Do not send any real tokens to the Binance Chain testnet
The Binance Chain testnet is designed for testing only so that regular users can try it out and experience all the features without suffering any harm. Like wallet creators, users can experiment with Binance Chain and traders can test their trading strategies. But all the tokens on the testnet are just experimental codes, not real, and do not have any monetary benefits or value. The testnet funds are not equivalent to the funds of the main platform, Binance.com, or even the mainnet that will be released soon.
Please do not send any currency or token (BTC, ETC, etc.) to the experimental testnet, as it will be lost and you will not be able to retrieve it again. If you would like to obtain trial credit for Testnet, please go to test fund faucet. It is completely free. All you will need is an account on the main Binance platform with at least 1 BNB (it will not be debited). You can obtain trial credit on several addresses in one account.
Do not share your mnemonic phrase or private key with anyone
If you share this information with anyone, you will lose control of your money completely. No one, not even Binance Chain auditors and support can help in returning your funds.
So please do not share your private key with anyone even if they claim to be from Binance Customer Service, even if it is CZ himself.
Never lose or forget your mnemonic phrase
As explained above, when you lose your mnemonic phrase and keyword you run the risk of losing access to your funds. Even Binance Chain auditors and the Binance team cannot help recover your private key or mnemonic phrase. So it's essential that you securely record your mnemonic phrase and make sure that you (and only you) can find it when you need it.
Don't forget to write/save your mnemonic phrase
A mnemonic phrase can help you recover your private key and is often used in many hardware wallets to generate more private keys. It is the best way to recover your private key so please write it down and keep it in a safe place.
If you want to know more, the mnemonic phrase follows the BIP39 protocol and uses BIP32/BIP44 to generate a private key from it.
Do not continue to use a mnemonic phrase or private key to open your account
If you continue to use the mnemonic phrase and private key you will have a much higher chance of losing it to fraudulent websites or apps. Only private keys and mnemonic phrases should be used to restore keystores, hardware wallets, or mobile wallets.
We strongly recommend that you always use a Trust Wallet, hardware wallets, or keystore to open your wallet.
Do not use SDKs or Trading Bots that are not 100% reliable.
When you use a trading SDK or Bots, you may have to enter your private key into the software and this may expose your private key to being stolen or falling victim to phishing. Please be assured that the Libraries, SDKs and Trading Bots are 100% guaranteed and it is highly recommended to use a registration service (coming soon).
Do not send large orders at one time
Binance DEX uses a different matching logic than Binance.com. The biggest difference for regular users will be when trading large orders. If you send it all at once the engine may consider that there is a large excess of buying or selling and conclude a trading price that is much worse for you. So please send small orders if you want to buy or sell large quantity. For example from the EOS.B/BNB pair, if the best buy order is 100 EOS.B at 0.39, then the second best is 100 EOS.B at 0.34, and the third best is 100 EOS.B at 0.20, and sending a sell order for 300 EOS.B while No other seller has given you a price of 0.39 or 0.31 (the average price you would get if traded on Binance.com for the same order book) but quite possibly 0.20. Here in the case of a less liquid market it is better to send 3 orders each worth 100 EOS.B.
Do not associate any benefits or gains on the Binance Chain testnet
As stated above, the tokens on the Binance Chain testnet are only for testing purposes. Your tokens or balance on the testnet may be subject to reset during testnet upgrades. Please be careful of scams or phishing scams that promise any benefits or gains in tokens on Binance chain testnet.
