Review on Binance DEX by Temitope Babatunde
Binance DEX Doesn't Required Your Personal Information.
Binance DEX was launched in February 2019 as a good alternative to its cex version, to serve those who love privacy because no personal information is required. The same team that is managing Binance centralized exchange is the one managing this one too.
Being a decentralized exchange come with some great advantages, for example there is no third party and you don't need to store your coins in any centralized system, instead each time of the day you are in total control of your key, which means the security of your account lies on you.
The servers of DEX exchange is spread across the globe this makes the system dependable as there will be no downtime, even should a server develop a problem others will continue working.
No deposit fee of any kind is required, but when transacting a fee of 0.1 percent will be charged if you are paying with another coin but this is reduced to 0.04 percent when paying with Binance native token. As for withdraw, it has been noted that 0.000375 BNB will be deducted at each transfer.
Although there is no fiat currency, but there are some stablecoins which one can trade with, though one will first need to buy their bep2 version before transferring them to Binance DEX which was built on Binance chain.
As per customer care service, the same care that users of centralized exchange enjoys, same with DEX Binance. It must be noted however that there is problem of low liquidity as it has always be with DEX exchanges.
In conclusion, if you love privacy, user-friendly, safe and secure exchange try Binance DEX.
Pros
- Since it is a decentralized exchange you are in total control of your private key, even should the server be hacked the hacker can not get access to users fund.
- There is low trading fee especially if you are paying with BNB token.
- No personal information is given out before one can use the exchange.
- It is user friendly, which means unlike other DEX the overview is not cumbersome to understand.
- It is community initiative.
Cons
- No fiat deposit, which means is not an entry level for total strangers to crypto.
- It is not available to US investors.
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Comments (1)
June 08, 2020
Binance DEX charge o% fee on deposit and offer a low fee of 0•1% on each transaction which can be reduced to 0•04% if paying with Binance Native token, it charges 0•000375 on each transfer when withdrawing.
