binance-review-tutorial

Overall Review on Binance.US

Launched in September 2019 in San Francisco as the American arm of Binance — the world’s largest cryptocurrency exchange by trading volume — Binance.US itself is now among the 10 largest exchanges by trading volume, according to CoinMarketCap, a market research website.

While it doesn’t offer as many cryptocurrencies and crypto-to-crypto trading pairs as its parent company, the 50-plus selection at Binance.US still outpaces many other U.S. cryptocurrency exchanges. And its 0.1% trading fee is lower than many other U.S. exchanges.

Binance is known for its high-speed trade execution. Before company founder Changpeng Zhao started Binance in China in 2017, he developed a software system for matching orders for high-speed traders. Binance has courted controversy with regulators, moving operations from China to Japan; at a May 2020 tech conference, Zhao claimed the parent company doesn’t have a headquarters because “Bitcoin doesn’t have an office.”

Quick Summery

Exchange NameBinance
Fiat CurrencyAUD, USD, EUR, GBP, SGD & UGX
Cryptocurrency300+
Payment TypeBank transfer, SEPA, Bankcard (VISA), UPI & SWIFT
Trading Fee0.1%
Deposit FeeBank transfer: None, Credit card: 1%
Withdrawal FeeBank account: None, Crypto: Standard network fee
Mobile AppYes

Binance.US Pros

  • Low fees, especially compared to its main rivals
  • A wide variety of cryptocurrencies supported
  • Easy-to-navigate versions of the exchange that correspond to your cryptocurrency comfort and experience.
actural binance review
binance review for its interface

How to Open an Account at Binance

There are 3 options to open an account on Binance. (Choose any one option)

Note- Option 1 is recommended.

  1. Open account using Mobile Number.
  2. Open account using your Email.
  3. How to login to the Binance Mobile App?

1. How to Open Account with Mobile Number

1. Click on the above button to open an account in Binance.

2. Click [Mobile] and enter the mobile number and password for your account, and the Referral ID (if any). Read and agree to the Terms of Use and click [Create Account].

open account using mobile number in binance

Note:
For account safety, the password should consist of at least 8 characters, including 1 uppercase character and 1 number.

3. Complete the Security Verification.

security check in binance.

4. The system will send an SMS verification code to your mobile phone. Please enter the 6-digit verification code within 30 minutes. If you can’t receive it, click [Resend], or click [Please try voice verification] to use voice verification instead.

binance account verification

5. Congratulations, you have successfully registered on Binance.

welcome to binance

6. To enhance your account security, click [Go to Dashboard] to enable two-factor authentication (2FA), including phone verification and Google verification.

security verification

2. How to Open Account with Email.

1. Click on the above button to open an account in Binance.

2. On the registration page, enter your email address, create a password for your account, and enter the Referral ID (if any). Then, read and agree to the Terms of Service and click [Create Account].

create account in binance

Note:
For account safety, the password should consist of at least 8 characters, including 1 uppercase character and 1 number.

3. Complete the Security Verification.

security check of binance

4. The system will send a verification code to your email. Please enter the verification code within 30 minutes. If you can’t find the email in your inbox, please check your other mail folders as well, or click [Resend Email] to resend.

binance account verification

5. Congratulations, you have successfully registered on Binance.

welcome to binance

6. To enhance your account security, click [Go to Dashboard] to enable two-factor authentication (2FA), including phone verification and Google verification.

security verification

3. How to login in to the Binance app?

1.Download the Binance app from Google Play Store or IOS Store.

2. Open the Binance App and tap [Login].

login page of binance app

2. Enter the email address and password you’ll use for your account, and the Referral ID (if any). Check the box next to [I Understand Binance’s Terms of Use] and tap.

login window of binance app

Note:
For account safety, the password should consist of at least 8 characters, including 1 uppercase character and 1 number.

3. Drag the slider to complete the Security Verification puzzle.

security verification of binance

4. You will receive a verification email in your inbox. Please enter the verification code within 10 minutes. If you can’t find the email, click [Send Code] to get another email.

account verification

Here we go.

How to complete Identity Verification?

1. Log in to your Binance account and click [User Center] – [Identification].

For new users, you may click [Get verified] on the homepage directly.

binance account verification

2. Here you can see [Verified], [Verified Plus], and [Enterprise Verification] and their respective deposit and withdrawal limits. The limits vary for different countries. You can change your country by clicking the button next to [Residential Country/Region].

personal verification

3. After that, click [Start Now] to verify your account.

verification start now window

4. Select your country of residence. Please ensure that your country of residence is consistent with your ID documents.

5. Enter your personal information and click [Continue].

Please make sure that all the information entered is consistent with your ID documents. You won’t be able to change it once confirmed.

personal information in binance

6. Next, you will need to upload pictures of your ID documents. Please choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license. Please refer to the respective options offered for your country.

identity verification in binance

7. Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.

For example, if you are using an ID card, you have to take photos of the front and back of your ID card.

upload photo window

8. After uploading the document photos, the system will ask for a selfie. Click [Upload File] to upload an existing photo from your computer.

identity photo

9. After that, the system will ask you to complete face verification. Click [Continue] to finish face verification on your computer. Please do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.

facial recognition in binance

10. After completing the process, please wait patiently. Binance will review your data in a timely manner. Once your application has been verified, we will send you an email notification.

Please enter your basic information and complete photo verification within 15 minutes. Do not refresh your browser during the process.

You may attempt to complete the Identity Verification process up to 10 times per day. If your application has been denied 10 times within 24 hours, please wait 24 hours to try again.

Why Binance? What Services does Binance offer?

If you have done some research on the best crypto exchanges, you will probably find that there are so many options and it can be hard to decide on one. I am going to expand on the best services offered on Binance so you can see if it’s the right exchange for you.

  1. Over 300+ dufferent cryptocurrencies to buy or sell, or trade
  2. Crypto treading cost and transaction fees
  3. Android and iOS mobile apps
  4. Advanced, Classic and Basic trading interfaces
  5. Use Binance Earn to grow your crypto
  6. Binance Visa Card
  7. P2P exchange
  8. Binance Loan
  9. NFT Marketplace
  10. Margin trading with up to 10x leverage
  11. Trade Futures and Derivatives

Over 300+ different cryptocurrencies to buy, sell, or trade

Binance offers over 300+ different cryptocurrencies which is one of the widest offerings available around the world. As the largest crypto exchange in the world based on trading volume, you know that the liquidity will be high, so you will be able to buy and sell any coin easily on their platform.

market window

Crypto trading costs and transaction fees

Binance.US charges a flat 0.1% spot trading fee, which is lower than many other U.S. exchanges, including eToro (about 0.75% for Bitcoin trades) and Coinbase (which charges 0.5% for trading fees plus a flat fee of up to $2.99 per trade, depending on trade amount). For traders in a hurry, Binance.US also offers a 0.5% Instant Buy/Sell fee.

Binance charges an additional 4.5% for debit card transfers (unlike its global brokerage, Binance.US doesn’t allow credit card purchases). There are no fees for cash deposits or withdrawals by ACH bank transfers, while bank wire transfers are $15 per transaction. Fees for cryptocurrency withdrawals differ by cryptocurrency; withdrawals of Bitcoin cost 0.0005% and a minimum withdrawal amount of 0.001 bitcoin.

Android and iOS mobile apps

Binance has an excellent app that makes it easy for beginners, while also catering for advanced traders. Within the one app, there are two versions that you can toggle between with the click of a button – you have Binance Lite which is great for newbies to use, and there’s Binance Pro which gives access to plenty of advanced features and trading tools. According to Google Play store, the Binance app has over 10 million downloads, with a high user review rating of 4.4 stars, from 319 000 reviews.

binance review

Advanced, Classic and Basic trading interfaces

Binance caters to customers of every level, from complete beginners to the world of crypto investing, to experienced day traders. If you want the simplest way to purchase crypto, you just need to select the basic ‘Convert’ option, which brings up a very simple interface as displayed below.

convert portal

For those that are more comfortable with a traditional market interface, you can choose to buy crypto with the Classic mode, which has a lot more information compared to the basic version. This is a screenshot of the Classic mode for the BTC/USDT trade.

treading window

Experienced traders that want full access to all trading tools can select the Advanced option under the Trade tab, and here is a screenshot of what this looks like.

Use Binance Earn to grow your crypto

Binance offers various options for you to grow your crypto while you leave it on their exchange. This is a potential investment opportunity if you are planning on HODLing your crypto. Instead of having it just sit there, you may as well make it work for you. You can see the different staking options available below.

earn with binance

Binance Visa Card

Binance has partnered with Visa to offer a card where you can spend your crypto at 60 million merchants worldwide. The card is free, does not have any administrative or processing fees, and you can even receive up to 8% cash back on eligible purchases! This is a great step in the right direction for crypto to become a mainstream method of payment.

binance visa card

P2P exchange

Binance offers a P2P (peer-to-peer) exchange that allows users to trade crypto directly with each other on their own terms, in virtually any country. This is what the P2P exchange looks like if you are searching to buy BTC using USD.

Binance Loan

Anyone registered as a user on Binance can access Binance Loan if they wish. You can borrow with different loan terms: 7, 14, 30, 90, and 180 days, with the option to repay it early, only being charged for the hours borrowed. Interest is calculated hourly at a rate of 0.001667% per hour (0.04% per day).

binance loan

NFT Marketplace

NFTs are becoming increasingly popular, and Binance has taken the opportunity to be part of the action. Binance has a new NFT marketplace where you can mint, buy and sell NFTs.

binance NFT

Margin trading with up to 10x leverage

Margin trading is only available for a select few trading pairs, with users able to leverage up to 10x on some pairs. Cross margin trading is very risky as it risks your whole account, while isolated margin trading only risks the trading pair you are looking at in that instance.

Trade Futures and Derivatives

A relatively new feature that Binance offers is Binance Futures, which lets users speculate on the price of Bitcoin and altcoins such as Ethereum, Ripple, Litecoin, Bitcoin Cash, and more. When trading futures, users are not actually buying or selling the cryptocurrencies, but just taking advantage of the price rises/falls to make money.

Binance Futures’ interface is very similar to the trading interface. The only differences include functions such as the ability to view open positions and functions that allow traders to control leverage. The fees on Binance Futures stand at a maximum of 0.04% on any trade. The fees are lower for traders who have massive monthly trading volumes or whose trades often increase liquidity in the order book before they are executed.

Is Binance safe?

Binance is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa).

Is Binance Trustworthy?

Since the launch of Binance, the cryptocurrency has proven itself to be a legitimate, safe and trustworthy exchange that allows users from all over the world to buy, trade, and sell cryptocurrencies. The exchange is regulated in a number of jurisdictions and complies with KYC requirements and local AML/CTF regulations in each country. 

To ensure the highest security standards, Binance has implemented leading-edge security controls such as Two Factor Authentication (2FA) and offline storage facilities to protect users’ funds stored in a Binance wallet. Therefore, Binance can be considered a safe place to transfer funds.

Is Binance right for you?

Binance.US gives a wide choice of cryptocurrencies with a trading fee that is among the lowest of the cryptocurrency exchanges NerdWallet reviews. The U.S. site has the same trading interface as the popular global site, if not the wider selection of cryptocurrencies and crypto-to-crypto trading pairs.

No matter where you decide to make your purchase, understand that investing in cryptocurrencies like Bitcoin is highly speculative and known for its volatility. It’s wise to never invest any more than you can afford to lose.

Why is Binance banned in the US?

However, it is currently banned in seven states. In May 2021, Bloomberg News reported that Binance was under investigation by the United States Department of Justice and the Internal Revenue Service for money laundering and tax evasion.

Is Binance good for beginners?

Binance is designed to appeal to as many users as possible. The exchange is simple enough for newbies to use, and offers enough coins and features to keep expert traders happy, as well. I would recommend Binance to crypto traders of almost every level of experience.

Is Binance a safe wallet?

To ensure the highest security standards, Binance has implemented leading-edge security controls such as Two Factor Authentication (2FA) and offline storage facilities to protect users’ funds stored in a Binance wallet. Therefore, Binance can be considered a safe place to transfer funds