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#BINANCE DEX WALLET HOW TO#
Binance DEX - how to create an account?īinance DEX located at Binance DEX - home page In this model the exchange only acts as an intermediary connecting the buyer with the seller at a market price they both agree to. The cryptocurrency we purchased goes to us directly from the investor's portfolio, from which we buy it.Ĭryptocurrencies are not stored on the stock exchange account, but on our portfolioto which we have the private key. In the assumption we transfer funds almost directly to the person from whom we buy cryptocurrency. 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. 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.īinance DEX is Binance Dcentralized EXchange, i.e. Want to learn more about the Ledger Nano X? Click on the banner underneath.Binance it also has other centralized exchanges. That being said, the Binance DEX allows for easy cryptocurrency trading through your Ledger Nano S or Ledger Nano X, opening a new, secure way of interacting with your crypto assets.įor more information on how to use the Binance DEX with your Ledger Nano S or Ledger Nano X, please refer to this page.
We recommend vigilance while trading as to prevent any misclicks and/or typing errors. Any loss of either will be out of the hands of either Ledger or Binance. You are solely responsible for keeping your crypto assets and the access to them secure. This does, however, come with more responsibility.Īs the cryptocurrency exchange is decentralized, the Binance team has no access to your crypto assets, passwords or private keys. Thanks to the Binance DEX, you can be fully in charge of the crypto assets that you are trading by owning its corresponding private keys. With great power, comes great responsibility. Ledger will maintain the support of ERC20 BNB token through the Ethereum application as long as Binance will maintain the swap procedure. For more information on the Binance Chain Mainnet swap and ERC BNB to BEP2 BNB conversion process, refer to. The swap will be handled by withdrawing your BNB ERC20 token directly from your account. What does Binance Chain imply for BNB ?īinance has launched their own chain with the intent of migrating the ERC20-base BNB tokens to the new chain. For example, you can trade BNB for BTC.B – a token that represents Bitcoin. You can trade this for tokens representing the actual crypto asset. Trading pairs are made through the Binance Coin (BNB). You can now select which address you wish to use on the Binance DEX.Ĭongratulations, you now have access to the Binance DEX through your Ledger hardware wallet.Īfter this you can continue and trade crypto assets through the decentralized exchange.
Please note that for the Ledger Nano X you can only connect to the Binance DEX by using a USB cable for the time being.Ĥ.
#BINANCE DEX WALLET INSTALL#
Once here, open your Binance Chain app on your Ledger device and click on “Connect to Ledger” (if you do not have the app yet, install it through Ledger Live) Select “Unlock Your Wallet”, then select “Ledger Device”.ģ. To access the Binance DEX through your Ledger Nano X or Ledger Nano S, you must follow these steps:Ģ. “Investors can now trade assets through the Binance DEX with unparalleled security assurance that the Ledger Nano S provides.” Accessing and Trading Through the Binance DEX. “With Binance’s Decentralized Exchange now live, we are happy to be able to provide Ledger’s security support,” said Eric Larchevêque, Executive Chairman of Ledger. Your private keys remain securely stored on your hardware wallet, meaning the access to them remains restricted and offline. With Binance’s Decentralized Exchange (DEX), you can access your BNB wallets by connecting your Ledger Nano S – the first and only independently certified hardware wallet – or Ledger Nano X with the Binance Chain app.
In this scenario, exchanges hold them, acting as a third party managing your crypto assets.
As the saying goes, “Not your keys, not your crypto”. The underlying cause for this is that with a centralized cryptocurrency exchange you do not own your own private keys. What is the Benefit of Using Binance’s Decentralized Exchange? You can now use it – as well as the Ledger Nano X – to trade crypto assets using Binance Coin (BNB) on the mainnet. The Ledger Nano S was previously able to connect to the Binance Chain Testnet.
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