Ever since cryptocurrency exchange Binance launched in the summer of 2017, it had implemented its own native digital currency BNB which wasn't just an alternative to Bitcoin, but rather a utility token tailored for the exchange itself.

By holding BNB, cryptocurrency traders who utilize the Binance platform are entitled to reduced fees, producing a baseline level of demand for the token - for Binance users, holding some BNB to enjoy the reduced fees is almost a no-brainer.

That utility revolutionized the market back then, and it is no surprise that it led Binance to become the number one trading platform for cryptocurrencies worldwide in a matter of a few years.

Binance remains the number one crypto exchange today with an annual net income of over $1 billion. BNB has become the 6th largest cryptocurrency on the market, thanks to its astonishing market capitalization of over $4 billion.

So what makes BNB so special, and which other altcoins can resemble its utility today? Make sure you give some space to your RAM as you'll be opening a series of tabs in order to find out.

1. Huobi Token (HT)

With a daily trading volume of over $500 million USD and a market variety that exceeds 500 trading pairs, Huobi is currently one of the most active cryptocurrency exchanges. Even though it was founded much earlier than Binance, it launched its own token after BNB - the Huobi Token hit the market in early 2018.

Unlike Binance, which held an ICO for early investors who could purchase BNB at a discounted price, HT was offered publicly for 30 days during its launch, giving the opportunity to big and small investors to get a piece of the pie.

Similar to BNB, the Huobi Token can be used to reduce trading fees, as a voting stake, as a security deposit to become an OTC trader on Huobi, and even as a trading pair for major digital currencies.

2. KuCoin Shares (KCS)

KuCoin is a smaller crypto exchange than Binance and Huobi, although it has been climbing up in terms of trading volume recently. KuCoin got major attention from traders due to its approach to small-cap cryptocurrencies that big exchanges such as Binance wouldn't accept for listing at that time.

KuCoin's strategy is very similar to that of Binance's when it comes to competitions, events, and new listings, but many users prefer it due to its simple and easy to use interface and the variety of small altcoins that are hard to find on other exchanges.

KCS, the native currency of this exchange, is used for the reduction of fees, but is also being implemented for voting purposes and for participation in limited events held by the cryptocurrency exchange - IEOs, for example.

3. 0x Protocol (ZRX)

The more similar a token is to be to BNB, the more chances it's a cryptocurrency exchange utility token, although that's not always the case, as demonstrated by the Ethereum-based 0x Protocol.

The 0x Protocol is not exactly a cryptocurrency exchange, but it is a decentralized platform that allows anyone with some spare time and the technical knowledge required to create their own Ethereum-based exchange, among other decentralized applications.

0x refers to these layers on its chain as "Relayers", and some of them include popular projects such as dydx, Radar Relay, and Ethfinex. ZRX gives holders the ability to participate in the 0x Protocol's governance system, and relayers can also demand trading fees to be paid in ZRX. The 0x team cits that ZRX is not mandatory to use the software/platform, nevertheless, the community seems to enjoy the token, and support its development in a positive manner.

4. Kyber Network (KNC)

Kyber Network is a liquidity protocol with around $300k USD in daily trading volume. The protocol features its own cryptocurrency, KNC. Besides offering 68 trading pairs, mostly focused on Ethereum tokens, Kyber Network allows users to process payments, apply for KYC identification, and create/take part in ICOs using KCN.

It is also being used as a reward token for referred customers, and it has a token burning system that could have a beneficial impact on the KNC tokenomics.

5. Bancor Token (BNT)

Bancor Token, the cryptocurrency for the blockchain-powered Bancor Exchange, is a unique token occupying more than 50% of the network's trading power.

Unlike traditional crypto exchanges, Bancor manages to offer 0 transaction fees through its platform, which pre-defines the ordered prices utilizing a smart contract on the Ethereum and EOS blockchains.

Bancor is one of the most active autonomous decentralized cryptocurrency exchanges alongside IDEX, although BNT has no extra uses besides being the main intermedium of trades on the Bancor Network.