Binance vs Binance US – Which One is for You?
Though quite new in the world, cryptocurrency has become a huge phenomenon in the past few years. There are thousands of currencies from which we can choose. Some of the most popular currencies are Solana, Tether, Dogecoin, and, of course, Bitcoin, one of the most popular and well-known.
There are also many exchanges at which to trade crypto. Two exchanges you can use are Binance and Binance US. These two sound familiar to each other, so what’s the difference between Binance.US vs Binance?
If you prefer a cryptocurrency exchange with a higher volume, more trading pairs and volume, is older and is more familiar, then Binance would be your best choice. If you’re in the US, you aren’t permitted to use Binance, but Binance US is still a good option for you.
Binance and Binance US are two separate companies. Binance has more cryptocurrencies and trading pairs than Binance US. It also has more trading volume. Binance is also older and more established in the community, making it more attractive to stakers and traders.
Log in to your Binance account, select your wallet option, and select “withdraw”.
✅ Yes, Binance is banned in the US. Thankfully, Binance US is available for American traders
❌ Despite being similar, they are not the same account or company. Since Binance is banned in the United States, American traders should have a separate account at Binance US.
Login to your account, go to your wallet and click “deposit”, click “USD” as the deposit coin at the dropdown menu, enter the USD amount you want to deposit and select the amount you want to deposit, click “continue,” verify and click “confirm”.
It’s important to do your research and decide which exchange will work best for your trading needs. For example, let’s continue talking about Binance US vs Binance. These two exchanges may be similar, but they have differences that make them stand out from each other.
From this diversity we can determine which one Binance or Binance.US would be best for a smart trader to choose, depending on their circumstances (read this – Binance US vs Coinbase).
Our team here at the SmartCryptoStaking project use our combined knowledge and research skills to sift through the data and give you the best answers possible.
Read on for the differences between Binance and Binance US and we can help you discover which one will be the best for your situation. Binance vs Binance US- which one is for you?
Binance vs Binance US Comparison
If there’s one thing that’s important in the world of cryptocurrency, it’s exchanging. That’s why it’s important to compare the options and decide which type of cryptocurrency exchange will work best for us. Binance US and Binance may be similar, but they have differences that make them stand out.
What are the Differences Between Binance and Binance US?
On the surface, Binance and Binance US are the same. However, the Binance.US vs Binance.com discussion has quite a lot of history to unfold.
Binance is an exchange that offers more than 500 cryptocurrencies and over 1,200 trading pairs that can be traded for each other on an exchange. These offers prioritise crypto traders having access to the most possible coins.
This is appealing to crypto investors who want an established place to trade, since Binance offers a pick of almost any digital asset.
However, Binance has had issues with regulators. For example, it left China and relocated to Japan and Taiwan in 2017 before eventually moving to Malta. Then, in February 2020, Malta claimed that Binance was not within the country’s jurisdiction.
The company swiftly switched positions, saying that it doesn’t have a headquarters in Malta because other exchanges don’t have a central headquarters in the country.
Despite all this, Binance is still one of the largest exchanges in the world. In May 2021, the company had a spot trading volume of around $1.5 trillion, a 63% increase from the previous month. Even though Binance has more volume than other exchanges, its volume spreads across a larger pool of cryptocurrencies than other exchanges.
One big drawback for Binance is that it does not allow for US dollars to be deposited and traded. That’s where Binance US comes in. This company is steadily and quickly growing, though it is still not as big as its parent company.
Binance US has just 53 cryptocurrencies available for trading, including stablecoins (digital currencies pegged to a “stable” asset like the US dollar or gold).
Despite all this, it does have significant volume – around 765 in liquidity, making the volume at around $578,701 and the volume percentage at 0.11%.
Transfer from Binance to Binance US
One of the most important aspects of any cryptocurrency is trading. The Binance vs Binance US discussion is no exception. Of course, there’s usually a fee attached to the action when there’s trading.
Some exchanges, like Coinbase and Gemini, have costly fees. Luckily, both Binance and Binance US have reasonably-priced transactions, welcoming those just starting out with cryptocurrency.
Binance uses a tiered fee structure that shows customers’ amounts based on trading levels. The lowest volume level, VIP 0, has a trading fee of 0.1% for both makers (people who provide liquidity to a market) and takers (people who take liquidity to buy/sell orders). The top level, VIP 9, has a trading fee of 0.02% for makers and 0.04% for takers.
Binance US also offers low trading fees. Unlike its parent company, Binance US offers 10 VIP levels instead of nine, though that’s not going to make much of a difference for most traders since Binance US users can also take advantage of its parent company’s discounts.
Both Binance and Binance US offer easy depositing and withdrawal methods, so it’s simple to make Binance to Binance transfer and trading. Binance’s main platform uses only crypto, where we can deposit any of the 500 currencies the company supports.
Withdrawals work the same way, too – all you need is the address on the coin’s blockchain. Nowadays, we can buy bitcoin with credit and debit cards because Binance supports fiat deposits.
Binance US also allows us to buy cryptocurrencies via debit card, bank wire and the automated clearing house (ACH). In addition to these methods, we can always deposit funds in any supported cryptocurrency.
Cheapest Way to Transfer Crypto from Binance to Binance US
Both Binance and Binance US have low trading fees and high volume, so expenses shouldn’t be a huge problem for transferring crypto from Binance to Binance US. There are multiple ways to convert Binance to Binance US, but here is the cheapest way to transfer from Binance to Binance US:
The first thing we need to do is log in to our binance.com accounts and navigate to our wallets. Then, select the “withdraw” option. Every coin we have on binance.com needs to be copied to the corresponding binance.us wallet deposit address. Complete the withdrawal and repeat for each coin we have. It’s as easy as that!
Binance US vs Binance – Staking, Fees, Available Coins, and Volume
All bitcoin exchanges deal with staking, fees, available coins, and volume, and Binance and Binance US are no exceptions. This makes the debate more interesting. Both have immense support from various countries and other cryptocurrencies since they are among the world’s most popular exchanges.
Can You Stake Crypto in Binance and Binance US?
It’s not unusual for people who don’t want to purchase digital money to partake in “mining.” That involves someone using their computer to add a digital transaction’s security while getting “paid” in return via newly created cryptocurrency. However, there’s another way to get “paid” without purchasing or mining – staking.
Staking is similar to mining, but we use any amount of cryptocurrency staked to limit the transactions we can validate. The more we deposit, the more transactions we can do, which means earning more money. Staking is one of the most popular topics in the Binance vs Binance US discussion.
Both Binance and Binance US allow you to stake crypto. Not only are we allowed to stake crypto, but there are various coins available for staking. It’s also a simple process. All you need to do is create an account and purchase the cryptocurrency you want; or you can use crypto you already own .
After that, go to the staking section of the website, read about the rewards for each currency option, and select and deposit which currency you want to stake. You must also wait for the required locking period. Then, you can collect your “interest” and let your digital currency work for you.
Some pros to staking include:
- Do nothing and the currency accumulates on its own
- It’s easy to do
- No special skills are required
- There are minimal starting costs
- No intense energy draw is required, meaning staking does not use a lot of natural energy like coal or electricity
However, there are some drawbacks to staking, such as:
- Moderate gains at best
- Money in “savings” is not allowed to be removed during the designated time
- The coin’s value could change, and it could even lose value
Some ‘stake-able’ currencies are EOS, One, Algorand, QTUM, Atom, XTZ, and Vechain.
Binance Fees vs Binance US Fees
One of the most important things about cryptocurrency trading is the fees. Fortunately, both Binance and Binance US are known for cheap trading fees. Their fees are some of the lowest of the most popular cryptocurrency exchanges.
Binance uses a tiered structure, showing how much customers will pay in trading fees based on their trading level. There are ways to lower the fees.
For example, if we choose to pay with Binance’s native token, BNB, the fees will be reduced by 25%. And if we pay fees with BNB and refer some friends, our friends will pay 0.06% at most for each trade.
Binance US has similar trading fees and tier levels. The only difference is that Binance US’s highest level is VIP 10 instead of VIP 9, with trading fees for VIP 10 being 0% for makers and 0.02% for takers. If we use Binance US, we can also take advantage of the same discounts Binance users can take.
Binance US Volume vs Binance Volume
One of the most important aspects of a cryptocurrency is its volume. With both Binance and Binance US, volume is an important part of how much you can earn and trade. So, here are the ways volume affects both Binance.us and Binance.com.
Binance is one of the world’s biggest cryptocurrency exchanges. As such, it’s not much of a surprise that it has a large amount of volume. Despite having more volume than other exchanges, it’s spread across a much larger pool than other competitors like Coinbase and Kraken.
Binance US doesn’t have as much volume as its parent company. Binance US has around US$66 million, while Binance has more than US$3 billion. Though both exchanges are similar, many traders prefer trading against bigger companies than with a smaller and newer company like Binance US.
Binance vs Binance US Review Summary
Both Binance and Binance US have a lot to offer. They both have many cryptocurrencies and trading partners and a lot of liquidity. Binance US hasn’t had a controversy over its location like its parent company.
However, if you desire more currencies and trading partners as well as significant volume, then Binance would be your choice over Binance US. If you’re in the US, you’ll need to use Binance US, and American users should be comfortable using Binance US for their trading.