Widely considered to be the next frontier for cryptocurrencies, decentralized exchange (DEX) platforms allow cryptocurrency holders to easily trade their digital assets, without having to rely on a centralized mediator to do so.
For one, this is more in-line with the ethos of cryptocurrencies — removing power from centralized institutions, and allowing cryptocurrency owners to truly take control of their finances, without any intermediaries that might otherwise censor transactions, blacklist particular accounts or even seize funds.
Binance DEX is perhaps the most prominent DEX in 2019, and has received a great deal of attention since it is being launched by the makers of the world’s most popular cryptocurrency exchange platform — Binance.
However, a decentralized exchange platform is just one part of the puzzle. To be truly free of intermediaries, users must also maintain control over their private keys and properly secure their crypto assets using a cold storage device such as a Ledger Nano S hardware wallet.
Thankfully, like a match made in Heaven, the Ledger Nano S is compatible with the Binance DEX, allowing Ledger owners to securely trade their digital assets, without suffering any of the drawbacks associated with using centralized exchange platforms.
To get started with this tutorial you will need to have the Binance Chain app installed on your Ledger device. If you are not sure how to do this, check out our guide on installing new apps on your Ledger Nano S.
Connecting Ledger Nano S to the Binance DEX
Make sure to update your “Ledger Live” App from here:
Step 1: To start securely trading through the Binance DEX, you will need to have your Ledger device connected to your computer.
With your Ledger device connected, navigate to the following website: https://www.binance.org/en/unlock
Step 2: Here, you will be presented with a variety of login options. Select the ‘Ledger Device’ option on the left.
Step 3: Check your Ledger, you will need to enter your PIN to unlock the device. This should automatically take you to the Ledger dashboard.
Use the left and right Ledger buttons to navigate the app menu, and select the Binance Chain app by clicking both buttons at once.
With the Binance Chain app open, click the ‘Connect to Ledger’ button on the Binance DEX.
Step 4: After clicking ‘Connect to Ledger’, Binance DEX will then attempt to connect with your Ledger Nano S via the Binance Chain app.
After a few seconds, you should then be prompted to select an address. These will be automatically arranged by your BNB balance.
Choose the address that you want to use with the Binance DEX by checking the appropriate box, before clicking the ‘Confirm’ button.
Step 5: For the final step, Binance DEX will ask you to confirm your address. To do this, you will need to check whether the address displayed on the Binance DEX matches the address now being displayed on your Ledger device.
If the addresses match, click the right device button once on your Ledger Nano S.
Step 6: After confirming your address, you will now be able to access and trade through the Binance DEX using your hardware wallet.
Note that your Ledger device will need to be connected, unlocked and the Binance Chain app must be open for you to perform trades on the DEX.
You are set up and ready to trade!
If you are looking to squeeze even more functionality out of your Ledger Nano S, why not learn how to use your Ledger Nano S as a two-factor authentication key?
Image credits: Binance