The popular cryptocurrency exchange platform Binance US recently announced that they are eliminating trading fees for Ethereum (ETH). This move is part of Binance’s commitment to providing users with a secure, reliable, and user-friendly platform to trade cryptocurrencies. By removing trading fees, Binance US is making it easier and more cost-effective for users to invest in the Ethereum blockchain. In this blog post, we will explore the implications of this decision and what it means for 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. Binance US 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. It provides users with access to some of the most popular crypto coins and tokens, such as Bitcoin, Ethereum, XRP, Litecoin, and many more. The United States has numerous crypto owners and users which means that Binance US will be a valuable market for Binance. 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. The main difference between the two is related to the financial regulations in the US. 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?
Binance US’s 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. Additionally, by eliminating trading fees, Binance US makes it easier for new investors to get involved with ETH and other 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 Binance US over other exchanges that still charge trading fees. This could mean more volume for Binance US as more people become attracted to its platform.
How to Start Trading on Binance US
To get started trading on Binance US, you’ll need to create an account and fund it with US Dollars or any of the available cryptocurrencies. Once you have a funded account, you can start trading by selecting the asset you’d like to buy or sell and placing an order. Binance US 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 connecting to a US IP address or not. Binance.com will detect its users anyhow. That’s why, for Binance users, it is advised to require a VPN to get an IP address from a country where Binance.com functions.
- Create Binance 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 Binance 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: Binance 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: Binance US also offers strong security measures to ensure the safety of its users. The platform employs top-notch encryption technology, two-factor authentication, and anti-fraud detection systems to ensure that all user data is kept safe and secure.
3. Variety of Currencies: Binance US offers a wide range of digital currencies to choose from. This includes Bitcoin, Ethereum, Litecoin, Ripple, Cardano, NEO, and more. 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 without having to wait for long periods of time.
5. Quality Customer Support: Binance US provides users with excellent customer support. If users have any questions or need assistance, the platform has a dedicated support team that is always ready to help out.
Binance US has eliminated trading fees for ETH, providing a great benefit to users who are looking to trade this cryptocurrency. With the addition of trading fees, Binance US is one of the most attractive exchanges for cryptocurrency traders, as it offers a wide range of services and features to help users trade their digital assets safely and efficiently.
Whether you are a beginner or an experienced trader, Binance US is the perfect place to start your trading journey. Its user-friendly platform allows users to easily access their accounts and start trading without having to worry about hidden costs. For these reasons, Binance US is the perfect place to start your cryptocurrency trading journey.