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As a leading trading platform in the cryptocurrency industry, PrimeXBT strives to bring its users the best in products, services, and experience. This commitment to client satisfaction runs so deep that the platform’s developers have added support for BNB Chain in order to reduce the cost associated with blockchain deposits and withdrawals.
Here is everything you need to know about the latest PrimeXBT platform update and why it is a huge benefit to traders that hold BEP-20 tokens or might be interested in doing so.
Ethereum Destroys Bitcoin Dominance, But Hits Bottleneck
The cryptocurrency industry has transformed significantly over the last several years. Once upon a time, it mainly was Bitcoin that dominated the market. According to BTC dominance, a metric that weighs the top cryptocurrency’s market cap against the rest of the industry of altcoins, Bitcoin represented more than 90% of the capital in the crypto market up until about early 2017.
After that, the growth in altcoins exploded, and much of that was due to Ethereum and the ICO boom of 2017. Bitcoin is a scarce payment currency with gold-like qualities. Ethereum, however, is like a superhighway where ETH is used as payment for gas. Each vehicle on the road is another coin or protocol, driving along Ethereum road. Thanks to Ethereum, there are now more destinations and vehicles for innovation all across crypto.
But much like the interstates in California are now congested with too many cars, all of the projects and protocols built on Ethereum have created scaling challenges that translate into high ETH gas fees for users. During peak demand and activity, sending $100 in stablecoins could cost the user as much as $25-50 in ETH gas fees.
How BNB Chain Reduces Costs For Crypto Traders
Now imagine how that sort of situation impacts trading gains? The average crypto trader has to face off against whales on the other side of the trade, trading platform fees, getting stopped out, and more. The last thing a trader wants to do then is see their ROI disappear due to unnecessary blockchain fees.
As such, PrimeXBT has introduced support for 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.
Fixed withdrawal fees on PrimeXBT are 10 USDT and 10 USDC when sending on 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 5 COV fee. Meanwhile, COV sent via BNB Chain requires only a 2 COV fee. The difference is undeniable.
Be sure to check out the official PrimeXBT website for the latest fees and conditions. PrimeXBT recently lowered withdrawal fees on ERC-20 tokens also, and the comparisons above are taken from after the changes were made – that is how much lower BNB Chain fees are comparatively speaking.
PrimeXBT Packs In More Ways To Make Money
Competitive fees are offered on all of PrimeXBT’s highly competitive products and services. The platform’s main course 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 more than 100 trading instruments across crypto, stock indices, commodities, and forex. Gold, oil, Bitcoin, the S&P 500, and many others are represented. Portfolios 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 users money. For example, yield accounts can generate passive income for users through a variable APY rate. Simply stake any idle crypto assets, and take in regular earnings. A lucrative four-level referral program can further ramp up passive revenue. There are also weekly trading competitions and so much more.
All across PrimeXBT, there are many ways to make money. Now with the addition of BNB Chain support, there are even more ways to save money too.