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Binance Crypto Exchange Review USA 2021

Welcome to our Binance Review here at TradersBest.com!

Our experts are on hand to tell you all about the brand new Binance Crypto Exchange that’s now available exclusively to US clients. That’s right, no more using a VPN or having to find a suitable alternative. You can now make your trades on a multitude of crypto markets using one of the world’s most user-friendly trading platforms for all experience levels.

Pros & Cons of Binance
Pros & Cons of Binance
  • Exclusive Binance US platform
  • Top of the range technology
  • Processes 1.4 million order per second
  • Low fees – just 01.% transaction fees
  • Not available in New York

Binance Exchange Review - Usability, Look and Feel

Website

If you were already acquainted with the Binance.com international site, then you’ll feel right at home with Binance.us. The American spin-off site is almost a like-for-like carbon copy of the original, with the only differences being with the tabs relating to the services offered on each site. For those completely new to Binance, you’ll find a slick and modern website, which follows the matted black and gold color scheme found in the Binance logo. The site is extremely intuitive to navigate and has plenty of information and tools to help inform potential new traders.

Trading Platform

The trading platform is where Binance try excellents, with both the mobile and desktop versions being extremely flexible, able to suit traders of all experience levels and preference. When you open the trading platform for the first time. You can choose to set the interface as “basic”, “classic” or “advanced”. The basic interface is the one we’d recommend for beginners as it’s modern, well-laid-out and very easy to follow. The classic interface will suit seasoned traders who miss the old Wall Street-esque trading platforms that are slowly being phased out in the era of millennial couch day traders. And the advanced interface, as the very name suggests, has plenty of functions and features for experienced traders.

Binance How to Trade – A Step by Step Guide

The Binance crypto exchange offers two different trading possibilities depending on your experience level. Therefore, we’ve provided two different step by step guides below when it comes to Binance trading – one for new cryptocurrency traders and one for experienced traders. There are also separate guidelines for institutional traders within the Binance crypto exchange, which we’ll provide you with some details about at the bottom of this guide.

Binance Crypto: Beginner Trading

Sign Up

Like every trading journey, your Binance crypto endeavour starts by signing up and registering your account. The online form with Binance literally takes one minute to complete. Remember, if you have a Binance referral code to enter when registering, you could save up to 40% on fees.

Verify

Like with all trading accounts, US regulations required you to verify your identity and proof of residence. Once you’ve submitted your documents, this should take between 24 and 48 hours to complete.

Deposit

Once your account’s been verified, you can make your first Binance deposit using either USD or any one of the six available cryptocurrencies that are accepted.

Trade

You can then start your low-cost trading with Binance on a range of cryptocurrencies and all other Binance markets available.

Recurring Buys

If you want to make your trading life easier and take care of itself, Binance futures offers an auto-investing function that you use to schedule your buys at a USD cost average of your choosing.

Binance Crypto Review for Experienced Traders

Follow the Above Steps

The first three steps above are essential for all traders. Experienced traders can, of course, also go on to make use of the fourth and fifth steps as well. However, there are a number of special functions available to experienced traders that we’ll explain in the steps below.

Make Use of the Advanced Capabilities

The Binance trading platform offers a range of capabilities that extends way beyond the basic buying and selling of cryptocurrencies and automated, recurring traders. Advanced traders will want to make use of the tools and features available when trading, including real-time order books, charting tools and trade history.

More On-Ramps

You can trade on your terms with the numerous cryptocurrency pairs, keeping an eye on the currencies and pairs that are ramping up at any given moment.

Use the Dedicated OTC Interface

Are you trading in high volumes or with larger funds? If so you’ll want to make use of the OTC interface with Binance. With the OTC interface, higher volume traders can benefit from block trading and limited slippage.

Binance US Review – Institutional Traders

Ramping things up another notch, Binance US has institutional accounts available with a range of benefits for those trading on behalf of banks, insurance companies or hedge funds. The capabilities offered to Institutional Traders includes dedicated sales coverage, higher funding limits and trading API.

Binance Review - Payments and Funding Your Account

Binance Deposit

With Binance, you can now deposit via ACH, Domestic Wire and using crypto. ACH deposits are perhaps the most advisable as you can start trading instantly with zero fee deposits when using USD as your currency. Depositing using a wire transfer can take a little longer, but can be done easily by filling out the form directly on the Binance website, where you can find a full step by step guide on filling out the form using images and infographics.

You can deposit via a wide variety of cryptocurrencies, however, certain coins incur extremely high fees that can be up to five times your withdrawal fee. The Binance minimum deposit varies depending on your chosen payment method.

Binance Withdrawal

The easiest and cheapest way to withdraw your fund from your Binance account is via wire transfer. Withdrawals via wire transfer are processed by Prime Trust and cost a flat rate of just $15, whereas crypto withdrawal fees are charged proportionately. The Binance withdrawal limit is $7.5 million.

Binance US Review - Customer Service

The customer service available serves as a real high point in our Binance review, with the dedicated customer service team going the extra mile to resolve any issues you might have. As the Binance US site is separated from the .com site, so is the customer service team. As a result, the Binance US customer service team is based right here in the states and provides a better service than the already excellent Binance international team.

As Americans, we require a certain standard of customer service and Binance sure knows how to deliver it. As well as the actual customer service channels, Binance also has an excellent help center that includes blogs, FAQs and educational tools. The customer service is done via a ticket support system, however, you can join the Binance community via a range of social media channels as well.

License & Security - Is Binance Safe?

Binance US is licensed and regulated here in the States and is specifically catered towards US clients. They have solid terms of use, an airtight privacy policy and a rigid set of trading rules designed to protect both parties. To date, they have been 100% compliant with US trading laws and those of the states in which they operate – we’ve seen no evidence of Binance scams. As we detailed earlier in our Binance US Review, there are 13 states in which Binance doesn’t function due to regulations, however, they are working on it and won’t operate in places until they can do so legally.

Binance Crypto Review – Customer Feedback and Industry Reputation

If you’ve read our original Binance Crypto Review of the .com site, you’ll be aware of the stellar reputation that this company has worldwide. This is true of both in terms of industry experts and when it comes to overall customer satisfaction. Binance US is no different, and has been much lauded since coming on to the scene.

Binance Crypto

Binance Cryptocurrency Trading - Our Binance Crypto Review

US customers can buy and sell a range of seven cryptocurrencies, including Bitcoin, Ethereum and BNB, Binane’s own coin. This is a fairly modest selection compared to some of their competitors, and pales in comparison to Binance.com – the international sister company to the US exclusive platform that we’re discussing in this Binance Review for you today. Binance US is, however, reportedly exploring the potential introduction of at least 23 other coins at the time of writing.

However, when it comes to the Binance trading markets, there are far more options than the 7 crypto assets that we detailed before. There are around 70 currency pairs within the USD Markets and ten pairs in the BTC Markets.

One excellent little feature, especially for beginners can be found in the “Buy Crypto” tab that you’ll find at the top of your screen. Here they have a tool that non-members can use to see how much crypto you can buy at the current moment with the amount of US dollars you plan to invest. There’s also sell and convert tools with similar functions, however, you need to be an active account holder in order to use these.

Binance Review USA - Fees and Pricing

Binance Trading Fees

The Binance Price and fee structure is advertised as being “Low Fees” and is easily accessible on the website. They are pretty true to their word overall, with a 0.1% spot trading fee and a 0.5% instant buy/sell fee. You can further discount these fees if you use BNB to pay for your fees. You can upgrade your VIP level based on your 30-day trading volume and your daily BNB balance.

Binance Withdrawal Fees

The withdrawal fees are structured based on your BNB balance, your overall balance and your 30 day trading volume. The withdrawal fees are therefore subjected to change and there’s no flat rate we can really detail here. However, at the end of the day, the withdrawal fees can range from being completely free to around the $20 mark, depending on the currency. Given that some trading platforms charge a flat rate of up to $75 this isn’t too bad, however, it is subject to fluctuating with market prices so could increase.

Binance US Customer Jurisdictions and Limits

Binance US is completely exclusive to US clients, and therefore the jurisdiction doesn’t extend outside the State borders. The trading platform is available in most US states, with New York being the most high profile exception. The reason behind this is that, at the time of writing, Binance US is missing some regulatory requirements needed to function in the state of New York. There are also 12 other states affected by this, including Texas, Washington, Florida, Georgia and Hawaii.

However, we have looked into it and Finance is actively working on meeting the requirements in each of these 13 states, so we can expect trades to be ready in these states very soon. If you reside in one of the 13 states currently committed, check back here to TradersBest.com and the Binance US website for updates. If your residence is in one of the 37 states where trading is already good to go, then you’re all set.

If you’re looking for a broker with a wider US and international reach, check out our Kraken Review and Coinbase Review.

Binance Review - Our Conclusion

To summarize our Binance crypto review, it’s fair to say that we would recommend this platform to US traders both old and new to cryptocurrencies. The Binance US site and platform has equalled, and perhaps even surpassed it’s .com original, with the same A-Grade technology being pulled ahead by the excellent level of American customer service. The range of crypto assets available is still relatively modest, however with 23 more coins potentially in the pipeline, the likelihood of this increasing is quite literally growing by the day.

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