Binance is currently the world’s largest cryptocurrency exchange, as well as one of the most popular crypto exchanges out there. Binance is more than just an exchange, it’s a platform for traders to invest and trade cryptocurrencies.

Since the ICO a while, the value of Binance Coin has risen with the growth of the exchange.

The total supply is limited to 200 million BNB, after which no more coins will be created.

You can use Binance Coin to pay your fees on the Binance exchange. So what’s the difference between using bitcoin and ethereum to pay for your crypto investments vs using Binance coin?

Even though, you can still choose to pay your fees in the cryptocurrency you’re exchanging, Binance offers a rebate as an incentive to pay fees in BNB. In your first year of membership on Binance, fees are discounted 50% when paid in BNB. With every subsequent year of membership, the fee discount decreases. By your fifth year using Binance, there is no longer a fee discount for paying in BNB.

Right now, BNB’s primary value is within the exchange. This makes BNB unique among most new coins since it already has a practical use case. Most investors will get the highest ROI out of cashing in on the BNB rebate.

One of the downside about Binance Coin is that it can only be used within Binance. Compared to other top exchanges, Binance offers a relatively limited selection of coins to trade – if you want to get anything outside of their supported list, then you will have to go elsewhere. This list will continue to expand (OAX, DNT, MCO, ICN) however and will not be a con for long. In Sep 2017, Binance added a Community Coin per Month program where the coin with the most number of community votes will be listed.

 

Where can you buy and trade Binance Coin?

You can only purchase BNB through the Binance exchange and EtherDelta (although the volume on EtherDelta is so low that you shouldn’t bother). Any coin supported on Binance is available as a trading pair with BNB.

The good thing about Binance coin is that it is a currency that you can store in one of your cold storages or online wallet.

There are a lot of good things to mention about the Binance Coin:

Proven Products – The underlying Binance platform has been deployed on 30+ exchanges already. It supports all devices and multiple languages, offering a seamless user experience.

Superior Technology – Our certified matching engine is capable of processing 1,400,000 orders per second, making Binance one of the fastest exchange in the market today.

Industry Resources – We have solid relationships with industry leaders, simply look at the list of investors and advisors who are willing to stand behind our platform.

 

The Binance Coin Team

Binance is a Chinese company, originally started in Shanghai and now based in Hong Kong. It’s founder, Changpeng Zhao, is the former CTO of OKCoin, another prominent Chinese cryptocurrency exchange. Zhao’s company, Beiji Technology, owns and operates Binance.

 

Conclusion

There’s a reason why Binance has seen such massive growth and success over the past six months. It’s fast, reasonably priced, and available worldwide. If you already have an exchange that you use and like (that charges similar fees), then there’s no need to switch to Binance. In particular, if you often need to convert to fiat currency, Binance won’t be useful for you at all. However, if you’re unhappy with your current exchange, need lower fees, or are looking for the fastest processing times available, then a move to Binance could be right for you.

CryptoMeNow is on a mission to make cryptocurrency easy for everyone to understand.

Our core product is our free daily newsletter where we send you need to know information about cryptocurrency that everyone can understand in less than 3 minutes a day.

Please subscribe to our newsletter and share it with your friends! You can subscribe directly at CryptoMeNow

You can also follow me on Twitter @itswilson8

Author: Wilson

Wilson is a 3x Startup Entrepreneur. He is passionate about the cryptocurrency space. You can catch him tweeting about cryptocurrency often @itswilson8

Leave a Reply

Your email address will not be published. Required fields are marked *