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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

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