This article will talk about the differences between Binance and Binance US, prominent crypto exchanges. While both of these platforms have a diverse range of trading options and services, each one targets different markets and operates under different regulatory frameworks.
Binance US is for the American market and follows stringent regulatory guidelines given by such authorities as FinCEN or the SEC. In contrast, Binance is a global exchange that caters to users from all over the world with a greater variety of cryptos and trading pairs.
Moreover, Binance US offers fewer products due to regulatory limitations while Binance grants access to more than a thousand other digital assets including many new tokens. Therefore, it’s important for potential users to differentiate between these two so that they can know which one suits them best based on their preferences and requirements.
What Is Binance?
Among the current cryptocurrency exchange platforms, Binance is believed to be the best because it offers trading in a wide range of digital assets and trading pairs. Its features are advanced and it provides a professional-level trading experience.
Both novice and experienced dealers prefer Binance because of its simple and advanced trading interfaces. Besides, Binance has a mobile app for smartphone users, futures contracts traders and is commonly used by leverage traders as well. Moreover, Binance’s low fee structure for trading purposes along with the high security measures have made it a reputable choice among traders who trust it.
What Is Binance US?
Binance US, a cryptocurrency exchange that operates on the Binance global exchange but focuses on the US market in terms of regulatory compliance and trading options. The US exchange is operated by BAM Trading Services, which is based in the United States.
In fact, BAM Trading Services is just a section of Binance’s larger platform for cryptocurrency trade. Bitcoin, Ethereum, Litecoin and 140 other digital assets are some of the cryptocurrencies that users can trade against other cryptocurrencies, USD or USD stablecoins.
Key Point
| Binance | Binance US | |
|---|---|---|
| Launched in | 2017 | 2019 |
| Available in US? | No | Yes |
| Identity verification | Mandatory | Mandatory |
| Listed cryptocurrencies | 400+ | 160+ |
| Fiat currency pairs | TRY, EUR, BRL, NGN, others | No |
| Derivatives trading (futures, options) | Yes | No |
| Leveraged trading | Yes | No |
| Base trading fee | 0.10% for both maker and taker orders. Users can reduce trading fees by generating trading volume or paying fees with BNB. | No fees on “Tier 0” trading pairs, 0.38% maker fee and 0.57% taker fee otherwise. Users can reduce trading fees by generating trading volume or paying fees with BNB. |
| Mobile App | iOS, Android | iOS, Android |
Now that we know the basic differences between Binance and Binance US, let’s take a look at the two exchanges individually.
Who Can Use Binance and Binance US?
While Binance and Binance US are both available for cryptocurrency trading, their availability changes depending on the place and regulatory compliance. This means that users from almost any country in the world, except a few restricted regions caused by regulatory issues since it is global exchange such as Binance can access it but not those residing in some regions due to concerns about regulation.
Alternatively, Binance US is tailored specifically for Americans and adheres to American rules including KYC (Know Your Customer) as well as AML (Anti-Money Laundering) obligations. That’s why people in the USA could make use of Binance US if they wanted to trade cryptocurrencies while other people from other countries could make use of those services provided by Binace.
Differences between Binance and Binance US
Commonly, they are digital asset exchange platforms, but some differences exist between the two.
First and foremost, let’s address their availability. Binance can be accessed globally except for in the countries that are restricted by Binance. Binance US is only open to persons or entities located, incorporated or registered in the United States or its territories.
The second difference is with regard to the regulations which each operates under. For instance, Binance operates under the regulatory framework of multiple jurisdictions where it has a presence whereas Binance US complies with laws and regulations of the United States.
Thirdly, while both platforms provide users with opportunities for margin trading and futures contracts, binance.us offers a limited choice of 53 cryptocurrencies which can be traded on margin compared to 150 on Binance.com (Investopedia).
Trading fees also vary significantly between these two platforms. However, it should be noted that withdrawal fees depend on fiat withdrawal option selected as well as funding fees relies on fiat funding options chosen.
Moreover, there are advanced features that experienced traders can use when using busy trading platform like binance.com compared to what an average digital currency trader will access through binance.us
On the other hand this doesn’t mean that you will not get plenty from your link to binance.us interface if you’re a trader looking for more than just basic trading functions; at least their developers had thought about this too.
On customer support front however; we found out that during our tests while reading review sites international platform showed better response times than its counterpart.
As regards user interface for experienced traders it must be said that both platforms have one and once people learn how to use them even beginners find it easy enough. For those who are new to crypto-trading, though this site appears crowded because of many features and settings available thereon. Both have highly rated mobile applications as well.
Lastly these services include earn platform futures and margin trading Launchpad NFT marketplace and more are not listed on their US website.
In conclusion, though Binance and Binance US have more in common than what separates them, users should consider first of all the country they reside in and what support for assets or features they require.
Binance Trading fees vs Binance US
Both of these exchanges operate with a maker/taker fee structure with fees that are based on tier level which is determined by a user’s 30 day trading volume.
Both platforms shook the industry in 2022 when they announced that they were getting rid of trading fees on Bitcoin trading pairs and then Ethereum. Zero-fee trading is absolutely unbeatable!
Firstly, let us talk about the US platform, where tier 1 trades begin at 0.4% taker and a 0.6% maker fee for traders who have traded less than $10,000 in value within a thirty-day period.
Binance US vs. Binance Deposits and Withdrawals Fee Comparison
However, the fees charged for each platform also differ greatly depending on the particular method of deposit or withdrawal employed as well as the type of currency being deposited or withdrawn.
Another great thing about these two platforms is that they all have many options for free deposits and withdrawals especially when it comes to wire deposits, ACH, bank transfers etc. The only exclusion from the US platform is absence of credit card funding.
Binance US does not charge any fees for cryptocurrency deposits but has different amounts of withdrawal fees which depend on which crypto asset you are withdrawing. You can find this information on Binance US Withdrawal Fees page.
As such, Binance US charges in United States Dollar only and here is how they are broken down in terms of deposit and withdrawal fees.
As Binance is an international exchange, they operate in more than 50 fiat currencies and offer a very wide range of methods of withdrawal or deposit of fiat currency with varying fees and limits. The article does not mention all the options, but you can go to the Binance fee page where you will find them all explained.
Binance has no charges for deposits made in cryptocurrencies, however, charges on withdrawals in crypto differ greatly as well as it goes into details at the link above.
Should I use Binance or Binance.US?
So, you want to start trading cryptocurrencies and have heard about the two most popular exchanges–Binance and Binance.US. So which do you choose?
Ultimately, there are a few things that will determine your choice. First of all, where are you based? For people in U.S., it is only possible for them to use Binance.US. On the other hand, if you are located elsewhere in the world, then your alternative is the global platform offered by Binance.
Secondly, what do you intend to trade? In comparison with Binance.US, Binance has a wider range of altcoins for trading. Therefore, if they aim at trading less known coins then Binance appears like a better choice.
Lastly, how much are you willing to spend on fees? The charges of Binance are almost similar to those of Binance.US; however they also provide discounts when one uses their native token-BNB as means of payment. Thus when saving on fees is important for someone using their fees on Binance and paying them through via BNB might be an option.
However, there isn’t any definitive answer regarding which exchange is better because it depends on your situation. Nevertheless this guide should assist explicate differences between the two exchanges as well as suggest one that may be best for you.
Binance vs. Binance US: Safety and Regulation
In order to abide by the law, Binance US has put its rules in line with U.S safety regulations. Unfortunately, this is not possible for all states. It is now available in 44 out of 50 U.S states. Louisiana, Hawaii, New York, Vermont, Idaho and Texas are among the six states that cannot access Binance US.
For sure it is a very sad situation for people who are residents of these states as American citizens. However fortunately the company hopes to be fully operational across US so there may be future chances improvement.
Also Binace services are not globally provided. Thus, the company encountered several compliance issues in numerous countries like Canada, UK, Singapore Japan Thailand among others. Nevertheless it revealed that it had done all regulatory changes required to enhance user experience by increasing its compliance team fivefold.
Currently there are no financial authorities regulating Binance or Binance US on platforms. Therefore SEC, FINRA and SIPC have nothing they do with what happens on the sites.
Binance Vs Binance.US: How Does Their Customer Support Compare?
The customer service on Binance platform is excellent. It offers customer support in seven different languages. However, Binance has no telephone support yet. Instead it relies on a live chat for help as well as an FAQ page. Similarly, Binance.US provides email ticket support and has active social media channels for inquiries.
Binance vs Binance US: Conclusion
And that’s it, everyone. I hope you found this Binance vs Binance US review useful, and it has given you a rough idea of which one might be the best fit for you.
Although unfortunate that US-based clients cannot access the full product and trading suite provided by Binance, there is still an excellent platform for traders at Binance US. With very low fees ever seen in the industry, a good range of supported assets, and advanced trading options, I think Binance US is among the best platforms for American users.
Outside of the United States, Binance is the number one exchange in the market. Even if not as your permanent exchange option, one should try and sign up with them. I am sure you will like it.
