Binance Smart Chain Payments for BTC, ETH, and more

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Bitcoin and Ethereum transactions have become very expensive recently. However, if you use Binance exchange you can transfer your funds to your SimpleFX account paying just a fraction of the fee, often $0.25 instead of $50. In the times when cryptocurrencies are moving fast from an account to an account, it really makes a difference.

We have just integrated Binance Smart Chain (BSC) payments for 9 cryptocurrencies

BTC – Bitcoin

ETH – Ethereum

LINK – Chainlink

LTC – Litecoin

BCH – Bitcoin Cash

ZEC – Zcash

ETC – Ethereum Classic

BEP-20 payments have been available for the following accounts:

USDT – Tether

BNB – Binance Coin

BUSD – Binance Dollar

DAI – Dai

DOT – Polkadot

XRP – Ripple

BAND – Band Protocol

XTZ – Tezos

ONT – Ontology

ADA – Cardano

ATOM – Cosmos

YFII – yearn.finance

EOS – Eos

The transaction cost is very low. Here are the SimpleFX payments time and fees estimations for BSC and ETH Networks for June 2021:

BEP-20 ETC-20
Deposit free free
USDT Withdrawal $0.25 $50
Deposit confirmation time 1 min 15 min

 

Binance is one of the major cryptocurrency exchanges and they are developing their own payments ecosystem to help their customers make cheaper and faster transfers. Read more about BSC and how to use it in our separate blog post.

When using BEP-20 transfers you have to be careful not to confuse them with the ETC-20 tokens. Make sure that you choose the right network for your SimpleFX deposits, and when withdrawing money, double-check if your wallet supports BEP-20 payments.

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