However, if you use Binance Coin to pay the fee, they will reward you by charging a lower fee. For example, if you trade another cryptocurrency for bitcoin on the exchange, Binance will charge you a 0.1% trading fee. What can you do with Binance Coin?īinance Coin can be used to pay trading fees on the Binance exchange. How does Binance Coin work?īinance Coin can be bought or sold on Binance’s own exchange, or a handful of other exchanges that offer it. Binance Coin can be bought on the Binance exchange using another cryptocurrency, or it can be bought on several other exchanges. This ‘burning’ process helps maintain the token’s value. Binance issued 20 million Binance Coins at its ICO, and will eventually buy back half of them and destroy them. How is Binance Coin produced?īinance Coin (BNB) is an ERC-20 token built on Ethereum. 📊 Choice – Binance offers hundreds of different cryptocurrencies. 💧 Liquidity – The high volume of people buying and selling on the exchange means it’s easy to sell at close to market price. 🤝 Low fees – It charges 0.1% in transaction fees, and even less if you pay in Binance Coin. ⚡️ Fast – Binance claims to process 1.4 million orders per second. July 2018 – Acquires Trust Wallet - a mobile crypto wallet.March 2018 – Announces relocation to Malta.$0.04349555 1.02% Terra Classic (Wormhole)ĬEO and co-founder Changpeng Zhao has a tattoo of the Binance logo on his forearm, which he says is a sign of his commitment.
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