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If you are a US-based trader looking to find a way to transfer from Binance to Binance.US? Follow this step-by-step guide to finish your transfer.
Binance, the world’s largest cryptocurrency exchange by trading volume was founded in 2017 in China. Even though the exchange was global, it stopped accepting US customers in 2019. Later the same year, the exchange partnered with BAM Trading Services and launched Binance.US as a part of its move into the US market.
So, if you are a US-based user and trying to find a way to transfer from Binance to Binance.US, we have a step-by-step guide on this process. Let’s get started.
How to Transfer from Binance to Binance.US?
The first thing you’ll need to do to transfer from Binance to BInance.US is open an account on Binance.US. Below are the steps:
- Go to http://www.binance.us/en/home and click “Get Started”
- Provide your email address, choose a password, agree to the Terms of Service and click “Create Account”
- Verify your email address by entering the 6-digit code sent to you in your inbox
- You can secure your account with 2-Factor-Authentication in the next step or you can click on “Skip for Now”
- Your account is created but to trade, you’ll need to finish the KYC process
- Complete the basic verification datasheet and click “Submit”
- After your KYC process is successful, you’ll be able to use your Binance.US account and access your dashboard
Binance to Binance USD Transfer
After you’ve successfully opened an account on Binance.US, now it’s time to transfer your funds from Binance to Binance.US. Here’s how you do this:
- Sign in to your Binance account
- Go to Wallets
- Choose Withdraw
- Copy your Binance.US wallet deposit address and paste it on Binance for withdrawal
- Finish withdrawal
- Repeat this process for every token you have on Binance
After following these steps you’ll be able to transfer from Binance to Binance.US and you can continue to use Binance.US to trade seamlessly.
Benefits of Using Binance.US
- Low fees: The exchange has low fees compared to other exchanges. The maker/taker fees range from 0 to 0.1 percent and instant buy/sell fees are 0.50 percent.
- Educational content available: Investors eager to learn about blockchain and crypto can access Binance Academy watch education videos and read articles on these topics.
- Discounts on trading fees: Traders/investors who are holding Binance Coin (BNB) are eligible for a 25 percent trading fee discount
Tokens Available on Binance.US
Investors can trade over 80 crypto tokens on the Binance.US platform, such as:
Apart from the tokens, Binance.US offers a host of trading pairs, including the option to trade two crypto tokens cashing out one for USD.
Who Is Binance.US Best For?
One thing to keep in mind before you start using Binance.Us is that it is not available in a few states such as Connecticut, Idaho, Hawaii, Louisiana, Texas, New York, and Vermont. People outside these states can use the platform for its easy buy/sell user interface and advanced trading views. It charges low fees and offers further fee discounts if you use Binance Coin (BNB), its native token. And as mentioned earlier, eager investors can learn to watch educational videos and read articles on investing in crypto.
The platform doesn’t provide any information about securing, storing, or protecting the user’s funds, unlike other exchanges. As a crypto exchange, transparency about the safety of its user’s investments and funds is imperative.
Do you pay taxes on transactions made on Binance? Cryptocurrencies are often taxed on income and capital gains.
- Income tax: You must declare bitcoin earnings depending on its fair market value at the time of receipt. Earning incentives for referrals or staking are two examples.
- Capital gains tax: Depending on how much the price of your cryptocurrency has changed when you first obtained it, you may have a capital gain or loss when you sell it. Selling your Bitcoin or exchanging it for another cryptocurrency are classic examples.
Things to Remember While Making the Transfer
Here are five main points to remember while transferring funds from Binance to Binance.US:
1. Verify Accounts and Complete KYC
Before initiating the transfer, make sure you have created and verified your Binance.US account, completing the KYC process to avoid any issues with accessing your funds.
2. Check and Compare Wallet Addresses
Ensure you accurately copy your Binance.US wallet deposit address and paste it correctly into the Binance withdrawal section. Mistakes in wallet addresses can lead to loss of funds.
3. Be Aware of Fees and Limits
Check the withdrawal fees for each cryptocurrency on Binance and be aware of any withdrawal limits on both platforms. This helps in planning your transfer efficiently.
4. Monitor Transfer Times
Cryptocurrency transfers can take some time to process due to network congestion. Be patient and plan accordingly, avoiding any last-minute transfers if possible.
5. Security Measures
Make sure 2FA is enabled on both your Binance and Binance.US accounts to enhance security. This adds an extra layer of protection against unauthorized access.
By keeping these points in mind, you can ensure a smooth and secure transfer of your funds from Binance to Binance.US.
Final Thoughts
Binance.US is perfect for experienced and high-volume traders due to its low fees and advanced trading views. Even less experienced traders might also appreciate the educational resources. However, the platform has fewer crypto tokens in its selection compared to other exchanges and it doesn’t offer futures or margin trading.
ZenLedger can help you easily calculate your crypto taxes, and also find opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional-prepared plans!
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide tax, legal, or financial advice. You should consult your tax, legal, and accounting advisors before engaging in any transaction.
