Review on Binance DEX by Fanuel PORPORTY
BINANCE DEX, the balance between security, freedom and ease of use.
Binance, world leader in cryptocurrency trading, unveiled its promising decentralized exchange a few months ago with its network of decentralized nodes. These tools are also known as “DEX”.
The DEX user interface is similar to that of the CEX, which allows, among other things, easier navigation. According to crypto-financiers, the future of trading platforms inevitably points to decentralized versions. They allow you to buy or sell cryptocurrencies, except that at no time does the platform manage users' cryptocurrencies. They keep their private keys and do not expose themselves to frightening hacks or stock market news. It is precisely this aspect that makes it the future of cryptocurrency exchanges.
The Binance Coin (BNB) is the universal currency of Binance DEX. You cannot route anything other than BNB when you want to communicate with the outside world. It is only once the BNB account is credited to the DEX that one can then acquire bitcoin, ethereum, litecoin, etc. Same thing to get out of it: you have to convert into BNB its different cryptos obtained on Binance DEX to transfer them outside. To this, we add very low commissions on each transaction, ie 0.1 BNB. The predominance of BNB is a smart choice on Binance's part and should not fail to create demand for this corner
Pros
- DEXs have the advantage of being better protected against regulations or threats of closure, since they have no central management.
- Exchanges are secure and transparent, just as much as they are on the Blockchain.
- Decentralized exchanges respond to high demand following constant hacking, they leave control to users over their own funds and personal data. Everyone is solely responsible for their wallet, as Satoshi Nakamoto initially imagined when creating the Bitcoin protocol.
- Binance DEX is not the first decentralized exchange. We have the IDEX exchange, for example, which is one of the most used but its average user experience makes BINANCE DEX a big opponent. All these decentralized exchanges have a liquidity problem, which is not very attractive!
Cons
- Decentralized exchanges do not allow you to exchange your cryptocurrencies for fiat currencies.
- Decentralized exchanges can thus extend transaction time compared to centralized platforms.
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Comments (2)
January 01, 2020
I consider this the best DEX that exists so far .. those based on Etherium are difficult to use.
January 01, 2020
Since its centralized exchange form is one of the best, without a doubt, the decentralized version could generate much more interest in the market if it remains in the program
