If you’re a cryptocurrency user, chances are you’ve heard of Binance. Binance is one of the largest cryptocurrency exchanges in the world and offers an extensive list of digital assets to trade.
In addition to being a popular exchange, Binance is also the creator of its own blockchain – Binance Chain. In this article, we’ll take a look at how to use the Binance Chain Wallet.
The first thing you need to do is create a wallet on Binance Chain. You can do this by going to the Wallet section of the Binance website and selecting Create Wallet.
Once you’ve done this, you’ll be given a mnemonic phrase which you should store in a safe place. This phrase is used to restore your wallet if you ever lose access to it.
Once your wallet is created, you can then deposit funds into it. To do this, you’ll need to generate a deposit address.
This can be done by clicking on the Deposits button in your wallet and selecting the currency you want to deposit. Once you have your deposit address, you can then send funds to it from another wallet or exchange.
Once your funds have been deposited, you can then start trading on Binance Chain. To do this, go to the Exchange section of the website and select the currency pair you want to trade.
For example, if you want to trade Bitcoin for Ethereum, select BTC/ETH from the list of pairs.
Once you’ve selected your pair, enter the amount of each currency you want to trade in the boxes provided and click on the Buy button. Your trade will then be executed and the funds will be deposited into your Binance Chain wallet.
Withdrawing funds from your Binance Chain wallet is just as easy as depositing them. To do this, go to the Withdrawals button in your wallet and select the currency you want to withdraw.
Enter the amount you want to withdraw in the box provided and click on the Withdraw button. Your withdrawal will then be processed and the funds will be sent to your external wallet.
Binance Chain is a great way to trade cryptocurrencies and offers a number of benefits over other exchanges. The main benefit is that it’s much faster than other exchanges as all trades are executed on-chain.
This means that there’s no need to wait for confirmations from miners as all transactions are immediately confirmed by nodes on the network. Another benefit is that it’s more secure as all trades are recorded on an immutable blockchain which makes it difficult for hackers to tamper with trades or steal funds.
If you’re looking for a fast and secure way to trade cryptocurrencies, then Binance Chain is definitely worth considering. In this article, we’ve taken a look at how to use the Binance Chain Wallet so that you can start trading on the platform today!.