When it comes to the fee structure, both platforms have the same standard fee of 0.1%. The difference is that additional fees vary, depending on whether you are within the U.S. or not. For example, fees for bank transfers to your Binance account are free outside the U.S. However, depending on your method of transfer, U.S. users may pay up to 4.5%.
- Currently, the platform is only available in 44 of the 50 U.S. states.
- Now that we have some idea as to what transpired over the past few weeks let us now move to the actual differences between the two exchanges.
- For instance, crypto exchange security review site CER ranked Binance.US as one of the most secure exchanges as of October 2022, ahead of big names like Coinbase and Gemini.
- For someone trying to delve deep into the Binance vs. Binance.US discussion, it is crucial to discuss the supported chains.
- Binance Coin (BNB) is a cryptocurrency launched by the Binance Platform in July 2017.
Its rock-bottom fees and extensive array of cryptos make it appealing to traders of all stripes. As far as standard security measures are concerned, Binance.US supports two-factor-authentication. Also, when it comes to Binance, the regulatory radar is highly country-specific.
Support for users of both platforms definitely needs some improvement. Currently, the support provided by Binance beats that of Binance.US. With the restriction limiting U.S. users to this platform, many choose to shift their accounts to other crypto exchanges completely.
The variation of available services, even from state to state, increases friction on the platform and rules out a large swathe of potential users. While this may improve with the expansion how to buy drip of Binance.US, currently, Binance is by far the better platform when it comes to choice. That is one of the reasons why people have several Binance alternatives in their sight.
In the recent past, the company has stopped those in Singapore from making trades on their platform, reacting to a tightening in regulations locally. Similarly, Binance recently had to face resistance in Canada, which led to it shutting shop in the mainland. Binance does support more liquidity, enabling faster transactions and trades, something which is important for the world’s biggest cryptocurrency exchange. It is still hanging onto the first rank in terms of spot exchange liquidity, with an average score of 885 as of June 15, 2023.
Which country is best for Binance?
Securities and Exchange Commission (SEC) coming down hard on Binance, including Binance.US, it might just be the right time to revisit the Binance vs. Binance.US discussion. From the SEC’s perspective, both these exchanges are currently in muddy waters as of June 2023. While the former is a global cryptocurrency exchange with several affiliates, Binance.US is strictly a U.S.-specific trading entity. While no crypto exchange is perfect, Binance.US offers a rich blend of useful charts and an intuitive user interface. Best of all, Binance.US charges rock-bottom fees for spot trading and very competitive “instant buy” fees.
Start staking ETH, BNB, and ADA, alongside 15+ Proof-of-Stake cryptocurrencies. Support your favorite projects and help secure their respective blockchain networks. For a full list of the cryptocurrencies available on Binance.US, see the company’s Markets page. If you’re interested in investing in crypto, Binance.US’s platform should offer most, if not all, of what you’re looking for.
First Digital USD
Changes in regulations and Binance’s own rules and reaction to external changes stand out as large drivers. But before we delve right into the regulation bit, here is a refresher that states which key individuals are in charge in regard to these exchanges. For Binance, it is still Changpeng Zhao, whereas Brian Shroder is the acting CEO of the U.S. arm. Users are still able to fully use the platform, responding to the ruling, a number of U.K. Banks, including Barclays and HSBC, have since banned their customers from depositing into Binance. However, another problem Binance.US might face as more and more cryptocurrency regulations are filed on the state and national levels.
One step that both these exchanges are taking towards trust building is to include a host of 2FA elements. These include SMS and app-specific 2FA implementations as the standard security measures. The sum of weighted values across all or some of these key factors was calculated for each ranking to award each brokerage or exchange its overall rank. Margin trading, platform lending, and advanced trading were not considered for choosing the best crypto exchanges for beginners. To rank the best crypto exchanges overall and the best exchanges for beginners, we assessed all of the features and options offered by these 25 platforms.
The latter spun out of its parent in 2019 as U.S. regulators began investigating the platform for potential violations. The original Binance platform is no longer available to U.S.-based users. Instead, users in the United States must use the Binance.US platform. Most worrying, however, to crypto traders might be a 2019 hack that saw criminals steal more than $40 million in BTC off Binance. It should also be stressed that the hack occurred to the parent company, not Binance.US.
Binance subsequently left Japan for Malta and currently has no official company headquarters. In most instances, this doesn’t have any negative effect on a user’s account. However, many of the cards offered by competing exchanges allow customers to use the value of their crypto as collateral for credit or debit purchases.
Customer support
Traders can also deposit and withdraw cryptocurrency, buy, sell and convert cryptocurrencies, and become eligible for Advanced Trading Feature. While Binance.US hasn’t engendered much controversy, the same can’t be said of its parent company Binance Holdings, the world’s largest cryptocurrency exchange. how to buy pokt Binance has come into the crosshairs of a number of U.S. regulatory commissions, not the least of which is the CFTC. Unlike other crypto exchanges, we charge 0% transaction fees when you buy or trade Bitcoin on select pairs, and we offer some of the lowest fees on cryptocurrencies you love.
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Like Binance, the U.S. arm also offers an app and support for the Binance Wallet. It also allows the user to receive additional crypto rewards for their purchases, which is a nice perk and a great way to add wealth to an existing account. One of the reasons for the split had the 11 best bitcoin wallets of 2021 to do with the parent company facing an investigation by the U.S. Commodity Futures Trading Commission (CFTC) for a host of potential violations. So I am new in learning the crypto market and I feel, though this is a good place to start huge variety of tokens to choose from.
Although this isn’t as many cryptocurrencies as parent company Binance offers international users, it should cover most cryptos an individual may be looking to trade. Binance currently caters to both novice to veteran cryptocurrency traders, while American users struggle to make full use of the platform. Binance is, undoubtedly, the better and more developed platform and the best choice for users. However, the Binance vs. Binance.US discussion is an ongoing one in the wake of recent regulatory concerns, SEC enforcements, and other factors. Despite this, any lack of trust in Binance has a knock-on effect when it comes to how users perceive its U.S. platform due to the close association of the two.
All of that tilts the Binance vs. Binance.US comparison in favor of the former. While Binance.US is restricted to the mainland due to geographical restrictions, Binance has a more widespread reach. But the global spread doesn’t come with its share of regulatory and geographical restrictions.
Binance is one of the world’s largest cryptocurrency exchanges. It provides a platform for users to buy, sell, and trade a wide range of digital assets. It offers a user-friendly interface, advanced trading features, and a diverse selection of cryptocurrencies to cater to the needs of both beginner and experienced traders. As far as the standard cryptocurrency exchange fee structure is concerned, both Binance and Binance.US charge 0.1%. Using BNB for making trades and using referrals and codes can further lower the same on both platforms. Neither of these exchanges levies fees on account creation and deposits.
