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ABOUT BINANCE


ABOUT BINANCE – A GUIDE TO BINANCE DEX 

In our previous blog, we describe exchange Binance account creation. We also
told you about what are the critical features of Binance dex, making it a unique
and secured platform. Now In this part, we are going to tell you how to start
trading. What are some things you need to be careful and some general questions
about Binance dex?
Now, you have created your account; you are ready for trading.


START TRADING ON EXCHANGE BINANCE

As you navigate on the interface, You can start your trading. If you had to use
the main exchange platform before, it is not going to much difficult on Dex too.
On the left side, you will see the list of trading pairs. On the bottom,
clicking on trading history will reveal the trading history and trading volume.
Now select a desire trading pair, then place a limit order.

It is recommended if you are a beginner. You will need to do a lot of trial and
error to learn all about The system. From bottom left, you can access your order
history, open orders, and trade history. Upon completing the order, upon
completing the trading, hit sign out at the top right of the screen.Binance is
the top crypto in the wolrd.

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WHAT CRYPTOCURRENCIES BINANCE DEX SUPPORT

We know, you must be thinking, how many cryptocurrencies exchange Binance is
going to uphold. As of right now, exchange Binance supports more than 25
cryptocurrencies. However, they are only available on testnet tokens.
Another thing is, there is no interchain transfer. It means You can not transfer
coins between the binance chain and other chains when mainnet launched.

Right now to make trading possible, between the exchange Binance chain and other
chain platforms, Pegged tokens are issued to complete the exchange. Maybe in the
future, Binance.com can act a possible bridge to do the trading.

Let us take an example to understand the scenario better. On exchange Binance
Testnet, You Get a BTC.B Token, which holds the same value as real bitcoin knows
as a pegged token. Now BTC.B run on the binance chain, so it can not directly be
deposited, withdrawn or transferred to Bitcoin network. Other currencies such as
LTC.B, XRP.B are also not eligible for direct transfer.



THE EXCHANGE BINANCE TEAM REVEALED, THERE ARE TWO SIGNIFICANT WAYS TO DEPOSIT
THESE PEGGED TOKENS OR WITHDRAWN AFTER THE MAINNET LAUNCH. 

1. Using Atomic swaps to make the transactions, using a exchange Binance chain
to deposit or withdraw, improving the processing speed.
2. When you withdraw a Bitcoin from Binance.com account, you have an option to
withdraw as a real Bitcoin or BTC.B. The same parameter will get to other coins
as well.

Binance Dex will keep adding the new Cryptocurrencies shortly to increase the
user base.



WHAT IS THE EXCHANGE BINANCE FEE?


Since Binance DEx is in review mode, The fee will get adjusted; an agreement was
presented after the proposal vote among the validators.
1. The trade fee is calculated upon trade notion value; Another transaction fee
charge is fixed.
2. Canceling a filled order, or sending a new GTE order is free of cost.
3. If you do not have enough BNB in your account, the non traded transactions
will get canceled.
4. Trade-related transactions will get a charge when an order is filled. If you
have enough BNB, The BNB fee structure gets used. In the case of Nonsufficient
Funds, Non-BNB fee structure is used.
It is better about the fee charges if you want to understand the terms and
conditions better. Since it is a complicated network, it will take to understand
the entire fee structure.



IS EXCHANGE BINANCE SAFE?

The question of security is always at the top of any user who wants to start the
trading. The decentralized platform is created more resilient than centralized
platforms. Binance is already famous for its Trading platform security.

Since there is no authority system in exchange Binance, it is almost impossible
to attach malicious people. Decentralized nature keeps the dex safe.  However
there has been a number of the attack on binance dex website with DNS attack.
When the user would try to log in, they get redirected to a phishing website.

When a user opens their wallets on these sites, controlled by hackers, they can
access user information.
However, binance always has at the front of defending its system. There is
primarily three anti front running mechanism, they apply.
1. Trading Spec
2. Math Logic
3. Anti front running

There are currently 11 nodes used by binance.com to secure the
network. Binance.com uses Byzantine Fault Tolerance (BFT), and Proof of Stake
(PoS) mechanism to produce blocks among the various qualifies validators.


I AM A BEGINNER, IS BINANCE DEX IS SUITABLE FOR ME?

The world of cryptocurrencies is a bit complicated. Centralized system and the
decentralized system uses different methods to run their platforms. However, if
you are continuously learning, it will not be hard for you to understand its
methods and terms. Binance provides many users intrusions, interactive video to
understand its platform.
They are also active on forums with new developments about the platform. A user
can go them, learn from other users, apply it on its platform to gain the
knowledge.

Since Binance dex is currently getting tested on testnet, it is a perfect
opportunity for those who want to learn about it. New traders can learn about
how to create a wallet, what is its security features, why it's important to
understand safety and securing their data.
When a user starts trading, they will understand about various cryptocurrencies
used in binance dex. The more a user become familiar with it, the better, they
will perform, when they start using real trading with real money.
It is advised to the new users, not to send any real mainnet tokens to binance
testnet. If a user sends it by mistake, it will not be recordable. So a user has
to careful when they start trading. Another thing to understand it this, these
pegged tokens do not hold any real value.  They are only meant for testing
purposes.

So, these were our part on Exchange Binance. We have provided valuable
information. However, In case of any queries, contact us for more information.


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