Best Binance Coin Trading Sites UK 2021

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Compare the Best Binance Coin Trading Sites in the UK

Pros of Binance Coin

  • Perfect for using the Binance crypto exchange
  • Secure proof-of-stake consensus model
  • Great way to get discounts on your crypto trades
  • Accelerator node to speed up transactions

Cons of Binance Coin

  • Cannot be exchanged against FIAT currencies

History – The rise of Binance Coin trading

Binance Coin trading began in July 2017. The coin was released by Binance which is the world’s largest crypto exchange by volume. The decision to release one of its own cryptocurrencies was made to give users of the exchange an easy way to pay the fees for trading. By using Binance Coin, customers at the exchange could also get a discount on their trades.

The crypto-coin is issued on the Binance Exchange and you’ll recognise it from the BNB symbol. Binance issued the coin on an initial coin offering that served up 20 million of the Binance Coin tokens to its financial backers, 80 million tokens to its founders, and a further 100 million coins to others who’d taken part in the initial coin offering. Just so you know, there will never be more than 200 million Binance Coin in circulation.

Binance Coin was initially an ERC-20 token that was run on the Ethereum blockchain. But it has since moved to the Binance blockchain and the brand even features a repurchase plan. This sees Binance aiming to buy back half of the crypto coins and destroy them, leaving just 100 million of the Binance Coin tokens in circulation. All of which should hopefully create the demand for people to buy Binance Coin and push up the value.

Development – Why Binance Coin trading proved necessary

Binance Coin is a crypto that’s primarily focused towards use on the Binance exchange. As such you might not expect to enjoy Binance Coin trading like you would Litecoin trading on other exchanges. But this doesn’t mean that you shouldn’t avoid making the decision to buy Binance Coin. This is because it offers its users numerous benefits on the Binance exchange.

While it’s different to many cryptos, Binance Coin shares many features. It has branched out beyond the exchange and can be used as a payment method at many vendors. Plus Binance Coin now has a respectable market cap value that is on par with many regular cryptos.

Although Binance Coin switched from Ethereum crypto, the ERC-20 BNB tokens were swapped with BEP2 BNB at a 1:1 ratio. This has meant that Binance Coin is now native on the brand’s own mainnet chain. If all of this sounds confusing, then just remember that Binance Coin trading is largely about getting better value for money from your trades on the Binance exchange.

Statistics & Major Facts – All you need to know about whether to buy Binance Coin

The best Binance Coin trading practices are reserved for use on the Binance exchange. Here you’ll get to use the coin to reduce fees and even trade it against other cryptocurrencies. But while you might be able to enjoy some Bitcoin Cash trading with Binance Coin, remember that you cannot exchange BNB with fiat currencies like British pounds.

It uses a proof-of-stake consensus model that is the same as we found in our review of Ethereum trading. This ensures that all transactions are recorded and verified to a high level of security.

The quantity of Binance Coin tokens is strictly limited to 200 million. While Binance will be carrying out regular ‘burnings’ of these tokens to keep up the value of the crypto, this process could take some time to complete to get the overall number of Binance Coin tokens down to 100 million. All of which means that you still have plenty of time to buy Binance Coin.

Security, Features, Use Cases – Why you might want to buy Binance Coin

There are many different reasons why you should buy Binance Coin. Perhaps the biggest is that it allows you to get a discount on trading fees at the Binance exchange.

This is great news as each trade at the Binance exchange has a standard fee of 0.1%. You’ll get the choice to pay for these fees either with your existing assets or with Binance Coin. If you use BNB, then you’ll get a discount on your fees. Such fees might not initially sound like much, but remember that such fees can change dependent on your monthly trading volume and holdings of Binance Coin. All of which could have a big impact on what kinds of returns you get from your crypto trades.

Don’t forget that Binance will sometimes put on special offers. For example, when the Binance Coin was first launched, it allowed its users to get a 50% discount on their trades when using BNB. This deal covered an entire year’s worth of trading, and there were further discounts available for the following four years.

Many Binance Coin trading reviews have noted that this coin can also be used to invest in some initial coin offers that are hosted on the brand’s Launchpad. A great way to invest in some of the most exciting new cryptocurrencies.

Binance Coin has also seen its usage going beyond its exchange. For example, you can now use BNB at vendors as far-ranging as the VISA debit card in Monaco to Uplive, which is one of Asia’s most exciting live video streaming platforms.

If all of that wasn’t enough, then Binance Coin can also be used on the Binance DEX. This is the brand’s decentralised exchange and it shows that BNB certainly operates a little differently to other cryptocurrencies. But don’t worry as BNB’s security features have ensured that this remains one of the most trusted crypto coins.

How To Trade – Getting started with Binance Coin trading

It should be relatively simple to enjoy all that Binance Coin has to offer. This is because the chances are that you’ll be using these crypto coins to pay for your trades on the Binance exchange. The great news is that this site has a range of helpful articles that are designed to help you get to grips with using Binance Coin. But just to help you out, here are the key ways that you can get started with this top crypto:

Sign up to Binance

Usually we’d be telling you to shop around to make sure that you pick the right trading site for your preferred cryptocurrency. However, Binance Coin is a little different. So you won’t have to waste time in looking for the best Binance Coin trading sites and can simply register your account at Binance.

All that you have to do is to tap on the yellow Register button at the top of the homepage. From here you will be asked to fill in your email address and then come up with a secure password. Don’t forget that there is also the option of registering your Binance account with your mobile number. When it comes to verifying your account, you may be asked to provide a few more pieces of personal information like your date of birth, name and so on. Remember that Binance operates a friendly and efficient customer support team that’s available 24/7 should you need any help.

Add money to your account

After you have verified your Binance account, you’ll be able to add some funds to your account. You can either do this with a fiat currency or with other cryptocurrencies. If you want to deposit in British pounds, you should be able to do so with a regular card like MasterCard or Visa. All that you have to do is input your amount, confirm your payment details, complete the 3DS safety certification and then the transaction should be completed.

Make your Binance Coin purchases

Now the fun begins where you get to use Binance Coin. All that you have to do is to click on the Markets tab at the top of the Binance site. Here you’ll see BNB trading alongside Bitcoin trading, XRP trading and so on. You’ll get to make your Binance Coin prediction after seeing data relating to last price, 24-hour change, 24-hour high, 24-hour low, market cap and 24-hour volume.

From here you can click on the Trade button next to BNB. Here you’ll get to pick between Classic Trade and Advanced Trade and then you’ll be greeted by all of the main trading options displayed in real times. You can make your Binance coin prediction to trade your BNB for another crypto or use Binance Coin to pay for trading frees on any cryptocurrency trades.

Future Outlook – Should you buy Binance Coin?

At the time of writing this guide to Binance Coin trading, the coin had a market cap of $6.8 billion. This is an increase of over $5 billion in less than three years. Such news shows that the value of this crypto is definitely on the rise. In the day that we wrote this guide, BNB showed a 24-hour rise of 2.3%. This is just a quick example, but it gives you a rough idea to the kind of volatility you can expect from Binance Coin.

The success of Binance Coin ultimately rests on how Binance performs as a company in the future. As this is the world’s largest crypto trading site by volume, it means that any Binance coin price prediction is going to be pretty positive. Plus as cryptocurrencies like Bitcoin become part of the mainstream, it’s clear that the Binance Coin price will continue to rise.

Reputation and Customer Feedback – No Binance Coin trading scams reported

Binance Coin uses the same proof-of-stake consensus model that you’d find with Ether coins, and it enjoys a good reputation for safety. However, it’s worth noting that the Binance crypto exchange suffered a large hack in August 2019. This saw hackers stealing over $40 million in Bitcoin from the exchange. Not only that, but the hackers also managed to get away with a variety of API tokens and two-factor user codes.

This came about after the hackers used a range of techniques such as phishing and viruses to compromise a number of ‘hot wallets’. Thankfully Binance held a thorough security review to ensure that no similar attacks are possible in the future. Just so you know, there was no evidence that any Binance Coin tokens were taken in the attack.

Overall Conclusion – Final thoughts on Binance Coin trading

If you want to buy crypto online, then chances are that you’ll probably be considering some Bitcoin trading. After all, Binance Coin isn’t like regular cryptocurrencies as it’s mostly designed for use on the Binance exchange.

But this isn’t any reason to completely dismiss Binance Coin. This is because Binance is one of the world’s biggest crypto exchanges, and this crypto coin offers you an excellent way to reduce your trading fees. All successful crypto traders know the importance of keeping costs low, and the Binance Coin does exactly that.

While Binance Coin is used in different ways to many cryptos, it’s no less safe. It uses a similar blockchain technology to other major cryptos like Ether. Plus Binance has been careful to regularly ‘burn’ BNB tokens to ensure that it maintains its value.

We should note that we are not regulated to offer financial investment advice. But if you’re able to carry out the best Binance Coin trading practices, you’ll find that BNB gives you a great way to get more from your crypto trades.

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