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Binance.US 2021 General Overview

Thu Oct 28 2021 17:11
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What is Binance.US?

Binance.US is the US arm of the cryptocurrency exchange, and it only allows US traders to buy and sell cryptocurrencies. It is worth noting that seven US states are still excluded from the cryptocurrency exchange. 

The platform is great for people who want to start trading cryptocurrencies since it features a wide range of altcoins. However, it doesn’t have as many cryptocurrencies as the main Binance site. 

A major benefit of the cryptocurrency exchange is that it features trading fees of 0.1%, and these are very low.

History of Binance.US 

Binance is the largest cryptocurrency exchange platform in the world, and it was founded in China in 2017. 

When the Chinese government began to crack down on cryptocurrencies, the company moved out of the country and started operating in the Cayman Islands. 

Binance was banned in the United States in 2019 on regulatory grounds, and this led to the formation of Binance.US. This is a separate cryptocurrency exchange that is registered with the US Financial Crimes Enforcement Network. 

As such, it has to comply with all US laws. Still, the platform is banned in seven states in the USA.  

Which Currencies Can I Trade on this Exchange? 

Binance.US prides itself on the fact that it features over 50 cryptocurrencies. These include:  
  • Bitcoin (BTC) 
  • Ethereum (ETH) 
  • Harmony (ONE) 
  • Orchid (OXT) 
  • Chainlink (LINK) 
  • Cardano (ADA) 
  • Tether (USDT) 
On the Binance exchange, investors can trade cryptocurrency pairs without the need to convert one of them to USD. It is also possible to exchange cryptocurrencies for USD or other fiat currencies at Binance.US.  

A key competitor of Binance.US is Gemini, and this one features more than 40 cryptocurrencies. Coinbase compares better to Binance in that it features at least 50 cryptocurrencies.  

Will I Have to Pay Any Fees When Using Binance US? 

Yes, you have to pay a trading fee of 0.1% when buying or selling cryptocurrencies on this platform. If you make the trade using Binance Coin (BNB), you will get a 25% discount on the transaction fees.

For comparison, Gemini requires traders to pay a convenience fee of 0.50%. Coinbase charges spread trading fees of 0.50%, and these charges are capped at $2.99.  

Who Should Use Binance US? 

As mentioned earlier, Binance US can only be used by traders living in the USA. A few states have been banned from the exchange, and these include:  
  • Vermont
  • Texas
  • Connecticut
  • Hawaii
  • Idaho
  • New York 
  • Louisiana
Binance is great for people who want to trade cryptocurrency pairs without changing the coins back to the USD. It is also ideal for traders who want to trade a variety of cryptocurrencies.  

Can I Still Use the Main Binance Platform as a US Resident? 

No, the original Binance platform was banned entirely in the USA as its headquarters are in China. This is not a jurisdiction that follows similar regulations to the USA, so the platform was banned for regulatory reasons. 

Since the US banned Binance, the company has been under thorough scrutiny from various governments around the world. It has already been banned in Italy.  

It is worth noting that Binance and Binance US are related but not the same company. They have similar user interfaces and share many features. 

However, they feature different numbers of cryptocurrencies and are allowed to operate in different countries. Also, they are regulated by different bodies.  

Earning Rewards on Binance US 

Binance US allows members of the community to earn rewards by simply holding cryptocurrencies in their Binance US wallets. The company is able to generate these rewards through a process known as staking. 

As noted on the platform, holding cryptocurrencies helps to support the operations on the website. The rewards amount to 10% of your cryptocurrency holdings, and you will also be able to generate additional profits by trading the coins.  

Can I Use Binance US on My Mobile Device? 

Yes, Binance US has a mobile app, which can be downloaded to Android and iOS devices. Binance.US apps use the highest levels of security, so you don’t need to worry about losing your crypto. 

USD deposits on the mobile app will also be protected with FDIC Insurance, so you will be able to store your money safely on the application. 

A benefit of using the mobile app is that you will be able to get instant price signals on cryptocurrencies.  

Alternatives to Binance US 

There are several excellent alternatives to Binance US, and you can use them to trade cryptocurrencies in the USA. Here are the best Binance US alternatives:  
  • Coinbase
Although Coinbase and Binance US offer the same service, they are quite different. Coinbase is targeted at beginners, and it has a simple user interface. It is based in the USA and supports at least 50 cryptocurrencies. 

The platform has excellent security features, including two-factor authorization, insurance for hot storage, AES-256 encryption for digital wallets, and biometric fingerprint logins

Although Coinbase has lots of benefits, you should remember that it charges high fees for transactions. It also has a few transaction types. 

As a US-based cryptocurrency exchange, Coinbase is regulated by the US government. It can be used in all US states except Hawaii.  
  • Kraken
Kraken is an excellent crypto exchange for active traders and institutions that are interested in trading cryptocurrencies. 

This platform features more than 80 cryptocurrencies and operates in about 190 countries. Fees on this platform range from 0% to 0.26%, and this is higher than what you would pay for at Binance US. 

An advantage of Kraken is that it features low account minimums. For example, you can deposit a minimum of 0.0001 BTC, and the other minimum deposits will vary depending on the cryptocurrency you choose to use. 

With the Kraken platform, you will also be able to earn rewards for staking different assets.  
  • KUCoin
KUCoin allows US residents to buy and sell cryptocurrencies without going through the KYC procedures. However, you will not be able to enjoy high deposit and withdrawal limits. 

Also, you will not be able to use additional purchasing methods as these are only available to traders who go through the KYC procedure. 

KUCoin also has a native cryptocurrency, which is known as KCS. You can buy this coin and use it to trade other cryptocurrencies on the platform, and you will not need to exchange the altcoin back to USD.  

Trade Cryptocurrencies with XOSignals 

Binance US is a great cryptocurrency exchange for US residents, and you should consider using it to buy and sell crypto. You can use the platform on your desktop device or mobile device. 

For the most profitable trading experience, you should sign up for a free account at XOSignals. With our service, you will be able to determine when you can buy or sell various cryptocurrencies.
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