Welcome back to Part 2 of our XGo ID guide series. If you haven't had a chance to read Part 1 yet, where we discussed how to Claim your XGo ID, don't worry - we've got you covered. You can catch up on Part 1 by clicking here.
If you are all caught up and ready to move forward, let’s dive right into. In Part 2, we will be delving into the next important step of using XGo ID: the Bind process.
What exactly is the bind feature on XGo ID?
Binding allows you to connect your external crypto addresses to your XGo ID.
This means you can bind addresses associated with hardware wallets, browser wallets, mobile wallets, exchange accounts, alongside many more services. Not clear enough? That’s fine, think about this:
Let’s say you have a MetaMask wallet. If you bind one of its addresses to your XGo ID, you, and everyone else, will be able to send crypto to your MetaMask directly by typing your XGo ID as the destination of the funds.
How do I bind it then?
It’s quite simple, all you need to do on the mobile app is:
i. Navigate to your XGo ID Settings
ii. Click on “Bind External Address” to initiate the process
Iii. You are all set
It’s as simple as that. Not only that, you can also share your XGo ID with your friends and family, allowing them to send crypto directly to you without needing to type in a complex wallet address and it will arrive exactly where you want, where you bound your XGo ID.
Can I bind any wallet address?
Not quite - currently, XGo supports 12 networks in total including Ethereum, Solana, TRON Network, Binance Smart Chain and Arbitrum. For the extensive list of networks, please check out our support article here. We will add more networks soon.
You can bind one address for each associated network to your XGo ID.
Are there any fees and restrictions when I bind a wallet address?
When you bind wallet addreses, there are no fees imposed. However, when it comes to sending tokens, there are potential fees associated with it. The fees will depend on two factors:
- The place where your XGo ID is bound
- The specific token you are sending
Below we will provide details about these fees in different scenarios:
From XGo Address to XGo Address
Users who successfully complete the Know-Your-Customer (KYC) process can opt for XGo to provide them with addresses for all XGo ID supported networks. The great thing is, they do not need to bind addresses from other providers. These addresses are securely managed by XGo and are known as “default addresses.”
Fee-free transactions between default addresses
If you choose to send funds from one XGo account with a default address to another XGo account with a default address, the transaction will be completed with no fees.
From XGo Address to External Address
External Address
An ‘external address’ refers to any cryptocurrency address not related to XGo’s custody.
XGo Withdraw Fee
When you initiate a transfer from your XGo account's default address to an external address, XGo imposes a withdrawal fee. The exact fee may vary depending on the currency and global blockchain usage conditions. To know the specific fee for your transaction, it is recommended to check the fee structure on the XGo platform.
Compatibility with External Address
Before making a transaction, ensure that the external address supports the cryptocurrency you intend to send. If you send crypto assets not supported by the external address or mistakenly send them to the wrong deposit network, there is a risk that the funds may be irretrievably lost or “burned.”
Interface Access for External Address
Make sure that the external addresses can be accessed via an interface that supports viewing the token or coin sent to it. While an address may be able to support multiple tokens sent to it, the interface it is linked to may not support its users in viewing or accessing all of these currencies.
We can consider a few examples:
MetaMask is tailored to work with Ethereum Virtual Machine (EVM) compatible chains. It allows interactions with blockchain networks built on the Ethereum protocol or those compatible with it.
Rainbow Wallet is designed to interact with specific networks, including Ethereum, Binance Smart Chain, Arbitrum, Optimism and Polygon.
Ledger offers send/receive functionality for over 1000 tokens, though it's important to note that this feature might not be fully comprehensive.
Centralized exchanges provide a variety of tokens and network compatibilities. Token listings and delistings are ongoing processes on these platforms. It’s always worth double checking what networks they are using.
To avoid potential losses and ensure seamless fund transfers, it's crucial to be cautious and verify the compatibility of the external address before initiating any transactions.
From Bound External Address to External Address
Onchain Fees
If you are sending funds from an XGo ID bound to an address using a decentralized application (e.g., MetaMask or Ledger), it's essential to understand that initiating a transaction incurs onchain fees. These fees are associated with the blockchain network on which the transaction occurs and can vary depending on factors such as network congestion and gas prices.
Offchain Fees
If you are sending funds from an XGo ID bound to an external centralized entity, it is worth noting that withdrawal fees may be imposed. To avoid any surprises, it's important to check any terms associated with your address when binding it to your XGo ID.
Supported Tokens
XGo will only be able to receive supported tokens. As mentioned previously, XGo currently supports 12 networks, including Ethereum, Solana, TRON Network, Binance Smart Chain, and Arbitrum.
For the extensive list of networks, please check out our support article here. We will add more networks soon.
External to External Address
Onchain Fees
If you are sending funds from an XGo ID bound to an address using a decentralized application (e.g., MetaMask or Ledger), it's essential to understand that initiating a transaction incurs onchain fees. These fees are associated with the blockchain network on which the transaction occurs and can vary depending on factors such as network congestion and gas prices.
Offchain Fees
If you are sending funds from an XGo ID bound to an external centralized entity, you may be subject to withdrawal fees. To avoid any surprises, it's important to check any terms associated with your address when binding it to your XGo ID.
Compatibility with External Address
To ensure a smooth transaction process and avoid potential losses, it's crucial to verify whether the external address supports the specific cryptocurrency you plan to send. Sending crypto assets that are not supported by the external address or sending them to an incompatible deposit network can result in the permanent loss or "burning" of the funds.
Additionally, it is important to confirm that the external address can be accessed through an interface that enables users to view and access the token or coin sent to it. While an address may have the capability to support multiple tokens, the associated interface might not allow users to view or access all of these currencies.
We can consider some examples:
MetaMask is tailored to work with Ethereum Virtual Machine (EVM) compatible chains. It allows interactions with blockchain networks built on the Ethereum protocol or those compatible with it.
Rainbow Wallet is designed to interact with specific networks, including Ethereum, Binance Smart Chain, Arbitrum, Optimism and Polygon.
Ledger offers send/receive functionality for over 1000 tokens, though it's important to note that this feature might not be fully comprehensive.
Centralized exchanges provide a variety of tokens and network compatibilities. Token listings and delistings are ongoing processes on these platforms. It’s always worth double checking what networks they are using.
By being cautious and verifying the compatibility of the external address, you can avoid potential losses and ensure the smooth transfer of funds.
