One of the easiest ways to buy, sell, and hold cryptocurrencies is to use an exchange. You can quickly and easily buy crypto with an exchange, particularly if you choose an exchange that lets you buy crypto using a fiat currency like the U.S. dollar.
Binance is the biggest cryptocurrency exchange in the world by daily volume. However, Binance isn’t available in the United States. Instead, crypto investors based in the U.S. who want to use Binance instead need to turn to Binance.US, the sister company to Binance.
But how do Binance.US and Binance compare? And does Binance.US offer the same features and advantages you would get on Binance if it were available to you?
Let’s explore the key similarities and biggest differences between Binance.US and Binance.
Binance.US vs. Binance
Binance.US is the sister company to Binance. It was built as a separate exchange following a regulatory ban on Binance in 2019. Binance.US is a separate company that partners with BAM Trading Services. Having this separate structure allows Binance to access the U.S. market.
Binance.US has a significantly lower trading volume than Binance due to its limited user base. Binance.US also offers fewer cryptocurrencies and trading pairs than Binance.
However, U.S. customers might not be the only ones who no longer have access to the bigger exchange. Binance came under scrutiny in several countries. Regulators in the U.K. decided to ban the exchange in June 2021, while the Financial Services Agency in Japan issued warnings against its operations in the same month.
Some of the key differences between Binance.US and Binance to keep in mind while learning how to buy cryptocurrency:
|Headquarters||San Francisco, U.S.||Unspecified, registered in the Cayman Islands|
|Available cryptocurrencies||95+ cryptocurrencies||600+ cryptocurrencies|
|Order types||Limit, market, stop limit||Limit, market, stop limit, one cancels the other (OCO), trailing stop, stop market, post only|
|Liquidity||$147.3 million 24-hour trading volume as of June 3, 2022||$11.9 billion 24-hour trading volume as of June 3, 2022|
|Accessibility||Available in the U.S., except: Hawaii, New York, Texas, and Vermont||Not available in the U.S.|
|FDIC insured||U.S. dollar (USD) deposits are FDIC insured up to $250,000||No|
|Best for...||Crypto traders and investors based in the U.S. who want access to low fees||Crypto traders and investors outside the U.S. who want access to low fees and a wide range of crypto products|
How does Binance work?
The Binance cryptocurrency exchange is the largest exchange in the world by volume. Binance is registered in the Cayman Islands and used to be headquartered in Malta.
However, the exchange was originally founded in China by CEO Changpeng Zhao, who has not specified the current headquarters of the exchange. Zhao believes that the exchange should be as decentralized as cryptocurrencies.
Cryptocurrencies on Binance
Binance offers more than 600 cryptocurrencies, including popular coins like bitcoin (BTC), ether (ETH), dogecoin (DOGE), solana (SOL), and cardano (ADA). There are also hundreds of more altcoins available on Binance, which provide additional crypto options at a smaller volume than bitcoin.
The exchange has a native cryptocurrency, BNB coin (BNB), formerly known as Binance coin. Binance uses its native currency and its blockchain, the BNB Chain, to support an entire ecosystem of crypto-related products and services. The BNB Chain is a combination of what used to be known as the Binance Chain and the Binance Smart Chain (BSC).
In addition to traditional trades, Binance offers a variety of products related to crypto. The exchange supports crypto futures, which trade cryptocurrencies at a predetermined price at a specific time in the future. It also supports margin trading, which allows users to trade using borrowed money.
Additionally, Binance offers access to a non-fungible token (NFT) marketplace and crypto loans. The exchange partners with Visa to offer the Binance Visa Card, a rewards debit card that uses BNB coin.
Binance trading fees
Binance is relatively easy for traders to use once they understand how the maker/taker model of spot crypto trading works. A maker/taker model lets you decide what kind of order you want, which designates you as a maker or a taker:
- Maker: Someone who creates an order that would be fulfilled later. This order specifies a price at which the order will go through. For example, a maker might place an order to sell one ether when the price reaches $3,500. That order is “on the books” until the condition can be bet.
- Taker: Someone who trades immediately. This is someone who trades at the current market rates without placing their orders on the books.
In general, makers contribute to the exchange's overall liquidity and currency availability, and takers don’t. Binance uses a tiered fee structure based on whether you’re a maker or taker and your 30-day trading volume.
The more you trade in a 30-day period, the lower your fee is, whether you’re a maker or a taker. The highest fee for spot trading on Binance is 0.10% and becomes gradually lower for higher tiers. You could further reduce your fees by 25% by using BNB coin to pay your trading fee.
Binance is not available in the United States, and users with a U.S. internet address are directed to the Binance.US website.
How does Binance.US work?
Binance created Binance.US as a separate cryptocurrency exchange in response to growing regulatory constraints that eventually led to the parent company getting banned.
Binance.US operates as a separate company and exchange that could serve the U.S. market. It is subject to U.S. regulations and is registered with the Financial Crimes Enforcement Network (FinCEN).
Read our Binance.US review.
Cryptocurrencies on Binance.US
Binance.US has a limited product offering compared to Binance. Binance.US still offers access to most of the popular cryptocurrencies. Supported cryptocurrencies include bitcoin (BTC), ether (ETH), cardano (ADA), litecoin (LTC), bitcoin cash (BCH), and chainlink (LINK). The crypto exchange also supports the native Binance cryptocurrency, BNB coin (BNB).
In addition to buying and selling cryptocurrencies, Binance.US also supports staking certain coins, which is a form of supporting their blockchains in exchange for a reward. However, Binance.US doesn’t offer the same access to the variety of products and services available on Binance, such as a BNB coin debit card or an NFT marketplace.
Binance.US offers a simple trading interface for novices, with more information and advanced charting and trading tools available for expert investors. The exchange also has an extensive education and knowledge base.
Binance.US trading fees
Like Binance, Binance.US uses a tiered maker/taker model for trading. The fees start at the same 0.10% percentage at the base tier but grow gradually smaller for higher tiers on Binance.US.
Getting off the base tier on Binance.US requires a 30-day trading volume of $50,000, while Binance requires $1 million.
You could receive the same 25% discount on fees when using the BNB coin to pay them. In general, as you trade more each month as a maker, you have fewer fees. In fact, makers who trade more than $10 million over 30 days don’t pay any trading fees on Binance.US. The same is not true for Binance, since the lowest fee is 0.02%.
Binance.US is available in most places in the United States. However, it’s not available to you if you live in Hawaii, New York, Texas, or Vermont, even as a U.S. resident.
What both cryptocurrency exchanges excel at
There are several shared advantages between the two exchanges. This includes:
1. Low trading fees
Both Binance.US and Binance excel at offering low fees. For active cryptocurrency traders, this can be a big selling point.
Both are known for a base fee of 0.10%. However, there are some fee differences between the two. Here are the first 5 tiers for both platforms:
There are several differences visible in this table. For example:
- Binance.US allows traders to start benefiting from lower fees based on their 30-day trading volume at $50,000.
- Binance doesn’t offer a lower fee until a 30-day trading volume of $1 million.
- Binance.US charges a zero maker fee and a 0.06% taker fee if you trade $10 million in 30 days.
- Binance still charges a maker fee of 0.08% and a taker fee of 0.10% at a $10 million 30-day trading volume.
2. Availability of major cryptocurrencies:
Another element both exchanges excel at is offering access to major cryptocurrencies that enable you to buy bitcoin, ethereum, and more. You can buy, sell, and trade major cryptocurrency pairs or use fiat currency to make purchases.
3. Advanced trading tools
Additionally, both cryptocurrency exchanges offer advanced trading and charting functions. For intermediate to advanced traders, this can be helpful, especially if you’re looking to trade cryptocurrency pairs with real-time quotes.
Both Binance.US and Binance claim to offer advanced security features on their websites. They also offer two-factor authentication, requiring an extra step in the verification process for your logins. This could significantly enhance your account security.
5. Educational sources
Finally, there are numerous support articles on Binance.US and Binance, and Binance Academy is available to users of both trading platforms.
Binance Academy offers extensive education about crypto-related topics and helpful how-tos on using exchanges and trading cryptocurrency. This could be useful for a beginner in the cryptocurrency world who would like to learn more.
5 important differences between Binance.US vs. Binance
When comparing Binance.US vs. Binance and deciding how to invest money in cryptocurrencies, there are some very real differences to consider, even though they’re sister companies.
1. Available cryptocurrencies
Binance.US offers access to more than 95 cryptocurrencies, while Binance offers access to more than 600 coins. This is a major difference. Those using Binance are able to trade a wider variety of altcoins, which can be a selling point for those who are interested in more obscure coins.
Binance is the largest cryptocurrency exchange in the world by trading volume and therefore has greater liquidity. Binance.US is a completely separate exchange with a trading volume that is much lower. However, even though there is less liquidity with Binance.US, it is still a large cryptocurrency exchange with a good level of liquidity.
Binance isn’t available to U.S.-based cryptocurrency traders. Binance.US was specifically created as an exchange to be available to U.S. users. However, even so, Binance.US isn’t available in every state. Those located in Hawaii, New York, Texas, and Vermont can’t access Binance.US.
4. Additional products and services
Binance offers more additional products and services than Binance.US. A Binance-branded Visa card allows users to earn cashback rewards in BNB. Additionally, Binance offers crypto lending and an NFT marketplace.
Binance.US is relatively basic in its offerings by comparison. You could earn additional crypto coins through staking with Binance.US, and there’s a tax portal that could help you get the information you need to report capital gains on your taxes. Binance.US doesn’t offer an NFT marketplace or its own Visa card as Binance does.
Binance.US, while offering some benefits associated with the BNB Chain, doesn’t integrate the user into a crypto-based financial ecosystem in the same way Binance does.
5. FDIC insurance
Binance.US offers protection for the U.S. dollar fiat funds via the Federal Deposit Insurance Corporation (FDIC). FDIC insurance protects your dollar deposits up to $250,000 in case of theft or exchange failure.
However, it’s important to note that funds held in cryptocurrencies aren't protected by FDIC insurance even if they’re pegged to the U.S. dollar.
Binance doesn’t offer this type of protection since it’s unavailable in the U.S.
Which cryptocurrency exchange should you choose?
When deciding on using any cryptocurrency exchange, it’s important to consider your own strategies and goals. Think about what matters most to you, from what coins are available to the ease of trading to fees. You can also consider what other products and services are available through the cryptocurrency exchange as you make your decision.
As you compare Binance.US vs. Binance, it’s important to consider the issue of accessibility. For U.S.-based cryptocurrency traders, Binance isn’t a viable option, as it’s not available in the United States.
Binance.US, on the other hand, is available in most U.S. states. While it is restricted in a few states, it is more widely accessible, so active traders looking to save on fees might find this an acceptable alternative.
Is Binance.US the same as Binance?
No. While they are sister companies, they are completely different exchanges. Binance.US is an exchange available in the United States, while Binance is not available in the United States.
Can I use a Binance.com account on Binance.US?
No, you cannot use your Binance.com account on Binance.US. These are different exchanges and accounts.
You would need to transfer your assets from Binance to Binance.US to use the latter. You could do so by going to your crypto wallet on the Binance platform, selecting withdrawals, then sending your cryptocurrencies to the appropriate wallet on Binance.US.
Why can’t I access Binance?
If you’re located in the United States, you’ll be directed to the Binance.US website. Binance isn’t accessible in the United States.
Binance.US and Binance are both known for their low fees, so frequent traders can benefit from these exchanges. However, if you’re interested in a Binance-branded exchange and are based in the United States, Binance.US is likely to be your choice.
Before deciding between Binance.US vs. Binance, research others of the best cryptocurrency exchanges. There might be other choices that work better for your strategies and goals, especially if you aren’t an active trader.