Best Cryptocurrency Exchange

Binance.US Review 2022 – Forbes Advisor

Binance.US Review 2022
Written by publisher team

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While Coinbase and Robinhood have been making headlines after the headline this year, for good and less than ideal reasons, Cayman Islands-based Binance is the world’s dominant cryptocurrency exchange.

Although US investors cannot take advantage of the global super-exchange, they can access Binance through its local San Francisco-based Binance website, which, despite targeting US users, is still among the top 10 crypto exchanges in the world, according to for CoinMarketCap.com.

With relatively low fees, a wide range of popular cryptocurrencies available for trading and an easy-to-use platform, it is not hard to see why Binance.US has spread so quickly. If you are interested in investing in cryptocurrencies, the Binance.US platform should offer most, if not all, of what you are looking for.

But remember that no matter where you choose to buy your coins, all cryptocurrencies come with a big buyer’s caution: they are inherently highly speculative and subject to extreme volatility at the slightest bit of news. That is why most experts do not advise investing all your money in it.

Binance

  • Especially low fees compared to its main competitors
  • Support for a wide range of cryptocurrencies
  • Easy-to-navigate exchange versions that match the convenience and experience of cryptocurrency

Binance Cons

  • Not available to all US residents
  • Her parent company recently had a major hack

Cryptocurrencies on Binance.US

You can currently buy the following cryptocurrencies on Binance.US:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • BNB (BNB)
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • chainlink (link)
  • Excellent Lumens (XLM)
  • Ethereum Classic (ETC)
  • VeChain (VET)
  • EOS (EOS)
  • TetherUS (USDT)
  • NEO (NEO)
  • Miyota (Iota)
  • Cosmos (Atom)
  • Algorand (something)
  • waves (waves)
  • Dash (Dash)
  • Zilliqa (ZIL)
  • Basic Attention Token (BAT)
  • nano (nano)
  • Enjin coin (ENJ)
  • QTUM (QTUM)
  • ZCash (ZEC)
  • Ontology (ONT)
  • 0x (ZRX)
  • Icon (ICX)
  • Ravenquin (RVN)
  • Augur v2 (REP)
  • US dollar (BUSD)
  • Tezos (XTZ)
  • Hedera Hashgraph (HBAR)
  • OMG Network (OMG)
  • Polygon (Matic)
  • KyberNetwork (KNC)
  • Compound (COMP)
  • Dollar coin (USDC)
  • VeThor (VTHO) symbol
  • Harmony (one)
  • Band Protocol (BAND)
  • STORJ
  • Uniswap (UNI)
  • Sunshine (Sun)
  • Elrond (EGLD)
  • PAX Gold (PAXG)
  • Orchid (OXT)
  • Horizon (Zain)
  • Decentraland (MANA)
  • Helium (HNT)
  • Maker (MKR)
  • Dai (Day)

Binance.US fees

Cryptocurrency enthusiasts rightly point to the stratospheric returns that have been generated over the past few years, as digital currencies, such as Bitcoin, have attracted support and mainstream interest. What they don’t fully appreciate, at least as much, are the fees that many exchanges charge which are slowly eroding their potential returns.

While Robinhood has helped usher in the era of commission-free trading in stocks, exchanges like Coinbase are charging investors a high cost. On the one hand, one of the reasons Forbes Advisor rated Binance.US so highly, on the other hand, is that it charges relatively low fees.

Binance.US charges an instant trading fee of 0.10% (compared to CoinbasePro of 0.50% and more than that of regular Coinbase). For spot buy/sell trades, he charges 0.50%.

The spot trading fee is lower the more you trade. For example, those with 30-day trading volume greater than $50,000, but less than $100,000, will pay 0.09%. The fees are also lower when using the platform’s BNB currency to pay for transactions.

As any fan of Vanguard and Jack Bogle will understand, fees have a huge impact on your total revenue. For example, if you invest $100 per month in Bitcoin for 20 years using Binance.US and get an annual return of 10%, you will end up with approximately $68,390 after fees.

This is about $1,700 more than if you had invested with Coinbase.

Binance.US . Features

Ease of use

Just like with other popular exchanges, the Binance platform makes it easy to buy and sell cryptocurrencies. There are four main paths to doing this: buying Cryptocurrency, Basic, Advanced, and OTC.

For Buy Cryptocurrency, the design is bright and clear, and you can quickly select the digital currency you want to buy and how you want to pay. Anyone new to investing, and eager to avoid a mistake, will do Feel Comfortable in making a trade.

However, more experienced investors will gravitate towards one of the two Binance.US trading platforms. The first one that appears is the basic option while the last one is the advanced one.

These features are suitable for more sophisticated traders interested in charting functionality, real-time price changes and various trading options, such as stop orders. You can track several cryptocurrency pairs and create your own dashboard to monitor their movements as well as the demand of other investors.

Finally, the OTC feature, shown above, waives the transaction fee of at least $10,000, although you’ll differentiate between the buy and sell prices. This option, given its high minimum, should be used with caution.

protection

Binance.US rates are high on their exchange security. For example, cryptocurrency exchange security review site CER ranked Binance.US as the third safest exchange, ahead of big names like Coinbase and Kraken.

Upon registration, you will be asked to enable two-factor authentication, set up an anti-phishing code (which is the number of hacks that occur), verify your identity with a government-issued ID and create a withdrawal whitelist that will restrict who can receive funds from your account.

Binance.US also has a favorite crypto wallet partner so you can easily cache your cryptocurrency, although you can use another one if you prefer.

Countries that do not allow the use of Binance.US

The main drawback of Binance.US is that it is not available to all residents of the United States. Those who live in the following states are currently unable to create accounts:

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

This is a major drawback: there are more than 330 million people in the United States, about 50 million of whom live in Texas and New York alone. This means that a large number of potential traders will be disqualified.

What about Original Binance?

Although the Binance.US platform has not generated much controversy, the same cannot be said about parent company Binance Holdings, which is the largest cryptocurrency exchange in the world.

Earlier this year, the Commodity Futures Trading Commission (CFTC) announced that it was investigating Binance over its role in helping US traders buy and sell derivatives that fall under the regulator’s jurisdiction; Since then, Binance has cleared all US customers and redirected them to Binance.US. (The CFTC is also studying Coinbase, among others.)

Perhaps most worrying for cryptocurrency traders was the 2019 hack that saw criminals steal more than 7,000 bitcoins from Binance. Fortunately for these victims, Binance has compensated its customers for their losses.

minimum

While there is no perfect trading platform, Binance.US offers a rich combination of intuitive products, helpful charts and low fees that make Forbes Advisor the choice of the best overall crypto exchange and the best crypto exchange for Crypto lovers. However, cryptocurrency trading is speculative in nature and should only be undertaken by those willing to lose everything they put into it.

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