PrimeXBT Launches Support For BNB Chain For Crypto Deposits

April 26, 2022
Reading Time: 2 min
PrimeXBT Launches Support For BNB Chain For Crypto Deposits - bnb

At PrimeXBT, we aim to provide our users with the best possible all-around experience. This experience and commitment to excellence means the broadest range of trending instruments, the most advanced trading tools, and a robust offering of crypto-focused services. We also strive to provide users with a variety of alternatives to choose from, along with ways to keep costs down whenever possible.

The latest update to the PrimeXBT combines reduced costs to users with more options and choices for the community by launching BNB Chain support for cryptocurrency deposits and withdrawals.

 

What Is BNB Chain? What You Need To Know

As the cryptocurrency industry grows, its scale has become a challenge for the Ethereum blockchain. Thousands of ERC-20 tokens, DeFi protocols, decentralized exchanges, NFTs, and more are causing ETH gas fees to eat into hard-earned trading profits when traders ultimately go to send ETH or ERC-20 tokens like USDT, USDC, or COV to or off the platform. 

Frequently, fees can become so high during peak volatility that users may become reluctant to put their crypto assets to work. The result is missed opportunities around every corner. However, several alternative solutions now exist. BNB Chain is another leading blockchain that offers compatibility with ERC-20 tokens through the BNB Chain BEP-20 token standard.

PrimeXBT partners Covesting in the past created a bridge between Ethereum and BNB Chain to ensure COV token users had the flexibility to use both chains. PrimeXBT is leveraging BNB Chain technology further to enable cryptocurrency deposits and withdrawals in BEP-20 versions of USDT, USDC, and COV.

 

The Benefits Of BNB Chain Crypto Deposits And Withdrawals

Starting today, PrimeXBT users will be able to use BNB Chain to make crypto deposits and withdrawals in addition to Ethereum-based tokens and BTC. In addition to BTC, ETH, and ERC-20 versions of USDT, USDC, and COV, BEP-20 versions of USDT, USDC, and COV may also be deposited to a supporting, secure crypto wallet.  

Not only does this allow a more significant portion of the cryptocurrency community to access the platform now that additional chains have been activated, but this also means that PrimeXBT users can greatly reduce fees associated with the Ethereum blockchain. Fewer fees means you keep more profits from trading.

For example, withdrawal fees for ERC-20 USDT or USDC tokens start at 10 USDT or USDC, while the BEP-20 version is only 0.8 USDT or 0.8 USDC comparatively. Sending COV tokens using the Ethereum blockchain requires a minimum of 5 COV fee, while the BNB Chain version is only 2 COV. When it comes to capital, every single token counts – don’t let it go to waste through blockchain fees alone. 

 

BNB Chain Support Now Available At PrimeXBT

BNB also was among the 24 altcoins added earlier this year on PrimeXBT. We are regularly listening to client feedback and market demand, and we make decisions with our ear to the trading tape. The addition of BNB Chain support for all supported cryptocurrencies is just another way that we seek to bring convenience to the platform and stay at the forefront of crypto industry innovation.

You can start taking advantage of lower blockchain fees today on PrimeXBT. Stay tuned to our official blog for more updates and new features as they are announced. Also, don’t forget to follow us on Telegram, Twitter, or the new Discord.

Risk Disclaimer
Investing in or trading gold or other metals can be risky and lead to a complete loss of capital. This guide should not be considered investment advice, and investing in gold CFDs is done at your own risk.
The information provided does not constitute, in any way, a solicitation or inducement to buy or sell cryptocurrencies, derivatives, foreign exchange products, CFDs, securities, and similar products. Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time. Moreover, they can not constitute a commitment or guarantee on the part of PrimeXBT. The recipient acknowledges and agrees that by their very nature any investment in a financial instrument is of a random nature and therefore any such investment constitutes a risky investment for which the recipient is solely responsible. It is specified that the past performance of a financial product does not prejudge in any way their future performance. The foreign exchange market and derivatives such as CFDs (Contracts for Difference), Non-Deliverable Bitcoin Settled Products and Short-Term Bitcoin Settled Contracts involve a high degree of risk. They require a good level of financial knowledge and experience. PrimeXBT recommends the consultation of a financial professional who would have a perfect knowledge of the financial and patrimonial situation of the recipient of this message and would be able to verify that the financial products mentioned are adapted to the said situation and the financial objectives pursued.

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