• B𝔦nance DEX: ⓒreat𝔦ng a Wallet/ Interface Gu𝔦de

    To start, navigate to the Binance DEX (or testnet if you wish to test using testnet funds) and click on “Create Wallet” in the upper right-hand corner of your screen.

     

    You will be prompted with a tutorial on how to create a wallet directly on the website.

     

    As a Binance DEX user, you will hold full custody of your funds. No one, not even Binance will be able to help you recover your wallet if you lose your private key, mnemonic phrase or keystore file.

     

    Upon creating a wallet, the following will be generated for you. Please store them securely.

    Keystore (encrypted & password protected)

     

    A keystore file contains your private key along with your public key and address (both of which are derived from your private key). This file is encrypted and password protected. This is the recommended way to access your wallet if you do not have access to a supported hardware device.

     

    Mnemonic Phrase

     

    A mnemonic phrase is generated based on a BIP39 word list - this phrase allows you to access your wallet, but should not be used regularly. It is recommended you only use your mnemonic phrase as a backup.

    Private Key

     

    This allows you to access your wallet, but should not be used regularly. It is recommended you only use your private key as a backup.

     

    In order to create a keystore file, you will need to assign a password that will be used to access the file. When logging into the Binance DEX, this password will also function as your session password.

    Once you have entered your password, click “Download Keystore File”.

     

    Binance DEX: Creating a Wallet

     

    In the next step, your mnemonic phrase will be generated. Make sure no one is able to see your screen during this phase.

     

    Once you’ve proceeded to the next step, you will see your mnemonic phrase and you will be able to view your private key by clicking on “View my Private Key >>” after you have finished writing down your mnemonic phrase.

     

    Binance DEX: Creating a Wallet

     

    The recommended methods of accessing your wallet are with a keystore file or a supported hardware device.

     

    Storage tips for the mnemonic phrase and private key:

     

    Do not store on an electronic device (computer, phone, etc.).

    Do not print them out. Printers have a memory of what they print.

    Hand-write them on paper.

    Do not put your private key or mnemonic phrase in your wallet.

    Store them in a fireproof and waterproof safe/lockbox.

     

    Congratulations. You’ve created a wallet on the Binance Chain. You may now use the wallet with the Binance DEX. To learn how to unlock your wallet, continue through to our article on accessing your Binance DEX wallet

     

    If you have visited the Binance Exchange, you will notice the interface is quite similar in structure and you should be relatively familiar with the interface of the Binance DEX.

    Once unlocking your wallet, you will be on the trading interface of the Binance DEX.

     

    Trading Interface

    Tradingview Chart

    In the center of the interface is a TradingView chart. The chart allows you to display indicators such as the RSI, moving average, Bollinger Bands and many more. The chart also allows you to draw on the chart using the tools within the TradingView charts. More information on how to use TradingView charts can be found on the TradingView Wiki.

     

    Binance DEX: Interface Guide

     

    Exchange Activity

    In the bottom left-hand side of the interface, you can locate Open Orders, Order History, Trade History, and Balances.

     

    Open Orders: This section shows which orders are not filled in their entirety and are still currently open. You can view all of the orders on the blockchain by looking at their TxHash.

     

    Order History: This section shows the orders you have placed, filled, unfilled or canceled. You can view all of the orders on the blockchain by looking at their TxHash.

     

    Trade History: This section shows your executed trades on the exchange.

     

    Balances: This section displays the current balance of your Binance Chain Wallet.

    For more information about orders, visit the Binance Chain documentation

     

    Limit Order

    Binance DEX currently only supports Limit orders. Visit our article for a detailed tutorial on how to use limit orders.

    The Limit order section allows you to define the bid/ask price and the quantity you wish to trade.

    Binance DEX: Interface Guide

     

    Order Book

    The order book shows a list of open orders on the exchange. The top half is the asking side of the order book, where you will see sell orders. The bottom half is the bidding side of the order book where you can see the buy orders for that trading pair.

     

    Trade History

    You can see the trading history from all users that has occurred on the trading pair that you currently have selected.

     

    Trading Pairs

    Here you can select which trading pair you wish to trade. This section will show the current price of the asset, the percentage change (24h), and the 24h volume.