How to trade on Binance DEX
This article about Binance Dex: How to create binance dex wallet, deposit crypto and trade on Binance DEX
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 the Binance DEX works
The difference is that the centralized exchange constantly matches orders, and in the Binance DEX all orders will be executed at the same time when it is added to the block.
If the order is not complete within 72 hours, it will be canceled. Here is what Binance post about Order Matches details:
— Orders with best bid price would match with an order with best ask price; — If the orders on one price cannot be fully filled by the opposite orders: for the orders with the same price, the orders from the earlier blocks would be selected and filled first.
— If the orders have the same price and block height, and cannot be fully filled, the execution would be allocated to each order in proportion to their quantity (floored if the number has a partial lot). If the allocation cannot be accurately divided, a deterministic algo would guarantee that no consistent bias to any orders: according to a sorted sequence of a de facto random order ID”.
The Binance DEX / Binance Chain Overview
Despite the fact that the idea of a decentralized exchange has already been implemented, and there is already exist an exchange with a decentralized order book, such as Waves Platform, for example, the Binance DEX is looking like one of the first mass-adopted solutions in the DEX area. In conclusion, here are the main advantages of Binance DEX:
- Private keys under user’s control
- Decentralized order book
- Matching with one-second block time
- The combination of these three factors can really take the cryptocurrency market to the new level.
How to trade on Binance DEX
First at all, you must have Binance Dex wallet.
Step 1: Click https://www.binance.org/ and create new wallet
+ Fill your password
+ Check I understand…
+ Download Keystore File
Step 2: Backup your Private KEY
Confirm that your have backup your Private KEY
Next, Open your wallet
Back to home page, click Unlock Wallet
Choose Keystore File, Fill your password and click Unlock Wallet NOW
Deposit crypto to Binance DEX
When login success, you will get Binance DEX Wallet Address (BEP2), sent your crypto to this address for your deposit
Deposit PVT to Binance DEX
Fill your Binance Dex Address (above).
Click Withdraw & Done
Trade on Binance DEX
Like Binance Exchange, you can BUY/SELL PVT with trading pair