How to use Binance DEX? Step-by-step for depositing and withdrawing on Binance DEX (latest update 2022)
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Binance DEX is known as a decentralized cryptocurrency exchange. That means it’s completely secure, and only account holders have access to assets on Binance DEX. However, it is also a vulnerability that users can permanently lose the assets stored here if they are not careful. How to use Binance DEX? The following article guides how to deposit/withdraw on Binance DEX in the most detail.
How to use Binance DEX?
The interface of Binance DEX, though unlike that of Binance, can be daunting for newbies. However, the interface of the Binance DEX exchange is also quite simple.
On the toolbar of Binance DEX, there are several features, including:
- Explorer is the place to access the Binance Chain blockchain ledger. Here users can check every transaction and real-time block number of Binance.
- The market includes Bep2 Token and Bep8 Minitoken. Currently, users are mainly using Token Bep 2. MiniToken is a unique token on Binance Chain, which has not been widely used.
- Order is the place to control transactions, pending orders, and user’s transaction history, including Open order, Order History, Trade History, and Fee History.
- The transaction is a place to check the deposit and withdrawal history and the corresponding Txid and Txfee tokens of each transaction on the Binance Chain.
- Balances are where users check the balance of coins on the Binance DEX secret.
- In addition, next to the Balances tab is the place to manage the Binance DEX account. Here users can copy the wallet address, connect another Binance DEX wallet or disconnect the current wallet.
How to deposit BNB coins on Binance DEX?
Currently, Binance DEX offers dozens of coin pairs. To trade on Binance DEX, users need to deposit coins into their Binance DEX account. BNB is the coin with the most trading pairs. The following article guides you to deposit BNB into your wallet on Binance DEX.
Click on the Binance DEX wallet address tab (to the right of the Balances tab), click the copy symbol.
Access your Binance account.
* See more: The complete guide Binance from a to z
- Select Wallet/Overview. Then click Withdrawal/Withdraw Crypto
- Coin box: Select BNB.
- Address box: Paste the Binance DEX wallet address copied in the previous step into this box.
- Network box: Select exactly BEP2 and press Confirm
- Amount box: Enter the amount of BNB you want to deposit into the Binance DEX wallet.
- The Receive amount line shows the amount of coins that will be received after deducting the transaction fees paid to the blockchain network.
- Click Withdraw to finish.
The user then receives an email from Binance asking to confirm the withdrawal. Click Confirm Withdraw to ensure the operation again. After about 2-5 minutes, the process of depositing coins into Binance DEX is completed. Check the received coin in the Transactions tab, showing the blue IN is the successful coin deposit. The user checking in the Balances tab also displays the amount of BNB just loaded here.
How to withdraw coins from Binance DEX
After trading on Binance DEX, users want to withdraw profits or capital deposited into the Binance DEX wallet. To withdraw coins from Binance DEX, you need to transfer coins to BNB and then withdraw coins from Binance DEX to Binance exchange wallet. Users can then sell those coins for fiat using Binance’s P2P feature.
To withdraw coins from Binance DEX, users access their Binance.com account, click Wallet/Overview Wallet. Then click on Deposit/Deposit Crypto.
- In the Coin box, select BNB.
- In the Network box, select BEP2 and click OK.
- The wallet’s address receiving BNB and MEMO is displayed on the screen. Copy the address and the MEMO and paste them into the corresponding window on Binance DEX.
Note: Binance uses 1 BNB wallet address for all users, so each user account is distinguished by a Memo. Therefore, when sending coins to the Binance account, the user must pay special attention to filling in MEMO information correctly. If, when depositing coins into Binance, users enter the wrong MEMO, users may lose assets.
- Log in to your Binance DEX account, click on the Balances tab. In the search box, type BNB and select Send.
- Enter your Binance DEX wallet password and click Confirm.
- In the Select Asset box, select BNB.
- To Address box: Paste the BNB wallet address on the Binance.com exchange obtained in the step above.
- Amount box: Enter the amount of BNB you want to withdraw from Binance DEX.
- MEMO box: Enter the exact MEMO shown on the Binance.com window in the step above.
- On the screen showing the transaction fee to pay for the blockchain network, click Next to continue.
- Check all withdrawal information and click Send Transaction.
Thus, the withdrawal process from Binance DEX to Binance has been completed. After about 2-5 minutes, the amount of coins is displayed on the Binance.com wallet. Users who check in the Transaction tab of Binance DEX see the red OUT display as successful withdrawal.
Depositing/withdrawing money on Binance DEX is relatively fast and straightforward. However, users need to be very careful when copying and pasting the wallet address that receives the coin and the MEMO attached to each transaction. When making a deposit/withdrawal on Binance DEX, a user always has to pay a fee, which is publicly visible on each trade, to pay the blockchain network. However, this fee is minimal, so users do not need to worry when seeing these charges.
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