How to Use Binance.US: The Complete 2023 Guide for US Traders

Binance.US is a US-based cryptocurrency exchange launched in 2019 as an alternative for US citizens who want to trade crypto assets but cannot access the main Binance platform due to regulatory restrictions.

In this complete guide, I will walk you through everything you need to know about getting started and effectively using Binance.US in 2024.

Overview of Binance.US

Binance is the largest global crypto exchange by trading volume, with over 28 million users worldwide. However due to strict US regulations, Binance does not allow US citizens to trade on its main platform.

To serve the growing US market while remaining fully compliant with US law, Binance launched a separate regional exchange called Binance.US in September 2019.

Some key things to know about Binance.US:

• Operates independently from Binance and has its own management team.
• Headquartered in San Francisco and compliant with all US regulations.
• Offers fewer coins than Binance (about 60) but aims to add more over time.
• Only allows trading between cryptocurrencies and USD fiat (no crypto-crypto pairs).
• Much lower trading volumes than the main Binance exchange.
• Customer support focuses specifically on US-based users.

By operating as a completely separate entity registered with FinCEN and partnering with US banks, Binance.US allows US traders to buy, sell and hold cryptocurrency while remaining compliant with US law.

Next let‘s walk through the process of creating an account.

Step 1: Creating a Binance.US Account

Creating an account with Binance.US only takes a couple of minutes. Follow these steps:

1. Go to Binance.us and click "Register" in the top right.
2. Enter your email and choose a secure password. Make sure it‘s at least 8 characters with uppercase, lowercase and symbols.
3. Check your email inbox for a confirmation link to verify your email address.
4. Click the link to complete email verification.
5. Provide some personal details like full name, date of birth and address.
6. Agree to the Terms of Use and Privacy Policy.

And you now have a Binance.US account!

But before you can deposit funds and start trading, there‘s one more important step…

Step 2: Account Verification

To ensure regulatory compliance and prevent fraud, Binance.US requires all users to complete identity verification.

There are two levels – basic and advanced:

Basic Verification

To upgrade to basic verification, you need to:

• Provide your Social Security Number
• Upload a photo ID like a driver‘s license or passport

With basic verification you can deposit, trade and withdraw everyday amounts with lower limits.

Advanced Verification

For higher trading limits and withdrawals, you need advanced verification by providing:

• A second ID document like a utility bill
• A selfie photo holding your ID

Advanced verification also requires setting up two-factor authentication (2FA)…

Two Factor Authentication (2FA)

Regardless of your verification level, enabling 2FA is mandatory for account security on Binance.US.

It adds a second layer of protection beyond your password by requiring a randomly generated code from one of these options:

• SMS text message
• Google Authenticator app
• Security key like Yubikey

With 2FA enabled, you need both your password AND the 2FA code to successfully log in to Binance.US. So even if your password was compromised the attacker would be unable to access your account.

I highly recommend using Google Authenticator over SMS which has known security vulnerabilities. The codes are device-specific so your account remains protected even if your phone is lost or stolen.

And that covers the basics of getting your account set up! Now let‘s look at depositing funds which is required before you can trade.

Depositing Funds

Once your identity is verified on Binance.US, you‘re ready to deposit either USD fiat or cryptocurrencies.

Let‘s go through both options…

Depositing USD

The only supported fiat currency is USD, which you can deposit directly from your bank account via wire transfer or ACH transfer.

Credit/debit card purchases are currently NOT SUPPORTED.

Here are the steps to deposit USD:

1. Log in to your Binance.US account
2. Mouse over your profile icon and choose “Deposit”. Then select “Fiat”.
3. Choose the amount you wish to deposit. Minimum is $10.
4. Select your preferred deposit method – ACH bank transfer or Wire Transfer.
5. Enter your bank details and follow the on-screen directions to complete deposit process.

Allow several business days for bank transfers to process before available funds appear in your Binance.US account.

Depositing Cryptocurrencies

Already hold crypto elsewhere and want to trade on Binance.US? You can easily deposit coins directly to your Binance.US wallet address:

1. Log in and mouse over your profile picture. Choose “Deposit” then pick “Crypto”.
2. A pop-up will appear with a unique wallet address for each coin. Make sure you only deposit supported coins!
3. Copy the address for the coin you wish to deposit.
4. In your external crypto wallet, choose the Send option and paste your Binance.US address.
5. Double check the network is set correctly (e.g. ERC20 for Ethereum) before confirming withdrawal.
6. Repeat for any other coins you wish to deposit.

Transactions usually complete within 30 minutes with coins added directly to your Binance.US account, ready for trading!

Now let’s explore how trading works…

Trading Cryptocurrencies on Binance.US

With funds deposited in your account, you can start trading any of the 50+ cryptocurrency coins available on Binance.US.

The trading platform interface will feel familiar to anyone who has used traditional stock brokerages. Here’s a quick overview:

You can choose between a simple Basic view or Advanced view with more data analytics.

Key elements:

Chart: Visualize market data and coin price history. Can add indicators and trendlines.

Order Book: See current buy and sell orders in realtime. Gives perspective on market depth.

Trade History: Shows your account’s recent trades.

Buy/Sell options: Pick coin amount to buy/sell and preview order details.

Open Orders: Pending orders waiting to fill.

Let‘s break down the order types available…

Market Orders

A market buy/sell is executed immediately at the best current market price. Simple and fast but price can vary.

Limit Orders

A limit order lets you specify the maximum price to pay or minimum price to receive. The order will only fill if it meets those limits.

Stop-Limit Orders

A stop-limit triggers a limit order when the market price passes a specified stop level. Useful for automatically cutting losses or securing profits.

When you place an order, you can set the quantities in dollar amounts rather than number of coins. Binance.US will automatically calculate the amount of crypto.

I recommend starting trading with smaller amounts as you get familiar with how the market and orders work.

Withdrawing Funds

Withdrawing money from your Binance.US account works similarly to deposits.

You must complete identity verification before withdrawals are enabled. There are also minimum withdrawal amounts and fees that vary by coin.

Withdrawing USD

Follow these steps to withdraw funds in USD fiat:

1. Mouse over your profile icon and choose “Withdraw” then “Fiat”.
2. Select withdrawal currency as USD.
3. Enter your bank account details. Must match your verification documents.
4. Specify withdrawal amount and submit request. Be aware of fees and minimum amounts. Allow 5-10 business days to receive funds.

Withdrawing Crypto

To withdraw funds as crypto:

1. Mouse over your profile and choose “Withdraw” then “Crypto”.
2. Pick which coin you wish to withdraw from the options shown.
3. Paste the address from your external wallet to receive the withdrawal.
4. Double and triple check the address is correct before submitting!
5. Check minimum withdrawal amounts and network fees applicable.

Withdrawals can take up to 30 minutes to process with crypto amounts sent directly to your personal wallet address.

Enabling Two Factor Authentication (2FA)

Given crypto‘s irreversible nature and the risks of hacking, using 2FA is essential for securing your Binance.US account.

You should enable 2FA right after basic account creation:

1. Click your profile icon and choose “Security”. Select “Two-factor authentication”.
2. Pick your preferred 2FA method – Google Authenticator is highly recommended.
3. Follow the directions to scan a QR code which links the Authenticator app to your Binance.US account.
4. You‘ll now be prompted for the rotating 2FA code from the app whenever you login or withdraw funds.

With 2FA activated, your account is safeguarded from unauthorized access. The randomly generated codes prevent identity theft and password compromise attacks.

Other Security Best Practices

Here are some additional ways to keep your Binance.US account and coins secure:

• Strong password + 2FA as described above. This is the first line of defense.
• Address whitelisting to restrict withdrawals only to your pre-approved addresses. You must verify crypto addresses before withdrawals are allowed to them.
• Low withdrawal limits to restrict large unauthorized transfers.
• Cold storage for coins you intend to hold long term instead of keeping them on the exchange.

While Binance.US stores the vast majority of user funds in segregated cold wallets protected by insurance, you’re ultimately responsible for your own account security. Enable all account-level protections available and use strong passwords for peace of mind.

Availability of Binance.US By State

Due to state-by-state regulations in the US dictating money transmitter licensing requirements, Binance.US currently operates in only 43 states:

Seven states are currently restricted – Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont. This can change over time so check for updates.

Users in other states are out of luck for the moment. But alternatives like Gemini or Kraken may suit your needs if you wish to trade crypto.

Staking Cryptocurrencies on Binance.US

Staking has grown in popularity for earning rewards in crypto without actively trading in the markets. It offers fairly low-risk passive income if you intend to hold assets long term.

Staking locks up an amount of coins to help validate transactions on proof-of-stake networks like Ethereum 2.0. In return you earn more coins as interest over time through a process called minting. The APY yield rates can range anywhere from 1% to 15%+ depending on the crypto.

Binance.US supports staking for 10+ coins including ALGO, ATOM, LUNA and others. Just navigate to the “Earn” section to pick a coin and see current staking rates.

The steps are super simple:

1. From your Wallet, click "Staking" and choose a coin you wish to stake.
2. Select lockup period (if flexible staking available). Longer earns higher APY.
3. Enter amount to stake and accept terms.
4. Coins are deducted from your spot wallet and start generating rewards!

You can use staking as a set-and-forget way to grow your crypto holdings over longer time frames. I recommend researching the risk profile of any coin before committing your assets to staking.

Getting Support From Binance.US

As the US-focused subsidiary, Binance.US offers dedicated US-based customer support via:

• Email: Support tickets submitted via contact form
• Chat: Available during business hours
• Twitter: @BinanceUShelp
• Support Center: FAQ and help articles

I’ve personally had great experiences dealing with their customer support team on the few occasions I needed assistance. Responses are reasonably fast and issues are followed through to resolution.

They also operate an active Twitter account which provides trading updates alongside user support. So both resources are useful to stay informed.

Closing Thoughts on Using Binance.US

I hope this complete step-by-step guide covered everything you need to know to get started and effectively use Binance.US! Here are some key takeaways:

• Binance.US is the only Binance option for US crypto traders to remain compliant with local regulations. You‘ll need to create a separate account here even if you use the global platform while abroad.
• Mandatory verification rules apply so be prepared to submit ID and personal information. This is standard for all centralized crypto exchanges operating in the US.
• The trading interface and order types work similarly to traditional stock brokerages once you get used to it.
• Staking provides easy passive income on your crypto holdings through the "Earn" section.
• Security features like 2FA and address whitelisting are a must to enable for account protection against unauthorized access.
• With an entity registered specifically to service the US market, they offer good US-based customer support options to resolve issues.

While trading volume and coin selection is lower than the main Binance platform, Binance.US hits the sweet spot between regulatory compliance, available features, and customer service.

It’s been my personal go-to for conveniently buying/selling crypto using USD while being protected under US law. The security and transparency priorities aligned well with my expectations as a US user.

I hope you found this guide helpful. Let me know if you have any other questions in the comments!