Review on Binance DEX by LUIS RIVERO R
BinanceDEX
BinanceDEX is Binance's decentralized platform, backed by the reputation of this company and the experience in the exchange of digital assets.
It is fully built in the BNB network creating a decentralized platform where the platform token is the fundamental engine, this is specifically a really complete solution for users who ask for more privacy in their transactions.
-Currently allows user freedoms in terms of the type of storage as it supports, various software and hardware wallets in addition to an option to create from the same DEX website a new one with full access to the same data.
-The trading platform is similar to that of binance, which makes it much easier to use and adapt to it.
-The main purpose of this type of exchanges is the custody of the assets by the users, all transactions are processed P2p without central storage, so in this sense the security falls mainly on the user and the way in which they access to your funds.
-The main problem is the compatibility with other chains since it is necessary to make a change in the binance platform the one token equivalent to the deposited, however this eliminates some privacy and decentralization when using these assets.
It is not very clear the process of changing from one token to another within Binance to be able to use your Dex, I mean the security of this since finally to use BTC we would have to put in custody of Binance our assets and we would receive a token literally without value, as they guarantee that the volume issued is real and will not emit additional creating gaps in the chain and stored bitcoin, for that reason I do not trust this exchange at all.
In general this exchange is a great step for the presentation of other networks that can create decentralized exchanges, now the problem is the interconnection with other networks because it is not really decentralized. Also if you are a new user you can use your testnet to familiarize yourself with this new exchange and decide whether to take the step and use BinanceDEX
Updated 5 years ago
Rating changed from 4 to 5
More and more projects join this DEX since the launch of the main BNB network. It will continue to grow as more users join to use this exchange.
The only decentralized exchange with the greatest growth in the industry.
Easy to use and create a wallet, the main problem is that I still doubt your privacy since some cryptos must go through a centralized mechanism.
Pros
- Great user interface
- Decentralization in transactions
- It is possible to buy with fiat.
- Full compatibility with recognized software and hardware wallets.
- It is superior in speed compared to other decentralized exchanges
- Testnet for new users
Cons
- Exchange one token for another while trading.
- It is not fully decentralized there are times when you need to use traditional binance.
- No transfers or direct connections with other networks.
New products
Comments (1)
December 30, 2019
The decentralized binance version may be for those who have problems with centralized systems
