Binance Coin (BNB) is currently available for trading at the eToro platform. This is the first time that an investment platform offers support to this digital currency. The information was released by eToro a few days ago in a blog post.
Binance Coin Available for Trading on eToro
The cryptocurrency used at the Binance cryptocurrency exchange, BNB, is now available for trading at the eToro platform. eToro is one of the largest and most popular platforms to trade virtual currencies and traditional financial assets.
Binance is the largest exchange by trading volume according to CoinMarketCap. In the last 24 hours, the exchange handled $547 million dollars in volume. The main traded pairs are BTC/USDT, RVN/BTC and BCC/BTC, accounting for 25% of the total trading volume at the platform.
Binance Coins are issued by binance and can be used by users to pay lower fees at the time of trading coins on the Binance cryptocurrency exchange. Additionally, the BNB coin is also used as a trading pair in the platform. Many virtual currencies are paired against it.
According to eToro, Binance is a new virtual currency in the market. That means that the market share could be smaller than other leading virtual currencies. However, the coin is a top 20 virtual currency.
On the matter, eToro commented:
“Unlike Bitcoin, Ethereum and other leading cryptocurrencies, BNB is the new kid on the block. This means its market share could be smaller than the leading virtual coins for the foreseeable future. Additionally, trader portfolio allocation for cryptocurrencies is limited. The result is that crypto providers are competing for investor resources on a daily basis. For example: A trader who invests $1000 in BNB, may not have the funds available to invest in Bitcoin.”
eToro says that long-term traders can benefit from the absence of overnight fees and maintain a hold position on BNB. This would be a very good strategy if the investor predicts a rise in its popularity and value.
At the time of writing this article, Binance is the 14th most valuable virtual currency with a market capitalization of $1.25 billion dollars. Each coin can be purchased for $9.54 dollars. Binance Coin has also a total supply of 190 million BNB coins.
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