Binance. Both US and Kraken are U.S.-based exchanges with low trading costs when compared to competitors like Coinbase. Both platforms have established KYC standards to assist prevent fraud and protect users, as well as industry-standard security features such as multi-factor authentication and wallet whitelisting. There are, however, some significant differences between the two platforms:
- Over 100 cryptocurrencies are available to buy, sell, and trade on Kraken, compared to just over 60 on Binance.US.
- Trading fees on Kraken are somewhat higher than on Binance.
- Fees for trading in the United States. Users of Kraken and Binance pay between 0% and 0.26 percent every trade. Users in the United States pay between 0% and 0.1 percent every trade.
- Binance.
- Margin and futures trading are not available in the United States, however Kraken does for some users.
- Kraken is available in 48 states in the United States, as well as on Binance.
- The United States is available in 45 states.
- Kraken offers a wider range of customer service choices than Binance.US. Users can call for help with their accounts, and live chat support is available 24 hours a day, 7 days a week.
Are Binance futures accessible in the United States?
Although the interface and many functions are similar, there are some differences, such as the number of cryptocurrencies accessible to trade in the United States vs. abroad, and which states Binance operates in. The United States is permitted to operate there. Users from the United States are unable to purchase cryptocurrency on the worldwide Binance platform.
Is futures trading available on Binance?
Binance Futures has a large range of cryptocurrencies, with new coins being added on a regular basis to give traders the greatest trading experience possible. To execute transactions, users can take advantage of inexpensive trading fees, a large range of leverage, and strong liquidity.
Is Binance legal in the United States?
Customers in Louisiana can now buy, sell, and trade cryptocurrencies on Binance.US, three years after it was founded. Binance.US, the headquarter-less crypto exchange Binance’s US partner company, is currently available in 45 US states.
Residents of Hawaii, Idaho, New York, Texas, and Vermont will have to wait for Binance.US services to become available.
“Each state, including Louisiana, has its own set of standards, and we’re working hard to ensure that we’ll be allowed to function in all 50 states eventually,” said Sidney Majalya, Binance.US’ chief risk officer. “We’re excited to bring our services to Louisiana, and, like other states, we’re looking forward to engaging with state officials to demonstrate our compliance-first approach.”
Wyoming was the most recent state to be removed from Binance.US’ restricted list in March. The barriers to entry into the US market have been significant, with each state requiring distinct permits from various state agencies.
The Connecticut Department of Banking required Binance.US to get a money transfer license before it could begin operating in Connecticut in January. The Georgia Department of Banking and Finance required Binance.US to get a supplier of payment instruments license.
Binance first prohibited US users in September 2019 due to rising legal restraints, and then announced the launch of Binance.US through a cooperation with BAM Trading Services.
To access Binance.US, customers in permitted states have to complete more stringent know your customer (KYC) criteria than Binance previously needed, including uploading images of acceptable ID and providing social security numbers.
Given that other US-based centralized exchanges have comparable requirements, demand for Binance has risen in recent years.
Majalya stated that the United States remained strong.
“So far in 2022, we’ve seen high demand in Connecticut and elsewhere,” Majalya said. “While it’s too early to forecast demand in Louisiana, we expect our cheap rates and unique user experience to continue to draw loyal clients from across the country.”
Majalya and a Binance spokesman.
The United States was unable to provide information on when the remaining five states may receive approval.
In a statement, Binance.US said, “The firm already operates in 45 jurisdictions across the United States and is working closely with the remaining state regulatory bodies to acquire permits so it can offer its services across all 50 states and territories.”
Why is Binance unavailable in the United States?
Overview of the business. Changpeng Zhao, a financial software developer, founded the global Binance platform in 2017. In 2019, the company halted access to users in the United States due to regulatory concerns.
What is the distinction between Binance margin and Binance futures?
Margin trading, in essence, magnifies trading results so that traders can profit more from good deals. A futures contract is a contract to buy or sell an underlying asset in the future at a fixed price.
Binance futures have an expiration date.
Expiration Futures contracts, in other words, have a finite lifespan and will expire according to their corresponding calendar cycle. Our BTC 0925, for example, is a quarterly futures contract that will expire three months after it is issued.
What is the procedure for purchasing Binance futures?
On Binance, how do you trade futures contracts?
- Deposit USDT, BUSD, or any other cryptocurrency supported by Binance Futures into your futures wallet.
- Choose between the USDS-M Futures and COIN-M Futures derivative contracts on Binance Futures.