Binance DEX is a decentralized cryptocurrency exchange that was launched at the Binance centralized exchange. The following article will analyze the advantages and disadvantages of Binance DEX vs Binance and guide users to log in to their Binance DEX account correctly and quickly.
Benefits of Binance DEX vs Binance
One of the most important advantages of Binance DEX over Binance is that it allows users to control their assets without going through another intermediary.
Users can manage their private keys to protect their crypto assets. Therefore, users do not have to bear the risks of fraudulent exchanges or compromised exchanges.
Because users control their assets, they are not taxable or regulated by any authority. Historically, the Coinbase cryptocurrency exchange has been required by management to send the customer’s account information to tax these accounts. But this is not possible with a DEX because a DEX is a peer-to-peer exchange, only users manage their accounts and no one has their confidential information.
For traders, the Binance DEX exchange has an important advantage: cheap transaction fees because users only have to pay for the confirmation network on the Binance Chain blockchain. Users don’t have to pay fees for a centralized exchange like they do on Binance or any other centralized exchange.
Disadvantages of Binance DEX vs Binance
Although there are many advantages over centralized cryptocurrency exchanges, Binance DEX in particular and DEX exchanges in general still have some disadvantages as follows:
- The DEX exchange is quite difficult to use for newcomers, especially those who are used to today’s friendly centralized exchanges.
- Users cannot recover assets stored in their DEX account because users manage their accounts, including private keys if they lose or reveal confidential information.
- DEX exchanges are still relatively new to users, so the trading volume is still lacking. Therefore, liquidity on DEX exchanges is still limited. In the future, if DEX exchanges will be more popular among the community, Binance DEX can overcome this drawback.
How to log in to your Binance DEX account?
To access your Binance DEX account, users can choose one of the following ways: using Keystore File and Password, using 24 recovery keywords, or using Ledger Nano S or Trust Wallet and binance DEX wallets supported. If you access Binance DEX through the official website, you can use The File Keystore or log in through wallets such as Ledger or Trust Waller to protect your account.
Login to Binance DEX via mobile wallet:
- Supported mobile wallet apps include Trust Wallet, SafePal, CoolWallet S, Math Wallet, Meet.one, Equal, Atomic Wallet
- Access the portfolio of your crypto storage apps on your phone
- On the Binance DEX homepage, select Mobile Wallet
- Click Get WalletConnect QR Code to get the QR code.
- Use your phone’s camera to scan the QR code displayed on the screen
- Click Open Wallet and click Connect to access Binance DEX on your desktop.
How to access Binance DEX with Keystore File?
- Visit the Binance DEX homepage, select KeyStore File.
- Click Upload keystore file and upload the keystore file saved to your computer when creating the Binance DEX wallet.
- Enter your wallet password
- Keep clicking Unlock Wallet Now to complete.
How to access Binance DEX with a recovery key phrase?
- Go to the Binance DEX homepage, select Recovery Phrase.
- Click Recover a Keystore File
- Enter 24 security keywords in the blank box and click Submit to complete.
Note When you log on and use Binance DEX
To avoid being scammed, users should contact Binance DEX through some of the official means below:
- Official site: https://www.binance.org/
- Telegram: https://t.me/BinanceDEXchange
- Twitter: https://www.twitter.com/binance_dex
- https://community.binance.org/ Forum
Do not arbitrarily provide any account security information to anyone, including people who claim to be employees of Binance DEX, to avoid account theft.