A Stop Loss Order is a type of order where you can set the amount of bnb you would like to sell at a desired price BELOW the current market price.
CoinSpot is Australia’s largest cryptocurrency platform that has been operating since 2013 and is trusted by over two million Australians. We make it easy to buy and sell BNB no matter what your trading experience is. Unlike other international and Australian BNB exchanges that require experience and technical knowledge, we make the entire trading process simple for beginners and advanced traders alike.
CoinSpot provides layered security and advanced support systems so you can buy BNB with peace of mind and the comfort knowing support is available everyday to help. There are multiple trading options on our exchange that allow you to conveniently trade BNB how you want to. You will feel familiar with CoinSpot from the beginning and have access to everything you need to buy, sell and manage your cryptocurrency.
Storing on CoinSpot
Due to CoinSpot’s flexible Multicoin Wallet, storing your digital currency is simple. Just by creating your CoinSpot account you will automatically be given your own unique wallet where you can store your BNB for free.
If you are holding BNB as a long term investment, you can utilise a cold storage wallet and send your coins there from your CoinSpot account. A cold wallet is a wallet which is completely offline (not connected to the internet) and is a popular option amongst people who prefer to hold their coins, rather than regularly trade.
A coin burn is the process of permanently removing coins from circulation, reducing the total supply of coins available on the open market. Binance Coins are subject to a quarterly burn schedule in which a proportion of the total amount of coins in circulation will be permanently destroyed. The number of coins destroyed will be calculated based on the trade volume over the previous quarter.
Binance Coins are burnt to account for the predicted depreciation in value that will take place as the discount offered on trading fees is decreased on an annual schedule. As of the beginning of 2021, more than 14 million Binance Coins have been taken out of circulation, accounting for more than 7% of the total supply on the market. Burns will continue until 100 million Binance Coins – or 50% of the total supply at initial launch – are destroyed.