The development of the cryptocurrency market leads to a growing demand for crypto transactions and storage.
Binance DEX is a secure, easy-to-use, and low-cost decentralized cryptocurrency exchange. The following article introduces Binance DEX, the different features between Binance and Binance DEX, and the fastest way to create a portfolio.
What Is Binance DEX?
Binance DEX is a decentralized cryptocurrency exchange developed on Binance Chain’s blockchain platform.
It allows users to trade cryptocurrencies, issue directly and list new tokens. It supports hardware and soft wallets that connect to the Binance Chain network.
It allows users to manage their wallets and crypto-assets as a decentralized exchange. In contrast, decentralized cryptocurrency exchanges like Binance control and store information about users’ transactions and resources.
Binance DEX Features
- Send and receive BNB and tokens on the DEX to any person.
- Issue new tokens.
- Burn tokens (if you wish)
- Lock some tokens and release them as needed.
- Recommend new cryptocurrency pairs
- Trade crypto pairs created by the community.
- In particular, it makes users’ funds safer. User resources store only the private key on the owner’s device and have full control over the resource and private key.
How to create a wallet to access Binance DEX?
It is a decentralized exchange. Users manage their resources, so to access DEX, users don’t need an account but just need a wallet code and password. If you lose a private key, a mnemonic phrase, or a Keystore file, no one, including Binance, can recover the user’s wallet.
When creating a new wallet, the user receives the following secret information. Users must keep this information confidential and not disclose it to anyone else.
- The Keystore contains the private key, public key, and wallet address. This file is password protected and encrypted. Users should use this method to access wallets in the absence of supporting hardware devices.
- The mnemonic phrase was created on the basis of the BIP39 list, allowing users to access their personal wallets and as backup media. However, users should limit the use of this way to access the wallet.
- The private key allows users to access the wallet, but is not recommended for frequent use. The private key should only be used as backup media.
The steps are as follows:
Step 1: Access the home page. Enter the password in the [Set a new password] box and confirm [Re-enter password] again. Passwords include lowercase letters, uppercase letters, numbers, and special characters. Then select [I understand…], select [Download Keystore File] to download the Keystore file to your computer.
Step 2: Download and store sensitive information
- After downloading the file, save and store it carefully. Then select [Continue].
- Record the recovery keywords in order, save them carefully and click [Continue].
- Click [View My Private Key] to view the secret key, and then click [Continue].
- Binance DEX asks if the user can save the 24 recovery keys and select [Yes].
- Binance DEX requires reconfirming 3 of the 24 random keywords, filling in the required keywords, and selecting [Continue].
Click [Unlock Wallet] to complete wallet creation on Binance DEX.
It is a decentralized exchange, so users are fully responsible for their resources. Therefore, when creating a wallet, users must carefully store security information to keep the assets in the wallet safe. There are some notes for users to protect assets on Binance DEX as follows:
- Access the correct Homepage of Binance DEX (binance.org), avoid the case of mistakenly accessing fake sites
- Absolutely do not provide confidential information including: 24 keywords, private key, keystore file
- You need to install antivirus software to prevent hackers from stealing your security information.