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Binance US General Overview

Binance US

December 30, 2021 | 

471 Views | 

Jesus Guzman | 

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The development of Binance US

This article defines what Binance US is and distinguishes it from Binance. It also provides the various states unavailable for use and a Binance crypto list. Additionally, it enlightens readers on the Binance fees on Binance US and compares the exchange with Coinbase.

What is Binance US?

Binance US is a crypto exchange platform for individual traders and institutions in the US.

It was founded in 2019 by Binance and BAM Trading Services Inc. It is an arm of Binance that complies with the US local regulations.

It supports several cryptocurrencies, including Bitcoin. It also offers crypto trading pairs, secure storage, OTC trading, and staking rewards.

Binance App

Binance US has an app that is available on iOS and Android. The app is highly rated, especially for iOS users.

Particular states cannot access the Binance app. These include residents of the following:-

  • Connecticut
  • Hawaii
  • Idaho
  • Louisiana
  • New York
  • Texas
  • Vermont

Which cryptocurrencies are available in the Binance US cryptocurrency exchange?

The following is the Binance US crypto-list:-

  • 0x (ZRX)
  • 1inch Network (1INCH)
  • Aave (AAVE)
  • Algorand (ALGO)
  • Amp (AMP)
  • Ankr (ANKR)
  • Augur (REP)
  • Avalanche (AVAX)
  • Axie Infinity (AXS)
  • Band Protocol (BAND)
  • Basic Attention Token (BAT)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • BNB (BNB)
  • BUSD (BUSD)
  • Cardano (ADA)
  • Cartesi (CTSI)
  • ChainLink (LINK)
  • Compound (COMP)
  • Cosmos (ATOM)
  • Curve (CRV)
  • DAI (DAI)
  • Dash (DASH)
  • Decentraland (MANA)
  • Dogecoin (DOGE)
  • Elrond (EGLD)
  • Enjin Coin (ENJ)
  • EOS (EOS)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Fantom (FTM)
  • Filecoin (FIL)
  • Harmony (ONE)
  • Hedera Hashgraph (HBAR)
  • Helium (HNT)
  • Horizen (Zen)
  • ICON (ICX)
  • Kyber Network Crystal v2 (KNC)
  • Litecoin (LTC)
  • Maker (MKR)
  • MIOTA (IOTA)
  • Nano (NANO)
  • NEO (NEO)
  • OMG Network (OMG)
  • Ontology (ONT)
  • Orchid (OXT)
  • Pax Gold (PAXG)
  • Polkadot (DOT)
  • Polygon (MATIC)
  • QTUM (QTUM)
  • Ravencoin (RVN)
  • Shiba Inu (SHIB)
  • Solana (SOL)
  • Stellar Lumens (XLM)
  • Storj (STORJ)
  • Sushi (SUSHI)
  • Tether (USDT)
  • Tezos (XTZ)
  • The Graph (GRT)
  • Uniswap (UNI)
  • USD Coin (USDC)
  • Vechain (VET)
  • VeThor Token (VTHO)
  • Waves (WAVES)
  • Yearn.Finance (YFI)
  • Zcash (ZEC)
  • Zilliqa (ZIL)

Binance US fees

The following are Binance US fees:-

Trading fees

The trading volume in the previous 30 days in USD and users' daily BNB balance determines the trading fees. Users with a BNB account have automatic deductions from their BNB balance as trading fees. They enjoy a 25% discount on the trading fee.

Binance US charges at least a 0.1 % spot trading fee. It also has a 0.5% fee on instant buys or sales.

The 0.1% charge is on trading volumes of less than 50,000 USD in the previous 30 days. The spot trading charge reduces with an increase in the trading volume.

Deposits and Withdrawals

While using the ACH method, Binance US does not charge any deposit or withdrawal fees in USD.

For Domestic wire, Binance US requires a minimum withdrawal of $100. It charges a withdrawal fee of $15 for domestic and $30 for international. There are no deposit fees in a domestic wire.

There is a 4.5 % deposit fee on debit cards. Debit cards do not have a withdrawal fee.

When using other cryptocurrencies, there are no deposit fees. However, respective withdrawal fees are dependent on the cryptocurrency in use. These fees are much lower than most crypto exchange platforms in the US.

Binance US vs Binance

Changpeng Zhao founded the Binance cryptocurrency exchange in 2017. It has experienced significant growth over the years. However, it experienced challenges with government restrictions and regulations in the US.

It led to the development of Binance U.S for US citizens. Binance US is managed independently. It compares with Binance in the following ways:-

Number of currencies

The Binance cryptocurrency exchange offers several currencies. Its portfolio keeps increasing weekly. According to Binance, there are over 500 cryptocurrencies it supports. It is amongst the highest centralized exchange.

On the other hand, according to Binance US, the crypto exchange only has over 60 cryptocurrencies on its platform. It is due to the limitation associated with the US regulations.

Trading fees

Binance and Binance US charge the same trading fees. Binance US offers amongst the lowest fees in the US compared to other exchange platforms.

Liquidity

As per coinmarketcap, the trading volume of Binance as of 20 December 2021 is $63,733,865,603.68. On the other hand, Binance's US trading volume is at $386,516,984.72. Binance is significantly liquid than Binance US as Binance US is only limited to US traders.

However, Binance US still satisfies several small-scale traders but not the largest traders in the market.

Binance US vs Coinbase

The following are some of the comparisons between Binance US and Coinbase:-

Trading fees

Binance US offers a lower trading fee from 0.1% while Coinbase offers 0.5%. In addition, it offers a 25% discount on trading fees for holders of BNB accounts.

Minimum Trade Amount

Binance US has a higher minimum trade amount of $10 compared to Coinbase at $2.

Number of cryptocurrencies

According to the nerd wallet, Coinbase has 96 cryptocurrencies available in the US. On the other hand, Binance US only has over 60 cryptocurrencies.

Summary

From the above text, we can see that Binance US is a key exchange platform in the US. It serves individual traders and institutions in the US.

It supports fewer cryptocurrencies than Binance and Coinbase with just over 60 cryptocurrencies. It also offers crypto-trading, stake rewarding, and OTC trading.

Binance US has a minimum trade amount of $10 while Coinbase has $2.

The Binance fees on trading are at 0.1% on spot trading and 0.5% on instant buy and sell. The 0.1% charge on trading is less than Coinbase 0.5% charge. Users with BNB accounts enjoy a 25% discount on trading fees

According to Coinmarketcap, Binance US has a lower trading volume than Binance due to only having US traders. From this information, it is evident that Binance US only limitation is due to the US regulations.

It is still a leading exchange in the US with lower fees. You ought to consider it for your trading activities if based in the US.

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