Binance has launched its own decentralized exchange in Q2 — 2019 which allow users to fully control their funds. The funds will be stored on users’ wallets. BNB token will be moved from the Ethereum network on its own blockchain – Binance Chain.
What is the Binance Chain?
Binance is one of the most popular and largest cryptocurrency exchanges with trading amount about $3 BLN daily. Created in 2017 as a token, BNB coin was based on the Ethereum blockchain as an ERC-20 token. Then Binance announced moving to its own blockchain called Binance Chain. This news has attracted the interest of even more investors than before.
What is Decentralized exchange (DEX)?
Decentralized Exchange (DEX) is a new type of the cryptocurrency exchange, in which traders own their private keys and control their funds. This solves a problem such as the fact that centralized exchanges store private keys in their bases and as the saying goes: Not your keys – not your Bitcoin.
What is Binance DEX?
Binance DEX based on the Peer-to-Peer (P2P) protocol and allows users to exchange crypto assets directly between each other. The main advantage of Binance DEX is the matching system. Binance DEX is created on a high powerful blockchain engine "Tendermint Core" with one-second block times, that provides the speed, which is also the same to centralized exchanges.
How to make a deposit?
- Visit BinanceDex
- Create a wallet. No identification needed!
- Create Keystore File + Password. (Keystore file is a small file which you will need to save to your PC after registration (you can use notepad to open and view the file). Filename be named something like this 4XXXX4e-1cXX1-4X-9255-0d11XXXX6_keystore.
- Login to your wallet with your stored keystore file by uploading it and enter your registered password.
- Click Balance (top right). You will then see your BNB address that is a string of numbers that look something like this bnb1dylhnmxyta37lll5vcwn6vjjn4rwav5qmcmw93
- Make a deposit. (You can deposit only from accounts that allow transfers made to the new Binance chain address starting with bnb1yournumber1234567890. Binance.SG is currenltly unable to transfer $BNB directly to BinanceDex. You will need to transfer to Binance.com first and then transfer to BinanceDex.
- Start Trading