Bitcoin Forum

I heard good thing in the past about this coin and that it allows a trader to save on Binance fees. Could it be worth it to hold some for this reason alone at the current price?

It's always good to have some due to the advantage of getting discounted trading fees but it is not the only reason why you must save BNB.

The price of BNB is not stable it might increase in value in the future. So, having a small amount will only give you a small profit if the price of BNB increases.

It is just my prediction but if the global crisis is over I'm sure we will see the price of BNB will increase. So, I suggest you buy more at the current price it can help you to make more profit after the crisis.

Depends on the amount you trade and the assets that you're trading with. I'd say for most people that the answer is yes and that it would help in saving some fees, but it really depends on if you're trading enough to warrant it and if you think that Binance and Binance Coins are worth it to be holding.

How much in a typical month would you be trading? As the savings would be in the realm of 50 percent if you were to use Binance coins for fees, which is pretty substantial. I'd make sure to compare the deposit/withdrawl fees with other platforms though, as those can bite into any sort of profits if you're going to be trading on Binance.

It's definitely a good idea IMO considering the savings you get can add up much quicker than you expect. It's great just for that purpose alone if you primarily trade on Binance; whatever's most convenient for you at the end of the day, though buying a little bit and holding now could be a good thing as it's fallen in USD value recently like most other altcoins.

Which purpose you are referring? did for the platform fee or investment purpose.

Trading Fee: If you not a regular trader on Binance, and don't have so much balance on the account. Could be useless holding the BNB for fee purpose because of your balance not really high so the fee will not really heavy at all.

Investment: Binance already have their brand name, everyone know them so holding BNB not really a loss at all. Even buying them at the crisis price just like @BitMaxz could be a good opportunity.

I'd say it's a good idea if you ask me. Although the current $BNB  price is nothing to write home about considering it peaked at $42+ and 0.004+ in BTC value.  That aside, The current price leaves so much room for growth. It's no longer a fact that BNB excels when no one's expecting it to. I think It was one of the few coins except LINK, XTZ etc that outperformed btc in 2019.

I'll tell you a trick though (Not really a secret trick 😉) You can go about your trading activities as usual and still get to enjoy discounted fees. How? It's simple. Binance has a feature to convert smaller balances to BNB. You can utilize this feature. This way, You don't get to hold any BNB if you're not comfortable holding it while enjoying discounted fees. Sweet isn't it?

I think the more you got Binance coin, the more discount on trading fees you will get? Like what I recall they have some tiers? Or VIP things on the discount of trading fees by having a Binance Coin.
But what I do in Binance is I just have small amount of Binance coin so I can get the lowest discount of trading fees since I am just a small trader.

Doesn’t Binance have an option where instead of paying fees in BTC it auto-converts to Binance coins at the time of the trade? I know it used to... If that is still the case, the only way you’d save on fees holding Binance coins is if their price increases. You would additionally be making a bet that the value of those coins would increase, and it could easily go the other way making your trading fees higher than had you not held them.

Yes, it is worth to have a small amount to cover the trading fees because you don't have to worry about spending your bitcoin for the fees. I think many people buy a lot of BNB to save the trading fees, although the BNB price is not stable, they will buy more BNB if the price is down. BNB itself will increase and back to the higher price, and that will happen when the bull run comes to the market.

BNB is amazing coin from Binance, of course you can use it for any purposes you want. We can see from coinmarketcap list, this coin have stable volume and value, some program from Binance also need this coin to hold. I never say no about BNB even we can see Binance manipulate it, that's true. So, this coin have back up and Binance is exhange with good reputation.

Personally I hold some BNB only for trading fees purpose (not for trading BNB itself). And obviously I look for opportunities to buy dip. If you are using Binance for trading then why should pay via btc if you could save your trading fees when you will enable fees via BNB? Also I think this is right time to accumulate some BNB and its depends on your trading portfolio how much should you buy. So overall this is a good idea if you trade on Binance regularly.

Yes, that was totally worth it to hold even a small amount of BNB coin and the fees are paid out of your BNB. Because once you have held even a little BNB, you will have a less percent discount fee, even if you aren’t trading with BNB. But for me, I hold it for future purposes and I know it will be an exciting coin to hold once the bulls will return it will surely to gain profit especially if you purchase during a dip.

Aside from that, BNB has an interesting dynamic and we all know that Binance has built a strong reputation in the crypto traders. So, there's a high chance that this coin has the potential of keeping/holding.