Binance Coin with the ticker BNB was launched by the famous cryptocurrency exchange Binance. Binance is one of the most popular cryptocurrency exchanges in the world, which was founded in 2017 and is currently headquartered in Hong Kong. One of the reasons for the rapid development, undoubtedly, was the leading role of the Binance exchange itself in the global market. Binance was founded by a team of Chinese developers, and the general manager is Changpeng Zhao. It was intended as a means of paying commissions on the Binance platform. In July 2017, Binance launched its ICO project and attracted a total of 20,000 investors, bringing in $15 million in funding. As of 2018, the market capitalization of this cryptocurrency amounted to more than $700 million. First of all, BNB is targeting the Chinese market. A large number of these coins are still sold every day. Now the BNB is tied to a large number of companies that accept coins as a means of payment. Traders can buy BNB on such exchanges as: Binance, Bitstamp, EXMO, WEX and others, as well as trade CFDs.
How Binance Coin System Works
Binance Coin is an Ethereum-based token that allows discounts on the services of the Binance platform, a cryptocurrency exchange that will become a decentralized blockchain asset exchange in the future. BNB also provides users with access to advanced features that will be used on the new decentralized exchange.
BNB Coin – It was originally an ERC-20 token on the Ethereum blockchain. From now on, Binance Coin is no longer an ERC-20 token, but has been converted to the enhanced BEP-2 format. A total of 200 million coins were issued, of which 100 million were put up for sale. Then the coins are burned. That is, they are depreciated so that the value of the remaining coins increases. This benefits investors. In the future, cryptocurrency should remain an asset on the trading platform and be used as gas. A commission of 0.1% of the transaction amount is charged per transaction. This cryptocurrency has its own advantages and distinctive features in comparison with other digital currencies. The platform can handle about 1.4 million trades per second. According to this indicator, the platform is the world leader. Now the trading volume on the Binance platform is several times higher than the trading volume of competitors. The BNB cryptocurrency has a set of key functions and features that distinguish the system:
- High degree of security when performing any transactions;
- Capable of processing 1.4 million transactions per second;
- High probability of price growth due to the limit of coins;
- Convenient use of the token for transactions on the Binance exchange;
- This cryptocurrency has a reliable network protection mechanism;
- Favorable conditions for trading through the Binance exchange;
- The cryptocurrency uses the successful domestic BEP-2 standard;
- Huge performance, a record for today’s market;
- The daily turnover on the platform is over $1 billion.
Main Benefits of Binance Coin CFDs
Many believe that BNB coin is a good investment and one of the safest cryptocurrencies. In the near future, we will see a strong increase in the value of the BNB coin. Today, cryptocurrency is in the TOP 20 in terms of capitalization. BNB has become one of the most successful coins, experiencing growth more than 5 times since the beginning in 2019. The cryptocurrency is funded and cooperates with companies such as: Accenture, Nomura, Morgan Stanley, SBI group. You can buy Binance Coins on the exchange or trade BNB on the platform. This coin is suitable for speculation both in the short term and in the long term. Anyone can join CFD trading with this promising digital currency. You can trade with one of the best CFD brokers and also trade other cryptocurrencies like Ethereum, Bitcoin, Ripple…
It is advisable to start trading on the hourly chart, in accordance with the trend movement of the market, while it is advisable to use support and resistance lines and various technical indicators that help establish the direction of the trend. You can trade breakout strategies, they are quite effective. For all beginners, it is recommended to start trading cryptocurrency on a demo account, since this asset is quite specific and has many different features.