Re: Is it worth using Binance's coin to trade with when using Binance?
⭐ Merited by OgNasty (1)
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.
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?
