About Binance – A Guide to Binance Dex
In our previous blog, we describe exchange Binance account creation. We also told you about what are the critical features of Binance dex, making it a unique and secured platform. Now In this part, we are going to tell you how to start trading. What are some things you need to be careful and some general questions about Binance dex?
Now, you have created your account; you are ready for trading.
Start Trading on Exchange Binance
As you navigate on the interface, You can start your trading. If you had to use the main exchange platform before, it is not going to much difficult on Dex too. On the left side, you will see the list of trading pairs. On the bottom, clicking on trading history will reveal the trading history and trading volume.
Now select a desire trading pair, then place a limit order.
It is recommended if you are a beginner. You will need to do a lot of trial and error to learn all about The system. From bottom left, you can access your order history, open orders, and trade history. Upon completing the order, upon completing the trading, hit sign out at the top right of the screen.Binance is the top crypto in the wolrd.
What Cryptocurrencies Binance Dex support
We know, you must be thinking, how many cryptocurrencies exchange Binance is going to uphold. As of right now, exchange Binance supports more than 25 cryptocurrencies. However, they are only available on testnet tokens.
Another thing is, there is no interchain transfer. It means You can not transfer coins between the binance chain and other chains when mainnet launched.
Right now to make trading possible, between the exchange Binance chain and other chain platforms, Pegged tokens are issued to complete the exchange. Maybe in the future,can act a possible bridge to do the trading.
Let us take an example to understand the scenario better. On exchange Binance Testnet, You Get a BTC.B Token, which holds the same value as real bitcoin knows as a pegged token. Now BTC.B run on the binance chain, so it can not directly be deposited, withdrawn or transferred to Bitcoin network. Other currencies such as LTC.B, XRP.B are also not eligible for direct transfer.
The Exchange Binance team revealed, there are two significant ways to deposit these pegged tokens or withdrawn after the mainnet launch.
1. Using Atomic swaps to make the transactions, using a exchange Binance chain to deposit or withdraw, improving the processing speed.
2. When you withdraw a Bitcoin fromaccount, you have an option to withdraw as a real Bitcoin or BTC.B. The same parameter will get to other coins as well.
Binance Dex will keep adding the new Cryptocurrencies shortly to increase the user base.
What Is the Exchange Binance Fee?
Since Binance DEx is in review mode, The fee will get adjusted; an agreement was presented after the proposal vote among the validators.
1. The trade fee is calculated upon trade notion value; Another transaction fee charge is fixed.
2. Canceling a filled order, or sending a new GTE order is free of cost.
3. If you do not have enough BNB in your account, the non traded transactions will get canceled.
4. Trade-related transactions will get a charge when an order is filled. If you have enough BNB, The BNB fee structure gets used. In the case of Nonsufficient Funds, Non-BNB fee structure is used.
It is better about the fee charges if you want to understand the terms and conditions better. Since it is a complicated network, it will take to understand the entire fee structure.
Is Exchange Binance safe?
The question of security is always at the top of any user who wants to start the trading. The decentralized platform is created more resilient than centralized platforms. Binance is already famous for its Trading platform security.
Since there is no authority system in exchange Binance, it is almost impossible to attach malicious people. Decentralized nature keeps the dex safe. However there has been a number of the attack on binance dex website with DNS attack. When the user would try to log in, they get redirected to a phishing website.
When a user opens their wallets on these sites, controlled by hackers, they can access user information.
However, binance always has at the front of defending its system. There is primarily three anti front running mechanism, they apply.
1. Trading Spec
2. Math Logic
3. Anti front running
There are currently 11 nodes used by binance.com to secure the network. uses Byzantine Fault Tolerance (BFT), and Proof of Stake (PoS) mechanism to produce blocks among the various qualifies validators.
I am a beginner, Is Binance DEx is suitable for me?
The world of cryptocurrencies is a bit complicated. Centralized system and the decentralized system uses different methods to run their platforms. However, if you are continuously learning, it will not be hard for you to understand its methods and terms. Binance provides many users intrusions, interactive video to understand its platform.
They are also active on forums with new developments about the platform. A user can go them, learn from other users, apply it on its platform to gain the knowledge.
Since Binance dex is currently getting tested on testnet, it is a perfect opportunity for those who want to learn about it. New traders can learn about how to create a wallet, what is its security features, why it's important to understand safety and securing their data.
When a user starts trading, they will understand about various cryptocurrencies used in binance dex. The more a user become familiar with it, the better, they will perform, when they start using real trading with real money.
It is advised to the new users, not to send any real mainnet tokens to binance testnet. If a user sends it by mistake, it will not be recordable. So a user has to careful when they start trading. Another thing to understand it this, these pegged tokens do not hold any real value. They are only meant for testing purposes.
So, these were our part on Exchange Binance. We have provided valuable information. However, In case of any queries, contact us for more information.