The Ledger Nano S was previously able to connect to the Binance Chain Testnet. You can now use it – as well as the Ledger Nano X – to trade crypto assets using Binance Coin (BNB) on the mainnet.
What is the Benefit of Using Binance’s Decentralized Exchange?
The underlying cause for this is that with a centralized cryptocurrency exchange you do not own your own private keys. As the saying goes, “Not your keys, not your crypto”. In this scenario, exchanges hold them, acting as a third party managing your crypto assets.
With Binance’s Decentralized Exchange (DEX), you can access your BNB wallets by connecting your Ledger Nano S – the first and only independently certified hardware wallet – or Ledger Nano X with the Binance Chain app. Your private keys remain securely stored on your hardware wallet, meaning the access to them remains restricted and offline. This is a major security boon.
“With Binance’s Decentralized Exchange now live, we are happy to be able to provide Ledger’s security support,” said Eric Larchevêque, Executive Chairman of Ledger. “Investors can now trade assets through the Binance DEX with unparalleled security assurance that the Ledger Nano S provides.”
Accessing and Trading Through the Binance DEX.
To access the Binance DEX through your Ledger Nano X or Ledger Nano S, you must follow these steps:
1. Go to the following website: https://www.binance.org/en/unlock
2. Select “Unlock Your Wallet”, then select “Ledger Device”.
3. Once here, open your Binance Chain app on your Ledger device and click on “Connect to Ledger” (if you do not have the app yet, install it through Ledger Live)
Please note that for the Ledger Nano X you can only connect to the Binance DEX by using a USB cable for the time being.
4. You can now select which address you wish to use on the Binance DEX.
Congratulations, you now have access to the Binance DEX through your Ledger hardware wallet.
After this you can continue and trade crypto assets through the decentralized exchange. Trading pairs are made through the Binance Coin (BNB). You can trade this for tokens representing the actual crypto asset. For example, you can trade BNB for BTC.B – a token that represents Bitcoin.
What does Binance Chain imply for BNB ?
Binance has launched their own chain with the intent of migrating the ERC20-base BNB tokens to the new chain. The swap will be handled by withdrawing your BNB ERC20 token directly from your Binance.com account. For more information on the Binance Chain Mainnet swap and ERC BNB to BEP2 BNB conversion process, refer to: https://community.binance.org/t/binance-chain-mainnet-swap/1094.
Ledger will maintain the support of ERC20 BNB token through the Ethereum application as long as Binance will maintain the swap procedure.
With great power, comes great responsibility.
Thanks to the Binance DEX, you can be fully in charge of the crypto assets that you are trading by owning its corresponding private keys. This does, however, come with more responsibility.
As the cryptocurrency exchange is decentralized, the Binance team has no access to your crypto assets, passwords or private keys. You are solely responsible for keeping your crypto assets and the access to them secure. Any loss of either will be out of the hands of either Ledger or Binance. We recommend vigilance while trading as to prevent any misclicks and/or typing errors.
That being said, the Binance DEX allows for easy cryptocurrency trading through your Ledger Nano S or Ledger Nano X, opening a new, secure way of interacting with your crypto assets.
For more information on how to use the Binance DEX with your Ledger Nano S or Ledger Nano X, please refer to this page.
Want to learn more about the Ledger Nano X? Click on the banner underneath.