As the 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 platform developers added support for BNB Chain to reduce the cost associated with deposits and withdrawals from the blockchain.
Here’s everything you need to know about the latest PrimeXBT platform update and why it’s a huge benefit for traders who hold or might be interested in acquiring BEP-20 tokens.
Ethereum Destroys Bitcoin’s Dominance, But There’s a Problem
The cryptocurrency industry has transformed significantly in recent years. Once upon a time when bitcoin (BTC) ruled the market. A metric that compares the market capitalization of the leading cryptocurrency with the rest of the altcoins, shows that bitcoin accounted for more than 90% of the capital in the market until approximately early 2017.
After that, altcoin growth exploded, and much of it was due to Ethereum (ETH) and the ICO boom of 2017. Bitcoin is a rare payment currency with qualities similar to gold. Ethereum, however, is like a superhighway where this asset is used as a means of payment for gasoline.
Every vehicle on the road is another coin or protocol, driving along the Ethereum highway. Thanks to Ethereum, there are now more destinations and vehicles for innovation in all cryptocurrencies.
But, just like the interstate highways in California that are now congested with too many cars, all the projects and protocols created in ethereum have created challenges of scale that translate into high gas rates. During peak demand and activity, send $100 in stablecoins it could cost the user between USD 25-50 in ETH gas fees.
BNB Chain comes to the rescue by reducing the costs of trading
Now imagine how that kind of situation affects trading profits. The average trader has to deal with whales, platform trading fees, getting banned and more. The last thing a trader wants to do is see their ROI (return on investment) disappear due to unnecessary blockchain fees.
PrimeXBT now has support for BNB Chain, which reduces 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 BEP-20 versions of Tether, USD Coin, and the utility token COV.
Fixed withdrawal fees on PrimeXBT are 10 USDT and 10 USDC when sending in Ethereum, while the same amount of tokens sent via BNB Chain would cost only 0.8 per token, respectively. Sending COV tokens using the ERC-20 token standard results in a fee of 5 COV. While COV, sent via BNB Chain, requires only a fee of 2 COV. The difference is undeniable.
Check the PrimeXBT official website for the latest rates and conditions. PrimeXBT also recently lowered withdrawal fees on ERC-20 tokens.
PrimeXBT has more ways to earn money
PrimeXBT has competitive rates on all its products and services. The main course 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 integrated technical analysis software is included.
The platform offers more than 100 trading instruments in cryptocurrencies, stock indices, commodities and forex. Gold, oil, bitcoin, S&P 500 and many others are represented. Portfolios can be managed from anywhere in the world with a free mobile app for Android or iOS smartphones.
There are also various services outside of trading designed to make users earn money. For exampleperformance accounts can generate passive income for users through a variable APY rate. Simply stake any idle crypto assets and earn regular profits.
A lucrative four-tier referral program can boost passive income even further. At PrimeXBT there are many ways to earn money. Now with the addition of BNB Chain support, there are more ways to save money.
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