“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.”
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 the blockchain and your funds are secured by your private key.
Here is a more in depth explanation: Cryptocurrency Exchanges, Which One Should I Choose?
Trust Wallet utilizes the 1Inch Network to swap Ethereum’s ERC20 tokens and Binance Smart Chain’s BEP20 tokens. The built-in DEX is also able to exchange Binance Chain BNB < > BEP2 tokens with the native integration of Binance DEX.
Before you send your tokens to the wallet, please make sure that:
- The token is listed on the DEX
- You have some ETH or BNB to pay for the network fees.
1Inch is global network of decentralized protocols designed to provide the most lucrative, fastest and secure operations in the DeFi space. 1inch Network is a DEX aggregator designed to scrape through a handful of decentralized exchanges in search of the most profitable platforms for liquidity providers. Swaps are similar to market trades so be very careful when doing this method.
Learn more: How to Trade with the Built-In DEX (Swap Option)
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. You can do a simple swap, as well as manually set a Buy or Sell order on the Exchange tab.
The tokens that you can trade on the Trust Wallet app are those that are being actively traded on Decentralized Exchanges (DEX). If the coin or token is not being traded on any of the popular DEXes, then the only option would be to trade the asset on a Centralized Exchange like Binance.
Not all assets that Trust Wallet supports can be traded in the app. It is the responsibility of the user to check if the assets can be traded or not.
Search for the coin or token on CoinMarketCap. Tap on the Market tab to see a list of Exchanges where it can be traded. The Source field corresponds to the name of the Crypto Exchange platform. To determine if the Exchange is a DEX, you can cross reference it with this list of DEXes.