Binance is presently the site with the highest trading volume (as at writing). It utilizes the limit order and instant (market) order.
In my experience trading with the exchanger, I’ve done a lot of trades which has left me with some partial coins in my altcoin wallets.
Basically, when a coin is bought the exchanger takes its charges for the trade after selling or converting that coin back to the base coin/currency which is 0.1% of the amount bought in binance. This 0.1% is deducted from the wallet of the coin bought and not from your base currency wallet. This, in turn, leaves you with residual coins. These residual coins which are less than 1 coin value of an altcoin are called ‘DUST’.
For instance, if you bought 3 values of a coin worth 0.0005 satoshi, 0.0015 satoshi will be deducted from your BTC wallet balance. 0.1% of the 3 coin value you bought will be charged for selling which means you are only liable to sell 2.7 value. As you know, Binance won’t let you trade less than 1 coin, even if you use the market rate which allows you to buy/sell less than the .002 BTC minimum. After selling 2 coin values you will be left with a residual of 0.7 value in your wallet. This 0.7 value is referred to as dust.
The image below shows that I have 0.0604 RCN in my RCN wallet. This was left after I sold all my RCN, I could not sell this because it was not up to a sellable value, therefore, it is stuck in that wallet. This is what we refer to as “dust”
Well, I’ve got good news for you, there is a way to clean up some of that dust. You can sell partial coins for BNB, essentially sweeping it together into a pile you can use again. Note: this will only work for coins that have a BNB pair.
Steps to Dusting Off
1 Make sure you are on the “market” trading tab.
2 At the top right, you will see the various trading pairs (BTC, ETH, BNB, and USDT). You will need to select the BNB tab. Every coin listed in this section will be traded against BNB. From here, you can select the coin that you want to clean up. You can sell as little as .01 into BNB.
3 Repeat this for each coin that you want to clean up, and then you can use your new little stack of BNB to invest in other coins or otherwise use it to pay for the trading charges which is 0.05%.
I hope this helps you consolidate your portfolio!
If you want to avoid getting those pesky partial coins in the first place, make sure you have selected to pay fees with your BNB coins. You get a discounted rate and you end up with full coins on each of your trades.