8 things you must not do on Binance Chain.
Binance Chain: A Few Things To Avoid In Testnets
1. Do not send real mainnet tokens to the Binance Chain testnet
The Binance Chain testnet is for testing purposes only. Regular users can use it to test any desired functionality, crypto facility providers (such as wallet creators) can test integrations with Binance Chain, and traders can test their trading strategies. However, all tokens on the testnet are test tokens, which have no funds or benefits associated with them. Binance Chain testnet assets are not equivalent to Binance Chain mainnet assets or Binance.com account funds.
Please do not send any real mainnet tokens (BTC, ETH, BNB, etc.) to the Binance testnet. will result in the loss of your token, which cannot be recovered. If you want to test a coin, move it to the testnet . It’s free, you just need a Binance.com account and 1BNB in your account when you apply (you can spend 1BNB to get test funds), and you can fund multiple addresses with one account.
2. Do not share your mnemonic or private key with anyone
If you tell someone your mnemonic or private key, they will have control over your funds and you will lose control of your funds completely. No one can help you get your funds back, not even Binance Chain validators or Binance.
Therefore, please do not share your private keys with anyone, especially someone who claims to be Binance customer support or CZ.
3. Don’t lose/forget your mnemonic
As mentioned above, when you lose your mnemonic and private key, you may lose control of your funds. Not even a Binance Chain validator or Binance can help recover your private keys or mnemonics. You must record your mnemonic safely and make sure you (and only you) can find it when you need it.
4. Don’t forget to record your mnemonic
Mnemonics help you recover private keys and are often used in many hardware wallets to seed more private keys. This is the best way to recover your private key, so write it down and keep it in a safe place.
If you want to know more, Binance Chain mnemonic phrases follow the BIP39 protocol and generate private keys from the BIP32/BIP44 character set.
5. Do not continue to use mnemonic phrases or private keys to unlock wallets
If you continue to use mnemonics and private keys, the risk of encountering phishing sites and applications increases. Private keys and mnemonic phrases should only be used for recovery key files, hardware wallets, or mobile wallets.
We strongly recommend that you use Trust Wallet (coming soon), a hardware wallet or a keystore file to unlock your wallet.
6. Do not use SDKs or trading bots that are not 100% trusted
When you use an SDK or trading bot on a DEX, you must enter your private key into a library or software, at which point you may expose your private key to the outside world and become a victim of phishing. Please make sure that the SDK and the library/software of the trading robot are 100% trusted. It is strongly recommended that you use the signature service (coming soon).
7. Don’t send large orders at once
Binance DEX uses a different matching logic than Binance.com . For ordinary users, the biggest difference is the larger order when the transaction is large. If you send a larger order in one go, the matching engine will think there is a large buy or sell surplus and match you with a much worse deal. So if you want to buy or sell large sums of money, do it in small batches. For example, EOS.B/BNB trading pair, if the best buy order is at price 0.39, 100 EOS.B, the second best buy order is 0.34 100 EOS.B, the third best buy order is 0.20 100 EOS.B, and other sellers may would give you a sell order for 300 EOS.B at 0.39 or 0.31 (if the same trading strategy happened on Binance.com, the average price would likely occur), but very likely 0.20. For less liquid markets, it is better to split into 3 orders of 100 EOS.B each.
8. Do not link any gains or gains to tokens on the Binance Chain test network
As mentioned above, tokens on the Binance Chain testnet are for testing purposes only. Tokens and testnet funds in your address may be reset during testnet upgrades. Please be aware that criminals may use token proceeds or proceeds from the Binance Chain test network to initiate online scams and phishing. Tokens on the testnet have no monetary value.
Go to Binance Official Website
Please check Binance official website or contact the customer support with regard to the latest information and more accurate details.
Binance official website is here.
Please click "Introduction of Binance", if you want to know the details and the company information of Binance.
(Forex Broker)
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...