Master your crypto currency trading skills by joining our #1 cryptocurrency trading course. Get started for free!
An Introduction to Binance Coin (BNB)
The Worlds Top Crypto Exchange
Currently, Binance is ranked as the #1 crypto exchange in the world with a 24-hour trade volume of $1,343,600,790.
And at the end of 2018, Binance was averaging approximately $8 million in assets being traded in a week.
Launched in July 2017, Binance’s rapid ascension to prominence has been nothing short of astounding. The exchange has the rare distinction of performing well in a bear market, with users not hesitating to sign the dotted lines.
In fact, it only took Binance 6 months to experience a 22,000% rise in the market. It started out at just 10c and jumped up to $22 throughout that time.
Binance has its own cryptocurrency (called BNB) that get traded and used on the proprietary exchange. Since its ICO, the BNB keeps rising steadily up the exchange. Now it’s on the list of top-30 cryptocurrencies in the world.
The Current Price of BNB/USD
Binance Coin (BNB)
A Stroke of Genius
It was marketing genius to give users a 50% reduction in trading fees for using BNB.
Binance made it so these individuals would pay the market price when they required more BNB to offset costs. The influx of people trading BNB, therefore, drastically hiked up Binance’s price.
Further bolstering Binance is the fact that users can’t trade just any currency for another within its parameters. If users have a wealth of different coins, it necessitates plenty of trading. Meaning, a plethora of trading fees. Cutting down the cost of transactions is only a matter of using BNB as an intermediary currency. This ensures users possess enough BNB to cover the fees.
Because of the above perk, Binance users also won’t require the third transaction to buy more. It also removes unsellable crypto leftovers.
Binance Coin Price Predictions For 2019
Launching US Trading
As of this writing, Binance.US (the American arm of the exchange) has announced that it will begin trading fiat-crypto and crypto-crypto trading pairs.
Binance.US will list Bitcoin, BNB, Ethereum, XRP, Bitcoin Cash, Litecoin, and USDT upon its launch. Throughout the weeks to come, in efforts to align with US regulations, the platform is expected to roll out additional cryptocurrencies.
It’s worth noting that users possessing previous deposits with Binance.com won’t see their funds automatically transferred to the US platform.
This move is indicative of a larger global expansion plan. It included the launching of a fiat-to-crypto exchange to the Island of Jersey – a British self-governing dependency – this past January.