2 min read
12 May

What is Binance Dust?

A balance of less than 0.00000001 BTC is referred to as Binance Dust and is classified as a tiny balance. The majority of cryptocurrency exchanges have a minimum trade requirement, and tiny amounts cannot be exchanged or transferred back to a wallet. Binance, fortunately, lets customers to exchange their dust for BNB.

Where does the 'DUST' come from?

When trading on Binance exchange you can only trade whole Crypto coins as opposed to fractions of a coin. Once the trade has been confirmed Binance will take away their trading fees and this will cause you to have fractions of untradeable crypto. You may also receive tokens via airdrops. Also holding the likes of NEO on an exchange will generate NEO GAS.

Advantages of converting 'DUST' to $BNB

  • Utility - Converting your tiny amount into BNB increases its use, particularly on Binance. The exchange now offers a discount to users who pay trading costs in BNB. This means that any dust particles converted to BNB will be more useful than remaining unusable as dust.
  • Security — in crypto, a security attack known as 'dusting' occurs when hostile attackers transmit these little sums to random wallets in order to follow their movements. Because the hackers may be able to link two or more wallets held by their intended victim, this poses a security issue. You essentially cut the hackers' relationship by turning dust to BNB.
  • Liquidity - Because dust quantities cannot be exchanged or transferred to another wallet, they are deemed illiquid. They can't be sold, and if they're left unused, they risk being lost if the exchange or the team behind the currency abandons them. You swap your illiquid assets into a highly liquid BNB asset that can be readily traded, transferred, or used to pay for trading costs by converting the dust to BNB.

How to exchange small amounts for BNB (4 steps)

Converting small balances to BNB is a quick and uncomplicated process.  Here are the four steps.

  1. Go to the Fiat and Spot Account Balance page.

To do so, log onto your Binance account and then hover over the Wallet drop-down option on the top navigation bar's far right. Select 'Fiat and Spot' from the drop-down menu.

This page displays all of your account's balances, including both fiat and crypto currencies and tokens. The 'Yesterday's PNL' card also shows the performance of your assets over the previous 24 hours.

2. Go to the ‘Convert to BNB’ page

This page displays all of your account's balances, including both fiat and cryptocurrency coins and tokens. The 'Yesterday's PNL' card can also show you how your assets have performed over the previous 24 hours.

The 'Convert Small Balances to BNB' option displays a list of all assets having balances that are dust, or less than 0.001 BTC in value. If a currency isn't displayed, it's because Binance doesn't consider your balance in that coin or token to be modest enough to convert to BNB.

3. Select coins/tokens

Select coins or tokens you wish to convert to $BNB

You don't have to convert all of your minor accounts. Avoiding converting small sums of coins or tokens that you often exchange is more convenient and maybe cheaper (in the long run).

4. Convert the coins/tokens

After you've picked the coin balances you want to convert, scroll back up (if you have a big list of coins to choose from) and click the orange button to the far right of the coin list table. 'Convert' is the name of the button.
Through a dialogue box, Binance will ask you to confirm the conversion. The estimated amount you will get in BNB will be displayed in the dialogue box. Because the value of assets changes, the amount is estimated. The difference between the quoted value and the real figure, which will be decided at the time of conversion, is unexpected.

Return to the 'Fiat and Spot' balances page after confirming the conversion. You may also view your past conversions by going to the conversions history page.

Any currencies or tokens that have been removed from Binance's exchange are not eligible for conversion to BNB. Binance also enables dust conversion just once every six hours.

Thats all for now Fam! Stay tuned for informative content. Happy trading!

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