Quote from: Phriend on February 01, 2018, 08:37:05 AM

Quote from: xianbits on February 01, 2018, 12:16:07 AM

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

Quote from: Phriend on January 31, 2018, 06:45:57 PM

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. Thats pretty cool especially if you are trading with large amounts.

Quote from: Phriend on January 31, 2018, 06:45:57 PM

(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.

Quote from: Phriend on January 31, 2018, 06:45:57 PM

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 dont 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 youre buying 500 Xcoins, you will receive only 499.5 Xcoins. You have to know also that some coins in binance cant 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.