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Binance DEX is a decentralized stock exchange Binance - present global cryptocurrency market leader. We invite you to familiarize yourself with its main functions and instructions, how to use the p2p exchange (Client-to-client).
What is Binance DEX?
Binance DEX is one of the company's products Binance.
Binance offers the largest and probably the largest the best centralized stock exchange in the world Binance.com.
Centralized means that first we need to fund our stock account shedding Bitcoin, Ethereum and/ or stable coin (NP. USDT) on the portfolio held by the stock exchange.
Only then do we make purchases for the funds booked on our stock account cryptocurrency (NP. altcoinów).
After purchase, it is best to withdraw your cryptocurrencies on the exchange secure walletfor which we have a private key - in accordance with the principle that cryptocurrencies are yours only if you have a private key to the wallet on which they are located.
In the case of a centralized exchange, the keys to the wallet are held exchange, not us. In the event of a possible hack or collapse of the stock exchange, we may lose our funds.
Binance it also has other centralized exchanges. Examples include Binance Jersey, Binance Uganda, Binance Singapore - local editions of the cryptocurrency exchange that allow you to buy bitcoin and altcoins using local fiat currencies such as the British pound, dollar or euro.
Binance DEX is Binance Dcentralized EXchange, i.e. decentralized exchange.
If you want to buy a cryptocurrency from another investor, you use your own portfolio, not a portfolio on the stock exchange account, as in the centralized version.
In the assumption we transfer funds almost directly to the person from whom we buy cryptocurrency.
The cryptocurrency we purchased goes to us directly from the investor's portfolio, from which we buy it.
Cryptocurrencies are not stored on the stock exchange account, but on our portfolioto which we have the private key.
In this model the exchange only acts as an intermediary connecting the buyer with the seller at a market price they both agree to.
Binance DEX - how to create an account?
Binance DEX located at Binance.org
The top left corner of the page is displayed the server we use. When we expand this tab, we will see a list of currently available servers, their addresses and current load. Servers that work best for us currently will be displayed in green. Next to it you will see information about the delay in communication with the server expressed in milliseconds.
By default, the most appropriate server should be chosen for us, so if there are no problems when using the Binance DEX exchange, we don't have to bother with it.
Unlike traditional centralized exchanges, like Coinbase, Bitbay or Binance.com, no account is created on the Binance DEX decentralized exchange!
Wanting to trade on Binance DEX we log in with our Binance (BNB) blockchain wallet portfolio, not with login, email and password. If we already have a wallet Binance in the smartphone application or hardware portfolio of the Ledger or Trezor brand, we can go to login. If not, we must create a new wallet.
Binance DEX - how to set up a wallet?
We go to the main page Binance DEX, or binance.org
Click "create wallet" - "Create Wallet"
We will be shown instructions about safety rules, in particular informing that if we lose, forget or give someone a private key to our wallet, we may lose the funds on it or access to them.
Our tokens and coins are in our hands in our portfolio. Unlike the centralized exchange, if you lose your account access (e.g., forget your password) it is not possible to call for help/ exchange service asking for help. Only we have control over our funds. This has many advantages, but as you can see there is some responsibility.
The Binance DEX stock market portfolio offers three types of security:
- file "keystore"Saved on our computer + traditional password; in this configuration, we can imagine that instead of entering our login, we have to upload a file keystore, and then enter the password that we invented, as when logging in to an email account
- a phrase consisting of 24 words in the correct order; it is also our login and password; using this option, if you want to make a transfer from our wallet, we must enter in random order randomly generated English words;
- private key - a cryptographic security key that can be compared to a very long and complicated password;
Binance requires from all users logging in using a file keystore and passwords. A private key or 24-word phrase provides additional security in the event of loss keystore or forget your password.
Finally, confirm that you have read and understand the instructions. We click "In Understand".
In the next step, we set up a strong password, which must consist of at least 8 characters, including a capital letter, a number and a special character. We read the exchange regulations and mark the tick next to "I understand ..."
After pressing "Download Keystore File" the file that is our login will be downloaded to our computer. We will use it to log into our wallet and the Binance DEX stock exchange. It's best to keep this file in a safe place. You can also do a backup.
In the next step, a 24-word string will be generated, which is our password to recover the account or log in to the wallet. Write down in a safe place the string of 24 words given there (in the correct order).
We can also preview and save private key to the wallet.
In the next step, we confirm that we have saved our access code. After confirmation, we will be asked to enter selected words from the string. All to check if we have made a mistake.
After entering the desired words correctly, click continue and this completes the creation of a new Binance DEX wallet.
Logging in to the Binance DEX exchange
On the Binance DEX home page, click the "Connect Wallet" button in the upper right corner.
You can choose to log in to the stock exchange using a mobile wallet in the Binance app, Ledger or Trezor physical wallet. We can also log in with the wallet we just created.
We upload our login file to the wallet "Upload keystore file“And below is the wallet password.
If we do not have the Keystore file or have forgotten the password for it, we choose Recovery Phrase. We provide the 24-word account recovery code in the correct order.
click Unlock Wallet Nowto login to the exchange and start trading.
Overview of the Binance DEX platform
Binance DEX looks similar to the centralized version of Binance. However, most importantly, other cryptocurrencies are available here than on Binance.com.
On the left, we choose for what currency we want to pay for our purchase or what we want to get by selling tokens. You can choose a native token blockchainu Binance, or BNB, as well as bitcoin or stable coinylike TUSD, USDS or BUSD.
We choose and search for a cryptocurrency pair, e.g. wanting to buy a token NEXO and pay for him in BNB Faucet (because we have such capital on our portfolio) we choose NEXO / BNB.
Below we see the history of transactions carried out on this exchange on this pair. Our transactions are even lower.
In the middle traditionally candlestick chart. On the right pending sale and purchase orders. In the bottom right corner, the buy and sell form that we use to make a transaction or issue a pending order.
If you want to learn more detailed instructions on playing Binance, read our guide available here.
However, if you want to buy or sell some cryptocurrency, you must first have it on your wallet, which you log into the Binance DEX exchange. To do this, you must first transfer the money to your account.
Funding your Binance DEX account
Account balance we can check our portfolio in blockchain explorer or directly on the Binance DEX stock market by selecting in the upper right corner the "Balance" button.
If you have just set up a new wallet, it will be empty. His address is visible at the top. We can display it in the form of a QR code or copy a string of characters (numbers and letters).
If you want to fund your account, we must simply transfer the BNB, BTC or stable coin purchased on another exchange to our Binance DEX wallet.
- If you have zloty (PLN) and want to buy some cryptocurrency available on Binance DEX, you must first buy your first cryptocurrency (e.g. on the stock exchange Bitbay, for which you will find instructions here), for which you will later buy a BNB that will fund your Binance DEX wallet
- If you have euros and want to buy some cryptocurrency available on Binance DEX, you must first buy your first cryptocurrency (e.g. on Coinbase, for which you will find instructions here), for which you will buy BNB, which will top up your Binance DEX wallet
- If you have a cryptocurrency listed on Binance.com (e.g. ETH), transfer it to Binance and buy BNB with it to transfer to your Binance DEX wallet - our Binance platform manual is available here
We always recommend ours complete Binance guide, because it's worth creating an account there to buy BNB and many other cryptocurrencies.
If you don't have any cryptocurrency yet, we recommend it Coinbase, which gives you the first time you buy it bitcoin for free!
We also recommend our investing course (not just for beginners)
Good trade!
