Additionally, Binance.US offers greater transparency for a higher price than many other cryptocurrency exchanges.
As of 2017, Binance.US is the largest cryptocurrency exchange by trading volume worldwide. It was founded in China in 2017. The partnership with a U.S. firm is the first of its kind. By the end of 2019, Binance.US will replace Binance.US as the main platform.
In 2019, Binance introduced Binance.US, which has faced regulatory scrutiny – though not the same scrutiny as Binance.US. Italian regulators announced on July 15, that Binance would no longer be operating in the country.
Interactions. The platform offers beginners simple “buy” and “sell” options, as well as in-depth “basic” and “advanced” trading platforms.
Introducing Binance offers many benefits, but its security, storage options, and customer service are less transparent than those of its competitors. Our recommendation to most long-term, retirement-minded investors is Coinbase or Gemini, which are much more transparent about their key operations.
Finance.US: An Overview
- You can choose from more than 50 currencies
- This service is not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont
- A flat fee of 0.1% is charged for spot trades; 0.5% for instant trades
- We require a minimum trade of $10
- With recurring investments, dollar-cost averaging is possible
Binance.US is Associated with a fee
With Binance.US, users can buy and sell crypto automatically using U.S. dollars using an interface similar to Coinbase and other competitors. All transactions are subject to a 0.5% commission.
If you wish to take advantage of Binance.US’s 0.1% standard fee, you must spot trade through the Binance platform. If you’re unfamiliar with exchange lingo, this may seem confusing; on other exchanges, this type of fee structure is usually available only on more advanced platforms, such as Coinbase Pro and Gemini Active Trader.
Deposit And Withdrawal Fees
Before you can trade money for cryptocurrencies on Binance.US, you must deposit and withdraw U.S. dollars. This process entails minimal fees, especially if you are transferring from your bank account. Additionally, withdrawals from your Binance.US account into your own crypto wallet are subject to fees. Cryptocurrency fees vary from type to type.
Financial.US Security
A request for comment about the security measures and protections on Finance.US went unanswered. On the homepage of Binance.US, we see the following statement: “Our state-of-the-art storage technology keeps your cryptocurrency and USD assets safe.”
It is not known how much of the exchange’s assets are stored in secure, offline cold storage, in comparison to online hot wallets, or if there is an insurance policy to protect investors. Having a Binance.US account is necessary for sending help desk queries, so we couldn’t get more information that way.
Alternatively, Coinbase users can keep their coins in their Coinbase account or use Binance’s internal wallet. A third-party hot wallet, Trust Wallet, has also partnered with it. For a fee, you can withdraw coins from your account and store them hot or cold.
