Binance.US split from its parent company Binance in 2019.
One of the reasons for the split had to do with the parent company facing an investigation by the U.S. Commodity Futures Trading Commission (CFTC) for a host of potential violations.
By 2021, Binance completed its rerouting of U.S.-based users to Binance.US
Fees
Binance.US offers a tiered trading system to their customers.
Tier 0 trades have zero fees. But this is limited to just four types of Bitcoin pairs: BTC/USD, BTC/USDC, BTC/USDT and BTC/BUSD. All other trades fall under Tier I or Tier II.
Tier I trades start with a 0.2% taker and 0.1% maker fee for trades less than $10,000 on certain asset pairs within a 30-day period. A few examples of asset pairs under Tier I include ETH/USD and SOL/USD, to name a couple.
Tier II trades are a bit steeper and start at a 0.6% taker and 0.4% maker fee for trading less than $10,000 in a 30-day period on select Tier II asset pairs. ADA/USD and DOT/USD are a few Tier II pair examples.
Customers will want to check Binance.US’s fee structure to see the exact fees for the crypto pairs they want to trade.
Keep in mind that those using Binance Coin (BNB) receive a 25% reduction in trading fees. VIPs receive discounts on maker/taker fees.
Another thing to keep in mind is that although Binance.US doesn’t charge deposit fees, there are variable withdrawal fees for each coin. These withdrawal fees can range from a fraction of a cent for cryptos like BTC or around $27 for AUDIO.
Security
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. Binance has come into the crosshairs of a number of U.S. regulatory commissions, not the least of which is the CFTC.
Most worrying, however, to crypto traders might be a 2019 hack that saw criminals steal more than $40 million in BTC off Binance. Binance.US wasn’t even in existence at the time. It should also be stressed that the hack occurred to the parent company, not Binance.US.
Also, in October 2022, parent company Binance suffered another major hack that cost the platform more than $570 million in BNB. Binance and Binance.US were separate entities by this point, and the Binance.US site wasn’t affected.
Binance.US rates highly on the security of its exchange. 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.
Opening a Binance.US Account
Like other popular exchanges, Binance.US makes it easy to buy and sell cryptocurrency. There are two main ways to do this: basic verification and advanced verification.
For basic verification, Binance.US allows traders to make U.S. dollar deposits and withdrawals via bank transfers and debit cards. Traders can also deposit and withdraw cryptocurrency, buy, sell and convert cryptocurrencies, and become eligible for Advanced Trading Feature.
To sign up for Basic Verification, traders need to provide:
Full legal name and date of birth
Social security number
Current address (not a P.O. Box)
More experienced investors, though, will gravitate toward Binance.US’s Advanced Verification. Advanced users can do everything Basic users can. However, they can also make wire deposits and withdrawals, and they have increased limits for bank transfers and credit cards. They can also do staking, OTC trading and API trading.
Traders seeking advanced verification will also need to provide:
State-issued ID
Facial verification using Binance.US’s own automated selfie photo process
Binance's fees are among the lowest in the industry. While U.S.-based users will pay slightly more on Binance.us, its fees are still lower than what you'd see on other leading platforms. Binance employs a maker/taker fee structure, and fees vary based on trading volume and Binance Coin (BNB
Binance Coin (BNB
Binance Coin is the cryptocurrency issued by the Binance exchange and trades with the BNB symbol. BNB was initially based on the Ethereum network but is now the native currency of Binance's own blockchain, the Binance chain.
While Binance has implemented robust security features such as two-factor authentication, cold wallet storage, and the Secure Asset Fund for Users (SAFU), users must also take steps to enhance their account security, stay informed about potential risks, and exercise caution when interacting with third parties.
Binance is one of the safer exchanges compared to others. So if you're actively trading crypto and need to keep it on an exchange, Binance is a pretty secure choice. However, if you're holding large amounts of crypto long term, a private hardware wallet may be a better choice than keeping it on an exchange.
Limited Fiat Options: The selection of supported fiat currencies may be limited. Risk of Hacks: Binance has experienced security breaches in the past. Withdrawal Fees: Binance may charge withdrawal fees for certain cryptocurrencies.
Which Should I Choose - Coinbase or Binance? Coinbase is the best choice for investors due to its beginner-friendly features, stellar reputation, and commitment to regulatory compliance. Recently, Binance faced a major scandal after money laundering charges and the resignation of CEO Changpeng Zhao.
Crypto traders are not members of the FDIC, and their assets are not protected by the FDIC. Unless they are transferred to a member bank of the FDIC, they will be protected. But now, Binance.US no longer provides U.S. dollar legal currency services, and customer assets are naturally It is also not covered by the FDIC.
you need to focus on volatile currency pairs. Look for trading pairs that experience daily fluctuations of 10-20%. These are the pairs that offer the best opportunities for quick gains. For instance, if you invest $100 on Binance and track a currency pair that increases by 10%, you will earn $10.
Binance Pay transactions are usually confirmed instantly. What are the advantages of using Binance Pay? Binance Pay is a simple, borderless, and secure way to send and receive cryptocurrencies from your mobile devices. You can send crypto to friends and family via email, phone number, Binance ID (UID), or Pay ID.
It has been alleged that Binance could be used as a funding mechanism for terrorist groups. In November 2023, the company pleaded guilty in a U.S. federal court to money laundering, unlicensed money transmitting, and sanctions violations.
'Web of deception' In the June lawsuit, the SEC filed 13 charges against Binance, accusing the exchange of mishandling customer funds and offering registered securities, alleging that the company and founder Changpeng Zhao had engaged in an “extensive web of deception.”
The growing concerns reflect diminishing trust in centralised exchanges following a series of industry scandals throughout 2022. Recent headlines have focused the market's worries squarely on Binance, which is one of the largest players in the crypto market.
Binance Futures is a derivatives trading platform offered by Binance, one of the world's leading cryptocurrency exchanges. It allows traders to speculate on the future price movements of cryptocurrencies by buying and selling futures contracts.
Binance Coin would need to gain 221.13% to reach $1,000. According to our Binance Coin prediction algorithm, Binance Coin will hit $1,000 in May 2024. Will Binance Coin reach $10,000? Binance Coin would need to gain 3,111.27% to reach $10,000.
Binance Futures Trading allows you to trade contracts, which are like agreements to buy or sell cryptocurrencies at a specific price in the future. It's different from spot trading, where you directly buy or sell cryptocurrencies at the current market price.
The value of your investment can go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions, and Binance is not liable for any losses you may incur. Futures trading, in particular, is subject to high market risk and price volatility.
Introduction: My name is Velia Krajcik, I am a handsome, clean, lucky, gleaming, magnificent, proud, glorious person who loves writing and wants to share my knowledge and understanding with you.
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