A crypto exchange is a platform that provides trading services to crypto investors and users. Exchanges might launch their own token in a bid to make payments easier for their users (traders). Binance Coin and Shiftal Coin are two of the fast-growing exchange coins that we are going to talk about today.
What is an Exchange Coin?
An exchange coin is like a standard cryptocurrency that is based on blockchain and created with a specific purpose.
Most exchange coins are Utility Tokens that are created with the purpose to grant access to the various services and features offered by the exchange along with the ability to use the coin for the payment of trading fees and other platform charges.
The benefits of using an exchange coin including privacy, security and discounted trading.
How discounted trading works
Every time you trade on a cryptocurrency exchange, you have to pay a trading fee. Discounted trading is when you get a discount on this fee or the fee charged is lower than the standard rate. Many exchanges, including Binance and Shiftal offer discounts on trading fees for payments made via their native coins.
What is Shiftal Coin?
Shiftal Coin (SFL) is the native cryptocurrency of the Shiftal P2P exchange.
Shiftal is a peer-to-peer exchange that allows the trading of Bitcoin and ETH in 220+ countries using more than 75 payment options.
As the native coin for Shiftal Exchange, SFL can be used to pay trading fees, advertising fees, platform fees, and other charges on Shiftal. Users can avail a discount in fees when using SFL. Users can manage their Shiftal coins via the dedicated wallet and use them for payments, trading & more. Later on, Shiftal will also launch its debit card, which can be purchased using the Shiftal coin.
The Shiftal coin is based on the TRON blockchain and offers a highly secure, efficient, fast & low-cost medium of digital payments within and outside the Shiftal ecosystem. SFL will be soon listed on the exchange for trading.
What is Binance Coin?
Binance coin (BNB) is the native cryptocurrency of the Binance crypto exchange. It works the same as the Shiftal coin. Initially, BNB was based on the Ethereum blockchain, but was later moved to the Binance Chain, which is the native blockchain of Binance.
Binance coin is an exchange coin focused on security and efficiency. It provides a faster medium to pay the exchange fees as well as offers discounts to the coin users. Binance coin can also be used to make digital payments across a number of online/offline platforms. There is a dedicated mobile wallet to manage and use the coin.
Binance coin is listed on a number of cryptocurrency exchanges and can be traded against Bitcoin, ETH and many other coins.
Shiftal Coin vs. Binance Coin
Binance Coin was officially launched in July 2017. Shiftal coin was launched in August 2021.
The total supply of the Shiftal coin is limited to 300 million coins, while the max supply of Binance coin is limited to 200 million.
Binance coin runs on the Binance Chain, which is the native blockchain of Binance. Shiftal coin is built and runs on the TRON blockchain, which is a more efficient blockchain with a faster block processing time.
The Shiftal coin can be used on and off the Shiftal exchange platform for fast & low-cost digital payments. The Binance coin can be used on the Binance exchange as well as select partner platforms for secure online payments.