Binance US is one of the best places to trade cryptocurrency. It has opened up to most of the United States with only a few restricted states. If your wondering if Illinois is available for trading the good news is that it absolutely is. Let’s take a deeper look if Binance US is worthy exchange to be using right now.
Who Is Binance US?
Binance US is a trading exchange that was founded in September 2019. A trading exchange is nothing but a place where you can exchange cryptocurrencies for other digital currencies with fellow investors. Bitcoin is often seen as the most important coin, but other new cryptocurrencies have found their way to Binance US as well. You can go to Binance US as a novice trader as well as an experienced trader. Both the website and the application for your smartphone are user-friendly and easy to understand.
You can exchange over 60 different cryptocurrencies via Binance US. It is known as one of the largest exchange platforms in the world based on trading volume. In addition to exchanging cryptocurrencies, you can also put cryptocurrencies away for interest. And you can even trade with margin. This is not possible at many other similar exchanges.
Can You Use Binance US In Illinois?
Yes, Binance US can be used and accessed without any problems in Illinois. So, if you are a citizen of Chicago and you are thinking of buying some cryptocurrencies, Binance US should be considered as one of your options. An interesting fact that not many people know is that Binance US is a partner of Binance. The original Binance platform stopped accepting traders from the US on their platform. Hence, people in the U.S will have to trade from Binance U.S.
Coins Available On Binance US
There are over 60 coins available on Binance US. Of course, you can trade in Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Chainlink, Dogecoin, and many more. Because so many new promising cryptocurrencies are being added at a rapid pace, it is difficult to filter out the best projects. Below you will find a small overview of fairly well-known new crypto coins that may be interesting for your portfolio.
The first coin is Cardano. Cardano (ADA) has been around since late 2017, but only really became popular in early 2021 when it increasingly proved to be a suitable alternative to bitcoin. For months it has been among the 5 promising crypto coins with the highest market value in the world. The Cardano coin has its own blockchain network and is aimed at scalability and low energy consumption. This makes it a sustainable alternative to an energy-consuming currency like bitcoin.
Another popular coin that you can trade on Binance US is Orchid (XT). Orchid offers a decentralized VPN (virtual private network) service that connects individual Internet users to a global pool of bandwidth providers. These providers can use Orchid tokens to share their excess bandwidth, acting as network nodes.
Due to current trends, investor sentiment, and the general direction of the cryptocurrency market, people believe that Orchid Protocol (OXT) has a good chance of hitting the $0.80 to $2 USD mark in the near future, if the trend continues and the team behind Orchid continues to work on their products and partnerships.
Binance US Fees
The largest costs are incurred by trading. Depending on the amount you trade, there are costs involved. The more you trade, the cheaper it gets. And then there is something like the Binance coin, Binance’s own crypto coin. The moment you are in possession of this coin, you will receive a discount. A super attractive discount even. It’s worth owning a few.
There is also a 0.5% instant buy/ sell fee that comes into play when you exchange cryptocurrencies. When you use a credit card or debit card on the exchange platform another 4.5% in fees will be added. When you add up all the fees it might seem expensive to trade cryptocurrencies on Binance US. However, if you compare the fees with other platforms like Coinbase (0.75% for every bitcoin trade and EToro (0.5% trading fee plus a flat fee trade up to $ 2.99 per trade) then you can conclude that Binance is not that expensive at all.
Benefits To Using Mobile App
Using the mobile app of Binance US offers several advantages. It generally works quite quickly because you can use it right away after downloading it. Almost everyone uses their smartphone every day. You can easily log in and see how much your digital currency is worth. Mobile wallet apps, therefore, give you the opportunity to view the balance whenever and wherever you want.
In addition, mobile wallets function as a form of storage. You can leave the crypto coins for weeks or maybe months. It is of course also possible to use digital currency if you want to buy something. So, as long as you have an internet connection available, you can trade cryptocurrency wherever you are.
Different Charting Options
You have taken the plunge and decided to start buying your first bit of bitcoin, congratulations! But then the next question arises: when is the best time to make your first purchase?
With the help of technical analysis, you can predict or form an idea about what the bitcoin price, Ethereum price, or any price will do in the short or long term, depending on the time frame on which you view the chart. It gives you extra insight into the market and is a way to put your portfolio to work or to determine the right entry or exit moment.
In the end, it all comes down to what your goals are and how much time you want to put into managing your portfolio. The nice thing about cryptocurrencies is that the market is always open, so in theory, you can do it at any time of the day.
Binance US Bonus – $50 Dollars
Binance US offers various bonuses to its customers. There is a sign-up bonus of $50 bonus waiting for you if you sign up and start trading. Make sure you complete the entire sign-up process including the account verification.
Binance US also offers a referral bonus which can be lucrative if your friend is trading a lot since you can earn up to 40% on his or her trading fees.
If you are considering starting to start buying cryptocurrencies and you are still looking for a platform to do so, then consider Binance US. With its generous bonuses, user-friendly and intuitive website, and mobile app you are exchanging cryptocurrency in no time. Regardless of whether you are a novice trader or whether you have been around in the crypto world for years. If you would like to get started click here.