In September 2020, SafePal has integrated the Binance trading feature into the SafePal App with the name Binance DApp. This integration enables users to enjoy the best trading experience empowered by Binance without leaving the SafePal wallet.
Since SafePal is a decentralized wallet that doesn't store or access any users' personal information, while Binance is a centralized exchange, for your asset security, there are some important items to learn before you start the seamless trading experience within the SafePal App:
- This Binance exchange account is automatically created based on the SafePal wallet authorization and is independent of the original SafePal wallet accounts.
- After creating the Binance DApp account, your crypto assets are still stored in the original SafePal wallet accounts, and will not be automatically transferred into the Binance account. If you want to trade in the Binance DApp, please deposit into the Binance DApp account first.
- A Binance account created in this step is paired with your SafePal wallet, and can only be logged in via the SafePal wallet authorization. If you lose the mnemonic phrase to the SafePal wallet account, you will not be able to log in to the paired Binance DApp account. Please keep your mnemonic phrase in secure locations.
- The Binance DApp accounts created through different SafePal wallets are different and independent from each other.
- Only the SafePal wallet accounts created or input through mnemonic phrases can authorize and create a Binance DApp account. If your SafePal wallet is imported with a private key, Keystore, or observation mode, it can't be used to create a Binance DApp account.
- The asset you deposit into the Binance account is stored on the Binance Exchange platform and is ready for trading anytime.
- The Binance DApp within the SafePal App is empowered by Binance and integrated into SafePal as a third-party DApp, 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 preference.
