Binance Dex Exchange
Binance DEX Guide and Review

Binance Dex Exchange


Beginner's Guide to the Binance DEX and Review


What is Binance DEX Exchange?
Binance DEX is a decentralized exchange (DEX) that launched in February 2019.



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🔶Binance DEX is created on a high powerful blockchain engineTendermint Corewith one-second block times, that provides the speed, which is also the same to centralized exchanges.

🔶Binance DEX states that it has low trading fees, that it is decentralized, that it is safe and secure, that it is user friendly and that it is a community initiative. Safety and security, low trading fees and user friendliness are however factors that are nothing but positive.


🔶Binance Dex Creating a Wallet


Upon creating a wallet, the following will be generated for you. Please store them securely.
  • Keystore (encrypted & password protected)
    • A keystore file contains your private key along with your public key and address (both of which are derived from your private key). This file is encrypted and password protected. This is the recommended way to access your wallet if you do not have access to a supported hardware device. 
  • Mnemonic Phrase
    • A mnemonic phrase is generated based on a BIP39 word list - this phrase allows you to access your wallet, but should not be used regularly. It is recommended you only use your mnemonic phrase as a backup
  • Private Key
    • This allows you to access your wallet, but should not be used regularly. It is recommended you only use your private key as a backup


You will need to use a password for you to be able to access the file.
Once you entered the password "Download Keystore File"
Binance DEX: Creating a Wallet



Once you’ve proceeded to the next step, you will see your mnemonic phrase and you will be able to view your private key by clicking on “View my Private Key >>” after you have finished writing down your mnemonic phrase.


Binance DEX: Creating a Wallet


After recording the words on a physical sheet of paper, press the Continue button. You will be prompted to confirm that you have entered the word correctly.

Never, under any circumstances, should you share your Wallet or private keys with any person or software that you do not intend to take control of all of your assets.



Binance DEX: Creating a Wallet



Congratulations. You’ve created a wallet on the Binance Chain.



🔶Binance Dex Liquidity

On History of Binance DEX (September 18, 2019), the 24 hour buying and selling quantity used to be USD 2.1 million (according to statistics from coinmarketcap). This placed it on region no. 120 on the listing of the exchanges in the world with the perfect 24 hour trading volumes.



🔶DEX Trading

Trading takes an incredible amount of self-discipline and patience, as well as a deep understanding of the market and the ability to withstand high risk.



🔶Trading Fees


Trading fees are 0.10% if you pay the trading fees in some other asset than Binance’s own token, the BNB, and 0.04% if you pay them with the BNB.
But here are a few other fees to consider when using this platform (on Mainnet):


Fees are variable and may change over time as governance proposals are proposed and voted on. The current fees table for Mainnet as of 2020-07-09 is as follows:
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🔶Withdrawal Fees


Binance DEX
fees are set at 0.000375 BNB per transfer.



🔶Deposit

 

Binance DEX supports fiats and other cryptocurrencies.



🔶Security

Binance DEX are virtually immune to attacks. Peer-to-peer transfers and trades mean virtually zero exposure to security threats.

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🔶Disclaimer

"The investments and services offered by Binance may not be suitable for all investors. If you have any doubts as to the merits of an investment, you should seek advice from an independent financial advisor."

 



Source:

Binance Academy

Binance.com


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