What is the difference between Binance DEX vs Binance? How to login to Binance DEX
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Binance DEX is a decentralized cryptocurrency exchange that launched to the centralized exchange Binance. The following article will analyze Binance DEX vs Binance’s advantages and disadvantages and guide users to log in to their Binance DEX account correctly and quickly.
Advantages of Binance DEX vs Binance
One of the most outstanding advantages of Binance DEX compared to Binance is that it allows users to control their assets without going through another intermediary. Users can manage their private keys to protect their crypto assets. Therefore, users do not have to bear the risks of fraudulent exchanges or hacked exchanges.
Since users control their assets, they are not taxable or regulated by any authority. Historically, cryptocurrency exchange Coinbase has been required by management to submit customer account information to tax these accounts. But this is not possible with a DEX because a DEX is a peer-to-peer exchange, only users manage their accounts, and no one has their confidential information.
For traders, the Binance DEX exchange has a prominent advantage: cheap transaction fees because users only have to pay for the confirmation network on the Binance Chain blockchain. Users do not have to pay fees for a centralized exchange like they do on Binance or any other centralized exchange.
Disadvantages of Binance DEX vs Binance
Although there are many advantages over centralized cryptocurrency exchanges, Binance DEX in particular and DEX exchanges in general still have some disadvantages as follows:
- The DEX exchange is quite difficult to use for newcomers, especially those who are used to today’s friendly centralized exchanges.
- Users cannot get back the assets stored in their DEX account because users manage their accounts, including private keys if they lose or reveal confidential information.
- DEX exchanges are still relatively new to users, so the trading volume is still deficient. Therefore, liquidity on DEX exchanges is still limited. In the future, if DEX exchanges are more popular with the community, Binance DEX can overcome this drawback.
How to login to your Binance DEX account?
To log in to your Binance DEX account, users can choose one of the following ways: using Keystore File and password, using 24 recovery keywords, or using Ledger Nano S or Trust Wallet and supported Binance DEX wallets. If you log in to Binance DEX through the official website, you can use the File Keystore or log in through wallets like Ledger or Trust Waller to keep your account secure.
Login to Binance DEX via mobile wallet:
- Supported mobile wallet apps include Trust Wallet, SafePal, CoolWallet S, Math Wallet, Meet.one, Equal, Atomic Wallet
- Log in to the wallet of your crypto-storage apps on your phone
- On the homepage of Binance DEX, select Mobile Wallet
- Click on Get WalletConnect QR Code to get the QR code.
- Use the phone camera to scan the QR code displayed on the screen
- Click open wallet and click Connect to access Binance DEX on desktop.
How to Login to Binance DEX with Keystore File?
- Visit the homepage of Binance DEX, select KeyStore File.
- Click on Upload keystore file, and upload the keystore file saved on your computer when creating the Binance DEX wallet.
- Enter wallet password
- Continue to click Unlock Wallet Now to complete.
How to log in to Binance DEX with a recovery keyphrase?
- Go to the homepage of Binance DEX, select Recovery Phrase.
- Click on Recover a Keystore File
- Fill in 24 security keywords in the blank box and click Submit to complete.
Note when logging in and using Binance DEX
To avoid being scammed, users need to contact Binance DEX through some of the official means below:
- Official website: https://www.binance.org/
- Telegram: https://t.me/BinanceDEXchange
- Twitter: https://www.twitter.com/binance_dex
- Forum: https://community.binance.org/
Do not arbitrarily provide any account security information to anyone, including people claiming to be employees of Binance DEX, to avoid account theft.
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