![]() To start, Binance has no physical address. Regulatory scrutiny and overall shadinessįinally, the #1 drawback of using Binance.US - the one that's captured headlines for years - is the parent company's shady nature.īuckle up, because there's enough drama here to fill a Netflix series. Even if it's the same protocol as Big Binance, it still falls a little short of competitors whose security protocols include attack testing or actual armed guards protecting their servers. Unclear security protocolīinance.US does not have a page dedicated to explaining its security technology. That's plenty for casual traders but not enough for hunters of obscure altcoins. While Binance's global platform boasts over 600 cryptos, U.S. (More on this below.) Limited crypto selection And the form for submitting a support ticket is unnecessarily long and tedious. The live chat function is a bit clunky and misleading. Where Binance.US could improve Clunky supportīinance.US features live chat and email support. Now, let's talk about some areas for improvement. It's got a slick proprietary crypto, easy tax reporting, low fees and a generous learning library. So that covers some of the strengths of Binance.US. ![]() They're always just a click away in your dropdown menu. Thankfully, Binance.US lets you export your tax documents instantly and free. Investors must pay capital gains tax on their crypto profits. And in order to avoid a nastygram from the IRS, you need to submit a detailed report - including timestamps - of your trading activity for the whole year. Coinbase's stock dropped following the news, and all eyes are on Binance and the other major players in the space to see how future trading models might compete to win business. This move to fee-free Bitcoin trading comes as competition between crypto exchanges is at an all-time high to retain customers. It's not earning spread fees either on BTC trades. Binance offers fee-free Bitcoin tradingīinance.US recently announced it's removing spot trading fees for Bitcoin and has plans to look at removing fees for other coins as well. Needless to say, Binance.US's mind-blowingly low fees is perhaps its biggest draw to crypto traders of all experience levels. I also like how each crypto gets its own page with historical data next to a simple, intuitive trading window.īy comparison, Coinbase charges around 0.6% for Coinbase Pro traders and even more for those who use the main Coinbase exchange. And you can even toggle some security features on and off in one click. On the main dashboard you can clearly see your portfolio balance and progress to one of Binance's VIP levels, open orders and favorites. One area where Binance.US shines is usability and site design. And traders should know that Binance is currently under intense scrutiny from a variety of U.S. However, Binance.US won't be the right crypto exchange if you're looking for top-notch customer service or you want access to the largest number of available cryptocurrencies. It could also be a great choice if you happen to believe in the future of Binance Coin (BNB) or you want easy access to your crypto tax documents. Only 90 cryptos supported compared to Binance's 600+īinance.US is for the U.S.-based trader who values low trading fees above all else.Not available in Hawaii, New York, Texas or Vermont.Still under regulatory scrutiny like its parent company.So what is Binance.US? How's it different? Is it too watered down? Or does it manage to capture the best qualities of its progenitor? Perhaps most pertinent, is it operating on the straight and narrow So while no actual charges have been filed in the U.S., Binance still needed a “diet” version of the platform to pass regulations and provide uninterrupted service to U.S.-based traders while “big” Binance handled the red tape.Įnter Binance.US. Reasons ranged from not registering to do business, tax evasion, securities violations and even accusations of money laundering. These included the UK, Thailand, Canada, Italy, South Africa, Japan and finally, the U.S. ![]() ![]() Regulators soon caught up, however, and Binance started receiving complaints from regulators - or outright bans - in several countries. Then through a combination of extremely low fees, clever marketing and simply outpacing regulators, Binance's popularity exploded to make it the world's largest crypto exchange within 180 days. Well, in 2017, Chinese crypto billionaire Changpeng Zhao founded the global crypto exchange Binance. If crypto is a decentralized, global payment system, why does the world's largest crypto exchange need a U.S.-only branch?
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