Is it worth using Binance's coin to trade with when using Binance?

[Phriend]

From what I can tell, fees are reduced if you use Binance's coin (BNB) to execute trades on Binance.  Is it worth doing this?  (I just sent some BTC over to Binance to buy something with -- should I first convert my BTC to BNB before making my purchase?)

Also, are there fees for trading BTC for BNB on Binance?  If they charge you to convert your currency to BNB, it seems like it would defeat the purpose of trading for BNB in order to reduce fees.

[AdolfinWolf]

From what I can tell, fees are reduced if you use Binance's coin (BNB) to execute trades on Binance.  Is it worth doing this?  (I just sent some BTC over to Binance to buy something with -- should I first convert my BTC to BNB before making my purchase?)

Also, are there fees for trading BTC for BNB on Binance?  If they charge you to convert your currency to BNB, it seems like it would defeat the purpose of trading for BNB in order to reduce fees.

I believe it reduces the fees with ~50%, ( this includes the maker fees only? etcetera i believe.) ( 0.10% vs 0.05%) So yes, i'd say it would be a pretty smart move to do that.

You can read a bit more about it here, https://steemit.com/crypto/@therealwolf/bnb-and-binance-explained, or simply google it.

[KonradKarl]

One of the benefits of BNB coin is reduced fees on Binance. So it make sense to use it.

[crypto-words]

It absolutely makes sense I think, in the end, you are left with more of your own coins. Otherwise you would have to pay with the very coins you had purchased for each operation involving this certain coin. Like is the case on traditional exchanges or on HitBTC which offers some really interesting coins, but charges horrendous fees for withdrawing them ; ) Using this exclusive feature* is therefore quite beneficial to us investors and traders I think!

*As far as I know, only Kucoin and Coss (and maybe some 2-3 more exchanges) are offering similar features, so it's still a pretty unique selling point in my opinion.

[taeewo]

From what I can tell, fees are reduced if you use Binance's coin (BNB) to execute trades on Binance.  Is it worth doing this?  (I just sent some BTC over to Binance to buy something with -- should I first convert my BTC to BNB before making my purchase?)

Also, are there fees for trading BTC for BNB on Binance?  If they charge you to convert your currency to BNB, it seems like it would defeat the purpose of trading for BNB in order to reduce fees.

Its good to use bnb coin for fee as there will be 50% discount

[Phriend]

From what I can tell, fees are reduced if you use Binance's coin (BNB) to execute trades on Binance.  Is it worth doing this?  (I just sent some BTC over to Binance to buy something with -- should I first convert my BTC to BNB before making my purchase?)

Also, are there fees for trading BTC for BNB on Binance?  If they charge you to convert your currency to BNB, it seems like it would defeat the purpose of trading for BNB in order to reduce fees.

I believe it reduces the fees with ~50%, ( this includes the maker fees only? etcetera i believe.) ( 0.10% vs 0.05%) So yes, i'd say it would be a pretty smart move to do that.

You can read a bit more about it here, https://steemit.com/crypto/@therealwolf/bnb-and-binance-explained, or simply google it.

0.10% seems like such a tiny fee to begin with -- I don't have much problem paying it.  That is like... 10 cents for every $100 dollars traded, right?

Also, do they charge you this fee when you buy the Binance coin?  If so, doesn't that defeat the purpose?   

[xianbits]

I can say I’m a fan of binance in just a month using it.

From what I can tell, fees are reduced if you use Binance's coin (BNB) to execute trades on Binance.  Is it worth doing this?

Of course yes. Though they have one of the cheapest fees, it can even go cheaper by 50% when using BNB. That’s pretty cool especially if you are trading with large amounts.

(I just sent some BTC over to Binance to buy something with -- should I first convert my BTC to BNB before making my purchase?)

You just need to purchase enough BNB to cover your future needs. Like me, I only bought 1.88 BNB and even if I had trade for few times, I still have around 1.8 BNB, so I only paid almost 0.08 BNB for those trades. Now that you have your BNB, you can switch on in your profile to use BNB as your trading fees.
To sum it up, you have now BTC and small amount of BNB. You can then use your BTC to purchase your favorite coins while the BNB being deducted with the fees.

Also, are there fees for trading BTC for BNB on Binance?  If they charge you to convert your currency to BNB, it seems like it would defeat the purpose of trading for BNB in order to reduce fees.

Yes, there are still fees.
I hope you don’t get it wrong. The purpose of purchasing BNB is to reduce the fees when you are trading using the binance platform. Whatever altcoins you trade, as long as you have enough BNB, then you can enjoy the purpose of BNB. It does not necessarily mean you only trade BTC to BNB or vice versa.

Another advantage of using BNB:
When you buy something in binance exchange, you are subject to a 0.1% trading fee. If you are not using BNB for trading fees, the fee will be deducted to your purchased coin. So if you’re buying 500 Xcoins, you will receive only 499.5 Xcoins. You have to know also that some coins in binance can’t be sold in decimals. Please refer here https://support.binance.com/hc/en-us/articles/115000594711-Trading-Rule. So with that, you can probably sell only the 499 Xcoins, leaving the 0.5 Xcoins as dust.
If you are using BNB when purchasing this Xcoin, you will receive the full 500 Xcoins and only the BNB being deducted for fees. You can then sell the full 500 when the perfect time comes leaving no dust.

[Phriend]

I can say I’m a fan of binance in just a month using it.

From what I can tell, fees are reduced if you use Binance's coin (BNB) to execute trades on Binance.  Is it worth doing this?

Of course yes. Though they have one of the cheapest fees, it can even go cheaper by 50% when using BNB. That’s pretty cool especially if you are trading with large amounts.

(I just sent some BTC over to Binance to buy something with -- should I first convert my BTC to BNB before making my purchase?)

You just need to purchase enough BNB to cover your future needs. Like me, I only bought 1.88 BNB and even if I had trade for few times, I still have around 1.8 BNB, so I only paid almost 0.08 BNB for those trades. Now that you have your BNB, you can switch on in your profile to use BNB as your trading fees.
To sum it up, you have now BTC and small amount of BNB. You can then use your BTC to purchase your favorite coins while the BNB being deducted with the fees.

Also, are there fees for trading BTC for BNB on Binance?  If they charge you to convert your currency to BNB, it seems like it would defeat the purpose of trading for BNB in order to reduce fees.

Yes, there are still fees.
I hope you don’t get it wrong. The purpose of purchasing BNB is to reduce the fees when you are trading using the binance platform. Whatever altcoins you trade, as long as you have enough BNB, then you can enjoy the purpose of BNB. It does not necessarily mean you only trade BTC to BNB or vice versa.

Another advantage of using BNB:
When you buy something in binance exchange, you are subject to a 0.1% trading fee. If you are not using BNB for trading fees, the fee will be deducted to your purchased coin. So if you’re buying 500 Xcoins, you will receive only 499.5 Xcoins. You have to know also that some coins in binance can’t be sold in decimals. Please refer here https://support.binance.com/hc/en-us/articles/115000594711-Trading-Rule. So with that, you can probably sell only the 499 Xcoins, leaving the 0.5 Xcoins as dust.
If you are using BNB when purchasing this Xcoin, you will receive the full 500 Xcoins and only the BNB being deducted for fees. You can then sell the full 500 when the perfect time comes leaving no dust.

I must have this wrong.  Let's say I want to buy $1000 dollars worth of Bitcoin, but I don't want to pay the 0.1% trading fee.  So I buy BNB instead.... and when I do, I get hit with a 0.1% trading fee.  So... I have saved nothing.

...and then I go trade my BNB for BTC, and I'm charged an additional 0.5% on that trade.  I must have something wrong.  Where do I have things wrong?

[raoul78]

Another benefit of the BNB coin for paying fees: you don't have 'dust' on binance. Meaning: when you don't use BNB your fee is payed with the coin you are buying. So if you buy 15 coins, you get 14.955 orso. If you want to sell you can only sell 14 so you are stuck with the 0.955 rest of the coin.

When using BNB you get all the coins you want and you can sell them completely.

[xianbits]

I can say I’m a fan of binance in just a month using it.

From what I can tell, fees are reduced if you use Binance's coin (BNB) to execute trades on Binance.  Is it worth doing this?

Of course yes. Though they have one of the cheapest fees, it can even go cheaper by 50% when using BNB. That’s pretty cool especially if you are trading with large amounts.

(I just sent some BTC over to Binance to buy something with -- should I first convert my BTC to BNB before making my purchase?)

You just need to purchase enough BNB to cover your future needs. Like me, I only bought 1.88 BNB and even if I had trade for few times, I still have around 1.8 BNB, so I only paid almost 0.08 BNB for those trades. Now that you have your BNB, you can switch on in your profile to use BNB as your trading fees.
To sum it up, you have now BTC and small amount of BNB. You can then use your BTC to purchase your favorite coins while the BNB being deducted with the fees.

Also, are there fees for trading BTC for BNB on Binance?  If they charge you to convert your currency to BNB, it seems like it would defeat the purpose of trading for BNB in order to reduce fees.

Yes, there are still fees.
I hope you don’t get it wrong. The purpose of purchasing BNB is to reduce the fees when you are trading using the binance platform. Whatever altcoins you trade, as long as you have enough BNB, then you can enjoy the purpose of BNB. It does not necessarily mean you only trade BTC to BNB or vice versa.

Another advantage of using BNB:
When you buy something in binance exchange, you are subject to a 0.1% trading fee. If you are not using BNB for trading fees, the fee will be deducted to your purchased coin. So if you’re buying 500 Xcoins, you will receive only 499.5 Xcoins. You have to know also that some coins in binance can’t be sold in decimals. Please refer here https://support.binance.com/hc/en-us/articles/115000594711-Trading-Rule. So with that, you can probably sell only the 499 Xcoins, leaving the 0.5 Xcoins as dust.
If you are using BNB when purchasing this Xcoin, you will receive the full 500 Xcoins and only the BNB being deducted for fees. You can then sell the full 500 when the perfect time comes leaving no dust.

I must have this wrong.  Let's say I want to buy $1000 dollars worth of Bitcoin, but I don't want to pay the 0.1% trading fee.  So I buy BNB instead.... and when I do, I get hit with a 0.1% trading fee.  So... I have saved nothing.

...and then I go trade my BNB for BTC, and I'm charged an additional 0.5% on that trade.  I must have something wrong.  Where do I have things wrong?

As I've explained above, you don't need to buy all your funds with BNB, just buy enough amount to cover your future needs. I am considering you have 1000$ cash right now, let's use this as an example.
With your 1000$, buy only BNB worth, say, 20$. Leaving you only 980$ for trading. Since you now have 20$ worth of BNB, you can then switch on "Using BNB to pay fees". Everytime you buy something with your 980$, the fees are deducted to your 20$ worth of BNB. If ever you buy 980$ worth of bitcoins, your 20$ BNB will be deducted by only 0.49$ worth of BNB [that's 980$ * 0.05%]. Note again that fees will reduce to 0.05% if you're using BNB. I hope you get it now.

[FreeHamster]

Hmm but what about the initial transaction fee for buying the BNB in the first place? Doesn't that add to the cost of the transaction?

[xianbits]

Hmm but what about the initial transaction fee for buying the BNB in the first place? Doesn't that add to the cost of the transaction?

That's the only time you are having 1% as a trading fee. The next time you buy, it will be 0.05% deducted to your BNB - as long as your BNB is enough to cover the fee and you have switched on the button to use BNB for the trading fee.

[cerealnac]

Reduced fees are the biggest advantage. The biggest risk is that it's value could be deflated like all the other coins.

[AdolfinWolf]

Hmm but what about the initial transaction fee for buying the BNB in the first place? Doesn't that add to the cost of the transaction?

Yes, that will probably be 0.10%, since you're transferring BTC -> X ( Binance Coin). I don't really see this as a negative factor, since it is a 1 time problem, you'll have the same fees buying another coin with BTC -> X.

[HodorHodl]

Another benefit of the BNB coin for paying fees: you don't have 'dust' on binance. Meaning: when you don't use BNB your fee is payed with the coin you are buying. So if you buy 15 coins, you get 14.955 orso. If you want to sell you can only sell 14 so you are stuck with the 0.955 rest of the coin.

When using BNB you get all the coins you want and you can sell them completely.

This issue still exists. It has nothing to do with BNB.

I'm currently sitting on about 0.09 BTC worth of dust. This is extremely annoying.

[p3ppymon]

I'm currently sitting on about 0.09 BTC worth of dust. This is extremely annoying.

Binance offers you the possibility to auto-convert the dust into BNB.
If you do so, then you have many BNB which can be converted to the coin or token you want, hence no more dust, and you are happy again!

[DenCho?]

Yes i think 50% discount for comissions is good for me and worth holding a bit of bnb.
Also Bnb is a good mid and longterm invest because of popularity of binance and moving forward development of their platform and later blockchain

[jamids]

Yes i think 50% discount for comissions is good for me and worth holding a bit of bnb.
Also Bnb is a good mid and longterm invest because of popularity of binance and moving forward development of their platform and later blockchain

It is worth it for me to use BNB as trading fee and then reduced the cost by 50%. If you think about it, Binance has lower trading fee compared to other platforms and then it was further reduced to 50% of it so it would already be an additional profit for you given that the price would go higher.

Binance coin is also a good investment because there is always a demand. As long as Binance would maintain its credibility and reliability then traders would continue to use their platform along with their coin which would make it a good investment.