What is Binance US as well as some pros and cons of this platform that you need to know? In this blog, we are talking about Binance US which is a crypto exchange launched by Binance and is considered to be one of the biggest crypto exchanges on the planet. Binance US comes with world-class trading services and state-of-the-art technology and is today preferred by all traders across the globe. Binance US is being preferred by most US clients and is under full US regulatory compliance. Click this image below to start your bitcoin journey.
So today we will talk about how Binance US works as well as how it compares itself to some other popular exchanges like Binance.com and other crypto exchanges. So let's also know how US citizens can legally start their business on this exchange. Binance US has gone live. In addition, we will also help you determine from this platform whether it is appropriate for you to use this platform or not.
What Is Binance US?
Binance has been used in the US for many years to make several improvements since Binance was launched. At the same time, it is striving to bring crypto to all customers using the resources and knowledge it has. Binance's analysis needs to start before dealing with the US side. Binance (BNB) is a popular cryptocurrency exchange that was launched in the year 2017. The name Binance is a mashup of two words 'binary' and 'finance'. This is one of the main reasons why some US clients have not changed the name completely to Binance and only added the US. Since its launch, Binance has started accepting all US customers.
Pros and Cons of Binance US
There is some important information related to Binance US, so now let us first get information about some of the pros and cons associated with it.
- Fast - Compared to Binance US and Binance, both use the same technology, and when it comes to its order processing, it processes up to 1.4 million orders per second.
- Customer Service - Customers are provided better customer service with Binance US, which is based in the US.
- Liquidity – Binance US has been offering high liquidity to all its clients ever since trading on the platform was launched.
- Low Fees – Binance charges up to 0.1% (lowest transaction fee) transaction fees when paying in BNB.
- Binance US also has some cons of its own, as Binance US does not offer its services in New York, as it does not have the necessary regulatory requirements. With this, 12 more states are also affected: Connecticut, Alaska, Florida, Alabama, Louisiana, Georgia, Hawaii, North Carolina, Vermont, Washington, Idaho, and Texas. Also, Binance enables people from these 13 states to trade on the US exchange.
- There is some limited option associated with cryptocurrencies to start trading. Although about 23 additional coins are being discovered by them, Binance US is currently providing you with 7 coins.
- Limited customer service options
- Not available in all states
Are Binance and Binance US the same?
Binance stopped accepting US investors at one point, followed by the formation of Binance US in 2019. The interface and some features are similar. But also the amount of crypto made available to trade in the US versus the many places and which states allow Binance US to operate. United States users who cannot purchase crypto using crypto. Binance is a safe exchange for US people and at the same time, it is promoting itself more as a secure exchange. Compared to competitors, it lacks full transparency to user protection and more security measures.