Binance Coin is a cryptocurrency issued by one of the most popular cryptocurrency exchanges in the world – Binance.
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As a fuel for Binance’s ecosystem, BNB provides users with discounts on trading fees and can be used for other services like shopping and travel bookings. But before you start trading BNB, there are some essential things you need to consider.
In this article, we will provide a comprehensive guide on how to BNB and the benefits surrounding it.
What is BNB?
Binance coin (BNB) is the cryptocurrency issued by the Binance exchange. It was launched in 2017 with the goal of becoming the fuel for Binance’s ecosystem.
Binance coin was initially built on the Ethereum blockchain before it later migrated to the main BNB chain. BNB can be used to pay for trading fees on the exchange, as well as for other services such as shopping and travel bookings. It also provides users with discounts on trading fees when used to pay for them.
Binance token has become one of the most popular cryptocurrency exchanges in the world, and the success of the exchange has had a positive impact on the value of Binance coin.
The initial total supply of BNB was 200,000,000 coins but has drastically reduced due to several burns.
What to Consider Before Trading BNB?
Before trading BNB, there are a few things you should consider. Firstly, you need to understand the exchange you want to operate and its features.
You should also have a basic understanding of cryptocurrencies and how they work.
Secondly, research about how the market is currently rated and where BNB stands in terms of price. This will enable you to decide whether BNB is currently a wise investment.
Thirdly, you should review BNB’s past performance to look for any patterns or trends that could guide your trading choices. You may get a sense of BNB’s potential future performance from this as well.
What is BNB Current Value?
As of August 2023, the current value of BNB is around $215. BNB has seen significant growth since its launch in 2017, with its all-time high reaching around $690 in May 2021.
Binance Coin has a market capitalization of around $33.3 billion, making it the fourth-largest cryptocurrency by market cap.
History of BNB
Before moving to the BNB chain, Binance Coin was first released in 2017 as an ERC-20 token on the Ethereum network. Binance Coin was developed traders a means of paying transaction costs on the Binance platform.
Later, in 2019, Binance built its own blockchain, the Binance Smart Chain (BSC), on which BNB is now a native coin.
More applications of Binance Coin have been added over time, such as lower trading costs, staking benefits, and the capacity to take part in Binance Launchpad token sales.
Additionally, the marketplace has been burning a percentage of Binance Coin every three months, which helps to decrease the total supply and raise the value of each token.
Features of Binance Coin
Binance Coin has several outstanding features that makes it unique among other cryptocurrencies. These include:
- Trading charge reductions: When users trade on the Binance platform, Binance Coin holders receive a reduction in trading fees.
- Staking incentives: On the Binance platform, users who possess Binance Coin can receive staking rewards.
- Launchpad participation: Holders of Binance Coin have the option to take part in token sales on the Binance Launchpad.
- Burning mechanism: Each quarter, Binance burns a certain amount of Binance Coin to help lower the total supply and raise the value of each token.
How and Where You Can Buy BNB?
There are several ways to buy Binance Coin, including through the Binance platform, CoinEx, and other cryptocurrency exchanges. To buy BNB on CoinEx, you will need to create an account on the platform and deposit funds into your account using one of the supported cryptocurrencies. Once you have deposited your funds, you can navigate to the BNB trading pair and place your order.
How to Buy BNB on CoinEx?
To buy BNB on CoinEx, follow these steps:
1. Create an account on the CoinEx website.
2. Complete the necessary verification requirements.
3. Deposit funds into your account using one of the supported cryptocurrencies.
4. Navigate to the BNB trading pair.
5. Place your order based on your desired trading strategy.
Conclusion
Binance Coin is a cryptocurrency with a variety of use cases and features that make it valuable to traders and investors. As with any investment, it is important to understand the market conditions and historical performance of Binance Coin before making any trading decisions.
By following the steps outlined in this article, you can trade Binance Coin on the CoinEx Global Crypto Exchange and take advantage of its various features and benefits.
