Binance.US Review 2022: Pros, Cons and How It Compares – NerdWallet

Where Binance.US shines

gloomy 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 fall through Changpeng Zhao started Binance in China in 2017, he developed a software system for matching orders for high-speed traders.

Crypto survival : While it doesn ’ metric ton volunteer as many cryptocurrencies and crypto-to-crypto trade pairs as its rear company, the excerpt of about 60 cryptocurrencies at Binance.US silent outpaces many other U.S. exchanges.

Where Binance.US falls short

approachability : Binance.US isn ’ thyroxine available in all 50 states. regulative issues : global rear company Binance has run into regulative issues and controversy in some countries, moving operations from China to Japan ; at a May 2020 technical school league, founder Changpeng Zhao claimed the rear ship’s company doesn ’ t have a headquarters because “ Bitcoin doesn ’ thyroxine have an position. ”

Binance.US is best for:

  • Peer-to-peer deal .
  • Crypto-to-crypto deal .

Binance.US at a glance

Minimum trade

$ 10 .
deal and transaction fees

0.1 % blot trade tip ; 0.5 % Instant Buy/Sell tip. Debit circuit board transactions add 4.5 %. early fees may apply .
Number of cryptocurrencies

50-plus .
Crypto-to-crypto trade pairs

50-plus deal pairs .
Website transparency

Some data unmanageable to find on the web site .
Can use your own digital wallet ?

Yes .
Mobile app

io app highly rated, while Android app earns lower rated reviews .
Customer serve

Email alone .

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 apartment 0.1 % position trade tip, 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 deal, depending on trade amount ). For traders in a rush, Binance.US besides offers a 0.5 % Instant Buy/Sell fee. Binance charges an extra 4.5 % for debit card transfers ( unlike its ball-shaped brokerage house, Binance.US doesn ’ deoxythymidine monophosphate allow credit poster purchases ). There are no fees for cash deposits or withdrawals by ACH trust transfers, while bank wire transfers are $ 15 per transaction. Fees for cryptocurrency withdrawals differ by cryptocurrency ; withdrawals of Bitcoin price 0.0005 % and a minimal withdrawal amount of 0.001 bitcoin.

Number of cryptocurrencies

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

Crypto-to-crypto trading pairs

Binance.US presently offers about 60 crypto-to-crypto trade 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 constantly 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 report breaches at Binance.US, but the ball-shaped Binance site reported in 2019 that hackers stole 7,000 bitcoins worth $ 40 million at the meter. The company said it paid the losses in wide to affect 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 full cash and securities loss in case of a brokerage failure, unauthorized trade or larceny.

Mobile app

In December 2020, Binance.US released an update of its mobile app to include live price traverse, 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 defend is via electronic mail.

Other features you should know

Peer-to-peer trade : Binance.US ‘s OTC portal vein allows trading directly between buyers and sellers. There are no transaction fees, but users are charged the spread between the buy and sell price. besides, the minimum deal come is high, at the equivalent of $ 10,000. Three trading platforms : Binance.US uses the lapp engineering as the ball-shaped platform, and offers three different trade platforms : Basic, Advanced and OTC for peer-to-peer trade. Binance.US suggests new users start on the basic trade platform, which will still give have traders the information they need such as spot monetary value, 24-hour price performance and trading bulk. For the newly crypto curious, even the basic platform may be besides much firepower. If you just want to purchase some bitcoins, you can bypass the commute and purchase immediately from the site. once your account is verified, you can merely input the issue of bitcoins or U.S. dollars you want to spend.

Is Binance.US right for you?

Binance.US gives a broad choice of cryptocurrencies with a trading fee that is among the lowest of the cryptocurrency exchanges NerdWallet review. The U.S. locate has the same trade interface as the popular ball-shaped site, if not the across-the-board choice of cryptocurrencies and crypto-to-crypto trade pairs. No matter where you decide to make your purchase, understand that investing in cryptocurrencies like Bitcoin is highly notional and known for its volatility. It ’ sulfur wise to never invest any more than you can afford to lose.

How do we review cryptocurrency platforms?

NerdWallet ’ s comprehensive examination review process evaluates and ranks platforms and companies that allow U.S. customers to buy and/or sell cryptocurrency. Our calculate is to provide an freelancer assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through supplier demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists ’ hands-on research, fuel our proprietary assessment process that scores each provider ’ randomness performance across more than 20 factors. The concluding output produces star ratings from poor people ( one asterisk ) to excellent ( five stars ). Ratings are rounded to the nearest half-star. For more details about the categories considered when rat brokers and our process, read our full methodology.

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Category : Finance

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