Bitcoin Forum

Did anyone use Binance DEX today? I want to know the pros and cons, also all the coins are wrapped to BNB?

Why not try it yourself, it's available to everyone ?
https://testnet.binance.org/trade/
And yes, every coin is tradable in BNB.

Anyway, here's a review video :
https://youtu.be/shK4zAIj0sE

Ehh. One thing is for sure, I don't think it should be called a "decentralized" exchange. Sure yea, slick UI and UX for sure, but I really don't see where it's actually "decentralized". The only positive thing I see with it, is that you control your private keys, and that's it(though this is definitely a good thing).

The interface is just the same with the usual exchange.

Pros, Cons, I really can't point out some of the "technical" views yet as again, I see it as still the usual exchange we are used to. Easy to used and understand even for a newbie.

But since it's a new experience for me, I will just have a definite review maybe after some several days or weeks of using it. Also on that period, you should now see lots of people's response.

Would be great if they could add smart contracts and atomic swap ...and a  light theme for the sake of my eyes...



Not only the DEX doesn't have your private keys but there is No regulation, No KYC, No 3rd party, just you and your Ledger device  or your keys.
You can also run a validator node or full node to participate

I'm not sure if I would go as far as saying that it doesn't have a 3rd party. I mean, if they can still charge money for coin/token listing on the DEX, I don't think I can call that "no 3rd party".

It isn't decentralized in terms of the number of validator nodes at least, for now. Fingers crossed.

In fact, we should not call many of the others already decentralized. At least we have a private key. I lost some money according this issue last year and although I wrote to support several times, they insisted on not giving.

I like it and I'm confident in using it, this is just a testnet so I'll wait until such time it will be life.
UI is good, users can tell it's from Binance, I think this one will bring back the trust of the traders to decentralized exchange, can't wait for the live version.

Pretty average exchange IMO, but it’s a good exchange just for the fact that you don’t need KYC or any form of verification for normal use (though you’re only allowed to withdraw 2 BTC per day without verification). Nothing out of the ordinary for a DEX from what I've seen. Hopefully this raises more awareness about decentralized exchanges, since most DEXes to this date haven't had very high volume.

It should be billed as 'less centralised' not decentralised.

And the intention to put it all on their own Ripple type chain sounds a bit off too.

This is not the Dex that I myself am looking for at least.

can we trade on binance dex its only testing or can we trade on there

What is Binance DEX? I have been visiting binance every day. Have not heard of it.

Binance isn't a DEX exchange. According to BNB, you can exchange it on Changenow too

I just tried binance dex and it was disappointed. I thought they will make a blockchain which can support multiple blockchains and all tokens listed on dex could turn into bnb. So what i did expect is a crosschain dex. It is hard to make but they have resources.

But instead of that, i found a forkdelta on a different chain or idex maybe. An exchange you can only trade on-chain tokens. They are basically forcing projects to swap on their blockchain to get listed.

They had a chance to make something great, something unique and instead, they did something shady.