Binance Trải nghiệm Giao dịch Cổ phiếu Mỹ lần đầu: Thao tác đơn giản, nhưng không phải "hoa hồng bằng không"

After a weekend of anticipation, Binance's US stock product has finally arrived. Within the Binance app, virtually all US stocks can now be traded.

Binance isn't just testing the waters with a few tokenized blue-chip stocks. Instead, it has opened access to over 7,000 US stocks and ETFs in one go, positioning itself as what co-CEO Richard Teng calls a "multi-asset financial super app." As he explained to Fortune, US stocks account for more than half of the global stock market, but overseas users face high costs and significant friction to buy them. Binance aims to eliminate this barrier.

Our editor conducted a complete order test using NVDA to experience this product from start to finish.

Product Hands-on: How Does Binance's US Stock Experience Fare?

Opening the "Settings" page of the Binance App, the first step is to confirm the version: v3.15.0, the latest version. The language is set to Traditional Chinese. This confirms a prerequisite discussed by the community: Chinese users looking to trade US stocks must switch their language from Simplified Chinese to Traditional Chinese or another language; Simplified Chinese is explicitly excluded.

Switching to the "Markets" page reveals a new "Traditional Finance" tab at the top, alongside "Cryptocurrency" and "Alpha". It is divided into three sub-sections: Stocks, Spot, and USDT-M Perpetual. The Stocks section further filters between "US Stocks" and "ETFs".

Scrolling down the list, the first entries aren't Apple or Tesla, but obscure small-cap stocks like ZCMD (market cap ~$46.76 million), SVC (~$23.31 million), and WOK (~$18.15 million) – names even seasoned US stock investors might not recognize. NOK also carries an ADR tag. This indicates that the coverage of 7,000 stocks isn't just a facade with a few blue chips; it genuinely extends to small-caps and even ADRs.

However, the experience might be improved if there were filtering and sorting options to prominently display major large-cap stocks like Nvidia and Intel.

The ability to offer 7,000 US stock trading pairs stems from Binance not using an on-chain tokenization route, but rather a genuine brokerage channel. The underlying assets aren't limited by the issuer's minting progress. In terms of scale comparison: Kraken's xStocks covers over 60 blue chips, its underlying issuer Backed Finance currently has around 100, aiming for over 500 by year-end; Robinhood's tokenized coverage in the EU encompasses about 200 companies. Others mint and list one by one; Binance connects directly to the entire US stock market shelf.

Entering the NVDA detail page. The quote is $216.209, marked "Pre-market," up 1.83% pre-market, after closing down 0.79% the previous day. The candlestick chart supports timeframes from 1 week to 5 years, similar to mainstream brokerage apps.

Scrolling down reveals a "Key Data" panel: Volume of 4.1946 million shares, Open $213.05, Average Volume 156 million shares, 52-Week High $236.54, Low $135.40, Market Cap $5.11 trillion, P/E Ratio 32.04, EPS $6.59, Dividend Yield 0.02%, Free Cash Flow $119.076 billion. The data granularity is on par with Webull or Robinhood. Further down is a "Corporate Actions" section, indicating a cash dividend on June 4th.

The "Related News" area aggregates content from third-party sources like Benzinga, The Motley Fool, and Investing.com. At the very bottom is a company overview. The overall information architecture is sufficient for stock trading beginners but lacks deep data like financial statements, analyst ratings, and institutional holdings, placing it a tier below Bloomberg or Tonghuashun. For Binance's target user base, it might be enough. But for hardcore stock traders, the information density and professionalism might fall short.

Next, we proceed to place an order.

Clicking "Buy," we input 100 USDT. The system automatically converts: 100 USDT is first swapped to approximately 99.88 USDC at a rate of 1 USDT ≈ 0.998859 USDC, then used to buy roughly 0.4545 shares of NVDA at the market price (best ask price $218.97), with a trade value of 99.53 USDC and an estimated fee of 0.35 USDC.

There's an unavoidable intermediate step here: regardless of whether you pay with USDT or BNB, all funds are first converted to USDC, which is then used to settle the stock purchase. The conversion fee between USDC and USD is 0 (spread borne by Binance), but conversions from other coins like USDT or BNB to USDC are "subject to market spread." This means using USDC directly is the cheapest path, while using USDT or BNB incurs an additional exchange cost.

Currently, only two order types are available: Market Order and Limit Order. The order validity is "Day (Good for Day)." The payment source is "Funding Account + Spot," indicating the system automatically draws the balance from both wallets.

After clicking preview, a "Securities Trading Disclaimer and Data Sharing" agreement appears. The core terms, written in formal language, state one key point: Nest Trading Limited acts as the Introducing Broker, transmitting orders to Alpaca Securities LLC for execution, clearing, settlement, and custody. Binance does not process or custody your securities. Two checkboxes must be accepted: agreeing to the securities trading product terms and consenting to share personal information with Alpaca Securities LLC.

The fee breakdown popup is very clear: Commission $0 USDC, Platform Fee $0.35 USDC, Spread $0 USDC, Total $0.35 USDC. Three notes below are worth highlighting: First, Binance does not charge commission, but orders are subject to platform fees or spreads. Second, BNB fee discounts are currently not supported. Third, regulatory fees (CAT, TAF, SEC fees) may be charged in the future.

The fee structure page breaks it down further: Trading Spread 0.10%, Minimum $0.35 per trade; fractional shares apply the same rate, minimum investment $1; account opening, maintenance, inactivity, and custody fees are all $0. For regulatory fees, the SEC Transaction Fee (sell orders only) is borne by Binance, so users pay $0.

So, "zero commission" needs to be understood in context: the commission is indeed zero, but the platform fee of 0.10% (minimum $0.35) is a hard cost, and the exchange rate spread for non-USDC coins is a soft cost. In this case of buying NVDA with 100 USDT, the $0.35 platform fee on a $99.53 trade value equates to an actual rate of about 0.35%. This figure isn't low compared to traditional brokers (Robinhood and Webull are zero), but it's not high for a crypto exchange (where the base spot trading fee is 0.10%). As for the unsupported BNB discount, in Binance's ecosystem where BNB discounts apply to almost all other products, this represents a clear expectation gap.

There's another item with a bigger impact on long-term holders: the dividend processing fee is $0, but US tax withholding defaults to 30% of the total dividend amount, deducted before crediting. This is the standard withholding rate for non-resident aliens under US law, not a Binance fee, but it means you only receive 70% of the book value. With NVDA's dividend yield at only 0.02%, the impact is negligible. However, for high-dividend ETFs, this 30% cannot be ignored.

It's important to note that market orders placed during pre-market hours will not execute immediately but will be filled at the best available price when the market opens.

While 24/5 trading from Monday to Friday is active, liquidity is extremely thin outside core hours, and market orders could face significant slippage. The disclaimer also states: "Securities are subject to high market and liquidity risks and price fluctuations, especially outside traditional market trading hours."

For crypto users, 24/7 trading is standard; but stock market liquidity cannot simply be replicated by extending trading hours. Market maker quotes, institutional participation, and order flow density are concentrated in the window between 9:30 AM and 4:00 PM ET. The value of 24-hour accessibility is more about "being able to place an order anytime" rather than "being able to get a fair price anytime."

Securities Lending: Another Major Feature from Binance

Having covered the trading experience, let's delve deeper into Binance's US stock product.

For a crypto exchange to run a US stock business, the buy button is just the tip of the iceberg. The real weight lies in the three pillars: matching, custody, and lending. In this move, Binance strictly confines its role to the front-end gateway, delegating the back-end tasks to two entities.

The first is Nest Trading Limited. The disclaimer describes it as an "Introducing Broker," which might sound like an external partner. However, research reveals it is Binance's own company. In December 2025, the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority granted licenses to three Binance entities: Nest Exchange Limited for exchange platform business (spot and derivatives), Nest Clearing and Custody Limited for clearing, settlement, and digital asset custody, and Nest Trading Limited (formerly BCI Limited) with a broker-dealer license for non-exchange businesses like OTC trading and exchange services. In other words, Nest Trading isn't a third party Binance brought in; it's Binance's own licensed arm under the ADGM framework, specifically handling business that doesn't go through the exchange's matching engine. US stock order referral is an extension of such "OTC" services.

The second entity is Alpaca Securities LLC. This is the true independent third party. Based in New York, Alpaca is a self-clearing, licensed securities broker-dealer registered with FINRA, protected by SIPC (up to $500,000 per customer account), and a clearing member of DTCC, FICC, and OCC. However, it is not a retail-facing brokerage but a B2B infrastructure provider for fintech companies. Its core product is the Broker API, enabling partners to integrate stocks, options, fixed income, and crypto trading into their own apps. To date, Alpaca's API serves over 200 fintech clients across 40+ countries, powering over 10 million brokerage accounts. Early partners include Gotrade and Midas; Binance is its largest crypto exchange client.

Another noteworthy update is the launch of securities lending on June 4th.

Fully Paid Securities Lending (FPSL) allows users to lend their fully-paid, eligible stocks to market participants (typically institutions needing to short, arbitrage, or make markets) and earn interest income.

FPSL is a mature and well-established business in traditional finance. Charles Schwab's securities lending program offers a 50/50 profit split with a minimum asset threshold of $100,000. Fidelity requires at least $25,000. Interactive Brokers' Stock Yield Enhancement Program also has a 50% split and a $25,000 threshold. Robinhood launched its program in 2022 with no minimum and daily interest accrual. The global securities lending market generates nearly $100 billion annually.

In the crypto exchange space, Kraken is the pioneer. It launched FPSL for its US stock offering in 2025, allowing eligible users to lend fully-paid shares for interest. This was also a key hook for Kraken to attract users to transfer stock positions from other brokers via ACATS. Alpaca itself launched FPSL for its Broker API partners back in May 2025. Binance's securities lending likely directly leverages Alpaca's underlying capabilities.

For Binance, the significance of FPSL goes beyond just adding a feature. It's a key step in evolving users from "buy and hold" to "buy and earn yield." It's also a prelude to potentially integrating stocks into DeFi lending protocols in the future, perhaps through tokenized bStocks. First, establish lending within the traditional brokerage framework, then migrate the same logic on-chain – this path is coherent.

Beyond Binance: Everyone in the Same Race

Zooming out, Binance's move is not isolated. The entire race was already crowded by early 2026.

Coinbase, OKX, Kraken, and Bybit all announced or launched tokenized stock trading in early 2026. The market cap of tokenized stocks surged from $32 million to nearly $1 billion in less than a year.

Coinbase is pursuing an "everything exchange" strategy. In early 2026, it launched traditional stock and ETF trading for US users, featuring zero commissions, 24/5 trading, and fractional shares starting at $1, alongside a marketing partnership with Yahoo Finance, clearly targeting Robinhood. However, fine print in its announcement deliberately excluded tokenized equities from the scope of its licensed broker-dealer and main operating company, leaving a regulatory question mark.

Robinhood is the originator of this tokenization narrative. In June 2025, CEO Vlad Tenev outlined a three-step plan at an event called "To Catch a Token." It first launched tokenized stocks in the EU, covering over 200 US companies, with the core concept of making tokenization an invisible user experience. The underlying infrastructure is its own chain, an Ethereum L2 based on Arbitrum Orbit, dedicated to real-world asset tokenization, planned for full launch in 2026.

Kraken focuses on DeFi integration and self-custody. Its xStocks allows investors to withdraw 1:1 backed equity tokens to private wallets for use as collateral, settles on Solana and Ethereum, covers over 60 blue chips, and has partnered with Nasdaq. On the capital front, Deutsche Boerse made a strategic investment of $200 million in April.

OKX also secured significant leverage. In March 2026, NYSE's parent company, ICE, announced a $25 billion strategic investment, centered around a "unified matching engine" placing NYSE-linked tokenized equities at its core. This marks the first time a traditional exchange operator has invested in a top-tier crypto platform for this purpose and secured a board seat.

Other players are also active.

Coinbase and Bybit are exploring collaborations on tokenization, custody, and distribution of US public and pre-IPO stocks. Bitget partnered with Ondo Finance to list over 100 tokenized US stocks, with spot volume surpassing $1 billion in January 2026. On the issuance engine side, Backed Finance's xStocks currently covers around 100 underlying assets, targeting over 500 by the end of 2026, with cumulative trading volume exceeding $25 billion by March. On-chain, trading volume in tokenized stock derivatives hit a single-day record of $3.57 billion on May 18, driven primarily by Binance and Hyperliquid.

It's worth noting that this isn't just crypto moving towards stocks. Traditional institutions are also moving on-chain in the opposite direction. BlackRock has turned US treasuries into blockchain-encapsulated products, while NYSE and Nasdaq have both announced plans to integrate tokenization technology into their own systems.

Two rivers are flowing towards each other. The next step is to see how everyone plays it.