Are you one of the few lucky Americans approved to trade on Binance.Us? If so, check out our guide, “How To Use Binance.Us,” to learn how to use this Binance offshoot.
Binance.US may be the option for you if you’re looking for some of the cheapest fees in the industry. For example, Binance.US fees for a market order are roughly 500% cheaper than on Coinbase Pro. Also, they become much cheaper if you are paying with the BNB token. So, that may be a reason to download the app right now and get started. If you haven’t yet go to Binance.US to sign up now.
As a note, U.S. users may have issues with signing up with Binance.US, and they rather uniquely require documentation of your address which means uploading a piece of mail. Anecdotally, I have seen this cause issues for users even outside of the restricted states, which are Connecticut (CT), Hawaii (HI), Idaho (ID), Louisiana (LA), New York (NY), Texas (TX), and Vermont (VT).
Nevertheless, the low fees and trading pairs make Binance and Binance.US one of the most liquid and appealing platforms to use. Lastly, before we show you how to use Binance.US, keep in mind that the SAFU safety net is another reason to breathe easy when using Binance. Despite its somewhat shoddy reputation, which is largely unnecessary, being the largest exchange globally, they do a lot to protect users.
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Ok, so now let’s dive in on how to use Binance.US. First, you will need to do the basic KYC, which includes proof of address if you are looking to access all the features of the exchange. As you can see below, the basic verification is enough to deposit crypto you already have. But if you are looking to transfer funds (ACH) from a bank, you’ll have to go the advanced route.
So let’s say you have verified your identity in a basic way and want to deposit crypto from Coinbase as an example. You will simply then click on wallet and then deposit. You will be taken to the screen below. We have selected Litecoin because the deposit and withdrawal fees are usually very cheap with LTC.
Then you will select the LTC deposit address, and as usual, go back to Coinbase as an example, paste this address, and boom, you will soon receive the LTC to your Binance account. Now you can begin trading. Keep in mind, as seen below, that a major downside of Binance.US is the withdrawal fees, which are quite high compared to other exchanges.
So, our Litecoin arrives, and now we can trade it for a different crypto.
To look at the markets, you will click trade, then markets, and will be taken to the below page. The main thing to keep in mind is that Binance.US offers around 65 coins, compared to Binance.com, which offers hundreds. As you can see in the below image, you can trade pairs against USD, USD(S) (stablecoins), or BTC.
So you want to trade the LTC into a different crypto. You will click on Litecoin in the market page, and then you will be taken to a traditional order book trading page, which you can navigate to by clicking on trade, and then basic.
While this may look intimidating if you are a newcomer, it really isn’t as messy as it looks. For more info on order books, you can read about it here. In short, the order book is a list of the currently open buy and sell orders for an asset, organized by price.
As you can see in the above image, we have opted to sell 100% of our LTC for USD because we have selected the LTC/USD pair. This means that when we sell the LTC, we will receive the equivalent in USD, which you could then use to buy Bitcoin with the BTC/USD pair.
I have done a limit order in this case, which means I am setting the price I wish to sell at. You can also do a market order and a stop-limit order. Binance has really deep order books meaning with a market price on Binance, there is a lot liquidity, which you will get a very accurate market price.
In the top right of the above image, we can search for our coins and the pairs we wish to trade-in. Keep in mind, with Binance; you can trade against their BUSD. As seen below, we have selected the ALGO/BUSD pair.
In the bottom right of the above image, we can see the trading history, where we can see the buys and sells for the most recent trades. Now, if we want to take that USD we just sold Litecoin for and trade it for Algorand, we will want to filter by USD, click the ALGO/USD pair, and as you can see below, we can now trade the USD for Algo.
Here we are doing a market order, which means we are buying the lowest price on the order book, which you can is highlighted in red and large font at 0.933 cents. (We have zoomed in to make it easier to read.)
When you select the trading tab, you can also click advanced trading, which presents the order book with the ability to chart with Technical Analysis and create trend lines, make Fibonacci retracements, and so on.
Algorand is also one of the coins you can stake on Binance.US, which you will earn a certain APY just for staking the coin on Binance.US. To get there, you will click resources, then staking, and will be taken to the below page.
You can then deposit Algo from another platform, but it will stake it since we have just bought it and already hold on to Binance. You don’t need to lock the tokens up, as the interest will generate just by holding the coins in your wallet.
Withdrawing from Binance via ACH (bank account) is more complicated than other platforms, but as an example, you will click on Wallet, then Withdraw, and select USD. You can read the details here.
It may be easier to just withdraw your crypto to an external exchange address with less cumbersome banking withdrawal measures. To withdraw your crypto from Binance.US, you will click on Withdraw from the dropdown box, select say BTC, and then you will enter the destination address as usual and submit. You will receive a confirmation email to confirm.
And that basically wraps it up for Binance.US. If you are looking for a wide range of deep liquidity and interesting pairs with cheap fees and high security, I would recommend you check out Binance.US.
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