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.
