After the disaster that has evolved around the whole FTX debacle, you may ask yourself why you still need Centralized Exchanges, especially now that there are also Decentralized Exchanges. One of the main reasons is that you need a CEX whenever you want to transfer crypto to fiat or the other way around.
However, things are slowly but surely changing. Biswap DEX has recently integrated Binance Connect which is basically an on- and off-ramp for fiat. Let's see how it works.
What Is Biswap?
I have already published several posts about Biswap DEX in the past and as it is also one of the most popular projects on the BNB Chain, I suppose that most of you are already familiar with Biswap or have at least heard about it.
Biswap is a Decentralized Exchange (DEX) on the BNB Chain with the lowest trading fees of only 0,2%. Biswap also offers you multiple earning opportunities. Some of these innovative earning opportunities are very unique and make Biswap stand out from its competitors.
I recently covered all the different earning opportunities on Biswap DEX in one post. In case you have missed it then you can still check it out here: From CEX To DEX - Checking Out The Earning Opportunities on Biswap
What Is Binance Connect?
Binance Connect offers a fiat-to-crypto gateway as a global payment services provider. In other words, you can integrate an on- and off-ramp for fiat on a DeFi or any other application.
Binance Connect is not only the easiest and cheapest way to transform fiat into crypto but it also has full regulatory compliance. If you want to buy crypto with fiat, traditional financial institutions are involved. In the end, the fiat comes from your bank or credit card provider.
It is beneficial that Binance Connect is powered by Binance. This makes the new feature not only user-friendly and secure but also compliant and integer. Thanks to the high liquidity of Binance, you can buy over 200 popular cryptocurrencies with over 40 different fiat currencies!
Benefit For Biswap Users
The integration of Binance Connect into the DEX is beneficial for you as a Biswap user. You can now easily buy crypto with fiat without having to leave the DEX.
Binance Connect can guarantee the following advantages for you as a Biswap DEX user. Their KCY system is convenient and I guess that most of you already have completed the KYC on Binance.
Thanks to the high liquidity on the Binance exchange, you have a large choice of fiat and cryptocurrencies at competitive rates. Furthermore, you have a wide variety of different payment options and a multilingual service that works all around the clock.
After you have purchased your crypto on Biswap, you can directly trade on Biswap with the lowest trading fee of only 0.2% without having to leave the DEX. You don't need to buy your crypto on Binance just to withdraw it immediately to your wallet. Instead, you can buy the crypto directly on Biswap DEX and receive it directly in your private wallet where you hold the keys to.
How to use Binance Connect on Biswap
Binance Connect on Biswap DEX is easy to use. However, I will give you a detailed step-by-step guide on how to buy crypto with fiat on Biswap DEX to show you how smooth the process is.
1. If you want to use the Binance Connect feature, you need to make an account at the Binance exchange if you don't already have one. Your account needs to be KYC verified otherwise you won't be able to connect to Binance Connect.
If your Binance account is already verified then you can directly head over to the Swap section on Biswap DEX.
2. Click the "Buy Crypto" button and choose "Binance Connect".
3. Now you can search for the crypto that you want to buy, for example, $BSW.
4. Remember that Biswap is a DEX on the BNB Chain. Always choose the BNB Smart Chain (BEP-20 network)!
5. Type in your wallet address and press "continue".
6. Select your residential country, and your preferred fiat currency, and enter the amount of fiat that you want to spend on crypto.
8. Press the “Continue with Binance Account” button. After the verification, you will be redirected to Biswap DEX to finalize your crypto purchase.
9. Now check if everything is correct and confirm your purchase. After your final confirmation, a transaction confirmation window of your banking service on the Biswap page will show up and you will receive your purchased crypto directly in your wallet.
Binance Support For Biswap
It makes sense that Biswap has chosen Binance Connect as a fiat on- and off-ramp provider for their DEX, especially when you consider that Binance is one of the biggest supporters of Biswap DEX.
About a year ago, Binance Labs, the venture capital and investment arm of Binance made a strategic investment in Biswap DEX. Today, the Biswap token has been listed in Binance and the synergy of Biswap and Binance has brought grand innovations to the DeFi world over the last year and I am sure that there are more to come in 2023!
My Final Words
You won't be able to buy crypto with fiat without any KYC. The biggest advantage of using Binance Connect on Biswap DEX is that you receive your crypto directly in your wallet. There is no need to withdraw from any CEX and you can directly put your new tokens to work on Biswap DEX. The next time you want to buy crypto with fiat, give it a try.
Also, don't forget to follow Biswap across its various social media channels and communities. By following Biswap, you can make sure not to miss any updates and events.
Finally, I also like to remind you that my intention in this post is to raise your awareness of Biswap Dex and the new option to buy crypto with fiat. My intention is not to replace your own research. Please also note that I will submit this article to the Biswap Space Agents Program and that I am also holding $BSW tokens myself. However, let me ensure you that this article really reflects my own opinion.
I hope that I could provide you with some exciting and useful information. If this is the kind of stuff you like to read on Publish0x, make sure to hit that follow button. Thank you guys as always for reading, liking, following, and tipping 👍
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