How to Trade Binance Coin
What is Binance Coin / BNB?
Binance Coin is a cryptocurrency issued by the Binance trading platform. Binance Coin is traded under the abbreviation BNB. Binance Coin runs on the Ethereum blockchain according to the ERC-20 standard. BNB Coin only issues a limited amount of 200 million coins. Binance Coin was born to promote trading activities on the Binance platform and its enough ecosystem. The primary purpose of using BNB in the Binance system is to pay transaction fees, exchange fees, and other transaction platform fees.
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Benefits of Binance Coin?
BNB is a very useful coin because it brings a lot of value. The benefits of Binance coin include:
- Reducing transaction fees when trading on Binance
When using BNB to pay transaction fees on Binance, users will receive a discount compared to the usual transaction fee.
- The altCoin has value and potential for traders.
BNB is in the top 10 with the highest volume of capitalization as well as volatility in the market, showing that the interest of crypto investors for this coin is more.
- Payment method for commercial activities
BNB has already affiliated for use by trading partners such as TravelbyBit with more than 150 retail locations across Australia, blockchain platform PundiX, Crypto.com, Coinbates…
- Use to withdraw cash
BNB can be used at ATMs to serve the cash needs of users.
- Store on many types of wallets
BNB is currently used as a gift or purchase on social networks. Some social networks have started integrating BNB such as Uplive, Adamant, Crypto Investfeed
- Long-term investment channel
How to buy and sell Binance Coin
BNB can currently trade on many different exchanges such as HiBTC, Gate.io, Bitrue, Kucoin, Bilaxy … and especially on the Binance platform itself.
- Sign up for Binance: Signing up for a Binance account is very simple. First of all, you need to visit the homepage: Binance.com. Select Register and then fill in the required information in the registration form.
- Buy BNB: To buy BNB, you will need to use the cryptocurrencies that Binance allows to trade, then use it to buy BNB on Binance. You will need to create an account on Binance, send a coin from your wallet into the purse to the floor, and then used it to buy BNB. After a successful purchase, BNB will show up in your Binance account.
- Sell BNB: To sell BNB, in contrast to buying, you choose the currency you want to exchange BNB, where BTC and ETH are the two most commonly used base currencies for sale. After a successful sale, you can withdraw BTC or ETH to your wallet or to exchanges that allow you to sell VND to transfer to your bank account.
Hopefully analysis has helped you on the exact look and fullest co this coin.
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