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Binance.US Review: A Low-Fee Exchange for U.S. Investors

Review Updated
Emma Newbery
Author: Emma Newbery
Emma Newbery
Emma Newbery

Emma lives in Bogota, Colombia, where she owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to Motley Fool Money since the summer of 2019.

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Important note: On June 5, 2023, The SEC filed 13 charges against Binance and its CEO Changpeng Zhao for securities violations. We recommend staying away from Binance while this all shakes out -- consider another top cryptocurrency exchange instead.

Binance.US is a popular cryptocurrency exchange with low fees and a solid range of cryptocurrencies. On the downside, it continues to have serious issues with regulators worldwide, and it's not licensed to operate in every U.S. state. Read our full Binance.US review to find out if this is the right crypto exchange for you.

Ratings Methodology

Bottom Line

Binance.US stands out for its low-fee approach to crypto investing and it has a good list of available cryptocurrencies. However, it faces significant regulatory issues, including charges of securities violations.

Fees:

0.00%-0.45% maker/taker fee

Account Minimum:

$10

Alternatives to consider

Offer


Rating
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
= Good
= Fair
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Commissions
$10 purchase minimum, other fees charged on a per-service basis. 0.0% - 0.40% maker-taker fees on Kraken Pro
0% commission, variable spread
Next Steps
Open Account for Kraken
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Full Binance.US review

This cryptocurrency exchange is a good fit for: Experienced traders who value low fees above all else.

Pros

  • Low fees
  • Solid list of cryptocurrencies
  • Specific product for institutional investors

Cons

  • SEC accusations that Binance has misled investors
  • Does not accept credit card deposits
  • Not available in every U.S. state
  • No customer support by phone

Top perks

Low fees

One of the biggest attractions of Binance.US is its low fee structure. Traders pay a maximum 0.60% maker/taker fee, which is extremely competitive compared to other platforms. In addition, Binance.US offers all customers 0% fee Bitcoin trading on eligible pairs, with no trading volume requirements. Another advantage is that many of Binance.US's cryptocurrencies can be bought directly with U.S. dollars. So there's no need to pay two sets of fees to convert dollars into a stablecoin, then use the stablecoin to buy the crypto you want.

Solid list of cryptocurrencies

Binance.US has over 150 cryptocurrencies on its platform, which is solidly competitive and even beats the selection available at some popular exchanges.

Ways to earn passive income

Binance.US allows users to stake a limited number of tokens on its platform at competitively high rates. This service has come under fire from the SEC and may be discontinued. Staking involves tying up your coins for a set period of time to earn rewards. Some cryptocurrencies rely on staking as a way to validate new transactions and keep the network secure. Staking is different from lend-earn products, in which platforms actually lend out your assets and pay you interest.

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What could be improved

Regulatory concerns

In June 2023, the SEC brought charges against Binance, Binance.US, its founder Changpeng Zhao, and other related crypto entities. "Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law," said SEC Chair Gary Gensler. The accusations, which echo those brought by the CFTC earlier in the year, include:

  • Allowing wash trading on the platform and misleading investors about the controls in place to prevent manipulative trading on Binance.US
  • The sale of unregistered securities, including the Binance.US staking-as-a-service program
  • That Zhao and Binance secretly controlled the Binance.US platform behind the scenes
  • Letting high-value U.S. investors trade using the international Binance.com platform

In a blog post, Binance says it plans to defend itself against the accusations. "Any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong, and there is zero justification for the Staff’s action in light of the ample time the Staff has had to conduct their investigation."

Does not accept credit card deposits

Binance.US is not alone in not accepting credit card payments. In fact, it isn't always a good idea to try to buy crypto using a credit card. You may face extra charges from your card issuer, plus you're essentially taking on debt to make a high-risk investment. Nonetheless, this is a slight negative.

Not available in every U.S. state

Binance.US is not available in Hawaii, New York, Texas, or Vermont. Cryptocurrency traders in these states will need to look for another exchange. Check out our list of top cryptocurrency apps and exchanges for more options.

Customer support

Binance.US does not have a telephone customer support line. It has a 24/7 live chat function that can give basic assistance and allow users to connect to live agents for more complex inquiries. But users with more specific queries need to fill out a form and wait for an email response. This is an issue for several cryptocurrency exchanges, as customers want more hands-on assistance, especially if they’re trying to report fraud or suspicious activity.

How Binance.US works

Binance.US is the U.S. version of Binance and launched in September 2019 as an American company to specifically ensure compliance with U.S. regulatory requirements. Users can buy, sell, trade, and stake cryptocurrencies on the platform. It is available on desktop and mobile devices, and aims to meet the needs of all users, no matter their crypto experience.

  • Beginner investors: New crypto investors can enter the dollar amount they want to spend, and immediately purchase cryptocurrency. The platform also lets users set up recurring buys for those who want to pursue a dollar-cost averaging investment strategy.
  • Experienced traders: Experienced traders can use its advanced trading platform. The charting tools, live order books, and ability to set limit orders and stop-limit orders will appeal to advanced crypto investors.
  • Institutional investors. Binance.US has a VIP team to help institutional investors. This includes an OTC trading portal, 24/7 support, real-time data, and lower fees.

Binance.US has a custodial wallet, so customers can leave their assets on the platform. However, many investors prefer to move funds to an external wallet they control. Binance.US suggests customers use its partner, Trust Wallet, a DeFi wallet that supports thousands of assets. But users can also easily withdraw funds to other crypto wallets.

Fees overview

Binance.US charges three types of fees: deposit, withdrawal, and trading. These vary depending on how you deposit money, your monthly trading volume, and what crypto you withdraw.

Deposit and withdrawal fees

Binance.US's deposit and withdrawal fees are roughly in line with those of other cryptocurrency exchanges. Some platforms make it cheaper to deposit money by debit card. Here's how Binance's fees break down:

Fiat fees

Method Minimum Withdrawal Deposit Fee Withdrawal Fee
ACH $1 Free Free
Domestic wire $100 Free $15 domestic $35 international
Debit card -- 4.5% --

Crypto fees

Crypto deposits are usually free, and withdrawal fees vary considerably, depending on the crypto. Other exchanges have similar structures.

Trading fees

Binance.US has an instant "Buy Crypto" feature that lets beginner investors convert dollars into cryptocurrency. The fee is displayed on the preview purchase screen before you complete the transaction. Traders who use its advanced platform pay a lower maker/taker fee, as shown below. Binance.US gives a 25% discount on trading fees to customers who pay in its utility token, Binance Coin (BNB). Fees are also lower for high-volume traders.

Maker/taker fee

Certain BTC and ETH trading pairs are free to trade on Binance.US. Let's say you're a low-volume crypto trader who wants to buy $300 worth of Bitcoin (BTC). You could deposit the funds for free by bank transfer and pay zero fees for this trading pair. In contrast, if you wanted to buy $300 of Cardano (ADA), you could pay $1.80 in fees.

Here's how the maker/taker fees break down:

30 Day Trading Volume Maker/Taker fee
Less than $10,000 0.4% / 0.6%
$10,000 - $50,000 0.25% / 0.4%
$50,000 - $100,000 0.15% / 0.25%
$100,000 - $1 million 0.1% / 0.2%
$1 million - $20 million 0.08% / 0.18%
$20 million - $100 million 0.05% / 0.015%
$100 million - $300 million 0.02% / 0.1%
$300 million - $500 million Free / 0.08%
More than $500 million Free / 0.05%
Data source: Binance.US

Cryptocurrency selection

Binance.US may not have as many available cryptocurrencies as its international parent, but it still has a strong list of coins. It trades over 150 cryptocurrencies, many of which can be bought directly with U.S. dollars. These include many of the top-20 cryptos, such as Bitcoin (BTC), Ethereum (ETH), BNB, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA).

LEARN MORE: Cryptocurrency Availability: Where Can You Buy Your Favorite Tokens?.

Is your cryptocurrency safe with Binance.US?

The SEC's allegations against Binance.US are concerning on a number of levels. The SEC says, "The public should beware of investing any of their hard-earned assets with or on these unlawful platforms." The SEC says that Binance.US and its U.S. affiliate, BAM Trading misled investors about the trading controls on Binance.US. There are also accusations that Binance mishandled customer assets, and that billions of dollars of investor assets were commingled and sent to a third party. These are serious accusations, which Binance denies. Nonetheless, while the case plays out, investors may prefer to go with a more compliance-conscious platform with more investor protection.

Binance.US offers user-level security features such as two-factor authentication (2FA) and conducts a rigorous Know Your Customer (KYC) verification check for all new users. There has never been a security breach on Binance.US.

Beyond the above security-related details, we think there could be more clarity around Binance.US's security features, particularly since the broader and separate Binance platform has several important features.

  • Binance keeps the majority of its assets offline in cold storage.
  • Binance keeps 10% of all trading fees in a secure fund to refund users if there is a security breach.

However, it is not clear whether these measures also apply to Binance.US. One would assume so, but it would be helpful to find a security-specific page on the Binance.US platform.

Binance.US is right for you if:

  • You aren't worried by the accusations the SEC has made against Binance and its founder.
  • You're looking for a low-fee crypto trading platform.
  • You're an experienced trader who wants to access advanced tools.