The popular cryptocurrency exchange platform Binance US recently announced that they are eliminating trading fees for Ethereum (ETH). Without a trading fees it is now easier and more cost-effective for users to invest in the Ethereum blockchain. In this blog post, we will explore how this decision affects Ethereum traders.
What is Binance US?
Binance US was founded in 2019. It is a digital asset marketplace created by Binance, the leading global cryptocurrency exchange. The company is dedicated to providing a secure and compliant platform for American traders to buy and sell digital assets.
In simple words, Binance US was created for residents and users of the United States. The platform also offers advanced trading tools, liquidity, and tight security. With its innovative technology and reliable customer service, Binance US is quickly becoming the premier destination for digital asset trading in the United States.
What is the Difference Between Binance and Binance US?
Trading in the United States requires immense licensing. However, Binance created a separate exchange for US users named Binance US because Binance was a “centralized cryptocurrency exchange.” The users of Binance US cannot offer the same crypto assets legally as compared to the main Binance exchange. However, the fees are equally low.
How Does This Benefit user?
The decision to eliminate trading fees for ETH is an incredible boon for its users. By removing trading fees, users are able to trade ETH on Binance US at no cost, making it easier to make profits or move ETH in and out of their accounts. This also has the benefit of allowing users to make larger profits off of smaller trades. By eliminating trading fees, the crypto trading firm made it easier for new investors to get invest in digital assets, which is great news for the cryptocurrency community as a whole. Visit Bitcoin Era to trade and invest in cryptocurrencies.
The elimination of trading fees also makes it more attractive for people to use Binance US over other exchanges. Since trading fees are now removed, there are fewer costs associated with trading, so users may find it more appealing to use this firm over other exchanges that still charge trading fees. This could mean more volume for the company as more people become attracted to its platform.
How to Start Trading on Binance US
You need to create an account, and fund it with a cryptocurrency or US dollars before doing any trading.
You can start trading by placing an order on the asset you want to buy.
The company also offers advanced trading features such as margin trading and stop-limit orders to help you better manage your trades. You can enjoy trading on Binance US by following the five simple steps:
- Connect to VPN: It is easy to identify whether the users are from US or not. Binance.com will detect its users anyhow. That’s why, for users, it is advised to require a VPN to get an IP address from a country where Binance.com functions.
- Create an Account: An Email address is a must-have to create an account on Binance.com. Then, choose the server country that is going to be the country of your residence and move further to verify your email addresses. Binance feels the necessity for identity verification before users start depositing and withdrawing funds. But the process remains simple if the users are not US citizens.
Users can also move further with two-factor authentication to make their accounts safer.
- Add Funds to the Account from the US: Users are guided to use another crypto wallet or exchange which works in the US and can be used by US users. Choosing an exchange with lower withdrawal charges and fast transaction completion time is recommended (The two most popular options for the same are also available such as Coinbase or FTX US). Then move further towards account verification, which allows access to purchase and transfer cryptocurrencies to the Binance account.
- Trade on Binance: In order to go ahead by buying and selling any currency on the exchange, navigate towards the trade tab, click on Markets or Advanced tabs then all the available trade pairs will appear on your screen to choose from. Keep in mind to transfer the cryptocurrency to a secure software wallet if you are not willing to trade your cryptocurrency.
- Withdraw Funds from Binance in the US: The company limits the amount for the withdrawal per day. After completing the authentication process as a user from the US, you can withdraw 0.06 BTC per day. Users can also transfer their assets to an exchange or wallet (works in the US) to experience some additional withdrawal freedoms.
Benefits of Using Binance US
1. Low Trading Fees: One of the most attractive features of Binance US is its low trading fees. The platform eliminates trading fees for Ethereum (ETH) trades, allowing users to save money on their trades and focus more on their investment strategies.
2. Security: The trading company offers strong security measures to ensure the safety of its users. The platform has top-notch encryption technology, two-factor authentication, and anti-fraud detection systems activated to so all user data is kept safe and secure.
3. Variety of Currencies: The firm offers a wide range of digital currencies to choose from. With such a wide selection of currencies available, users can diversify their portfolios and increase their chances of making profits.
4. Fast Transaction Processing: Transactions made on Binance US are processed quickly and efficiently. This allows users to quickly buy or sell their digital assets.
5. Quality Customer Support: Binance US provides users with excellent customer support. The platform has a dedicated support team for assisting the users if they need any help.