Binance Adds New “Convert to BNB” Feature for Your Crypto Dust

Binance Adds New “Convert to BNB” Feature for Your Crypto Dust

Binance added a feature recently that allows anyone to convert their “crypto dust” to their designated token, Binance Coin (BNB). In turn, this token can be spent to pay for your trading fee trading fees. Fees paid with BNB are at a low 0.05%, while their typical trading fees are still at an industry low of 0.10% (typical industry fees are 0.25%).

This long awaited feature has been requested for many months now by the crypto community and is more than welcome by many crypto trading enthusiasts.

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Binance, the world’s largest trading platform by volume, is always looking for new ways to improve their exchange. This is why they continue to dominate the market with their beginner friendly exchange, low trading fees, impressive community, and large trading volume.

What is dust?

dust-from-binance-bnb-coin-cryptoDust (or crypto dust) is a term widely used within the crypto trading community. It refers to the small amounts of cryptocurrency that typically left over from trading altcoins. These small amounts of cryptocurrency cannot be traded or transferred so they simply accumulate… much like dust.

The actual definition is as follows:

“Sending less than 0.01 BTC to any recipient — The network considers these small outputs to be “dust,” and discourages them by requiring a fee. If it was not discouraged, someone could take 1.0 BTC, and create 1,000,000 transactions of 0.000001 BTC each, for free, which would clog the network. So, that’s one definition of dust.”

Dust simply gets left in your Binance wallet to never be touched again. It tends to be forgotten and these small amounts can build up to significant ones.

It’s the equivalent of accumulating pennies; however you can actually spend pennies right? With crypto dust, you can’t until you accumulate a certain amount which is generally the minimum trading amount (typically 0.0005 BTC).

Using the Convert BNB Feature

Binance typically makes things simple for users and the same goes for this new BNB conversion feature. To use it, simply go to the funds tab inside Binance and you’ll see a clear option stating “convert to BNB”.

Next you’ll be shown a list of funds which can be converted to BNB. Note that this can only be applied to cryptocurrency which have a balance under 0.001 BTC. Once the list is displayed you can select the coins you want to be converted.

That’s it! Pretty simple right? Hopefully this feature will cause a domino effect within the crypto exchange industry. I hope to see this feature utilized within all exchanges in the near future.

For a more detailed review on Binance and how to open your own account, click here for our detailed guide.

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