time. If you keep onto the coin for too long, its value may drop since fewer people desire it.
- Liquidity. You can trade BNB exclusively on the Binance.com and Binance.us exchanges. This reduces the pool of potential buyers for your BNB, which could lead to difficulties selling your coins in the future.
You can set up recurring purchases for any cryptocurrency you like, allowing you to invest in a certain amount on a regular basis.
To avoid missing out on Bitcoin’s meteoric increase, you can automate the purchase of a tiny quantity of the currency each time you get paid.
The Most Straightforward Mobile Interface Available
Many exchanges for digital currencies boast of mobile trading capabilities. However, most cryptocurrency mobile apps severely restrict your access to technical analysis tools.
Fortunately, Binance.us is not like that. When using a company’s mobile app, you’ll have access to the same features that are available when logged into the desktop version. Still, unless you get used to the app’s idiosyncrasies, you could have trouble finding your preferred tools given the limited space on the screen.
Binance is interested in more than just cryptocurrencies. Binance NFT is a non-fungible token (NFT) exchange that was released by the business last year.
As most bitcoin trading platforms don’t support NFTs, this is a huge plus. In contrast, NFTs have become extremely fashionable in the last several years; even A-listers are buying in. Binance recognized a need in the market and created a centralized hub for digital assets.
Remember that although NFTs are gaining in popularity, they are a very dangerous financial instrument. Most of these assets don’t keep their value very well, but the general public is drawn to them because of the phenomenal appreciation seen by a minority. You should give serious thought to the liquidity risks associated with NFTs before becoming involved.
However, Binance.us is a terrific site to trade NFTs if you determine they’re suited for you.
Binance.us has become the most used cryptocurrency exchange due to its many advantages. Among the many benefits of using Binance.us to buy and sell cryptocurrencies are:
- Costs that are much more reasonable. Spot trading costs on Binance.us are among the lowest in the business, and its margin rates are also quite competitive. If the trading fees are low, you can keep more of your profits.
- Mobile Program. The Binance.us mobile app is available for download on both iOS (through the Apple App Store) and Android (via Google Play) (through the Google Play Store).
- Security. There is a strong emphasis on safety at Binance.us. Two-factor authentication, FDIC-insured US Dollar balances, device management, address whitelisting, and cold storage are just some of the security elements used by the platform.
- A selection of Cryptocurrencies that can be used. Binance.us is a cryptocurrency exchange platform that is accessible to users in the United States.
- Extensive Graphing. Advanced charting and trading tools can be found at Binance.us. As a technical trader, you’ll appreciate the platform’s live charts and technical analysis tools.
- Repeated Purchasing. Dollar-cost averaging and consistent investing in your preferred cryptocurrencies are both simplified by recurring purchases.
Drawbacks of using Binance.us
When deciding whether or not to join Binance.us, there are many positives to weigh against the few negatives. Of them, the most notable are:
- Limited Access to Binance.us as opposed to Binance.com. Binance.us is the only option for US citizens, therefore the selection of available cryptocurrencies is reduced to just over 90. Binance.com is rumored to have cheaper costs than Binance.us, but we were unable to confirm this because the latter site was forwarded to us whenever we tried to access it.
- Strong Foundation. Binance.us is a highly sophisticated platform that features numerous cutting-edge indicators and tools. For newbies, this can mean a steep learning curve.
- Questions of Compliance with Regulations. Binance has run into trouble with the law in the United States, Europe, and China due to weak anti-money-laundering measures. When choosing a financial service provider, it’s crucial to make sure they operate within the bounds of the law and any applicable regulations. Binance’s history may cause you to hesitate.
What Is Binance.us’s Borrowing Rate?
When you cooperate with Binance.us, you can have access to bitcoin loans. The cryptocurrency you borrow will have a significant impact on the borrow rate, or interest rate, that you pay on the loan.
Borrowing costs can be calculated on an hourly or daily basis, with the average daily cost of borrowing in cryptocurrency being 0.025%. That’s around a 9% annual percentage rate (APR), which is much lower than the interest rates most credit cards charge. These loans may also be used for margin trading.
By offering reliable service at reasonable prices, Binance.us has grown to become the most popular cryptocurrency trading platform in the world. However, Binance.us isn’t the most user-friendly cryptocurrency platform available, and the company’s site is intuitive, providing all the tools you’ll need whether you’re an expert or a newcomer to cryptocurrency investing.
Even though Binance.us only offers a select few assets to U.S. citizens, there is no shortage of altcoins to choose from if you’re trying to diversify your crypto holdings. When you factor in the wide variety of assets offered, the abundance of technical trading tools, and the lowest spot trading costs in the industry, it’s easy to see why Binance.us has risen to the top.
Binance has run into trouble with regulators, which is bad news. The most critical problem was the lack of effective controls over money laundering.