What Is Binance Coin?

Binance Coin is the digital currency of the Binance stage. It is an exchanging stage only for cryptographic forms of money. The name "Binance" is a blend of paired and back.

In this manner, the startup name demonstrates that no one but digital forms of money can be exchanged against each other. It isn't conceivable to exchange cryptographic forms of money against Fiat. The stage made a colossal progress inside a brief span and is centered around overall market with Chinese central station. The digital currency as of now has a market capital between 180-218 million US dollars, of which 18-35 million US dollars are exchanged day by day.

Altogether, there might be 200 million BNBs.

Binance utilizes the ERC 20 token standard from Ethereum. BNB ought to be conveyed as takes after. half of the coins are sold in an ICO, 40% go to the group and 10% to Angel speculators. Holy messenger financial specialists are speculators who purchase an especially expansive number of coins without a moment's delay. The coin can be utilized to pay expenses on Binance trade. These incorporate exchanging expenses, exchange charges, posting expenses and others.

Binance gives you a major rebate when charges are paid in BNB as opposed to in BTC.

In the primary year of utilization, there is a 50 % markdown on all charges, in the second year there is a 25 % rebate, in the third year there is a 12.5 % markdown, in the fourth year there is a 6.75 % rebate, and from the fifth year onwards there is no markdown. This structure is utilized as a motivating force for clients to purchase BNB and do exchanges it inside the Binance trade.

In case you're anticipating purchasing/offering a fair volume on Binance now or later on, help yourself out and get some BNB (Binance coin) on there first. There are two advantages to this: Your exchanging expenses are paid for in BNB, instead of in the coin that you are exchanging, so you don't need to leave the tidy there (on the grounds that binance doesn't exchange decimals).

Also, besides you just pay a large portion of the exchanging expense! You can likewise offer the BNB you don't utilize, so there is basically no reason not to get a few. Simply figure the amount you'll have to cover your looming exchanges.

Also, Binance declared in a buyback arrange for that it would purchase go down to 100 million BNB in Q1 2018. The coins are then singed. This implies they are devaluated to build the estimation of the rest of the coins. This advantages financial specialists. Later on, the digital currency will remain an advantage on the exchanging stage and will be utilized as gas. An exchange costs a charge of 0.1% of the exchanging sum.

As of now specified, just digital money sets can be exchanged on the stage. Notwithstanding Bitcoin, Ethereum and Bitcoin Cash, the exchanging stage can likewise be utilized to exchange QTUM Coin, NEO Coin or Iconomi and right around 50 other currencie (new ones are included day by day).

It is striking that numerous digital currencies from Asia are exchanged. This is self-evident, in light of the fact that the stage is headquartered in China. The stage as of late propelled the "Group Coin every month" crusade. Clients of the stage can vote on which coin can be exchanged that month without exchange charges.

Specialized information about the Binance stage is as yet obscure. The Binance stage exchanges only with cryptographic money sets, whereby clients of the stage can enlist and exchange digital forms of money autonomously. The site additionally offers the likelihood to hold ICOs. Every exchange costs a little expense, which can be paid in BNB. Since the stage is dynamic in China, the site can be converted into a few dialects, exchanges from abroad can take a while.

Strong Team - Led by Changpeng Zhao, our team have experience in both wall-street and crypto finance. Our team also have a track record of successful startups under our belt.

Proven Products - The underlying Binance platform has been deployed on 30+ exchanges already. It supports all devices and multiple languages, offering a seamless user experience.

Superior Technology - Our certified matching engine is capable of processing 1,400,000 orders per second, making Binance one of the fastest exchange in the market today.

Industry Resources - We have solid relationships with industry leaders, simply look at the list of investors and advisors who are willing to stand behind our platform.

Getting Started With Binance Coin

Binance is one of the top cryptocurrency exchanges, headed by Changpeng Zhao and a team distributed around the world. It has all of the main features you want to see in an exchange like support for trading pairs with all of the major coins (BTC, ETH, LTC, NEO), multiple languages, multiple device platforms, clean user interface, and importantly, extremely high throughput from its order matching engine of up to 1,400,000 orders per second.

Binance does not provide fiat (eg. US dollars) to cryptocurrency exchange, rather focuses purely on crypto-to-crypto. It emphasizes security, speed, and customer service above all else.


Speed - If you've used other exchanges before, you can definitely feel the difference in execution speed. The engine underlying Binance in fact is already powering 30+ other exchanges in Asia.

Team & Partnerships - Binance's CEO is Changpeng Zhao, who has a deep background in finance, trading, and blockchain technology. He is also the founder of BijieTech (company behind the underlying execution engine) as well as a co-founder of OKCoin (one of the largest Bitcoin exchanges in the world). The CMO is Yi He, one of the leading cryptocurrency experts in China and also a co-founder of OKCoin. They have a close partnership with the most promising blockchain protocol out of China, NEO smart economy (guide to buying NEO), headed by Da Hongfei (in fact, Binance offers fee-free withdrawal of NEO and GAS). Overall very strong team.

Binance Coin (BNB) - Owners of BNB will receive discounts on all trading fees (50% for the first year). See the complete fee structure. In addition, all ICOs offered on Binance will have a discount for using BNB to invest, and the long term promise is owning a stake of a future fully decentralized exchange that rumors have is already in the works. There will be natural deflation as every quarter, Binance will use 20% of profits to buy back BNB and destroy them, thereby steadily driving up the price (up to 50% of all BNB in circulation).

Binance Coins are very compelling and is the primary reason we are here speculating on BNB.


Limited Coins - Compared to other top exchanges, Binance offers a relatively limited selection of coins to trade - if you want to get anything outside of their supported list, then you will have to go elsewhere. This list will continue to expand (OAX, DNT, MCO, ICN) however and will not be a con for long. In Sep 2017, Binance added a Community Coin per Month program where the coin with the most number of community votes will be listed.

*Update 10/31/17: Binance has listed tons more coins since inception and are continuously adding more.

Limited Documentation - Binance is natively Chinese; this means that by default, documentation will start in Chinese and suffer from translation differences for other languages like English.

No fiat currency exchange - Like we mentioned above, you can only use crypto for trading on Binance, as fiat exchanges have much more regulatory scrutiny.

Get Bitcoins or Ether

Now that the fluff is out of the way, let's get to getting ourselves some BNB! The first thing we have to do is get ourselves some transacting cryptocurrencies. In the digital currency world Bitcoin is king and Ether is queen, and either suffices to getting practically any cryptocurrency you would want, including BNB.

There are tons of ways to get either, but the easiest way is to use the most established crypto platform in the USA, Coinbase.

On Coinbase, you'll be able to purchase BTC or ETH using conventional fiat methods including PayPal, Bank Account (US), and Credit/Debit Card; each has different buying times and limits, generally the longer the buying time the higher the limit. I'll wait here while you buy some.

binance coin

Okay great! Let's get those BTC or ETH over to Binance now. Tab on over in your Coinbase account to "Send" and pop in the deposit address from your Binance account with all of your new cryptocurrency.

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Fund Binance Account

What Binance account, you ask? If you haven't already, make an account on Binance (disclaimer: my referral link), and have your 2FA and so forth configured for extra security. One of the great conveniences of Binance is that, just by signing up, you are "Lv. 1" and can withdraw up to 2 BTC per day. You should see a screen like below once you are up and running:

binance coin

Now hover over the menu nav dropdown "Funds" and select "Deposits Withdrawals". This page will show you the entire list of coins that are traded on Binance. We can think of these line items as all of our online wallets that hold our coins on the exchange.

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binance coin

For each coin, you can see the coin's

At the very right of each line, you will see "Deposit" and "Withdrawal". The former is what you want, and clicking it will open an inline section with your BTC or ETH address. This is the address where you should be sending your new coins that you got from Coinbase.

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Closeup of the "Deposit" and "Withdrawal" buttons

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How To Get An Binance Coin Wallet?

Binance is one of the fastest growing exchanges in the cryptocurrency market, being the 10th biggest crypto exchange in only 5 months. The surging popularity of Binance stems from multiple factors, from catering to multiple languages, having a clean user interface and most notably, an extremely high throughput (data processing speed). It is important to note that Binance is a crypto-only exchange, and does not cater to fiat deposits.

Binance is growing at an astounding rate, and if this keeps up, it will be one of the biggest crypto exchanges based on trading volume. Additionally, many newly coins/tokens that just had an ICO would have a higher tendency to be listed on Binance compared to other big exchange.

So if you’ve missed an ICO and wants to catch a hold of a particular coin, Binance would be the recommended choice of exchange due to its large trading volume, which would equate to better prices and a higher probability of your buy/sell orders being filled.

Step 1: Go to Binance’s Website

Make sure you bookmark the page, as there have been many cases of phishing sites that mirror the actual site. As a precaution, you should also examine the URL and look for the “Secure” Certificate to authenticate that this is the original site.

binance coin

Step 2: Complete the Sign-Up Process

Click on the “Register” tab in the top right-hand corner of the webpage and enter the necessary information. It’s good to have a long and arbitrary password to better secure your account. Verify yourself and click on “Register” to proceed and you’ll receive a confirmation email.

binance coin

Step 3: Enable 2-Factor Authentication (2FA)

A pop-up should appear on the screen the first time you log-in, and immediately enable 2FA to increase your security. (See more: Guide to Cryptocurrency Security: Activating 2FA)

binance coin

You can now start to deposit your cryptocurrency coins or tokens into your Binance account.

Binance Coin Resources

How To Buy Binance Coin?

Step 1: Go to the “Deposit” Page

At your dashboard (or the first page you see when you log-in), click on the “Deposit/Withdrawals” button under the “Funds” tab on the top right-hand corner.

binance coin

Step 2: Select the Coin You Want to Deposit

Search the coin that you want to deposit and press the “deposit” button. It is extremely important to only click the “deposit” button that is specific to the coin that you’re going to deposit. So if you’re depositing Bitcoin (BTC), make sure you click the “Deposit” button only for Bitcoin (BTC). This is because the address for each coin is different. You can just search for the coin in the search field to expedite the process.

binance coin

Step 3: Transfer Your Coins to the Generated Address

The address you’ll be sending to will be generated in the field under “BTC Deposit Address” (assuming you’re depositing BTC). So if you’re transferring BTC from your wallet or from other exchanges to Binance, this will be the address you send your BTC at.

binance coin

Step 4: View Your History

The history of your deposit will be shown in the “Funds” > “Deposits/Withdrawals” tab.

binance coin

Where To Spend Binance Coin?

Binance is probably the first exchange that has its own currency, called BNB. BNB allows you to pay for the different types of fees within Binance exchanges that includes:

By using BNB coins to pay for the above fees, you will get a significant discount, which affords you 50% discount in the first year. Here’s the schedule of discount you will get by using BNB coins:

binance coin

Not only that, you can also use BNB to invest in ICOs that are listed on Binance exchange. Binance has their own ICO platform that allows only BNB holders to invest in ICOs listed there, and the ICO usually lasts less than 60 seconds!

Crypto Trading On Binance

So you’ve researched a new coin and the only place to buy it is on (my favorite) exchange Binance! I am going to show you how to transfer funds over from your wallet to Binance to start exchanging to those other coins!

Binance is a Chinese exchange that has truly singled themselves from the competition. They currently have one of the easiest and nicest looking exchanges out there. They are renowned to host some of the newest coins on the market well before they hit other exchanges. They also have Binance Labs which is a blockchain incubator. Have an idea? Get it funded. There is also a Binance token ($BNB) which is great to lower your trading fees.

Things to remember: Transfers from wallets to exchanges can be a little slower than normal, BTC takes 2 confirmations to show up while LTC takes 6, be patient!

Step 1:

Head over to Binance or https://www.binance.com/ (Yes this is a referral link). At the top right corner you will see ‘Login or Register’ button. Go ahead a click register to get started.

binance coin

Step 2:

Fill out all the necessary information then slide to login, this slider can take some getting used to at first.

Step 3:

Navigate to the funds tab and click ‘Deposits and Withdrawals’

Step 4:

Head over to whatever coin you are using to deposit funds into your account. I ALWAYS transfer LTC into exchanges and then transfer into BTC. I save a lot on fees that way. Copy and paste that address and put it in your wallet send address bar.

Step 5:

Hover over the exchange tab and click basic or advanced! For this guide I will chose basic. Navigate to the right side of the exchange and search for your pair.

Step 6:

Exchange! Here you can easily sell or buy the coins you want. Put in the amount of coins you want, or click the percentage based on what is in your wallet.

binance coin

Latest Binance Coin News

Updates to the Binance Referral Program

Fellow Binancians,

We have recently noticed Binance phishing websites popping up on various search engines. For the safety of our current and future users, we will be invalidating all future referrals signed up through sponsored links from search engines such as Google, Bing, Baidu etc to prevent any confusion.