Launched in March 2019, Binance Dex is a decentralized exchange by Binance that runs on its native blockchain known as the Binance chain. The base trading pairs available on it are BNB (Binance Coin), BTCB (Bitcoin) and USD.
In this article, I will be answering three main questions related to Binance Dex and they are:
- How to create an account?
- How to deposit/withdraw & send tokens from your wallet (using Atomic Wallet as an example)?
- How to trade on Binance DEX (using AWC as an example)?
If you are not familiar with AWC (Atomic Wallet Coin) then let me inform you that it is a utility token of Atomic Wallet. There are two kinds of AWC token available in the market, the first one is an ERC-20 token and is being traded on IDEX. The second one is a BEP2 token also known as AWC and is being traded on Binance Dex.
How to create an account on Binance DEX?
- Open your browser and on the search bar enter Binance.org. You will see the home screen as displayed below.
- Click on Create Wallet to view the next screen shown below.
- Click on Continue to create a Keystore file and set up a new password.
- In the above screen set a new password (remember password should have 8 characters, an upper case letter, symbol, and a number).
- Next, click the checkbox for terms and conditions and then click on Download Keystore File.
- After the download is completed click on Confirm to view and keep a backup of the 24 mnemonic phrases.
- Back up the phrases by writing it down on a piece of paper (do not use copy and paste).
- After you have written down the phrases click on View my Private key and create a backup of your private key by writing it down on a piece of paper (again do not use copy and paste).
- Click Continue to go to the next screen.
- On this screen, verify that you have created the correct backup of your mnemonic phrases by entering them manually into the boxes as shown in the image below.
- If you enter the correct phrases the continue button will get highlighted in yellow.
- Click Continue.
- The next screen is to Unlock your Wallet. Select the downloaded Keystore File and then upload it.
- Enter the password that you had created and then click on Unlock your Wallet.
- After you have unlocked your wallet you will see the exchange screen of Binance DEX as shown below.
- On the top right side, you need to select BNB then in the search box enter AWC and below it click on the pair AWC/BNB to open the trading screen.
How to deposit/withdraw?
- In order to deposit the Atomic Wallet coin or any other BEP2 token, you have to copy the address highlighted in red beside Balances.
- To withdraw Atomic Wallet coin or any other BEP2 token enter the name of the token on the search bar and click on the send button.
- For AWC you need to select the AWC-986 asset name and click on send.
- A pop-up screen will appear, enter the wallet token address then enter the amount of token you want to send and in the end click on next to complete the process.
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How to deposit tokens from Atomic Wallet?
- Unlock your wallet by entering your wallet password.
- Search AWC on the search bar then select the yellow logo as shown in the image below.
- Click on Send then enter the deposit address, if required enter Memo details.
- Enter the amount that you want to send in the empty fields then click on Send.
- You need to have BNB in your wallet in order to pay the transaction fee.
- Wait for a few seconds for your AWC token will be credited into your Binance DEX wallet.
How to trade?
Check out this video created by the Atomic Wallet team on How to trade Atomic Wallet Coin on Binance DEX?. This will give you a rough idea of how to trade on Binance DEX with other BEP2 tokens?
In the end, I would like to thank you for reading this article. I have written this article based on the experience that I had when I sold a few AWC tokens on Binance DEX. I had so much confusion in the beginning as there were very few resources on the internet available on how to trade on Binance DEX? and how to use it?
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