Should I use Binance or Binance US?
While Coinbase and Robinhood have made headlines this year for a variety of reasons, Binance, situated in the Cayman Islands, is the world’s most popular cryptocurrency exchange for both good and bad reasons. Despite the fact that U.S. investors are unable to access the global mega exchange, they can do so through Binance’s domestic outpost in San Francisco.
Despite being aimed at American users, CoinMarketCap.com lists US as one of the top ten cryptocurrency exchanges in the globe. It’s easy to see why Binance is so popular, with minimal costs, a large selection of major cryptocurrencies, and an easy-to-use platform.
Binance is one of the wonders of the crypto world, a wholly unregulated platform that arose amid the 2017 crypto boom and soared to unimaginable heights in just three years. Due to increased regulatory pressure, they were compelled to restrict access to their main Binance.com platform for US traders and develop a second, US-focused exchange called Binance US.
The separation of the two platforms sparked a host of questions in the minds of crypto fans, which we hope to answer in this post about Binance vs Binance US. We won’t waste any time and jump right into the first section of our Binance vs Binance US comparison. Which cryptocurrency exchange is the most effective?
General information about Binance and Binance US
Binance is well-known for its cryptocurrency-to-crypto currency exchange services. In July 2017, the company held an ICO to raise roughly $15 million. As part of the raise, it immediately added 20,000 new users. Binance burst onto the crypto scene in 2017 and has since risen to become the world’s most popular cryptocurrency exchange.
Binance first opened its doors in 2017, but in the summer of 2019, it decided to ban US residents from using its global exchange due to regulatory concerns. Binance is continuing to serve consumers in the United States. In the fall of 2019, the United States launched Binance.US, a separate, smaller exchange. Unlike the main Binance platform, Binance US now allows fiat deposits. Binance’s main platform was later updated to include fiat gateways.
Methods of Deposit & Withdrawal
Binance’s main platform used to be a cryptocurrency-only platform, allowing users to deposit any of the 150+ supported coins. Withdrawals are the same – all you need is the address of the coin you want to withdraw on the blockchain. Binance now accepts fiat deposits, allowing you to purchase bitcoin using a credit or debit card. Binance also accepts direct wire transfers from some countries as a deposit option.
Customers can buy cryptocurrencies with a debit card, an automated clearinghouse (ACH), or a bank wire through Binance.US. Of course, you can fund your account with any of the exchange’s supported cryptocurrencies.
Countries that have received financial assistance
Binance does not specify which countries are supported and which are not, but they have had a few instances of traders from various countries around the world being suddenly blocked. For US traders, Binance has created a separate platform, Binance US, that is only available to US residents and prevents them from using their main platform.
Binance US, as the name suggests, caters exclusively to Americans. Binance US is currently only available in 12 states (including New York, Texas, and Florida), and it appears that the company will take some time to expand its geographic reach. Binance Global Exchange is open to traders from all over the world.
Supported coins on Binance.com vs Binance.US
When it comes to supported cryptocurrencies, Binance has one of the largest selections. The number of coins continues to rise week after week, and as of this writing, it has surpassed 150 coins.
When compared to its peer exchanges, Binance has excellent customer service. Binance’s customer service is available in seven languages. Binance does not have a customer service phone number at this time, but they do have a customer support section where you can submit your requests. During their limited operating hours, you can also use their live chat support option as shown here. Aside from that, their FAQ section is quite comprehensive, and if you read it thoroughly, you may not need to contact Binance support at all.
Binance US, like the “original” Binance, provides support through an email ticket system as well as very active social media channels where you can get answers to your questions (usually with the recommendation to contact them through support channels). Aside from that, their FAQ section is quite comprehensive, and if you read it thoroughly, you may not need to contact Binance support at all.
Reputation & trust
Binance has earned a reputation for being quick and ferocious in its two short years of existence, sweeping aside competitors on its way to becoming one of the world’s largest cryptocurrency exchanges by trading volume. The mother company, Binance, is responsible for the company’s reputation and trust. The only difference is that Binance US has to register with the US Financial Crimes Enforcement Network (FinCEN) and abide by all state laws in which the proposed venture will operate.
Binance claims to have received an information security accreditation after meeting IOS standards (ISO). Binance was audited on 114 criteria spanning 14 categories, including security policy, asset management, operational security, and information systems, as part of the audits.
During a hack in May 2019, they also lost $40 million. They did, however, have a separate fund for such situations, and they used that fund to reimburse all users.
Other differences between Binance.us and Binance
When it comes to growth, Binance is ruthless: they’re constantly adding new features like margin trading, OTO options for traders, and other things.