Top Crypto Exchange Coins That Offer Reduced Fees
Exchanges have adopted over the years various strategies to attract new customers or to keep existing ones engaged invested in their service. One of such strategy is creating their own coins to enhance liquidity on the platform and to be used as rewards for the users that hold them.
There are a number of crypto exchanges which have developed their in-house coins that offer dividends and fee discounts to the customers that hold or use their native coins. Our article for today will be listing some of the top coins that can get you reduced fees on exchanges.
Binance Coin, or BNB, is a native coin of the Binance exchange, which regraded to be one of the best cryptocurrency exchanges on the market. Binance exchange was first launched in China, but it recently relocated to Malta. BNB has a current price of $4.83 and a market capitalization of nearly $631,805,105.
Now, owners of BNB token can use it to pay fees on the exchange, such as withdrawal fees, listing fees, exchange fees, and others.
20% of BNB tokens are bought back by the exchange in every quarter after which they are burned until the total circulation goes down to 100 Million.
If BNB is used to pay for exchange fees the total cost of trading on the platform is reduced significantly (50% in the first year, 25% in the 2nd year, 12.5 % in the 3rd year, 6.75% in the 4th year). There will be no more discounts starting with the fifth year.
BNB holders also receive regular dividends when the quarter token burns take place.
KuCoin Shares (KCS) is a native token owned by the KuCoin cryptocurrency exchange which is based out of Hong Kong. During the KuCoin Initial Coin Offering (ICO) in 2017, a total of 100 Million tokens of KCS were issued. KCS are ERC-20 tokens, being issued by the Ethereum blockchain.
KCS is currently trading at $0.498744, having a market cap of approximately $44,955,907.
KCS tokens bring benefits to both traders and holders. KuCoin Shares have a reward ratio which has the following distribution: 10% goes to KuCoin, 50% to KCS holders and 40% belongs to the users that have invited new traders to the platform.
Similar to Binance, Kucoin will use 10% of its profits to buy back the KCS and then burn the tokens. KCS token holders will benefit from a 50% reduction on the platform`s trading fees on all the volumes that the exchange experiences.
BIX is Bibox’s native token, which is used similarly to Binance’s BNB. Bibox is a crypto exchange with enhanced security features which was based in China.
This exchange offers support for a long list of altcoins, and it allows traders to convert their crypto into fiat currency on the same platform.
The current price of BIX is $0.178493, having a market cap of $18,274,952 and a circulating supply of 102,384,714 BIX. The exchange also buys back its token and subjects them to regular burns until the total supply reaches 271 Million.
By holding BIX tokens, users are rewarded by having their fees reduced. In addition, BIX tokens can be used to pay for other exchange fees, including listing fees and withdrawal fees. The discount rates incurred through the use of BIX follow the same decrementing pattern as Binance: 50% in the first year, 25% in the second, 12.5% in the third, 6.25% in the fourth and 0% in the fifth.
BCO or BridgeCoin is a native token of CryptoBridge, a decentralized exchange which was launched in July 2017. CryptoBridge has a wide selection of coins which can be traded, including Bitcoin and over 150 other altcoins.
The platform uses BitShares’ network, having a processing capacity of 100,000 transactions per second and lets users to always keep control of the private keys of their wallets. Instead of depending on one BitShares gateway, CryptoBridge employs a federated distributed network of gateways that operates on a global scale to eliminate the threat of any single point of failure.
BCO is a mineable coin that runs on a proof-of-work protocol, which was created to fund the development of CryptoBridge.
BCO holders are able to stake their coins and receive up to 50% of the revenue share/bonus of CryptoBridge exchange if they make their stakes according to the following timetable:
- 1 Month (0% Bonus)
- 3 Months (20% Bonus)
- 6 Months (50% Bonus)
- 12 Months (100% Bonus)
BCO is currently trading at $0.379427, with a market cap of $10,244,532.
COSS is an ERC-20 token issued by the Singapore-based COSS cryptocurrency exchange. COSS exchange, also known as the “Crypto One-Stop Solution”, features similar offers to that of Binance and KuCoin. The exchange also aims to act as a USD Exchange as well as a payment processor.
The current price of the COSS token is $0.050776 with a market capitalization of $6,032,688. The COSS Exchange keeps and verifies all platform transactions on the Ethereum blockchain.
COSS has an attractive dividend program, in which coin holders are paid 50% of the total earnings from the exchange’s trading fees on a weekly basis. Moreover, holders are able to keep their coins at the COSS Exchange platform or in ERC-20 compatible wallets such as MyEtherWallet.
This has been our list with the top exchange coins that can bring users substantial reductions on their transactional fees.