how to Binance DEX, Accessing Your Wallet

To start, navigate to the Binance DEX (or testnet if you wish to test using testnet funds) and click on “Unlock Wallet” in the upper right-hand corner of your screen.

From here you are able to select the method on how you would like to unlock your wallet.

There are 3 methods to unlock your wallet:

1. WalletConnect (Recommended)
2. Ledger Device (Recommended)
3. Keystore File (NOT Recommended)

WalletConnect (recommended)

The easiest way to access your Binance DEX wallet. WalletConnect easily integrates with Trust Wallet (Binance’s official recommended wallet) and CoolWallet S. 

To get started, open the Binance DEX and click on WalletConnect. From here, click on the “Get WalletConnect QR Code” button.

Open Trust Wallet (or download it if you do not have it yet) and click on the button in the upper left-hand corner of the wallet and then click “WalletConnect”. This will open your camera for you to scan the QR Code generated by Binance DEX.

Once you scan the QR code, approve access and you will be connected to the Binance DEX with your Trust wallet using WalletConnect. 

Ledger Device (recommended)

In order to use your Ledger hardware wallet with the Binance Chain, first you must install the Binance Chain application onto your Ledger from the Ledger Live manager. 

Once the Binance Chain application is installed on your Ledger, unlock your Ledger by entering your pin code. 

After unlocking your device, you will be on the menu of the Ledger, open up the Binance Chain application

When you open up the Binance Chain application, you will see a message saying “Binance Chain Ready”

 

While the application is open, you can unlock your wallet and trade on the DEX by navigating to the Binance DEX (or testnet if you wish to test using testnet funds) and clicking on “Unlock Wallet” in the upper right-hand corner of your screen. From here, select “Ledger Device” and click on “Connect to Ledger”.

Keystore File (not recommended)

In order to unlock your wallet using a keystore file either upload your keystore file by clicking on the “Upload keystore file” button or drag and drop your keystore file into the button.

You will then need to enter the password you first set up with your keystore file to unlock your wallet. This password will also act as a session password to protect your account after a period of inactivity.

Once you have unlocked your wallet, you will be on the trading interface of the Binance DEX. Continue through to our article on navigating the Binance DEX to learn how to use the interface.

How to Binance DEX: Creating a Wallet

To start, navigate to the Binance DEX (or testnet if you wish to test using testnet funds) and click on “Create Wallet” in the upper right-hand corner of your screen.

You will be prompted with a tutorial on how to create a wallet directly on the website.

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. 

Upon creating a wallet, the following will be generated for you. Please store them securely.

• Keystore (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. 
• 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. 
• 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. 

In order to create a keystore file, you will need to assign a password that will be used to access the file. When logging into the Binance DEX, this password will also function as your session password.

Once you have entered your password, click “Download Keystore File”.

In the next step, your mnemonic phrase will be generated. Make sure no one is able to see your screen during this phase.

Once you’ve proceeded to the next step, you will see your mnemonic phrase and you will be able to view your private key by clicking on “View my Private Key >>” after you have finished writing down your mnemonic phrase.

The recommended methods of accessing your wallet are with a keystore file or a supported hardware device. 

Storage tips for the mnemonic phrase and private key:

1. Do not store on an electronic device (computer, phone, etc.).
2. Do not print them out. Printers have a memory of what they print. 
3. Hand-write them on paper.
4. Do not put your private key or mnemonic phrase in your wallet.
5. Store them in a fireproof and waterproof safe/lockbox.

Congratulations. You’ve created a wallet on the Binance Chain. You may now use the wallet with the Binance DEX.  To learn how to unlock your wallet, continue through to our article on accessing your Binance DEX wallet

How to Deposit on Binance

• Deposit Cryptocurrency
• Purchase Cryptocurrency using Credit Card

In order to begin trading cryptocurrencies on Binance Exchange, you will need to deposit funds into your Binance account.

Deposit cryptocurrency on Binance

Binance supports trading of over 150 different cryptocurrencies, and you can deposit any one of these onto the exchange. In this example, we will be depositing BNB from Trust Wallet.

From the homepage of Binance, move your mouse up to your profile icon. The icon will be different for everyone and is defined based on the first two letters of your email address.

Once you activate the dropdown menu, you will see an overview of your profile. Click on “Deposit,” and you will be directed to the deposit page. 

Once on the deposit page, you will be able to select which coin you wish to deposit. Binance supports the deposit of over 150 cryptocurrencies. However, it’s important to note that sometimes deposits will be unavailable for certain cryptocurrencies if the wallet is undergoing maintenance.

The coin selection is on the left side of the screen, and the deposit details will be displayed on the right side.

Depending on the cryptocurrency you have selected to deposit, there may be a specific process to deposit that coin. In the case of BNB, a MEMO is required when depositing BNB to Binance Exchange. Once you have read and understood the warning, select “I understand” and proceed. 

After you have continued to the next stage, your BNB deposit address will be displayed on the screen along with the deposit MEMO. If you do not include a memo when depositing, your deposit will be lost.

Why is a MEMO required?

A MEMO is required because the BNB deposit address for all users is identical. The MEMO is a unique identifier assigned to each account that allows Binance to identify a deposit and credit the appropriate account. 

Now that you have your deposit details, you can open the wallet that you wish to send the deposit from. For this example, we will be using Trust Wallet on iOS. If you don’t have Trust Wallet, you can download it from the Trust Wallet website.

Once your wallet is open, select the coin you wish to send. In this case, it is BNB. 

Now click on “Send.”

From this screen, you will need to enter your Binance deposit address and MEMO. The simplest way to input your address is to scan the QR code available on Binance. You can see your QR code by clicking “Show QR Code” on the website.

Once you have entered your details you can send the transaction and your Binance account will be credited shortly after.

Purchasing cryptocurrency on Binance with credit card

You can also purchase cryptocurrencies using your credit card. To do so, move your mouse up to your profile icon. Once you activate the dropdown menu, click on “Buy With Credit Card” to be directed to the next step.

On the next page, you will be able to select which coin you wish to buy, as well as the order amount. The total charge will be displayed according to the order amount and current market price (all fees are included). If you prefer, you can set the total charge first and the order amount will be calculated automatically.

When you are ready, click “Buy now.” A window will appear so you can confirm the details of your order. Read the disclaimer and Terms of Use and, if you agree, tick the box and click “Go to payment.”

Next, you will be required to fill your credit card details along with your personal information. When you are done, click “Pay now.”

Wait for your credit card to be verified.

If this is your first Simplex payment, you will be required to verify your email and phone number. You will receive an email and an SMS with a verification code. To finish the verification process, you need to open the link sent by email and insert the code received by SMS. Once you are done, click “Continue.”

Next, you will be required to verify your identity using an official document. Please upload a picture of your document along with your personal data and click “Upload Document.”

Finally, your documents will be verified and, if approved, you will receive an email stating that your purchase has been confirmed. Your Binance account will be credited shortly with the purchased cryptocurrency.

BINANCE What Is a Limit Order?

Unlike market orders, where trades are executed instantly at the current market price, limit orders are placed on the order book and are not executed immediately, meaning that you save on fees as a market maker.

How to use it?

Let’s say you want to sell BNB at a higher price than what is currently being bid. After logging in to your Binance account, choose the BNB market you want (e.g., BNB/BTC) and go to the trading page. Then, find the Limit order tab, set the price and amount, and click the Sell BNB button. You may also set the amount by clicking the percentage buttons, so you can easily place a limit sell order for 25%, 50%, 75% or 100% of your balance.

After that, you will see a confirmation message on the screen, and your limit order will be placed on the order book, with a small yellow arrow.

You can scroll down to see and manage your open orders. The limit order will only execute if the market price reaches your limit price. If the market price doesn’t reach the price you set, the limit order will remain open.

 

When should you use it?

You should use limit orders when you are not in a rush to buy or sell. Unlike market orders, the limit orders are not executed instantly, so you need to wait until your ask/bid price is reached. Limit orders allow you to get better selling and buying prices and they are usually placed on major support and resistance levels. You may also split your buy/sell order into many smaller limit orders, so you get a cost average effect.

What is a Market Order?

A market order is an order to quickly buy or sell at the best available current price. It needs liquidity to be filled, meaning that it is executed based on the limit orders that were previously placed on the order book. 

Unlike limit orders, where orders are placed on the order book, market orders are executed instantly at the current market price, meaning that you pay the fees as a market taker.

How to use it?

Let’s say you want to create a market order to buy 2 BNBs. After logging in to your Binance account, choose the BNB market you want (e.g., BNB/USDT) and go to the trading page. Then, find the Market order tab, set the amount to 2 BNB, and click the Buy BNB button. 

After that, you will see a confirmation message on the screen, and your market order will be executed.

Since market orders are executed right away, your market buy order will match the cheapest limit sell order available on the order book, in this example 2 BNB for 5.2052 USDT each.

But let’s say you want to buy 500 BNB at the current market price. The cheapest limit sell order available will not be sufficient to fill your entire market buy order, so your order will automatically match the following limit sell orders, working its way up the order book until it is completed. This is called slippage and is the reason why you pay higher prices and higher fees (because you are acting as a market taker).

When should you use it?

Market orders are handy in situations where getting your order filled is more important than getting a certain price. This means that you should only use market orders if you are willing to pay higher prices and fees caused by the slippage. In other words, market orders should only be used if you are in a rush. 

Sometimes you might be in a situation where you had a stop-limit order that was passed over, and you need to buy/sell as soon as possible. So if you need to get into a trade right away or get yourself out of trouble, that’s when market orders come in handy.

However, if you’re just coming into crypto for the first time and you are using Bitcoin to buy some altcoins, avoid using market orders because you will be paying way more than you should. In this case, you should use limit orders.

How to whitelist a withdrawal address on Binance

The withdrawal address whitelist is another security feature offered by Binance. When the whitelist feature is turned off, your account is able to make withdrawals to any address. When turned on, you will be able to make withdrawals only to the addresses that are whitelisted.

In other words, the addresses that you whitelist will be the only ones able to receive funds from your Binance account. This is very useful because if you ever become a victim of phishing and a hacker manages to invade your account, they won’t be able to withdraw your money.

How to activate it

From the homepage of Binance, move your mouse up to your profile icon. Note that the icon will be different for each account as it is based on the first two letters of your email address. Once you activate the dropdown menu, you will see an overview of your profile. Click on “Security,” and you will be directed to the security page.

Then click on the “Address Management” tab.

The whitelist toggle will be displayed on the right side of your screen.

Turn it on, and you will see a confirmation window like this:

Next, you will be required to provide your 2FA authentication. In this case, we are using the Google Authentication app.

After turning the whitelist feature on, click on “Add new withdrawal address.”

Next, select the coin of your withdrawal address and give it a name (label). In this example, we will add a BNB address generated by the TrustWallet app, so we will label this address “MyTrustWallet.”

Depending on the cryptocurrency you have selected, there may be a specific process to withdraw that coin. In the case of BNB, a MEMO may be required. If you are sending BNB to another account on Binance Exchange, you must include the MEMO. Otherwise, you will lose your funds. Make sure to check whether the address you are sending BNB requires a MEMO.

For TrustWallet addresses, you don’t need to insert a MEMO. If you are sure that you don’t need a MEMO, leave it blank. Next, add the address, check the “Add to Whitelist” box, and click “Submit.”

You will be required to provide your 2FA authentication once again.

A confirmation email will be sent to you. Follow the instructions in the email to confirm your request.

Check if everything is correct. If so, click confirm to finish the process and will you see the following message:

Now that your withdrawal address was whitelisted, you may go to your Binance account and check the Address Management page. On this page, you can see and manage all your withdrawal addresses, including the whitelisted ones.

You should always have your withdrawal whitelist feature turned on, so you have an extra layer of security over your funds.

What is a Stop-Limit Order?

A stop-limit order is one of the many order types you will find on Binance. However, before proceeding with this one, we recommend you to first learn about limit and market orders.

The best way to understand a stop-limit order is to break it down into stop price and limit price. The stop price is simply the price that triggers a limit order, and the limit price is the specific price of the limit order that was triggered. This means that once your stop price has been reached, your limit order will be immediately placed on the order book.

Although the stop and limit prices can be the same, this is not a requirement. In fact, it would be safer for you to set the stop price (trigger price) a bit higher than the limit price (for sell orders) or a bit lower than the limit price (for buy orders). This increases the chances of your limit order getting filled after the stop-limit is triggered.

How to use it?

Let’s say you just bought 5 BNB at 0.0012761 BTC because you believe the price is close to a major support level and will likely go up from here. 

In this situation, you may want to set a stop-limit sell order to alleviate your losses in case your assumption is wrong, and the price starts to drop. To do that, log in to your Binance account and go to the BNB/BTC market. Then click on the Stop-Limit tab and set the stop and limit price, along with the amount of BNB to be sold.

So if you believe that 0.0012700 BTC is a reliable support level, you may set a stop-limit order just below this price (in case it doesn’t hold). In this example, we will set a stop-limit order for 5 BNB with the stop price at 0.0012490 BTC and the limit price at 0.0012440 BTC.

When you click Sell BNB, a confirmation window will appear. Make sure everything is correct and press Place Order to confirm.

After placing your stop-limit order, you will see a confirmation message.

You can scroll down to see and manage your open orders.

Note that the stop-limit order will only be placed if and when the stop price is reached, and the limit order will only be filled if the market price reaches your limit price. If your limit-order is triggered (by the stop price), but the market price doesn’t reach the price you set, the limit order will remain open. 

Sometimes you might be in a situation where the price drops too fast, and your stop-limit order is passed over without being filled. In this case, you may appeal to market orders to quickly get out of the trade.

When should you use it?

Stop-limit orders are valuable as a risk management tool, and you should use it to avoid significant losses. Noteworthy, they are also useful for placing Sell orders to ensure that you take your profits when your trading targets are reached. You may also set a stop-limit buy order to buy an asset after a certain resistance level is breached during the start of an uptrend.

What is the Dow Theory?

The basic principles of the Dow Theory

The market reflects everything

Market trends

• Primary trend – Lasting from months to many years, this is the major market movement.
• Secondary trend – Lasting from weeks to a few months.
• Tertiary trend – Tends to die in less than a week or not longer than ten days. In some cases, they may last only for a few hours or a day.

The three phases of primary trends

• Accumulation – After the preceding bear market, the valuation of assets is still low as the market sentiment is predominantly negative. Smart traders and market makers start to accumulate during this period, before a significant increase in price occurs.
• Public Participation – The wider market now realizes the opportunity that smart traders have already observed, and the public becomes increasingly active in buying. During this phase, prices tend to increase rapidly.
• Excess & Distribution – In the third phase, the general public continues to speculate, but the trend is nearing its end. The market makers start to distribute their holdings, i.e., by selling to other participants who are yet to realize that the trend is about to reverse.

Cross-index correlation

Volume matters

Trends are valid until a reversal is confirmed

Closing thoughts

Introduction

How an eclipse attack works

Consequences of an eclipse attack

0-confirmation double spends

N-confirmation double spends

Weakening competing miners

Mitigation

Closing Thoughts

What is a blockchain oracle?

Example of a blockchain oracle

What are the different types of blockchain oracles?

• Source – does the data originate from software or hardware?
• Direction of information – is it inbound or outbound?
• Trust – is it centralized or decentralized?

Software oracles

Hardware oracles

Inbound and outbound oracles

Centralized and decentralized oracles

Contract-specific oracles

Human oracles

The Oracle Problem

Closing thoughts