As a leading trading platform in the cryptocurrency industry, PrimeXBT strives to provide its users with the very best in products, services and experience. This commitment to customer satisfaction runs so deep that the platform developers have added support for BNB Chain to reduce the cost 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 holding BEP-20 tokens.
Ethereum Destroys Bitcoin Dominance, But Hits Bottleneck
The cryptocurrency industry has transformed significantly in recent years. Once upon a time, mainly Bitcoin dominated the market. According to BTC dominance, a metric that weighs the market cap of the leading cryptocurrency against the rest of the altcoin industry, Bitcoin accounted for over 90% of capital in the cryptocurrency market until early 2017. After that, the growth of altcoins exploded, and much of that was due to Ethereum and the 2017 ICO boom. Bitcoin is a scarce payment currency with similar qualities to gold. Ethereum, however, is like a highway where ETH is used as payment for gas. Every vehicle on the road is another currency or protocol, driving down the Ethereum road. Thanks to Ethereum, there are now more destinations and vehicles for innovation across all cryptocurrencies. But just as the interstates in California are now congested with many cars, all 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 worth of stablecoins can cost the user up to $25-50 in ETH gas fees.
How BNB chain cuts costs for crypto traders
Now imagine how this kind of situation affects traders’ earnings? The average cryptocurrency trader has to face whales on the other side of the trade, trading platform fees, being deterred, and more. The last thing a trader wants to do 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 in COV. 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 only cost 0.8 per token respectively. Sending COV tokens using the ERC-20 token standard results in a fee of 5 COV. Meanwhile, the COV sent via BNB Chain only requires a fee of 2 COV. The difference is undeniable. Be sure to check the PrimeXBT official website for the latest rates and conditions. PrimeXBT has also recently reduced withdrawal fees on ERC-20 tokens, and the above comparisons are drawn after the changes are made – this is how much lower BNB Chain fees are comparatively speaking.
PrimeXBT packages on more ways to earn money
Competitive rates are offered on all highly competitive PrimeXBT 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 integrated technical analysis software is included. The platform offers over 100 trading instruments across 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 and iOS smartphones. There are also a number of non-trading services designed to generate money for users. For example, income accounts can generate passive income for users through a variable APY fee. Just stake any idle cryptocurrency and receive regular earnings. A profitable four-tier referral program can further increase passive income. There are also weekly trading competitions 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. Disclaimer: This article is for informational purposes only and does not constitute investment advice or an offer to invest. CriptoFácil is not responsible for any content, products or services mentioned in this article. Also Read: How This Tool Allowed Me To Safely Earn Passive Income Also Read: Winz.io 2nd Anniversary Party: Get Your Free Ticket For $10,000 Raffle Read Also: Play to Earn NFT Strategy Game MafiaFoot Announces partnership with Ternoa for the next IDO