Binance DEX is known as a decentralized cryptocurrency exchange. This means that it is completely secure and only account holders have access to resources on Binance DEX. However, it is also a vulnerability that users may permanently lose the resources stored here if they are not careful. How to use Binance DEX? The following article guides you on how to deposit/withdraw on Binance DEX in the most detailed way.
How to use Binance DEX?
Binance DEX’s interface, though unlike Binance’s, can be daunting for newbies. However, the interface of the Binance DEX exchange is also quite simple.
On the toolbar of Binance DEX, there are several features, including:
- Explorer is the place to access Binance Chain’s blockchain ledger. Here users can check every transaction and the number of blocks in real time of Binance.
- The market includes Bep2 Token and Bep8 Minitoken. Currently, users mainly use Token Bep 2. MiniToken is a unique token on Binance Chain, which has not been widely used.
- The order is the place to check the user’s transactions, pending orders, and transaction history, including open orders, order history, trade history, and commission history.
- The transaction is a place to check the deposit and withdrawal history and the corresponding Txid and Txfee tokens of each transaction on the Binance Chain.
- Balances are where users check the balance of coins on Binance’s DEX secret.
- Also, next to the Balances tab is the place to manage your Binance DEX account. Here users can copy the wallet address, connect another Binance DEX wallet or disconnect the current wallet.
How to deposit BNB coins on Binance DEX?
Currently, Binance DEX offers dozens of coin pairs. To trade On Binance DEX, users must deposit coins into their Binance DEX account. BNB is the coin with the largest number of trading pairs. The following article guides you to deposit BNB into your wallet on Binance DEX.
Click the Binance DEX Wallet Address tab (to the right of the Balances tab), click the copy symbol.
- Select Wallet/Overview. Then click on Crypto Withdrawal/Withdrawal
- Coin box: Select BNB.
- Address box: Paste the Binance DEX wallet address you copied in the previous step into this box.
- Network box: select EXACTLY BEP2 and press Confirm
- Amount box: Enter the amount of BNB you want to deposit into the Binance DEX wallet.
- The Receive Amount row shows the amount of coins that will be received after deducting the transaction fees paid to the blockchain network.
- Click Withdraw to finish.
The user then receives an email from Binance asking them to confirm the withdrawal. Click Confirm Withdrawal to guarantee the operation again. After about 2-5 minutes, the process of depositing coins in Binance DEX is completed. Check the received coin in the Transactions tab, showing that the blue IN is the successful coin deposit. The user who checks in the Balances tab also displays the amount of BNB just uploaded here.
How to withdraw coins from Binance DEX
After trading on Binance DEX, users want to withdraw profits or capital deposited in the Binance DEX wallet. To withdraw coins from Binance DEX, you need to transfer coins to BNB and then withdraw coins from Binance DEX to the Binance exchange wallet. Users can then sell those coins for fiat using Binance’s P2P feature.
To withdraw coins from Binance DEX, users log in to their account Binance.com, click Wallet / Wallet Overview. Then click on Deposit/Deposit Crypto.
- In the Coin box, select BNB.
- In the Network box, select BEP2, and then click OK.
- The address of the wallet receiving BNB and MEMO is displayed on the screen. Copy the address and MEMO and paste them into the corresponding window on Binance DEX.
Note: Binance uses 1 BNB wallet address for all users, so each user account is distinguished by a Memo. Therefore, when sending coins to the Binance account, the user must pay special attention to the correct compilation of MEMO information. If, when depositing coins in Binance, users enter the wrong MEMO, users may lose assets.
- Log in to your Binance DEX account, click the Balances tab. In the search box, type BNB and select Submit.
- Enter your Binance DEX wallet password and click Confirm.
- In the Select Resource box, select BNB.
- In the Address box: Paste the BNB wallet address onto the exchange Binance.com obtained in the previous step.
- Amount box: Enter the amount of BNB you want to withdraw from Binance DEX.
- MEMO box: Enter the exact MEMO shown in the Binance.com window in the previous step.
- On the screen showing the transaction fee to be paid for the blockchain network, click Next to continue.
- Check all withdrawal information and click Send Transaction.
Therefore, the withdrawal process from Binance DEX to Binance has been completed. After about 2-5 minutes, the amount of coins is displayed on the wallet Binance.com. Users who check in to the Binance DEX Transaction tab see the red OUT display as a successful pickup.
conclusion
Depositing/withdrawing money on Binance DEX is relatively fast and simple. However, users need to be very careful when copying and pasting the wallet address that receives the coin and the MEMO attached to each transaction. When making a deposit/withdrawal on Binance DEX, a user must always pay a fee, which is publicly visible on every trade, to pay for the blockchain network. However, this fee is minimal, so users don’t have to worry when they see these charges.
