Disclaimer: The text below is a publicity article that was not written by Cryptonews.com reporters.
As a leading trading platform in the cryptocurrency industry, PrimeXBT strives to provide its users with the best in products, services and experience. This commitment to customer satisfaction runs so deep that the developers of the platform have added support for BNB Chain to reduce the costs associated with blockchain deposits and withdrawals.
Here’s everything you need to know about the latest PrimeXBT platform update and why it’s a huge boon for traders who hold BEP-20 tokens or might be interested in doing so.
Ethereum Shatters Bitcoin Dominance, But Hits Bottleneck
The cryptocurrency industry has transformed significantly over the past few years. Once upon a time, it was mainly Bitcoin that dominated the market. According to BTC Dominance, a metric that compares the market capitalization of the highest cryptocurrency to the rest of the altcoin industry, Bitcoin accounted for over 90% of the crypto market capital until around early 2017. .
After that, the growth of altcoins exploded, thanks in large part to Ethereum and the ICO boom of 2017. Bitcoin is a rare payment currency with similar qualities to gold. Ethereum, however, is like a highway where ETH is used as payment for gas. Each vehicle on the road is another coin or another protocol, driving along the Ethereum road. Thanks to Ethereum, there are now more destinations and vehicles for innovation across all of crypto.
But just as the highways of California are now clogged with too many cars, all the projects and protocols built on Ethereum have created scaling challenges that result in high ETH gas fees for users. During peak demand and activity, sending $100 worth of stablecoins could cost the user up to $25-50 in ETH gas fees.
How the BNB Chain Reduces Costs for Crypto Traders
Now imagine how this kind of situation affects trading gains? The average crypto trader has to deal with whales on the other side of the trade, trading platform fees, getting arrested, and more. The last thing a trader wants to do then is see their ROI vanish due to unnecessary blockchain fees.
As such, PrimeXBT has introduced support for the BNB chain, significantly reducing the cost of fees associated with blockchain deposits and withdrawals. BNB Chain offers the BEP-20 Smart Contract Standard to ensure full compatibility with Ethereum ERC-20 tokens. PrimeXBT users can now make deposits and withdrawals to a secure crypto wallet in the form of BEP-20 versions of Tether, USD Coin, and the COV utility token.
The fixed withdrawal fees on PrimeXBT are 10 USDT and 10 USDC when sending to Ethereum, while the same number of tokens sent via BNB Chain would only cost 0.8 per token, respectively. Sending COV tokens using the ERC-20 token standard incurs a 5 COV fee. Meanwhile, COVs sent via BNB Chain only require a 2 COV fee. The difference is undeniable.
Be sure to check out the Prime XBT official website for the latest fees and conditions. PrimeXBT also recently lowered the withdrawal fees on ERC-20 tokens, and the comparisons above are taken after the changes were made – that’s how much lower the BNB channel fees are comparatively.
PrimeXBT offers more ways to earn money
Competitive fees are offered on all of PrimeXBT’s highly competitive products and services. The mainstay of the platform is its margin trading experience and the suite of advanced trading tools that support it. Everything from long and short positions to built-in technical analysis software is included.
The platform offers over 100 trading instruments across crypto, stock indices, commodities and currencies. Gold, Oil, Bitcoin, S&P 500 and many more are represented. Wallets can be managed from anywhere in the world with a free mobile app for Android and iOS smartphones.
There are also several services outside of trading designed to make money for users. For example, yield accounts can generate passive income for users through a variable APY rate. Simply stake all unused crypto assets and enjoy regular income. A lucrative four-tier referral program can further increase passive income. There are also weekly trading contests and much more.
Throughout PrimeXBT, there are many ways to earn money. Now, with the addition of BNB Chain support, there are even more ways to save money.