Yesterday we have released the App V2.1.0, which is another milestone version that provides more advanced and smooth asset management experiences for everyone. (Download V2.1.0 here)
In this version, we have fixed some known bugs, and supported custom sorting and searching for the Asset page(so that you can sort and search your portfolios in a more organized way). Hope you like it.
The most important update from this version is that we have integrated Binance Spot Trading into the SafePal App using an innovative architect. This integration enables users to create a Binance Spot Trading account inside the SafePal wallet without even using email or phone number. We are proud to say that SafePal is the first decentralized wallet providing such a unique and innovative user experience. In this update, the Binance Spot Trading is integrated into the SafePal App as a DApp, which users can access from the DApp section inside the SafePal App. Hence, to avoid any possible confusion, in all of the upcoming articles and tutorials about this feature, the Spot Trading feature will be referred to as the Binance DApp.
With the Binance Spot Trading integration, you can enjoy:
A. Fast login without exposing your email or phone number
Using Binance Spot Trading in the SafePal App, users do not need to register the new account using an email or phone number. All you need is to enter Binance in the DApps section, authorize the login using a BNB address in your SafePal wallet, and then create a new account on Binance. Tutorials of how to create an account and start trading will be released soon.
B. Frictionless experience of Binance Spot Trading
If you are a frequent crypto trader, you most likely own at least two Apps: one is the exchange App where you can trade and grow your wealth, the other is a wallet where you keep all of your cryptos. This brings a lot of troubles when you need to move funds between the wallet and the exchange back and forth. Not to mention that you have to bear potential loss by wasting time in all of these transferring steps. Now with Binance Spot Trading integrated into the SafePal App, you will be able to create an account, deposit, and trade inside the wallet, without moving between different Apps.
This is the first time a decentralized wallet is connected to a centralized exchange in such an innovative way. In the past journey, the SafePal team has been always focusing on delivering what users really need and making crypto easier and safer for everyone. We hope you like this version. If you haven’t updated yet, click here.
FAQ about the new Binance integration
1. Will Binance Future be supported as well?
We are now looking into this. The rules and requirements of future trading are more complicated. We will keep the community updated if we have a concrete timeline on this.
2. Where is my fund if I create the Binance DApp account and deposit funds into it?
If you create a Binance account in the SafePal wallet, and deposit crypto into that account, the assets are under Binance’s custodian. The integration done in the V2.1.0 update is mainly for you to trade crypto on Binance easily, without leaving your wallet.
3. Does SafePal charge any fee if I create the Binance DApp account and trade crypto?
No. SafePal does not charge any fee on the users creating Binance DApp accounts and trading crypto.
4. Does it cost any fee if I withdraw balance from the Binance DApp account?
If the balance is withdrawn to a Binance internal account, AKA Binance internal transfer, there is no fee charged. If the withdrawal is sent to an external address, there will be a commission fee charged by Binance(not by SafePal).
5. Can I use my existing Binance account to login to the SafePal wallet?
The Binance Trading DApp in the SafePal App is using a BNB address authorized login mechanism, which is different from the traditional Binance accounts, which are created based on users’ emails and phone numbers. The previous Binance account users created on Binance using email and phone number cannot be used on the Binance trading system in the SafePal wallet.
6. Any upcoming campaigns about Binance Trading in the SafePal wallet?
Yes. A trading competition with up to $10,000 award pool will be launched in the coming October. Details will be disclosed soon!
7. What do we expect in the upcoming updates?
Here are some exciting features planned for the upcoming upgrades:
- DeFi info: Not to miss any market changes for any important project
- Binance Smart Chain: On-board wider access to the DeFi world
- New DApps: 1inch, Justswap, and more.
- New Blockchains: ADA, IOST, VeChain, and more
Disclaimer: The Spot Trading services in the SafePal App are provided by Binance, and integrated into SafePal as a third-party DApp, and thus all the trading rules, compliance, and regulations of Binance.com equally apply to the Binance trading features in the SafePal App. Cryptocurrency trading involves high risk and is not suitable for all investors. Before deciding to trade cryptocurrencies, tokens, or any other digital asset you should carefully consider your investment objectives, level of experience, and risk appetite.
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