The second reason Binance DEX is so secure, is due to its decentralized nature. If one server fails, it has far less impact on the overall network. This means that they are virtually immune to attacks, with lower risk of downtime. For starters, as with other decentralized exchanges, servers are spread out across the globe instead of being in a more concentrated area. Is Binance DEX safe?Īs exchanges go, Binance DEX is one of the most secure ones available. It’s a bit awkward and clunky, but it is possible. Without the intermediary step of sending these tokens to Binance first, you won’t be able to directly withdraw them to your ETH and BTC wallets. If you stick to the easier route of depositing or buying BNB instead, you can, for example, buy BTC and ETH, but you’ll need to then deposit them to your regular Binance account and then withdraw them as the BTC and ETH you’re familiar with. Binance DEX uses the BEP2 standard for tokens. It’s a bit of a learning curve, and not immediately obvious. If you want to deposit BTC or ETH on Binance DEX, you’ll first have to buy the corresponding tokens (BTCB and ETHB respectively), before sending them to your BNB address. You can only send and receive tokens instead, in the same manner in which ERC-20 tokens work on the Ethereum network. But there is a downside.īecause the Binance chain uses the BEP2 standard for tokens, you can’t deposit other coins like BTC or ETH onto the network directly. Essentially this is a set of rules that apply to tokens on the chain, and ‘pegged’ versions of coins like Bitcoin BEP2 that are supported on the chain, can benefit from the speed, security and efficiency it offers. Ease of useīinance DEX runs on the Binance Chain, which means that assets on it must be compatible with the Binance Chain Evolution Proposal 2, or BEP2.
When it comes to depositing other funds and withdrawing however, there’s a bit of a learning curve, which brings us nicely on to. If you don’t already have BNB in a wallet, you can also purchase some with fiat in select countries by clicking the ‘Buy crypto’ button on the top right of the Balances page. You'll need to buy some BNB in order to trade on Binance DEX. The easiest thing to do is to top up your account with BNB, which can be done by sending BNB to the address found at the top of the Balances section. Getting funds onto Binance DEX in order to start trading in the first place, though, is a little different to what you may be used to. Select your trading pair from the left hand column, and place your buy or sell orders as you see fit. Trading on Binance DEX is a straightforward experience with lower fees that will be a breeze for anyone with even a passing knowledge of how exchanges operate. Once you’ve used your preferred method you’ll be taken to the DEX itself, and it’s time to start trading. Your best bet is multiple pieces of paper stored in secure locations.Īll of the methods above are quick and straightforward, and shouldn’t take you more than five minutes, tops. You’ll also be asked to write down a recovery phrase should you ever need to recover your Keystore file or forget your password. If you’ve got a hardware wallet from Ledger or Trezor, you can also set them up easily too. This is the quickest and easiest way to set things up, and it only takes a few seconds.
#Binance dex wallet code
If you’ve got a wallet app that supports WalletConnect, you can simply scan the QR code to connect your mobile wallet to Binance DEX. From here, you need to hit ‘Unlock Wallet’ on the top right. Hit the ‘DEX’ button, and you’ll be taken to the main exchange homepage. Kicking things off on Binance DEX is a little different to setting up an account on a regular exchange. If you’re using the exchange on a smartphone browser the UI is tweaked as you’d expect, but it’s still clear and easy to navigate, as long as you don’t mind a few extra clicks here and there to reveal things like charts. The exchange itself is laid out clearly, and it’s easy and intuitive to view different trading pairs, make and view orders, and view your balances. Image: Binanceĭesign-wise, we’re a big fan of the dark theme, which is far easier on the eyes than glaring white alternatives. Binance DEX's interface is familiar to anyone who's used an exchange. As with any exchange, new users will likely be intimidated by the charts and data rows, but a few minutes of basic research is all it takes to grasp what everything means.
Design and UXīinance DEX’s design and UI will be familiar to anyone who's dabbled in crypto exchanges before. With the scene set, let’s take a look at what the Binance DEX experience offers its users.
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