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RE: The downsides of Binance Exchange - It's not just sunshine and roses
"What this means is that you can only buy whole numbers of most cryptocurrencies."
Whoa, I had no idea Binance worked like that. Is there any particular reason why Binance chose to do this?
It seems to apply mostly to crypto's that are worth a few dollars or less each.
It wouldn't be so bad if they would just collect the fee in BTC or ETH, instead of the token you trade! No idea why they do that.. but the subreddit is full of complaints about how people have collected lots of untradeable 'dust'. It can add up if you have a bunch of them , and each is worth a few dollars.
There are some workarounds.. the BNB markets do allow for fractional trades. Maybe they do this on purpose to stimulate BNB trading? However on the BNB markets a new problem is introduced... you have to trade atleast 1 BNB worth of tokens minimum. So To get rid of 0.98 RDN you first need to buy 2.02 RDN and then sell 3 RDN, in order to stay above the minimum trade amount.
I hope they fix this eventually! No sense in withdrawing my 0.98 RDN to try and sell it elsewhere if the withdraw fee is like 0.6 RDN..
This system works this way either by mistake, or they are very clever people
It simply increases the value of BNB token since every trader will hold BNB if they want to avoid those downsides mentioned above.