Binance DEX Exchange Review
- IEO Participations
- Privacy Focused Users
- Altcoin Focused Traders
- Advanced Traders
Binance DEX is a decentralized cryptocurrency exchange with 100+ active listed crypto assets. The platform launched in 2019 and allows users to make on-chain trades of crypto assets issued and listed on Binance Chain. Binance DEX is a decentralized alternative to Binance.com, a centralized exchange that consistently ranks as one of the world’s largest by adjusted trade volume.
Binance DEX Exchange - 2020 Comprehensive Review
Binance DEX Exchange Overview
|Trading Fees||Maker: 0.1% / Taker: 0.1%|
|Purchase Options||Crypto Deposits|
|Trading Options||Spot Trading|
|Exchange Token||Binance Coin|
|Token Benefits||Trading Fee Discounts|
|KYC Rules||NO KYC|
|Convert Micro Balance|
|Customer Service||Telegram Channel|
Binance DEX Trading Fees (Maker & Taker)
|Tier||Monthly Volume Requirement||Maker||Taker||Maker|
|Level 1||$1.00 + BNB Balance = 1.00||0.10%||0.10%||0.04%||0.04%|
Binance DEX Withdrawal Fees
Binance DEX operates as a blockchain, all transfers are charged 0.000375 BNB per transfer.
Unlike Binance.com and Binance.US, Binance DEX does not have a minimum requirement or fees for withdrawals.
Binance DEX does not charge deposit fees.
Binance DEX Markets & Volume
Binance DEX Top Markets
|Crypto Assets||Price||Pairs||24h Volume|
Binance DEX Supported Stablecoins
|Stablecoin Assets||Price||Pairs||24h Volume|
Binance DEX Exchange Alternatives
|Trading Fees||Maker : 0.1%|
Taker : 0.1%
|Maker : 0%|
Taker : 0%
|Maker : 0.1%|
Taker : 0.2%
|Purchase Options||Crypto Deposits||Crypto Deposits, Credit Cards||Crypto Deposits|
|Trading Options||Spot Trading||Spot Trading||Spot Trading|
Pros and Cons
- Low Trading Fees - Binance DEX sets fees for makers and takers at 0.1% for non-BNB trades. BNB based trades are even lower at 0.04%. These are considerably better trading fees compared to the industry standard.
- Non-Custodial - Binance DEX does not hold user funds. This reduces security risks for both the exchange and its users.
- Excellent Reputation - Binance.com consistently ranks as a top cryptocurrency exchange and is regarded by most as the industry standard. Binance DEX carries forward this same reputation.
- Available Assets - Available Assets
- IEO Platform - In June 2019, Binance DEX hosted its first IEO. Binance DEX now serves as an additional option for users interested in participating in such events.
- Location Restrictions - Binance DEX bans IP addresses from the following countries: United States of America, Albania, Bosnia and Herzegovina, Belarus, Congo (DRC), Côte d'Ivoire, Crimea, Cuba, Iraq, Iran, North Korea, Liberia, Macedonia, Myanmar, Serbia, Sudan, Syria, Zimbabwe.
- Low Liquidity - Many markets on Binance DEX have low 24 hour trading volume.
- No Customer Support - Unlike Binance.com and Binance.US, Binance DEX doesn’t have a customer support ticket system. Binance DEX users can try the exchange’s official Telegram or Twitter, but there is currently no streamlined support system available.
- No Margin Trading - Binance DEX does not currently offer margin trading. Users looking to margin trade can do so on Binance.com.
- No Market Orders - Market orders are widely regarded as the most efficient order type. Binance DEX only has limit orders, meaning that users likely have to wait long periods of time before their orders get 100% filled.
- No Mobile App - There is currently no mobile app for Binance DEX. There is no information on if or when it will be available.
Frequently Asked Questions
Is Binance DEX truly decentralized?
This is debatable for two reasons. First, many people believe that DEXs need to be accessible worldwide to be considered truly decentralized - Binance DEX uses geo-fencing to ban traders in several countries. Second, Binance DEX doesn’t use on-chain crypto assets for all trades. Bitcoin (BTC) is built on its own blockchain yet represented on Binance Chain via BTC.B. Users have to trust that Binance holds an equivalent amount of BTC for the amount of BTC.B traded.
Is Binance DEX safe?
Binance in general has an above average reputation compared to its competitors. In theory, Binance DEX should be even more secure than Binance.com because Binance DEX utilizes on-chain trading technology that does not require users to lock their funds on the exchange.
Does Binance DEX have a mobile app?
Binance DEX does not currently have a mobile app.
Does Binance DEX offer margin trading?
Binance DEX does not currently offer margin trading. Users looking to margin trade can do so on Binance.com.
Who can use Binance DEX?
Binance DEX is available to users in most countries, but unavailable to IP addresses from: The United States of America, Albania, Bosnia and Herzegovina, Belarus, Congo (DRC), Côte d'Ivoire, Crimea, Cuba, Iraq, Iran, North Korea, Liberia, Macedonia, Myanmar, Serbia, Sudan, Syria, Zimbabwe.
In April 2019, Binance DEX launched as a decentralized alternative to Binance.com. At the time, many considered this to be a new era for Binance as a company, and a step towards mainstream adoption of non-custodial P2P trading.
Binance DEX has several issues that need to be addressed. Low liquidity for many listed crypto assets and lack of popular order types are two examples. For the most part, assets listed on Binance DEX are limited to those built on Binance Chain. The vast majority of these are lesser-known altcoins with low market caps.
Binance is working to strengthen its blockchain community and introduce new crypto assets through IEOs on Binance DEX as well as Binance.com. Unfortunately, this platform has not generated the industry-wide impact that many thought it would. Blockfer currently recommends that users trade elsewhere, such as Binance.com, unless they have a specific reason to use Binance DEX.
|Learn More||Best Features|
Binance DEX Official Website
Legal & Regulation - Facts & Figures
|Legal Name||Binance Holdings Limited|
|CEO||Changpeng Zhao (aka. CZ)|
|Regulators||Malta Financial Services Authority, Malta Digital Innovation Authority|
|Links||Website, Crunchbase, Whitepaper, Source code, Twitter, Blog, LinkedIn|
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The decentralized cryptocurrency exchanges found in this category have been tested extensively by our team as part of the review process. Factors we analyze in our decentralized exchange reviews and comparisons include: liquidity, user experience, trading fees, trading options, listed assets, reputation, and wallet integrations.
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