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Binance vs Binance US: How Do the Two Platforms Differ?

A comparison between Binance vs Binance US is essential as the segregation of both exchanges raised a slew of questions in the heads of crypto enthusiasts. understanding the differences between both the exchanges can help crypto enthusiasts in differentiating which platform is more suitable for them.

Starting with Binance, it is a completely unregulated platform that emerged in 2017 and transformed into a giant crypto exchange platform in 3 years. But because of regulatory protocols, they were forced to restrict access for US traders from their main exchange platform. Although, to overcome this situation they introduced a separate bespoke US-focused exchange for US traders.

Binance vs Binance US: Overview

It is no doubt that Binance is the biggest and most popular cryptocurrency exchange. It was based in China initially but then relocated their headquarters to the crypto-friendly Island of Malta in the EU. The key factor that contributes to its popularity is crypto-to-crypto exchange services. Binance gained around $15 million in an ICO 2017 and registered 20,000 users immediately.

In Summer 2019, Binance exchange faced an ultimate challenge to barre US-based users from its global exchange because of governmental reforms. To continue offering exchange services to its American traders, it introduced a separate and smaller trading platform Binance US. From the start Binance US offered fiat deposit and the feature was not provided in the main Binance platform at that time. Later it incorporated the fiat gateway to its main platform as well.

Deposit and Withdrawal methods

Back in the day, the main Binance platform allowed crypto-to-crypto transactions where traders could only deposit in 150 supported coins. The same case was with the withdrawals, traders just required the exact position on the blockchain of the coin they desire to withdraw. Presently, Binance facilitates fiat deposits and traders have the flexibility to purchase bitcoin with their credit/debit cards. Whereas, in some countries, it also allows a direct wire transfer as a deposit method.

In the comparison of Binance vs Binance US, Binance.US is much more convenient in withdrawal because it offers multiple options. It has a flexible UI (user interference) from the start and allows users to buy cryptocurrencies with a debit card, the automated clearinghouse (ACH) and bank wire. Also, traders can always deposit funds in any of the supported cryptocurrencies on the exchange.

Supported Countries

The traditional Binance platform does not possess a proper system to detect which countries are supported and which are not. Although, it has a couple of episodes of sudden blocks for traders from different countries around the world. On the other hand, Binance developed Binance US, to serve only US-based traders and restricts them to use their main platform.

As the name indicates, Binance US only targets traders based in the United States of America. Currently, Binance US is restricted to only 12 states (including New York, Texas, and Florida) and it may take some time for the company to expand its operations geographically. Whereas traders from other countries can trade on Binance global exchange.

Binance US vs Binance: Supported coins

In comparison of Binance US vs Binance, Binance comprises a wide range of offerings when it comes to supported cryptocurrencies. The numbers are increasing rapidly and by the time of this writing, it has exceeded 150 coins.

On the other hand, the US platform is a bit restrictive in that sense as it offers 46 trading pairs for 26 coins, with all the major ones like BTC, ETH, XRP, LTC, ADA, XLM, LINK, EOS, NEO, IOTA, TRX, etc supported.

Customer Support

Binance offers highly exceptional customer support compared to its peer exchanges. It provides client support in 7 different languages. There is no hotline for this platform, but they do have a client inquiry submission form, where users can submit their requests. They are quite prompt in their responses and respond in a time of 24 hours.

The support protocols of Binance vs Binance US are quite similar because Binance US offers support services via their email ticket system and their active social media channels.

Security

Binance has been awarded an information security accreditation for meeting all regulatory standards set out by the International Organization for Standardization (ISO). For this audit, the entire platform was evaluated on 114 criteria within 14 categories, comprising operational security, asset management, security policy, and information systems.

The same rules apply at the Binance US platform – same team, same philosophy, and work ethic so it is, as safe as the main platform.

 It cannot be said that one is better than the other, it solely depends on your requirement and geographical location. However, if you are not familiar with the crypto market and want to make a start then opt for PrimeXBT Covesting. It allows you to copy trade, which means automatically copying the trades of a professional to enjoy the same returns as them. This is an easier way to trade for someone who does not have sufficient time or expertise regarding the crypto market.

Written by Ben Jonas

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