#BNB
What is BNB used for?
As mentioned, BNB has many use cases both within the BNB Chain ecosystem and elsewhere, so it is up to you to decide how to use your BNB. For instance, you can use BNB to pay for your travel expenses, buy virtual gifts, and much more. We estimated that millions of BNB had been consumed by users for travel expenses, payment of goods, for lending, for rewards, to create smart contracts, and for other transactions.
Many people also use BNB to pay transaction fees. On Binance’s trading platform alone, approximately two million users have used BNB to pay for trading fees totaling more than 40 million BNB on more than 127 billion trades. Let’s take a look at how BNB can help you with trading fees.
When trading cryptocurrencies on the Binance Exchange, each trade will incur a standard fee of 0.1% (trading fees are determined by your monthly trading volume and BNB holdings). You can either pay the trading fees using the assets you are trading, or you can pay for them with BNB. If you choose to pay in BNB, you will get a special discount.
Therefore, if you trade a lot on Binance, you should consider getting BNB and using them to pay for your fees. Keep in mind that the deduction for trading fees follows a specific schedule, so make sure to check the current spot trading Fee Schedule. It's also worth noting that the Binance Futures platform follows a slightly different Fee Schedule.
Apart from discounted trading fees, BNB is also powering the Binance DEX (on the Binance Beacon Chain) and hundreds of applications that are running on the BNB Smart Chain (BSC), which means that you can use BNB outside the Binance trading platform as well. Indeed, more than 180 digital assets have been issued on BSC, and millions of users have consumed BNB for utility purposes in connection with BSC.
Sneak a peek at the latest BNB prices right now.
Where do I get BNB?
Most purchases of BNB occur in the secondary market. That means that you can buy and sell BNB on Binance.com and on other crypto platforms. Here’s how to buy BNB right away!
