Binance minimum trade is $10
Trade execution: Binance is known for its high-speed trade execution. Before company founder Changpeng Zhao started Binance in China in 2017, he developed a software system for matching orders for high-speed traders.
Binance is best for:
- Peer-to-peer trading.
- Crypto-to-crypto trading.
Trading and transaction fees
Binance.US charges a flat 0.1% spot trading fee, which is lower than many other U.S. exchanges, including eToro (about 0.75% for Bitcoin trades) and Coinbase (which charges 0.5% for trading fees plus a flat fee of up to $2.99 per trade, depending on trade amount). For traders in a hurry, Binance.US also offers a 0.5% Instant Buy/Sell fee.Binance charges an additional 4.5% for debit card transfers (unlike its global brokerage,
Binance.US doesn’t allow credit card purchases). There are no fees for cash deposits or withdrawals by ACH bank transfers, while bank wire transfers are $15 per transaction. Fees for cryptocurrency withdrawals differ by cryptocurrency; withdrawals of Bitcoin cost 0.0005% and a minimum withdrawal amount of 0.001 bitcoin.
Crypto selection: While it doesn’t offer as many cryptocurrencies and crypto-to-crypto trading pairs as its parent company, the selection of nearly 60 cryptocurrencies at Binance.US still outpaces many other U.S. exchanges.
Crypto-to-crypto trading pairs
Binance.US currently offers nearly 60 crypto-to-crypto trading pairs with Bitcoin and nine other digital currencies: Cardano (ADA), Bitcoin Cash (BCH), Binance Coin (BNB), Ethereum (ETH), Chainlink (LINK), Litecoin (LTC), Uniswap (UNI), VeChain (VET) and Tezos (XTZ). Many other cryptocurrencies can be traded for stablecoins Tether and Binance USD, Binance’s own stablecoin ($1 BUSD always equals $1 USD).
Digital wallet options and security
Trust Wallet is the official wallet for Binance users, a free app to store cryptocurrency that is highly rated by Google Play and App Store users. Users, however, are welcome to use their own choice of crypto wallet.
There have been no reported breaches at Binance.US, but the global Binance site reported in 2019 that hackers stole 7,000 bitcoins worth $40 million at the time. The company said it paid the losses in full to affected users.
Other features you should know
Peer-to-peer trading: Binance.US’s OTC portal allows trading directly between buyers and sellers. There are no transaction fees, but users are charged the spread between the buy and sell price. Also, the minimum trade amount is high, at the equivalent of $10,000.
Three trading platforms: Binance.US uses the same technology as the global platform, and offers three different trading platforms: Basic, Advanced and OTC for peer-to-peer trading. Binance.US suggests new users start on the basic trading platform, which will still give experienced traders the information they need such as spot price, 24-hour price performance and trading volume.
For the newly crypto curious, even the basic platform may be too much firepower. If you just want to purchase some bitcoins, you can bypass the exchange and purchase directly from the site. Once your account is verified, you can simply input the number of bitcoins or U.S. dollars you want to spend.