Decentralized exchanges, called DEXs, are platforms that allow you to exchange crypto assets and cryptocurrencies from one place to another without much trouble. These exchanges don’t quite look good aesthetically but do their job right. However, Binance intends to change that and make their DEX look better and work better.
Not just that, Binance DEX offers a faster exchange rate with block times of just a few minutes. This has impressed many cryptocurrencies, and a dozen of them have already applied to be part of this exchange.
With all sorts of technologies coming out to support and improve the cryptocurrencies, this was a sector that wasn’t given much light with most of the exchanges being blunt and relatively slow. That’s why Binance DEX stands out from the crowd and makes itself known. It would help make cryptocurrency exchanges faster and more efficient in the coming years, as more cryptocurrencies join the exchange.
Joining Binance DEX
There are three ways a user can access his wallet: use a keystore file and password, a 24-word pneumonic phrase or a private key. There are tutorials and a detailed guide on getting started available that helps new users with accessing the exchange. Users can directly access the exchange from their hardware wallets without any inconvenience.
Anybody could join the exchange and trade on it. With no KYC registration or any registration of sorts, anyone from across the world could get access to the DEX. If the country prohibits DEXs, only using VPN would be enough to grant him access.
Ledger Devices, CoolWallet and Trust Wallet, which is owned by Binance chain, are available to be used in the exchange. However, no major cryptocurrencies will join the exchange anytime soon. It doesn’t provide the highest amount of decentralization and doesn’t intend to compete with Bitcoin on that note. They just want it to be the exchange people love going to without worrying about the trade time.
If Bitcoin core and Bitcoin cash are exchanged on the DEX, wrapped up in the Binance chain tokens, there’s a chance that other tokens too will be exchanged and people would look at the DEX with a renewed interest, but until then, not much can be said. Let’s hope that in the coming times, there will be more to Binance DEX than we have right now.