How to Use Binance in the US [The Ultimate Guide 2022]
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Binance is the largest crypto exchange in the world by transaction volumes, and the wide range of supported tokens has put it ahead of other players in the game. The exchange has more than 28.6 million active users worldwide. Still, US citizens have fewer cryptocurrencies to choose from, lower liquidity markets, and restrictions on derivatives trading compared to Binance global. Binance is banned from operating in the US after facing regulatory troubles in 2019. The exchange quickly launched Binance.US, but it falls short of the stellar services provided by the global Binance exchange.
Fortunately, US crypto traders don’t have to miss any features. If you want to use Binance in the US, you can use a VPN connection to access your Binance.com account. However, keep in mind that circumventing Binance’s geoblocks is against its terms and conditions and could lead to account suspension.
Read on to learn how to use Binance in the US to start your crypto trading journey!
Binance Exchange
Binance is the world’s leading cryptocurrency exchange with daily trading volumes of over $20 billion and a listing of over 700+ cryptocurrencies. Binance exchange was founded by Changpeng Zhao and Yi He in 2017 and has grown to occupy a central role in the cryptocurrency ecosystem.
Binance offers competitive trading fees, impressive security offerings, a vibrant peer-to-peer platform, and leverage for traders looking to make the most of their opportunities. Binance fees are lower compared to other exchanges, and the regular updates of its features keep things fresh for Binance users. The combination of these features, as described in our Binance review, has made Binance the choice of millions of users across several jurisdictions.
Initially based in China, Binance moved its operations from China due to regulatory trouble with authorities. The exchange adopted a global outlook with no actual headquarters, but in 2019, it had regulatory challenges and legal issues in the US that led to a total ban in the country. In response, the company launched Binance.US, an entity registered with the United States Financial Crimes Enforcement Network and strictly adhering to US laws.
Although similar to Binance, the US exchange variant supports only a handful of cryptocurrencies in contrast to Binance global, which offers over 600 crypto assets. Additionally, Binance.US charges higher fees than the global version and is banned in some US states, such as Hawaii, New York, Texas, and Vermont. However, there is a 25% discount on your transaction fee if you hold Binance Coin (BNB) in your Binance.US account, and you have the option to trade between crypto and a fiat currency like USD.
How to Use Binance in the US
If you're frustrated with the limitations of Binance.US and have decided that trading cryptocurrency on Binance is what you want, look no further! Using Binance in the US to get the full offerings of cryptocurrencies and decentralized finance (DeFi) is not rocket science, and here’s how to get it done!
The best way for US residents to access Binance is through virtual private networks (VPNs). A VPN is software that protects your internet connection and privacy online. At its core, VPNs mask the online identity of users to prevent intermediaries from stealing your data.
A VPN works by hiding the IP address of users by rerouting traffic through a configured remote server, making it impossible for firewalls to stop users' access. VPNs also provide additional security through anonymous IP addresses and military-grade encryption.
Using a reputable VPN provider with all the necessary features will be sufficient for users to circumvent the requirements of the firewall and access all platform features.
Follow our step-by-step guide below to get started:
1. Choose a VPN Provider
The first step for US citizens looking to access Binance is to choose a suitable VPN provider that will meet their needs. There are several factors that users need to consider before choosing a provider, including the privacy, security, and fees charged by the VPN provider.
2. Register
After choosing a VPN platform, users will have to complete the registration process. Usually, this includes downloading the application or software for desktop or mobile, creating an account, and choosing the payment plan (either monthly or annually).
3. Log-in
Log into your newly created VPN account and select a server in a country that allows citizens to use Binance. European and Asian countries will suit, but it's essential to carry out due diligence before choosing one because regulations can change at any time. This step is important because Binance will immediately restrict your access from the US.
After selecting a country, ensure the application runs on your device. The next step is to access the Binance exchange website and proceed with the sign-up process.
4. Sign-up With Binance
Signing up with the Binance exchange is a straightforward process requiring inputting personal details. US residents should note that the crypto exchange requires two-factor authentication (2FA) as an added layer of security for the platform. While phone numbers are a preferred method of 2FA, it's important to remember that Binance won't accept US phone numbers because of the regulatory roadblocks.
Instead of using phone numbers as a 2FA method, US residents are advised to use Google Authenticator as a way around the debacle. Without enabling 2FA, you'll be restricted from using specific options of the Binance crypto exchange.
You can use the Binance app in the US with a VPN.
5. Deposit Funds
Congratulations! You’ve created an account on the Binance exchange, and funding your Binance account is the next step. This is an easy process because of the wide range of depositing options available to users, such as a debit or credit card, a direct bank deposit, etc.
US residents should fund their accounts using cryptocurrencies from a crypto wallet that works in the US. You can fund your account by transferring cryptocurrencies from a trading platform that operates in the US to your newly created Binance account. Coinbase, Kraken, and FTX are some of the exchanges you can use. Remember to consider the withdrawal and deposit charges that accrue from using any of these platforms.
6. Trade on Binance
With your VPN running, you can easily buy, sell, and hold cryptocurrencies using Binance global. Users can also access other features like P2P, non-fungible token (NFT) marketplace, and even leverage.
7. Withdraw Funds
For individuals with full verification by submitting their government-issued documents, there is a withdrawal limit of 100 BTC every 24 hours. However, US residents can still withdraw up to 0.06 BTC a day. While this figure may be regarded as too little, US residents can transfer their assets to an exchange operating in the US for greater withdrawal latitude.
Factors to Consider When Choosing VPN Provider
There are hundreds of VPN providers in the space jostling for user attention, and this makes it hard for users to choose the right VPN provider. Selecting the wrong VPN may have catastrophic consequences for traders, such as blocking accounts and losing funds from security breaches. Here are some features you should consider before choosing a VPN provider.
1. Kill Switch
In choosing a VPN, a kill switch should be your top priority. If the VPN connection drops for any reason, a kill switch instantaneously blocks your internet connection. That way, if you're on a site that has you entering private and sensitive data, you'll never be subject to an unprotected and unencrypted connection.
Additionally, an accidental disconnection would result in Binance identifying that the user operates from the US and may lead to an account blockage.
2. Dedicated IP
The use of a dedicated IP from your chosen VPN is an underrated but important feature. A dedicated IP equals an added layer of security for US users because, at any given time, only one device is using the server. This stands in contrast with shared IP, which makes it easy for platforms to know that an individual is using a VPN.
3. Large Server Network
An expansive server network means users will always find a host of countries where Binance can operate without restrictions. Using VPNs with a limited number of servers would result in congestion leading to slow internet times which is dangerous for cryptocurrency trading.
4. Lightning Fast VPN
Crypto assets are perhaps one of the most volatile asset classes in the market at the moment. Traders employing high-frequency trading or scalping strategies will need a VPN provider that uses the fastest protocols to ensure they stay on top of the markets. Slow protocols would cause losses to your trading portfolio, so consider the speed of the chosen VPN system.
5. Pricing
Pricing is a factor that influences the choice of a VPN. The ideal option will be a healthy balance between pricing and the offered features. For an extra amount of money, some providers will allow users to link an unlimited number of devices, while others offer users a free trial before deciding whether or not to splurge on the purchase. It's advisable to take advantage of the free trial to test the VPN before buying a plan.
6. No Logs
The purpose of a VPN is to ensure there is no trace of your online activity. Yet, some VPNs fail by keeping users' activity logs. A VPN focused on privacy won't track, store, or share information about your activity. Although a VPN may encrypt the data, logs may offer clues about the internet activity of users, which is dangerous in restricted jurisdictions.
Leading VPNs
Our review is based on the independent, professional and honest reviewer's examination and considers the product's technical capabilities, features, and commercial value for users. Scroll down for a few VPNs that tick the boxes for US residents looking to access the Binance crypto exchange.
1. NordVPN
NordVPN is one of the leading VPNs for users wanting to access Binance from the US. NordVPN offers advanced features like Threat Protection that defends trackers and malware from interfering with the trading activities.
Pricing on NordVPN is flexible, with the highlight being the 2-year plan at $3.29 per month and the inclusion of a 30-day money-back guarantee. A single payment will offer users total protection over all devices ranging from Windows, macOS, iOS, Linux, Android TV, and even Linux.
With over 5,500 servers in over 60 countries, NordVPN can efficiently distribute server loads to keep your VPN connection fast and stable.
2. ExpressVPN
ExpressVPN is another highly rated VPN for users wanting to access the Binance exchange from the US. It offers a state-of-the-art kill switch for users to trade with confidence and 3,000 servers globally.
ExpressVPN uses AES 256-bit encryption to ensure the safety of digital assets. It's also one of the most affordable VPN providers in the space, with regular discounts and a 30-day money-back guarantee.
Other features that help ExpressVPN stand out among its peers are its support team available 24/7, the ability to use it on every device, and "blazing-fast speeds" for optimum cryptocurrency trading.
3. CyberGhost
CyberGhost has 15 years of experience providing VPN services for millions of users worldwide. US residents can use CyberGhost for accessing Binance, as it provides a fail-proof system for users to navigate through the toughest firewalls with ease.
CyberGhost achieves this without compromising on speed, security, or going overboard with its pricing. CyberGhost VPN secures your data with unbreakable 256-bit encryption and operates NoSpy servers to keep your transactions safe. A single payment will cover 7 devices simultaneously, with Windows, Apple, Android, and a wide range of other platforms being supported by the device.
CyberGhost provides 8,100 servers in 91 countries, making it one of the most expansive offerings in the space. If you run into any trouble while trading on Binance, there is 24-hour customer support provided by CyberGhost.
Kape Technologies PLC is the owner of ExpressVPN, CyberGhost, ZenMate, Private Internet Access, and Intego.
Tip: A free VPN has little to no security, and the IPs of free VPNs are easily identifiable, which means you won't be able to access Binance.com without detection.
Conclusion
There you have it! A step-by-step guide for users trying to access Binance services from the US using a VPN. As stated above, you must select a VPN that meets all the requirements necessary to guarantee success.
Consider the in-built kill switch, the number of servers, no logs, 24/7 customer support services, and the pricing of the VPN to ensure you get good value for money. NordVPN, ExpressVPN, and CyberGhost are some leading providers that fit the requirements for seamlessly trading on the Binance platform from the US.
It's important to note that US citizens using a VPN can still use CoinStats to manage their portfolios on one intuitive platform. To track crypto and DeFi holdings on CoinStats, one of the leading crypto portfolio trackers, you simply need to connect Binance with the platform by pasting your API Key in the Connect Portfolio window.
CoinStats supports over 400 cryptocurrency exchanges and thousands of crypto assets. CoinStat's implementation of military-grade encryption and industry best practices has earned it the trust of over 1.5 million users.
With your VPN and the CoinStats Wallet, trading on Binance as a US citizen has never been easier.
Read more: https://coinstats.app/blog/how-to-use-binance-in-the-us/
Text source: CoinStats Blog
