Review on Binance DEX by Robiul Islam
Fast and secure decentralized digital asset exchange.
This is definitely an interesting project. While this is not a truly decentralized exchange, it does provide a specific component of decentralization that represents a step in the right direction.
It will apparently act as a hybrid of centralized / decentralized exchanges, providing some neat features (and some drawbacks) to both models as well. It still remains to be seen how this will work, and if decentralization is considered as the core tenant of crypto, that would be enough.
If you trade in a dex, the exchange itself never touches your assets. Accordingly, even if a hacker is able to hack one-of-a-kind exchanges, the hacker will not be able to access your assets. If you trade in a centralized exchange, you usually own the property on that exchange. That is, until you move them to your personal wallet. A centralized exchange can be hacked and your funds held on such exchanges can be stolen.
Pros
- Binance has excellent kudos.
- Also Binance Dex has great interface and UI.
- If we compare it to any other dex else it has low fees.
- You’re in full control of your private keys.
- Users can test trading strategies.
Cons
- No cross chain transfer solution.
