The Binance exchange online is not available in several states in the USA, and you may have to use a VPN to access it successfully. Binance itself is an online exchange where cryptocurrency dealers can trade their cryptocurrencies. Binance provides users with wallets where they can store their electronic funds, and it also provides support for users to earn interest or complete transactions in cryptocurrencies.
So, Is Binance Available in Texas?
No, Binance is illegal in Texas and other states like Washington, Georgia, Hawaii, New York, and Florida.
How To Use Binance In Texas
Perhaps the only way you can use Binance in the US is to download and install a VPN. Since Binance has been banned in Texas and several other states, a VPN will help protect your location from being accessed; you can use Binance successfully.
To use Binance successfully with a VPN, make sure you get one with a high-speed server. You can download the VPN and use any location outside of the US, and this could be in Europe or Asia, where it is entirely legal to use VPN. Once the VPN is installed, you can go to Binance and set up your trading wallet and start using the platform regularly.
It is essential to use a VPN that you can deploy on any device with any operating system. The VPN will not only shield your location and help you bypass the geographical restriction, but it will also help you clear off your browsing history; hence no one will know you visit the Binance site.
There are many VPNs out there, but you need to be careful with the one you settle for in the end. If possible, avoid free VPNs because they often come with hidden malicious contents that can harm your device. Choose a VPN that can secure all gadgets at once, especially the one that works on all types of devices.
Binance USA- Key Features
Binance, USA, offers some of the lowest trading fees online, and you can trade cryptocurrencies on a secured platform. While fees are low here, there is very minimal customer service support. Binance, USA is a subsidiary of the parent Binance that offers a worldwide cryptocurrency trading platform. Binance, US is best for active crypto-only traders and for crypto-to-crypto traders.
The minimum balance you must have to operate on the platform is $10, and there are up to 59 different types of cryptocurrencies available for trade on the platform. The fees payable for trading starts from 0.1% of the volume of your trade. You may have to pay fees of up to 0.5% on instant buys and up to 4.5% debit card fees on trading involving debit card payments.
The customer care support offered on this platform includes support tickets and self-help resources. There is no phone call or instant messaging support on the platform. The company operates a mobile app that is available on Google Play Store and Apple App Store.
What Are The Main Advantages Of Using Binance USA?
Binance USA stands out in Four ways, these are;
- Commissions and fees
- Cryptocurrency Selection
- Crypto-to-crypto Trading, and
1. Commissions and Fees
Binance, USA stands it comes to commissions and fees. Fees are generally low here, and they even get lower when you move up the ranks. The company uses volume-based pricing, and you can get further discounts when you use its proprietary cryptocurrency.
In most cases, you will pay up to 0.1% of the volume of your sale on any transaction here. With this exchange’s volume pricing, you should be able to reduce the total costs of trading. The pricing is based only on a 30-day trading volume. There are eleven pricing levels on the exchange, and these are represented with VIP0 to VIP10 on the 30-day trading volume.
The exchange also uses the maker-taker model for its pricing, and this will add some rewards to those traders who add liquidity to the market. The makers that add liquidity to the market get lower charges than the takers who reduce liquidity in the market.
For the VIP0 pricing, you pay 0.1% of your trading volume, which is, for instance, $10 on every $10000 trading volume. For the VIP1 pricing, you will have to place trades for more than $50000, and you will get charged at 0.09% of the trade volume. You will need a coin balance of at least 50 to join the VIP1 trader group.
The VIP2 level is where pricing begins to diverge. To join this group, you need to have traded at least $100000 within 30 days and must have at least a 100 coin balance. At this level, you will be charged 0.08% of your trade volume for any transaction. Unlike the other groups where taker and maker gets charged the same percentage, the taker here will get charged 0.09% as opposed to the maker’s 0.08%
The fees will continue to move lower from here and eventually get to 0.02% when you trade up to $10 million in cryptocurrencies. VIP10 level thus has the lowest trading fees on Binance USA.
Perhaps one issue traders should beware of are some hidden fees that may come with trading. For instance, you can purchase cryptos instantly here, and the fees can reach up to 0.5%. If you want to buy cryptocurrencies directly from your credit or debit card, Binance will charge up to 4.5%, while bank transfers are free of charge.
Though Binance pricing can be a bit complex, it is posted on its website for everyone to see before they commence trading.
2. The Cryptocurrency Selection
Binance may not offer the most significant number of cryptocurrencies, but it offers much more than many other financial apps. There are 59 cryptocurrencies available on the platform, including the most popular ones like Bitcoin, Ethereum, Binance Coin, and Solana. Lots of online crypto platforms may not offer direct access to cryptocurrency trading.
3. Crypto-to-crypto Trading
The crypto-to-crypto trading on Binance is one feature that allows traders to trade directly from one cryptocurrency to another. This amazing feature means you don’t have to cash out from one coin and move to another; just do the crypto-to-crypto trading straightforward.
Swapping from one coin you are selling to the coin you want comes with numerous benefits, and one of such is the avoidance of unnecessary fees. Cross-trading works with all crypto pairs on this platform.
4. The Staking Rewards
Binance, just like other platforms of exchanges like Coinbase, rewards its customers for staking or leaving or holding their coins with the company. This staking will earn interest just like in bank accounts. Staking will generate in certain cryptocurrencies that are used in validating transactions in currencies.
Binance will automatically share staking rewards with coin holders based on the number of days their coins have been left on the platform. Unfortunately, only seven cryptocurrencies qualify for these rewards, though the numbers keep increasing. These rewards will accrue daily, but Binance will credit your accounts monthly.
The Cons: Areas Where Binance USA Can Improve
While the fees for trading could be as low as 0.1% of the trade volume, Binance can improve on their fees for instant buy, which is quite on the high side. Binance can charge as high as 4.5% on instant crypto purchases on its platform. Though its fees are still lower than many of its competitors, it is still regarded as quite exorbitant.
Another disadvantage of Binance USA is that it is still unavailable in several states. The states of Connecticut, Texas, Louisiana, New York, and Hawaii are a few of the states where Binance has been banned. Unless most people have resorted to using unconventional means of accessing the platform while others have chosen to use Binance’s main rivals. The company has since promised to extend its reach to more than 50 states by the end of 2021.
Average Customer support is another issue here. Clients can only contact customer support via tickets or email. No phone calls or instant chats are allowed on the platform. Often times many issues with customers are unresolved, and people have to use the self-help feature to handle their issues.
The regulatory Issues perhaps are also downsides to the use of Binance in the USA. Binance has continued to be subjected to the United States Federal Investigators, and they have been investigated for helping many Americans evade taxes and launder money from illegal transactions and other uses.
Binance has perfected several things right for traders who want to be serious with cryptocurrency trading. The low trading fees alongside volume discounts should draw more people to the platform, especially when the fees on other platforms are ridiculously too high to believe. While older users may find it easier to cope with the Binance customer service, newer users may be forced to go elsewhere because they want real-time resolutions to conflicts. While Coinbase and Gemini may be good alternatives to Binance, they don’t offer as much lower fees as Binance.