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10 Great Tips for Practicing Safe DEX With Binance Chain

 

This article provides several tips for using Binance DEX more safely.

Before we start, it is important to bring your attention to something pointed out by Binance Academy in its tutorial for creating a Binance DEX wallet:

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.

After you create a wallet, Binance DEX will generate the following for you:

  • A Keystore File (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.”
  • A 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.”
  • A 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.”

The following security tips are from a post by user “Binance Chain Assistant” on the Binance community forum:

  • “Do not share your mnemonic phrase with anyone.”
    • Nobody from Binace will ever be asking you to tell them your mnemonic phrase. Anyone you share this phrase with will be able to take control of your funds, and neither the Binance Chain validators nor anyone from Binance (not even CZ himself) will be able to get your funds back.
  • “Do not store your mnemonic phrase in unsafe places such as email or unencrypted text file or excel spreadsheet.”
    • If your ever lose control of your email account or your device, you could lose your funds if you have stored your mnemonic phrase in an unencrypted form.
  • “Do not lose/forget your mnemonic phrase.”
    • As Binance points out, it is vital that you store your mnemonic phrase somewhere really safe and to realize that if you ever lose/forget your mnemonic, nobody will be able to help you recover it.
  • “Do not use mnemonic phrase to unlock your wallets”
    • This is so that you do not lose your mnemonic phrase because of some phishing website/app. It is much safer to use either Trust Wallet or a hardware wallet (such as Ledger Nano S) to unlock your wallet.
    • Although the Binance DEX website’s current “Unlock Your Wallet” page gives four ways to unlock your wallet, including via mnemonic phrase, this option will be removed in the future, and you will then only be able to use the mnemonic phrase for Keystore file recovery.
  • “Do not send your fund to unverified addresses.”
    • That’s because real “giveaway” campaigns, unlike scam operations, do not need to ask you to send funds first to any particular address.
  • “Do not use SDK or Trading Bots that are not 100% trusted.”
    • This is important because “you may have to input your private key into the libraries or the software” and therefore your private key could become compromised. The alternative approach of using a signing service is much safer.
  • “Do not issue/list your assets with mnemonic phrase.”
    • You should either (a) use a hardware wallet for signing transactions; or (b) use an offline device to generate the signed transactions and then broadcast them via another internet-connected device.
  • “Do not believe in any proactive emails from Binance DEX you receive.”
    • That’s because Binance DEX does not have an official customer support team. And you will not be receiving any emails from the Binance Chain development team either.
  • “Use separate wallets/addresses for trading and long term storage”
    • For long term storage of large assets, it makes sense to use “a hardware wallet or mobile wallet which you don’t access often.”
  • “Stick to the best practices to use Internet safely”
    • Some examples of such best practices are making sure that the device you are using for accessing Binance DEX has the latest version of the operating system, that you are using the latest version of the browser for accessing the Binance DEX website or the latest version of the wallet app providing the interface to Binance DEX, that you are not using any untrusted browser extensions, and that you do not click on links/attachments in unverified emails.

Featured Image Courtesy of Binance

Source: CryptoGlobe

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Binance Coin Recovers Quickly After Recent Bloodbath

Binance Coin seems to have started its recovery after the recent cryptocurrency bloodbath. Binance Coin has seen a 5.71% price rebound over the past 24 hours of trading, allowing the coin’s price to rise back above the $30 mark to trade at around $31.18.

The cryptocurrency has seen a 6% price drop over the past 7 trading days, but has still seen a remarkable 42% price increase over the past 30 days, with a further impressive 104% price increase over the past 3 months.

Source: CoinCheckup

Binance Coin is currently ranked in 7th position amongst the top cryptocurrency projects by market cap value, as it currently holds a $4.51 billion market cap.

The cryptocurrency recently rebounded from support at the short-term .382 Fibonacci Retracement level at around $28.88. This latest bounce may help create a fresh ATH for Binance Coin above the $35 level.

Let us continue to analyze BNB/USD and highlight some potential areas of resistance moving forward.

Binance Coin Price Analysis

BNB/USD – MEDIUM TERM – DAILY CHART

What Has Been Going On?

Analyzing the daily chart for BNB/USD above, we can see that toward the end of May 2019, Binance Coin reached a high around $35 and rolled over. The cryptocurrency continued to fall during June 2019, but we can see that BNB/USD recently bounced at support provided by the short-term .382 Fibonacci Retracement level (drawn in green), priced at $28.88. This level should continue to provide strong support for the market moving forward.

What Is the Current Trend?

The current trend for the market is bullish. For this bullish trend to be invalidated, we would need to see Binance Coin fall and break beneath the $28.88 support level. If Binance Coin was to continue to fall further lower and drop beneath $25.18, we could then consider the short-term trend to be bearish.

Where Can the Recent Rebound Take Us?

If the buying pressure continues to build and allows BNB/USD to break above the current resistance around the $31.20 level, we can expect immediate higher resistance above to be located at the short-term 1.272 Fibonacci Extension level (drawn in blue), priced at $32.41.

Above this, further higher resistance is then located at the medium-term 1.414 Fibonacci Extension level (drawn in purple), priced at $34.20. If the bulls continue to drive Binance Coin above the $35 resistance level, we can then expect more resistance to be located at the short-term 1.618 Fibonacci Extension level (drawn in blue), priced at $36.22. This is then followed with resistance at the medium-term 1.618 Fibonacci Extension level (drawn in purple), priced at $38.53.

If the bulls can clear the resistance at $38.53, the next level of resistance above is located at the $40 level.

Where Is the Support Beneath the Market?

Alternatively, if the sellers regroup and push the market lower – we can expect immediate support beneath the market to be located at $30 and $28.88. If the selling continues beneath $28.88, further support is then expected at $27.72, $26.60, $25.18, $24.81, and $22.67.

What Are the Technical Indicators Showing?

The Stochastic RSI is currently trading in extreme oversold conditions, which indicates that the market may continue this rebound further higher. If BNB is to climb above the current resistance, we would also need to see the RSI penetrate above the 50 level.

Conclusion

Binance Coin has been one of the strongest-performing cryptocurrencies during 2019, and is also one of the only ones to create a fresh ATH. The recent rebound at the $28.88 level seems like it will take Binance Coin much higher, which could possibly allow the cryptocurrency to create another fresh ATH above $36.

Source: Binance Coin Recovers Quickly After Recent Bloodbath

Binance Considers Currencies Other than USD for Stablecoin Launches – Cryptovest

Binance may open the doors to issuing stablecoins pegged to multiple national currencies, going beyond dollar-pegged stablecoins, reported Bloomberg. The CFO of Binance, Wei Zhou, stated that new stablecoins will start appearing on the exchange “in a matter of weeks to a month or two”.

The intention to expand to other assets arrives after Binance DEX announced it would host a stablecoin backed by the British pound, though not issued by Binance. In the coming days, a disclosure is expected about the servicing bank for the project, which should hold funds to back each coin with one GBP.

The reason for the launch of new stablecoins are the needs of international traders for more intuitive assets.

“From the users’ perspective, only certain portions of the world use the dollar,” Zhou said. “Other users use other currencies, and we feel it should be reflected in stablecoins as well.”

Binance is the biggest holder of Tether (USDT), holding at least 600 million USDT in several wallets. The exchange also hosts markets for Paxos (PAX), True USD (TUSD) and other smaller dollar-pegged coins.

The exchange shows significant usage for stablecoins, with most assets achieving equilibrium. But recently, Binance reported on a significant anomaly for Gemini USD (GUSD). While other stablecoins increased their supply or at least kept it within range, GUSD saw outflows diminish its supply from around 100 million coins in January, down to around 20 million coins currently.

Binance supports stablecoins on multiple networks, even before opening Binance Chain to the creation of new tokens. The exchange sees the potential for other blockchains to host stablecoins, such as TRON-based and EOS-based USDT tokens.

The Binance report expresses the belief that stablecoins may increase cryptocurrency adoption. The issuance of those types of assets “may lead to long-term benefits such as additional channels for global remittance, greater price efficiency for non-USD cryptocurrency exchanges or the development of blockchain FX exchanges, on or off-chain,” explained the researchers.

Reading now

 

Source: Binance Considers Currencies Other than USD for Stablecoin Launches – Cryptovest

Singaporean Cryptocurrency Exchange Seeks to Become the New Binance

There are more than 500 active cryptocurrency exchanges in existence, and as the market continues to expand and evolve, the number is expected to increase in the years to come. Although there’s no exact information on the number of people holding a crypto wallet, Blockchain.com, the world’s most popular wallet provider recently topped 34 million users. Given the sheer number of options, choosing an exchange to trade cryptocurrency can often be a daunting task, for both beginners and experienced traders. Following a rather challenging year, crypto enthusiasts have become more cautious. Reputation, due diligence, fee analysis, and platform user-friendliness are important attributes that should be considered before making a final choice.

Source: Singaporean Cryptocurrency Exchange Seeks to Become the New Binance

You can now pay for crypto with a credit or debit card on Binance

Binance, one of the worlds largest crypto exchanges, has just announced that they have enabled the purchase of cryptocurrency via debit and credit card. Through a new partnership with payment processing firm Simplex, Binance now allows customers to buy crypto on Visa and MasterCard debit or credit cards………..

Source: You can now pay for crypto with a credit or debit card on Binance

Binance Pairs XRP the Base With Tron and Zcoin, Plus Crypto News on Bitcoin, Ethereum, Ripple, EOS and Cardano

https://www.pivot.one/share/post/5c20aca7016de778481a2de2?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

Binance Labs Launching Blockchain Startups

https://www.pivot.one/share/post/5c19f499595ce704e378b1cf?uid=5bd49f297d5fe7538e6111b6&invite_code=JTOJYV

Major Crypto Exchange Binance to Use Refinitiv KYC Solution in Internal Workflow – Ana Alexandre

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Cryptocurrency exchange Binance will use an automated Know Your Customer (KYC) application provided by financial software firm Refinitiv, according to an announcement published Nov. 20.

Binance personally confirmed the use of Refinitiv’s software to Cointelegraph.

Formerly the Financial & Risk business division of Thomson Reuters, Refinitiv provides markets data and infrastructure, while its portfolio reportedly accounts for over 4,000 institutions worldwide.

According to the announcement, the KYC solution will enable the world’s leading cryptocurrency exchange by adjusted trade volume, Binance, to integrate the World-Check Risk Intelligence database into their internal workflow. This will purportedly allow Binance to streamline the screening process for onboarding, KYC, and third-party risk due diligence.

Speaking about the need for crypto exchanges to add KYC structures, Nadim Najjar, Managing Director, Middle East & Africa, at Refinitiv, said:

KYC is the process of a business verifying of the identity of its customers and assessing potential risks of illegal intentions in business relationships. According to Refinitiv’s statement, the service integrates legal entity data from authoritative sources in over 200 countries and is backed by a global policy that has been tested with more than 100 regulators and financial institutions.

Earlier this month, Binance CEO Changpeng Zhao said that the company is not concerned over low trade volumes caused by the current market slump, even as the exchange currently has one tenth of the trading volume it did in January 2018. According to Zhao, it is still trading far above the volumes the exchange had “two or three years ago,” and is “still profitable.”

Zhao suggested that the entrance of institutions into the industry could be a possible catalyst for market movement, echoing the prediction of investor and digital currency advocate Mike Novogratz, who said that institutional investors will start entering the market in the first or second quarter of 2019, resulting in new highs for Bitcoin’s (BTC) price.

Binance Advises Iranian Crypto Traders to Withdraw Funds From its Exchange – Omar Faridi

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Malta-based digital asset trading platform, Binance, has advised crypto traders in Iran to withdraw their funds from its exchange – as it is planning to comply with US-led international sanctions against the state. An email sent from Binance’s support team to an Iranian citizen advised: “If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible.” Sepehr Mohamadi, the head of Iran’s Blockchain Association, said there have been many incoming emails in recent months that have requested local crypto traders to withdraw their funds from international digital currency exchanges………….

Read more: https://www.cryptoglobe.com/latest/2018/11/local-sources-binance-advises-iranian-crypto-traders-to-withdraw-funds-from-its-exchange/

 

 

 

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