Coinan is one of the largest cryptocurrency exchanges today.
The exchange first launched its services in an unregulated manner in 2017.
As the world of cryptocurrencies comes under increasing regulatory pressure, their access in the United States is being restricted.
However, this means that traders in the US do not have access to the main Cryptocurrency platform (Binance.com).
Cryptocurrency then launched a different platform for US traders, called Cryptocurrency US.
Segregating the two platforms has raised a lot of concerns and questions among cryptocurrency investors.
However, this guide aims to answer these questions.
Without further delay, let's get started.
A financial software developer named Zhao Changpeng launched the global Coinan cryptocurrency trading platform in 2017. Coinan, the largest cryptocurrency exchange in China, later moved its offices from the cryptocurrency-savvy island of Malta to the United Kingdom.
Cryptocurrency primarily uses cryptocurrency to create and sell exchanges related to cryptocurrency.
The company raised $25 million in an initial public offering last week.
The company has grown rapidly by generating 220,000 registered customers.
Cryptocurrency jumped into the cryptocurrency world when it dominated the frenzy of 2017 – becoming the world's most important exchange.
Cryptocurrency began in 2017. The government banned U.S. users from accessing the global exchange, citing regulators' dissatisfaction with its performance.
The company's access to the U.S. was restricted in 2019 due to regulatory concerns. Immediately after, the company said a partnership with BAM Trading Services, a company registered with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN), to launch Coin US was essential to know that Coin US is based in California.
The Binance platform has hundreds of cryptocurrencies, but its US partner platform is somewhat limited.
It only offers 64 available cryptocurrencies and is not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.
Despite these drawbacks, the low trading fees, trading tools, educational resources, and trading volume of the U.S. platform make it a valuable option for some traders.
Cryptocurrency vs Coin.US: Transaction Fees
The standard transaction fee for Cryptocurrency is 0.1%, but by using BNB (Cryptocurrency/Native Token) you can reduce the transaction fee, currently by 25% if you choose to pay with BNB.
On Coin US, it is slightly lower, with low fees ranging from 0% to 0.01%.
The immediate purchase fee is 0.50%.
It is also important to know that despite the low transaction fees, Coin.US charges a relatively high 4.5% fee for debit card deposits.
Users are encouraged to deposit via ACH or wire transfer, both of which are free of charge.
ACH withdrawals are also free, but domestic wire withdrawal fees are $15.00 and international transfer fees are $35.00.
Deposit and withdrawal fees
The following is the tiered fee structure of CoinUS.
30d level volume (USD) and 25% discount on BNB Balance Maker/Taker Maker/Taker BNB
VIP 1 ≥ 50 USD & ≥ 50 BND 0.0900/0.0900% 0.0675%/0.0675%
VIP 2 ≥ 100 USD & ≥ 100 BNB 0.0800%/0.0900% 0.0600%/0.0675%
VIP 3 ≥ 500 & ≥ 200 BNB 0.0700%/0.0800% 0.0525%/0.0600%
VIP 4 ≥ 1,000 & ≥ 400 BNB 0.0500%/0.0700% 0.0375%/0.0525%
VIP 5 ≥ 5,000 & ≥ 800 BNB 0.0400%/0.0600% 0.0300%/0.0450%
VIP 6 ≥ 10,000 & ≥ 1500 BNB 0.0000%/0.0600% 0.0000%/0.0450%
VIP 7 ≥ 25,000 & ≥ 2500 BNB 0.0000%/0.0500% 0.0000%/0.0375%
VIP 8 ≥ 100,000 & ≥ 4000 BNB 0.0000%/0.0400% 0.0000%/0.0300%
VIP 9 ≥ 250,000 & ≥ 6000 BNB 0.0000%/0.0300% 0.0000%/0.0225%
VIP 10 ≥ 500,000 & ≥ 6000 BNB 0.0000%/0.0200% 0.0000%/0.0150%
The same fee structure applies to the Global Coin website.
Binance.US offers a minimum fee to users who invest millions of dollars.
Cryptocurrency Exchange Security
Cryptocurrency offers high-end security measures and features to its users.
However, it also confirms that it has been certified for information security after meeting the standards set by the International Organization for Standardization (ISO).
The platform was examined against 114 criteria in 14 categories, including security policy, asset management, operational security and information systems.
Cryptocurrency requires users to verify their identity in order to trade cryptocurrencies in exchange for security measures.
The verification process can be long, but it helps prevent hackers from accessing users' money.
Users must also set up multi-factor authentication, and facial recognition is an option for mobile devices.
The same process and rules apply to Coin US
Note: In May 2019, the Global Coin website reported $40 million worth of lost funds.
Despite replacing users' funds, its sister platform, CoinAmerica, has not yet been hacked.
It is important to note that security breaches are a risk for cryptocurrency exchanges.
Cryptocurrency has introduced the option to purchase cryptocurrency using a credit card in 2019. The platform has enabled this option through a third party.
However, third-party platforms such as Banxa and Simplex are used to fulfill orders.
Trading Platform Trading Platform
Any transaction on Simplex is subject to a 3.5% fee, with a minimum of $10 (fixed fee).
The daily limit is $20,000 per user and the monthly maximum is $50,000 per user.
These third-party platforms were suspended for several months after the launch of Cryptocurrency.
The largest cryptocurrency exchange
On the other hand, Coin US allows its users to purchase cryptocurrencies using debit cards, automated clearing houses (ACH) and bank wire transfers.
In addition, you can always deposit funds in any supported cryptocurrency on Coin On US
The Cryptocurrency Exchange does not specify which countries are supported and which are not.
As for US traders, Cryptocurrency has created a separate platform, Cryptocurrency.US, to serve only US traders and restrict their use to their main platform.
As the name implies, Binance.US focuses only on U.S. citizens.
However, the launch of Binance.US is currently limited to 12 states (including New York, Texas and Florida).
Binance.US is likely to extend its coverage to other parts of the US.
Cryptocurrency has a wide range of support coins.
However, the number of cryptocurrencies is increasing every week and at the time of writing it exceeds 750 coins and more than a thousand markets.
On the other hand, Binance.US offers 123 trading pairs in 56 coins, including BTC, ETH, LTC, ADA, etc.
If you compare Cryptocurrency to other exchanges, it has a top-notch customer support system.
It is important to note that the platform offers customer support in seven languages.
As of right now, Coin's customer support system does not have an official phone number, but they do have a customer support section where users can send in their questions and queries.
Usually, users will get the answer to their query within 24 hours.
In addition, users can also use the live chat support option to chat with Cryptocurrency's customer service staff.
In addition, the Coin website has an FAQ section where users can get detailed answers to their queries.
Buy cryptocurrency withdrawal methods to pay fees completely unregulated platform investment advice for USD assets parent company of popular cryptocurrency exchanges in multiple countries to protect investors
Similar to Cryptocurrency, Binance.US offers customer support options through its email ticket system as well as a very active social media channel where you can get answers.
In addition to this, Binance.US has a FAQ section on its website and is very detailed.
With it, users can find answers to their questions without having to contact support.
Cryptocurrency is constantly adding new features and services for its users.
However, these features and services include margin trading, OTO (One-Triggers-the-Other) options for traders, pledging, custody, lending and savings, academy and education portals, etc.
In addition, Binance.US is focusing on the exchange business and adding more services to its platform, such as coinan.com.
Currently, in addition to spot trading, CoinUS also offers a pledge option for its customers.
One of the latest features of Cryptocurrency is margin trading.
Users will have the opportunity to trade on margin after transferring BNB tokens to their regular exchange wallets to their margin wallets.
They can use these coins as pledges to borrow funds.
However, your margin wallet balance determines the amount of money you can borrow, following a fixed rate of 5:1 (5x).
So if you have 1 BTC, you can borrow 4 more.
In this example, we will borrow 0.02 BTC.
Cryptocurrency Announces Lower Fees Other Cryptocurrency Exchanges Support Cryptocurrency Experienced Traders
Interest charges on borrowed coins depend on your account level and the type of coins borrowed.
On the other hand, Binance.US does not currently have a margin trading option.
Coinan vs Coinan.US
Both Binance.US and Cryptocurrency.com allow users to earn exchange rewards by holding certain coins in their wallets.
According to Coinan, the pledge helps support the operation of these tokens in the cryptocurrency market.
You also need to know that users can earn up to 10% per year by pledging tokens.
Both Cryptocurrency and Cryptocurrency.US offer online dashboards and mobile apps to manage their accounts.
Both their desktop and mobile experiences look similar.
If you log into your account, you can view your balance, purchase history, and more.
You also have the opportunity to deposit and withdraw funds and trade cryptocurrencies.
Binance.US received negative feedback from users on third-party websites and received an average of 1.3 stars out of 5 from 263 Trustpilot reviews.
However, the auditor reports on deposits, withdrawals, transactions and the identity verification process.
Despite all these reviews, the platform has also received some positive reviews, with users praising its low fees.
On the other hand, Binance.com has an average of 2.0 reviews out of 3,150 Trustpilot reviews (out of 5 stars).
Trustpilot reviewers complained about slow support, transactions and money transfers.
It is important to note that cryptocurrency exchanges often receive negative reviews from their customers.
It is therefore not surprising that the number of reviews on Binance.US and Cryptocurrency.com.
Therefore, if you want to invest or trade in cryptocurrencies, it is recommended that you compare user feedback from different exchanges before opening an account.
Binance.US is a US partner company of the world's leading cryptocurrency exchange, Coinan.
It is worth noting that U.S. authorities are currently investigating money laundering and insider trading at Cryptocurrency.
So who won between the two of them?
In terms of transaction costs, they are both at the same level, so we can call it a tie.
But Cryptocurrency offers much more than just Cryptocurrency.US.
In addition, suppose we were to look at regulatory compliance and licensing.
In this case, Coin US has the upper hand because it is registered with FinCEN and complies with local regulations in specific US states.
In terms of customer support and security, it's a tie because they're both the same company.
In terms of trading features, Coinan is superior to Coinan.US.
Frequently Asked Questions about Cryptocurrency
Do I need to switch from Cryptocurrency to Cryptocurrency US cryptocurrency exchange?
Yes, if you are a U.S. resident.
Otherwise, you may be banned from coinan.com.
How do I withdraw funds from Coin.US?
You can convert your funds into cryptocurrencies and then send them to your wallet or to other exchanges where you have an account.
Or, you can send cash to your bank account using ACH or a bank wire transfer.
Which states can I use Coin.US in?
Users in all U.S. states except Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont have access to Coin.US accounts.
If you don't live in the US, you can use its universal platform.
Is my Cryptocurrency account the same as Cryptocurrency.US?
No, because Cryptocurrency and Cryptocurrency.US are completely different legal entities.
Therefore, you will need to open a new CoinUS account to use it.
And close your coin.com account (if you are from the US).
How long does it take to verify Binance.US?
Binance.US verification is fast and straightforward.
However, due to chronic understaffing at Coin.US, the review process can take up to 15 days.
The potential alternatives to these two exchanges are Coinbase, Cex.io, Coinmama, Changelly, Bitpanda, Bitfinex, Kraken, Bittrex, and Bitstamp.
If you want to compare Coinan with other exchanges, check out our guide
How do I use Coincoin?
BNB or Coincoin is the cryptocurrency coin that powers the Coincoin ecosystem.
As one of the most popular utility tokens in the world, not only can you buy and sell BNB like any other cryptocurrency, but BNB has a wide range of applications and advantages.
Use BNB to pay for goods and services, settle transaction fees on the Coin Smart Chain, participate in exclusive token sales, and more.
You can hold coins and earn income.
Get a flexible percentage yield by depositing BNB on selected Coin Smartchain projects.
Pledge BNBs for rewards and to help protect the CoinSec Smartchain ecosystem.
Increasing regulatory pressure in other countries has limited the services offered by exchanges, and some countries may restrict access as an advanced security measure.
The only logical thing you can do is to find a cryptocurrency exchange that allows you to have a dedicated fund at your disposal.
There are no self-explanatory answers, but research the transaction fees and fee discounts for specific trading platforms, the pairs you need to trade and whether fees are automatically deducted.