Trading in cryptocurrency has been legal in the US and several other countries. But with time China put restrictions on its trading while India is planning to regulate it and restrict its banks in dealing with coins.
So, in light of such changes, traders should know whether they can buy cryptocurrency in the US. Also, Binance is a popular platform to trade but is banned in the country. Why is it so? To know that, we have a brief discussion.
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Trading Cryptos in the US
US citizens can easily buy or sell cryptocurrencies online. They can trade in any coin through various platforms available. In comparison to other countries, it is relatively easy to buy cryptocurrency in the USA.
Traders can begin their trading by selecting the crypto wallet. After which they can choose the exchange they want to trade with. However, traders face difficulty in verifying their identity using the Know Your Customer (KYC) process.
To buy cryptos, traders have to provide their name, address, contact details and date of birth to the exchange. After which, they verify the trader and allow trading accounts to buy and sell cryptos.
Besides, the credit and debit card facility to buy cryptos in the US makes trading more convenient.
So, to sum it up and make trading in US easy, traders can follow the given steps:
Choose Cryptocurrency Exchange
The first step of trading is selecting an exchange. Binance.US is a popular exchange that US citizens consider for trading. However, its main branch Binance is banned in the country.
Other than this there are many other exchanges and brokers available. Traders have to choose the most suitable and supportive exchange.
Verification
Verification of identity is the next thing US traders need to do for trading cryptocurrency. They can provide documents asked like identity proof, KYC and licence to get verification from the crypto exchange.
Once verified they can access the platform to trade and buy cryptos.
Buy Cryptocurrency
Traders after verification can fund their account with the required deposit to begin trading. They can use the platform to place their order, thus they can buy cryptocurrency easily.
They can check the current market rate of the coin, use tools for predictions and find the best opportunities to trade. Some platforms even offer instant buying of the cryptos like Bitcoin.
Store Coin
Once traders buy cryptocurrency, next they have to store the coin safely. There are various ways to store the coin like wallets, third party storage, hot and cold storage. Traders can choose the comfortable one and trade online.
Cold storage is offline storing of the coins which is safe while hot wallets store it online. Traders can choose the suitable one that ensures high security.
Also, the storage should make it easier to make numerous transactions.
Mange Cryptocurrency
US traders can then monitor their coin and manage them for easy trading. They can analyse the opportunities at the platform and make high profits. The platforms offer various tools and indicators for the activities.
Why is Binance Ban in the US?
The US has not exactly banned Binance but Binance stopped accepting US citizens as clients in 2019. It was due to the new regulations set by the US. In these the main reason was that it uses securities which are not registered with the Commodity Futures Trading Commission (CFTC).
The traders of the country use its US version, Binance.US to trade in cryptos. However, it offers fewer cryptos to trade. Also, the version is not available in all the US states.
Considering all the aspects it is clear that the ban of Binance is because of regulatory grounds. But the separate exchange of Binance is a good option for the citizens.
Binance.US works as per the standards and laws of the US. Also, as per reports Binance has been under investigation in 2021 for money laundering and tax evasion. In June 2022, US Securities and Exchange Commission launched equity into Binance.
It amounts to determining the company’s 2017 ICO of BNB tokens was an illegal sale of the securities.
So, Binance is banned in the US, but traders in the country can choose Binance.US for their trading activities. However, they have to check if it’s available or not.
Facilities of Binance US
Binance.US is specially working to provide US citizens with their services. They get various benefits with the platform as it has some of the amazing features to support their clients.
Minimum Trade
The minimum trade at the platform is $10. US traders easily open their account and trade with such low amounts.
Trading Fees
Binance.US has a spot trading fee of 0.1%. It is low in comparison to other exchanges available in the country. Also, the platform has 0.5% fees for instant buy/sell of the coins.
The additional fees at Binance.US is 4.5% on debit card transfers. It does not have any deposit or withdrawal fees by bank transfers. But bank wire transfer has $15 per transaction.
Also, the withdrawal fees vary with coins.
Cryptocurrencies
Traders can have the cryptocurrencies to trade. There are around 60 crypto coins to trade online. Some of the coins are:
- Binance
- Ethereum
- Litecoin
- Bitcoin cash
- Chainlink
- Dogecoin
Also, there are crypto-to-crypto trading pairs.
Conclusion
US citizens can trade in various cryptocurrencies online using Binance.US. It provides easy trading online with no much difficulty. However, Binance is banned in the country due to regulatory issues.
But trading in cryptocurrency for US citizens is easy.
