Doing exchanges have now become “hardware wallet level” secure.
What is DEX?
If you are a trader, you probably have coins on exchanges so you can easily do your trades. However, as you may know, keeping your coins on exchanges means that you are giving the control of your coins to exchanges. This is something called - centralized cryptocurrency exchange, these exchanges hold your private keys to allow you to use their services. This process goes for all exchanges.
However now, a new type of exchange has emerged called “Decentralized Exchange (DEX)”. Started by Binance, this exchange allows users to trade right from their wallets. This means Binance will never hold your private keys because they are from your wallet.
What’s amazing here is how you can use Binance DEX right from the ELLIPAL Hardware Wallet. Not only this means it's now a lot easier to trade but also, your private keys are extremely secure inside ELLIPAL’s air-gapped hardware.
Binance DEX’s trading pairs will be made through BNB coins and other tokens. For example, you can trade BNB for BTC.B which is a token representing Bitcoin. ELLIPAL now support BNB coin so make sure to update your App and hardware wallet.
With BNB main net becoming online, BNB ERC20 tokens should be converted to BNB coins. BNB tokens can be swapped for the BNB coin at Binance’s website: https://community.binance.org/t/binance-chain-mainnet-swap-binance-chain/1094
Once swapped, they can be sent back to ELLIPAL’s wallet to be used for the DEX.
How to use BNB DEX on ELLIPAL Hardware Wallet
As mentioned, users should update their App and hardware wallet first. Once updated, add the BNB coin to your account and transfer in some BNB coins for trading. On the App, select Binance DEX and start trading. Transactions are signed by the ELLIPAL hardware wallet (the usual secure air-gapped procedure).
The meaning of Decentralized
The true meaning of decentralized is that your actions are all on you and does not go through a third party. This means users should be very careful about what they are trading and which addresses are you sending your coins to. Once trading is completed, there is nothing ELLIPAL or Binance can do so please make sure you are filling your information correctly.