An Introduction to Binance

Binance is the world’s largest centralised cryptocurrency exchange. Its platform allows users to buy and sell crypto, NFTs, earn yield, and more. 

Binance was founded in China in 2017 by CEO Changpeng Zhao, known as CZ, making it one of the newer cryptocurrency exchanges to buy and sell crypto. It’s grown rapidly in size with 90 million registered users, $76 billion in 24-hour daily volume, and offers hundreds of cryptocurrencies to users. Thanks to its native coin, BNB, Binance has built a large and loyal investor base, who are rewarded with discounts for using the BNB coin. Binance is designed for all types of cryptocurrency investors, whether you’re a beginner, intermediate, or advanced trader, with different interfaces to suit your investing ability.

Binance is available in more than 180 countries worldwide, but with one key difference in its accessibility compared to other exchanges such as Coinbase. Binance is divided up into two divisions: Binance and Binance US. Binance US is for those residing in the United States and Binance is accessible to those elsewhere in the world.

After launching in 2017, Binance was later banned in the US on regulatory grounds in 2019, and US citizens were denied access. This led to the inception of Binance US in September 2019, a partnership between Binance and BAM Trading Services, headquartered in Palo Alta in California, US. Binance and Binance US have a licensing agreement but continue to operate as separate legal entities. Through this partnership, Binance became fully compliant with US regulations so they’re able to continue serving the US market. Now that does come with a downside: limited trading options. 

We’ve reviewed all aspects of both Binance exchanges including availability, features, security, fees, and how to use the platform, so you can decide if this is the right exchange for you.

Binance vs Binance US: Quick Glance

Binance

• $76B in 24-hour trading volume 
• 90M registered users
• 0% fees on spot Bitcoin

Correct as of August 2022.

Binance US

• up to 10x lower fees than other crypto platforms
• 0% fees on spot Bitcoin

Correct as of August 2022.

What we like:

• Multiple trading interfaces
• Wide range of cryptocurrencies
• Low fees

What we don’t like:

• 2 Binance websites depending on region
• US-only platform has limited crypto and features
• Not all US states allow access

Binance no longer operates in the US as of 2019. However, Binance US is a separate platform created in partnership with BAM Trading Services, allowing US customers access to crypto trading under the Binance name. Please note, Binance US has a limited offering. 

See the table below for an overview of the key differences between Binance and Binance US.

	BINANCE	BINANCE US
Access	Over 180 countries	The US, excluding the following states: Hawaii, New York, Texas, and Vermont.
Features	– Multiple trading interfaces – Multiple order types – Low fees – Recurring buys – Staking – Custom API keys – Binance Academy – Mobile app – Derivatives – NFT marketplace – Crypto loans – Binance card with cashback – Binance gift card – Binance Pay,24/7 chat support	– Multiple trading interfaces – Multiple order types – Low fees – Recurring buys – Staking – Custom API keys – Binance Academy – Mobile app
Cryptocurrencies	Over 600 cryptocurrencies	Over 100 cryptocurrencies
Fees	– No trading fees on 13 Bitcoin spot trading pairs until further notice – a maximum 0.1% buying and selling fee 25% discount on your trading fee if you pay with Binance Coin (BNB) – an Additional 2% fee for credit card purchases – No fees for USD deposits or withdrawals – Deposit and withdrawal fees vary by currency and crypto – Higher discounts with the VIP program.	– No trading fees on 4 Bitcoin spot trading pairs until further notice: BTC/USD, BTC/USDT, BTC/USDC and BTC/BUSD – 0.1% trading fee, 25% discount on your trading fee if you pay with Binance coin (BNB) – No fees for USD deposits or withdrawals – Deposit and withdrawal fees vary by crypto – Higher discounts with VIP program.
Security	– 2FA via SMS or Google authenticator app or hardware key – Device-level access restrictions – Whitelist wallet addresses – Partnered with Trust wallet, a third-party hot wallet.	– 2FA via SMS or Google authenticator app or hardware key – Partnered with Trust wallet, a third-party hot wallet.

Binance vs Binance US: Access

Binance is a global cryptocurrency exchange that’s available in over 180 countries worldwide. 

However, access was revoked for all US users in 2019 due to regulatory scrutiny. Binance partnered with BAM Trading Services to build a separate platform for US-based users with stricter KYC (Know Your Customer) identification checks and anti-money laundering restrictions required by the United States.

Binance US offers a reduced number of cryptocurrencies and trading options compared to the main platform. With no derivatives trading and no credit card purchases allowed, Binance US is not currently the best option for US users at this time.

Binance vs Binance US: Ease of Use

Binance is a jack-of-all-trades exchange and a master of all. With everything covered in this one platform for crypto investors, it makes it easy to use whether you’re a beginner investor or an experienced trader. Binance makes it simple for beginners to get started and make their first crypto purchase, but also allows advanced users to get technical and “in the weeds” with the advanced charting, trades, and custom API keys. The ability to create custom API keys is also available to Binance US users who have completed the advanced verification checks. 

Binance has made the sign-up process simple, and easy to follow. You only need an email address and password to get started. Once you verify your email address, you need to complete the identification checks and connect your bank account or credit card. From there, you can start building your crypto portfolio right away by buying and selling. But before you make a trade, it’s best to go into the account settings and secure your account with two-factor authentication (2FA).

Binance vs Binance US: Features

Binance and Binance US operate within different jurisdictions, so there’s a difference in the features they can offer within the confinements of the law. Whilst both platforms allow users to buy and sell cryptocurrencies with ease, they operate differently. 

Here are the main features available across both platforms:

Binance and Binance US features 

Multiple trading interfaces: Binance allows users to trade using the simple buy, sell and convert interface for beginners, or the advanced charting views using TradingView embedded charts with hundreds of indicators you can overlay. 

Multiple order types: Binance offers one of the widest varieties of trading options, but not all of them are available on Binance US.

Here’s a list of some of the trade types:

• Limit order
• Market order
• Stop limit order
• Stop market order*
• Trailing stop order*
• Post only order*
• Time in force limit orders*
• One-cancels-the-other (OCO) orders*
• Limit TP/SL order (strategy order)*
• Margin trading*
• Pool liquidity*
• Peer-to-peer trading*

The trade types marked with an (*) asterisk are only available on Binance, and not available on Binance US.

Staking: Binance allows investors to stake their crypto to receive rewards. This is a useful way for investors to increase their crypto holdings. Binance US has limited staking options, with the ability to stake BNB, SOL, MATIC, AVAX, ATOM, GRT, LPT, and AUDIO. 

API keys: Binance allows crypto investors access to their API keys, allowing the integration of third-party apps into the Binance platform.

Binance Academy: Binance’s free education platform is a great resource for crypto investors of any knowledge level to learn more about blockchain, crypto, and security. From beginner crypto lessons and glossaries to advanced tutorials on trading, Binance Academy is an extensive educational tool that shouldn’t be overlooked. It grows over time, as the market continues to evolve.

Learn and Earn: As part of the Binance Academy, Binance and Binance US offer short educational videos that users can watch on the platform and be rewarded with a small amount of crypto for doing so.

Binance only features 

Derivatives: Binance provides experienced crypto traders with advanced trading features such as futures contracts, options, and leveraged tokens to take full advantage of the market movements.

NFT marketplace: Launched in 2021, the Binance NFT marketplace features digital artwork and collectables powered by the BNB blockchain. It’s free to use and beginner-friendly, allowing users to mint, sell, bid, and purchase NFTs. Binance’s NFT marketplace comes with low minting fees, but only lets creators collect 1% in royalties.

Binance Debit Card: Crypto investors can earn up to 8% cashback in BNB every time they make a purchase using the Binance debit card. It’s powered by Visa and supported by both Google Pay and Samsung Pay, 

Binance vs Binance US: Cryptocurrencies

Binance and Binance US both offer access to the top cryptocurrencies, but Binance supports around 6 times the number of currencies that the US platform does. Binance supports over 600 cryptocurrencies, while Binance US only has access to over 100 cryptocurrencies.

Binance and Binance US allow you to purchase the top cryptocurrencies including Bitcoin, Ethereum, Solana, Polygon, Cardano, Chainlink, Avalanche, Polkadot, Uniswap, Aave, and of course BNB, the native Binance coin. You can also purchase stablecoins such as USDC, USDT, and DAI.  

Both exchanges allow you to purchase cryptocurrency in USD, with Binance catering to an international audience too. On the international exchange, users can buy cryptocurrencies in fiat trading pairs such as EUR, GBP, and AUD. Cryptocurrencies are fractional assets, so you do not have to purchase a whole coin or token. Minimum order amounts depend on crypto and currency.

To explore more currencies, please read our comparison articles:

• Solana vs Polygon
• Bitcoin vs Ethereum

Binance vs Binance US: Fees

Both Binance and Binance US offer customers low fees to buy, sell, and trade cryptocurrencies.

A 25% BNB discount on spot trading fees, when paid in BNB (native coin), is currently on offer across both exchange platforms. Binance and Binance US are also currently offering crypto investors a 0% fee on Bitcoin spot trading pairs until further notice.

The 0% Bitcoin trading pairs are as follows:

	BINANCE	BINANCE US
0% BTC spot trading pairs	13 trading pairs: BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/TUSD, BTC/UAH, BTC/USDC, BTC/USDP and BTC/USDT.	4 trading pairs: BTC/USD, BTC/USDT, BTC/USDC and BTC/BUSD.

Outside of these existing offers, Binance and Binance US charges users an average fee of 0.1% or less per transaction. 

Binance incentivizes high-volume traders with a fee structure, using a maker-taker fee structure.

There are three types of fees that Binance and Binance US charge: deposit, withdrawal, and trading fees. 

Here’s a list below of the fees across both Binance exchanges:

Binance Trading Fees

LEVEL	30D TRADE VOLUME (BUSD)	& / OR	BNB BALANCE	MAKER / TAKER FEE	MAKER / TAKERBNB 25% OFF
Regular User	< 1M BUSD	or	> 0 BNB	0.1% / 0.1%	0.075% / 0.075%
VIP 1	> 1M BUSD	and	> 25 BNB	0.09% / 0.1%	0.0675% / 0.075%
VIP 2	> 5M BUSD	and	> 100 BNB	0.08% / 0.1%	0.06% / 0.075%
VIP 3	> 20M BUSD	and	> 250 BNB	0.07% / 0.1%	0.0525% / 0.075%
VIP 4	> 100M BUSD	and	> 500 BNB	0.02% / 0.04%0.07% / 0.09%	0.015% / 0.03%0.0525% / 0.0675%
VIP 5	> 150M BUSD	and	> 1,000 BNB	0.02% / 0.04%0.06% / 0.08%	0.015% / 0.03%0.045% / 0.06%
VIP 6	> 400M BUSD	and	> 1,750 BNB	0.02% / 0.04%0.05% / 0.07%	0.015% / 0.03%0.0375% / 0.0525%
VIP 7	> 800M BUSD	and	> 3,000 BNB	0.0200% / 0.0400%0.0400% / 0.0600%	0.015% / 0.03%0.03% / 0.045%
VIP 8	> 2B BUSD	and	> 4,500 BNB	0.02% / 0.04%0.03% / 0.05%	0.015% / 0.03%0.0225% / 0.0375%
VIP 9	> 4B BUSD	and	> 5,500 BNB	0.02% / 0.04%	0.015% / 0.03%

Binance US Trading Fees

Binance trading fees are split by both VIP level and tiered pricing for trading pairs. 25% BNB discount can also be applied on top of the following:

LEVEL	30D TRADE VOLUME (USD)	TIER 0MAKER / TAKER FEE	TIER IMAKER / TAKER FEE	TIER IIMAKER / TAKER FEE
VIP 1	< $10K	Free / Free	0.1% / 0.2%	0.4% / 0.6%
VIP 2	> $10K-50K	Free / Free	0.1% / 0.2%	0.25% / 0.4%
VIP 3	> $50K-$100K	Free / Free	0.1% / 0.2%	0.15% / 0.25%
VIP 4	> $100-$1M	Free / Free	0.06% / 0.18%	0.1% / 0.2%
VIP 5	> $1M-$20M	Free / Free	0.03% / 0.09%	0.08% / 0.18%
VIP 6	> $20M – $100M	Free / Free	Free / 0.05%	0.05% / 0.15%
VIP 7	> $100M – $300M	Free / Free	Free / 0.05%	0.02% / 0.1%
VIP 8	> $300M – $500M	Free / Free	Free / 0.05%	Free / 0.08%
VIP 9	> $500M	Free / Free	Free / 0.05%	Free / 0.05%

The higher the trading volume (measured in BUSD or USD amounts), or BNB balance, the lower the fee becomes, all the way down to 0.02% and 0% respectively. If you are an active and high-volume trader, Binance offers some of the lowest fees on the market.

Binance Withdrawal and Deposit Fees

	DEPOSIT FEE ($)	WITHDRAWAL FEE ($)
Bank Transfer (SWIFT)	0	15 USD
Bank Transfer (Signet)	0	0

Binance US Withdrawal and Deposit Fees

	MINIMUM WITHDRAWAL	DEPOSIT FEE ($)	WITHDRAWAL FEE
ACH	$1	0	0
Domestic Wire	$100	0	$10 / $15 domestic$35 international
Debit Card	N/A	4.5%	N/A

Binance vs Binance US: Security Features

Binance offers robust security features to protect your crypto and digital assets. These security features include: 

Two-factor authentication (2FA)

Binance offers two-factor authentication (2FA) via SMS, the Google Authenticator app, or a hardware key such as a Yubikey. 

Trust Wallet

Binance doesn’t have its own crypto wallet, like other exchanges such as Coinbase. Instead, Binance has partnered with Trust Wallet, a third-party hot wallet with over 25 million users. Trust Wallet secures your crypto with a PIN, Face or Touch ID, and seed phrase.

Whitelisting wallet addresses

Binance allows you to whitelist wallet addresses, which is the ability to restrict transactions to pre-authorized wallet addresses only. Wallet addresses that have been whitelisted will appear in your address book, blocking any other addresses from accessing your crypto. However, it’s unclear whether this feature is also available on Binance US.

Device-level access restrictions

Binance allows you to review all the devices and browsers that have accessed your account, with the ability to delete any that you don’t recognize or no longer use. You can also enable anti-phishing mode to protect your account from phishing attempts and verifies Binance as the sender of your notification emails.

Binance vs Binance US: Regulatory Scrutiny 

Regulators all over the world are concerned about crypto. From the potential of crypto to be used for money laundering, to the risks involved to investors speculating on highly volatile assets. Binance is the world’s largest crypto exchange by volume, so it’s not surprising to see it targeted by financial regulators. Over time, this has changed the way that Binance do business.

Binance banned in the US

After launching in 2017, Binance was later banned in the US by the financial regulators in 2019, stopping all access for US users. Binance partnered with BAM Trading Services to create Binance US, a fully regulated way of bringing Binance’s trading options back to the US market. Binance and Binance US have a licensing agreement but continue to operate as separate legal entities. However, doing so in this way does come with the downside to investors of limited features and trading options.

Stricter identification checks

In 2021, Binance announced mandatory identification verification for all users. All new users are required to provide additional identification to gain access to the full suite of Binance services such as deposits, trades, and withdrawals. Existing users were also required to complete the additional identification checks to continue trading as usual on the platform. For US citizens using the Binance US exchange, users are required by federal law to provide the last four digits of their Social Security Number (SSN), as part of the basic verification process. Basic verification is all you need to begin trading on Binance US but can upgrade to advanced verification to gain access to wire deposits, staking, and increased limits for bank transfers. To complete the advanced verification, US users must provide a photo ID, facial recognition, and proof of address.

Binance’s European expansion

Binance continues to expand across Europe in 2022. Regulatory approval has been granted from three countries within the European Union: France, Italy, and Spain. France became the first European nation to give regulatory approval to Binance’s subsidiary, Binance France SAS, as a Digital Asset Service Provider (DASP). Since then, financial regulators have also given Binance the green light in Italy and given the go-ahead to Binance’s Spanish subsidiary, Moon Tech Spain, to operate too. These registrations allow Binance to offer crypto asset exchange and custody services in compliance with the central bank’s anti-money laundering (AML) and counter-terrorist financing (CTF) rules.

Binance vs Binance US: Final Thoughts

Binance as a platform is globally recognised and largely popular among crypto investors of all kinds. There’s a reason for this. With its choice of trade options, multiple interfaces, and access to over 600 cryptocurrencies, Binance is the perfect exchange for crypto investors – no matter your level of expertise. 

Binance is a robust platform for active traders, beginners, and everyone in between. The cheap fees and endless amounts of trading pairs make the platform appealing to use. There are also plenty of educational resources, tutorials, and user guides to help beginner investors navigate the journey. With the recently launched Learn and Earn program, investors can boost their portfolios by receiving crypto in exchange for completing educational quizzes. Binance is a jack-of-all-trades and master of all, so it’s truly a universal crypto exchange that can cater to every investor’s needs.

If you are not a user from the US and are looking for a versatile exchange, Binance is your one-stop shop. For US investors, the limited features and restrictive nature of Binance US mean that it’s not currently the best option out there for you right now. Please consider other exchange alternatives and research carefully. 

We recommend KRAKEN for US-based crypto buyers.

For anyone not based in the US, we recommend using Binance!

If you’re new to binance and would like to set up an account. Check out How To Buy Crypto on Binance for a step by step guide for everything you’ll need to know.

Binance vs Binance US FAQs

What are Binance and Binance US? 

Binance and Binance US are cryptocurrency exchanges designed for buying, selling, and trading crypto coins, tokens, and digital assets. Binance offers a wide range of trading options and interfaces for beginner, intermediate, and advanced crypto traders. So no matter whether you’re making your first cryptocurrency purchase or making high-volume trades, Binance can cater for you. 

To make a cryptocurrency purchase on the Binance exchange, users create an account, connect your bank account, and add funds via a bank account transfer or credit card. When you make a crypto purchase, you are exchanging traditional currencies for crypto, and Binance is storing the crypto for you until you decide to sell, trade, or withdraw it. Once purchased, users can then either withdraw those currencies to a crypto wallet for safe-keeping or simply keep them on the Binance platform for trading. When you’ve sold your cryptocurrency, you can withdraw the funds out of the exchange and back into your traditional bank account.

How are Binance and Binance US different? 

Binance is the world’s largest crypto exchange by volume, but not all of its features are available to users from the US. After launching in 2017, Binance was later banned in the US on regulatory grounds in 2019, and US citizens were denied access. This led to the inception of Binance US in September 2019, a partnership between Binance and BAM Trading Services, headquartered in Palo Alta in California, US. Binance and Binance US have a licensing agreement but continue to operate as separate legal entities. Through this partnership, Binance become fully compliant with US regulations so they’re able to continue serving the US market. Now that does come with a downside – limited trading options. 

Who should use Binance vs. Binance US? 

Binance is divided up into two divisions: Binance and Binance US. Binance US is for those residing in the United States and Binance is accessible to those elsewhere in the world. Binance is a robust platform for active traders, beginners, and everyone in between. The cheap fees and endless amounts of trading pairs make the platform appealing to use. There are also plenty of educational resources, tutorials, and user guides to help beginner investors navigate the journey. With the recently launched Learn and Earn program, investors can boost their portfolios by receiving crypto in exchange for completing educational quizzes. Binance is a jack-of-all-trades and master of all, so it’s truly a universal crypto exchange that can cater to every investor’s needs.

Should I use the Trust Wallet?

Binance doesn’t have its own crypto wallet, like other exchanges such as Coinbase. Instead, Binance has partnered with Trust Wallet, a third-party hot wallet with over 25 million users. Trust Wallet secures your crypto with a PIN, Face or Touch ID, and seed phrase. Trust Wallet supports over 65 blockchains and 4.5M assets, so it will cater to most investors’ portfolios. However, please remember that this is a hot wallet and is not the most secure form of storage for your crypto. For the crypto you plan to hold long-term without trading, we would always recommend using a cold hardware wallet as the preferred method.

Must Read if you’re deciding which platform to go with: Binance vs Coinbase Review 2022