What is Binance DEX? The fastest way to create a Binance DEX wallet

TutorialsDecember 24, 2021

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The development of the cryptocurrency market leads to increasing demand for crypto transactions and storage.
Binance DEX is a safe, easy-to-use, and low-cost decentralized cryptocurrency exchange. The following article introduces Binance DEX, the different features between Binance and Binance DEX, and the fastest way to create a wallet.

What is Binance DEX?

Binance DEX is a decentralized cryptocurrency exchange developed on the blockchain platform of Binance Chain. It allows users to trade cryptocurrencies, issue directly, and list new tokens. It supports hardware and soft wallets connecting to the Binance Chain network.

It allows users to manage their wallets and crypto-assets as a decentralized exchange. In contrast, decentralized cryptocurrency exchanges like Binance control and store users’ transaction and asset information.

Features of Binance DEX

  • Send and receive BNB and tokens on the DEX to any person.
  • Issue new tokens.
  • Burn tokens (if desired)
  • Freeze some tokens and release as needed.
  • Recommend new crypto pairs
  • Trade community-created crypto pairs.
  • In particular, It makes users’ funds safer. User assets only store the private key on the owner’s device, and they have full control over the asset and the private key.

How to create a wallet to access Binance DEX?

It is a decentralized exchange. Users manage their assets, so to log in to DEX, users do not need an account but only need a wallet code and password. If losing a private key, mnemonic phrase, or Keystore file, no one, including Binance, can recover the user’s wallet.

When creating a new wallet, the user receives the following secret information. Users need to keep this information confidential and not disclose it to anyone else.

  • The Keystore contains the private key, public key, and wallet address. This file is password protected and encrypted. Users should use this method to access wallets in the absence of supporting hardware devices.
  • The Mnemonic phrase was created based on the BIP39 list – allowing users to access their personal wallets and as a backup medium. However, users should limit using this way to access the wallet.
  • The Private Key allows users to access the wallet, but is not recommended for frequent use. Private Key should only be used as a backup medium.

The steps are as follows:

Step 1: Log in to the homepage. Enter the password in the [Set a New Password] box and confirm [Re-enter Password] again. Passwords include lowercase, uppercase, numbers, and special characters. Then tick [I understand…], select [Download Keystore File] to download the Keystore file to your computer.

[Download Keystore File] to download the Keystore file to your computer.

Step 2: Download and store confidential information

  • After downloading the file, save it and store it carefully. Then select [Continue].
  • Record the recovery keywords in order, save them carefully, and click [Continue].
  • Click [View my Private key] to view the secret key, then click [Continue].
  • Binance DEX asks if the user can save the 24 recovery keys and select [Yes].
  • Binance DEX requires reconfirming 3 of 24 random keywords, filling in the required keywords, and selecting [Continue].
what is binance dex 2

Click [Unlock the wallet] to complete the wallet creation on Binance DEX.

Conclude

It is a decentralized exchange, so users are fully responsible for their assets. Therefore, when creating a wallet, users need to carefully store security information to keep the assets in the wallet safe. There are some notes for users to protect assets on Binance DEX as follows:

  • Access the correct homepage of Binance DEX (binance.org), avoid the case of mistakenly accessing fake sites
  • Absolutely do not provide confidential information including: 24 keywords, private key, file keystore
  • You should install anti-virus software to avoid hackers stealing security information.

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