What is DEX inside my Trust Wallet?

If you are new to blockchain, you would wonder what is dApps and DEX and why all this stuff has “decentralized” prefix. A decentralized exchange ( DEX ) is a crypto-exchange which operates in a decentralized way, without a central authority that takes control over your assets. This means that this application runs on blockchain being a smart contract and your funds are secured by your private key. It reduces much the risk of theft in compare of regular exchanges. Also prevents price manipulation or faked trading volume through wash trading, and more anonymous than exchanges which implement know your customer ( KYC ) requirements.

Centralized exchanges are trading platforms that function like traditional brokerage or stock markets. It is owned and operated by a company that maintains total control over all transactions. Users of CCEs do not have access to the private keys of their exchange account’s wallets.
Much like cryptocurrencies, no companies operate DEX, as they are utilizing blockchain (distributed ledger) technology. In this way a DEX does not hold customers’ funds, positions, or information, and only serves as a matching and routing layer for trade orders.

Trust Wallet provides ability to trade on Kyber Network and Binance Chain:

  1. KyberNetwork is an open-source project has introduced a solution that allows people to send a token in and get another one out without a relayer, anonymously.
    The company will maintain reserves of various tokens and cryptocurrency, to which anyone will be able to contribute, and thus ensure tokens’ liquidity. It plans to be the sole manager of these reserves initially, regulating the exchange rates and listing or delisting tokens, but claims to give administrative rights to others too as their reserves grow bigger.

  2. Binance DEX relies on the core Binance Chain technology and has one-second block times with near-instant transaction finality. As a result, Binance DEX can support similar trading volumes as Binance.com. The platform doesn’t take custody of funds, and traders maintain control of their private keys. Binance Chain uses a Byzantine Fault Tolerance (BFT) and Proof of Stake (PoS) based consensus mechanism that involves a series of qualified validators, and employs a number of anti front running mechanisms to maintain treading integrity.

There are two options for exchanging you assets in DEX tab of Trust Wallet:

  1. You can swap your asset instantly:

  2. Or you can experience all exchange features and trade like a pro by setting your own price and managing your orders:

If you believe that some crypto is about to grow and you want to buy some, you can exchange your ETH or BNB to ERC20 and BEP2 tokens that will be available to future trading. So this means if you want, i.e., to invest in Bitcoin just buy some BTCB tokens and trade or hodl them as real BTC coins with no fear.

“One of the essential needs for a working crypto economy is to have the ability to swap or exchange your Digital Assets,’’ said our Founder Viktor Radchenko. ”This, and the ability to always stay in control of your own Money. Binance Chain and Binance DEX fulfill both these needs.”

We have a complete guide that you can follow for using the built-in DEX here: