1. Don't send real mainnet tokens to BNB Chain testnet
BNB Chain testnet is strictly for testing purposes. Normal users can play with it to try any features. For example, crypto facility providers, such as wallet creators, can test integration with BNB Chain, and traders can test their trading strategies. But all tokens on testnet are testing tokens, which have no monetary or benefits associated with them. BNB Chain testnet funds don't equate to BNB Chain mainnet funds or Binance.com account funds.
Please don't send any real mainnet tokens (BTC, ETH, BNB etc.) to the BNB Chain testnet. Your tokens will be lost and will be unrecoverable. If you would like some test tokens, please go to the test fund faucet. It is free, you just need a Binance.com account and 1 BNB in the account at the time of applying (you can spend the 1 BNB after getting the test fund), and you can get fund for multiple addresses with one account.
You can lose control of your funds if you share your mnemonic phrase or private key with someone. If you lose your funds, then not even BNB Chain validators or Binance can help return your funds.
So please keep your private key only for yourself, even if it's Binance customer support or CZ himself is asking for it.
3. Don't lose/forget your mnemonic phrase
As described above, when you lose your mnemonic phrase and private key, you are at risk of losing access to your funds. Even BNB Chain validators or Binance cannot help recover your private key or mnemonic phrase. You must record your mnemonic phrase safely and make sure you (and only you) can find it when you need it.
4. Don't forget to write down your mnemonic phrase
A mnemonic phrase can help you recover your private key. It's usually the only way to recover the private key, so please write it down and keep it in a safe place.
5. Don't keep using mnemonic phrase or private key to unlock your wallets
If you keep using the mnemonic phrase and private key, you have a much higher chance to lose them due to phishing websites or applications. Private keys and mnemonic phrases should be only used to recover your keystore file or hardware wallets or mobile wallets.
It's highly encouraged always to use Trust Wallet, hardware wallets, or your keystore file to unlock your wallets.
6. Don't use SDK or Trading Bots that aren't 100% trustworthy
When you use SDK or trading bots on DEX, you may have to input your private key into the libraries or the software, by that time, you may expose the private key to a leak or risk falling victim to phishing. Please ensure the SDK and Trading Bots libraries/software are 100% trustworthy. It's highly encouraged you use a Signing Service (coming soon).
7. Don’t send large orders at once
Binance DEX uses a different matching logic from Binance.com. The biggest difference for normal users would be on trading large, aggressive orders. If you send them in one go, the match engine would consider there is a big buy or sell surplus and conclude a much worse trading price for you. So please send small pieces if you want to buy or sell a large amount. For an example of EOS.B/BNB pair, if the best buy order is 100 EOS.B at price 0.39, the 2nd best is 100 EOS.B at 0.34, and the 3rd best is 100 EOS.B at 0.20, sending a sell order of 300 EOS.B while no other sellers would not give you a price of 0.39 or 0.31 (the average price you may get if traded on Binance.com against the same order book), but very likely 0.20. Here the case for a less liquid market, it is better to send 3 orders each with 100 EOS.B.
8. Don't associate any benefits or gains with tokens on BNB Chain testnet
As described above, tokens on BNB Chain testnet are purely for testing purpose. The tokens and the testnet funds in your addresses may be subjected to reset during testnet upgrades. Please be careful about scams or phishing that promise any benefits or gain on tokens on BNB Chain testnet. The tokens on testnet have no monetary value.
As an expert and enthusiast, I have access to a wide range of information and can provide insights on various topics. While I don't have personal experiences or emotions like a human, I can still provide accurate and reliable information based on the data I have been trained on.
Regarding the concepts mentioned in the article you provided, let's go through each one and discuss the relevant information:
1. BNB Chain Testnet
The BNB Chain testnet is a platform specifically designed for testing purposes. It allows users, such as crypto facility providers and traders, to experiment with different features without using real mainnet tokens. It's important to note that the tokens on the BNB Chain testnet have no monetary value and should not be associated with any benefits or gains. Sending real mainnet tokens to the BNB Chain testnet can result in the loss of those tokens, as they are not recoverable.
2. Mnemonic Phrase and Private Key
When using BNB Chain or any other blockchain-based system, it is crucial to safeguard your mnemonic phrase and private key. These are essential for accessing and controlling your funds. If you lose your mnemonic phrase or private key, there is no way to recover them, even with the help of BNB Chain validators or Binance. It is recommended to write down your mnemonic phrase and keep it in a safe place that only you can access.
3. Using Mnemonic Phrase or Private Key
To enhance the security of your wallets, it is advised not to use your mnemonic phrase or private key directly to unlock your wallets. Instead, it is highly encouraged to use trusted methods such as Trust Wallet, hardware wallets, or your keystore file. Using mnemonic phrases or private keys directly can increase the risk of falling victim to phishing attacks or exposing your private key to potential leaks .
4. SDKs and Trading Bots
When using SDKs (Software Development Kits) or trading bots on decentralized exchanges (DEX), it is important to ensure that the libraries or software you are using are 100% trustworthy. Inputting your private key into untrusted SDKs or trading bots can expose your private key to potential leaks or phishing attacks. It is recommended to use trusted SDKs or wait for the availability of a Signing Service for enhanced security.
5. Trading Large Orders on Binance DEX
Binance DEX uses a different matching logic compared to Binance.com. When trading large, aggressive orders, it is advisable to send small pieces of the order instead of sending the entire order at once. This is because the match engine on Binance DEX may consider a large order as a big buy or sell surplus, resulting in a worse trading price. By sending smaller pieces of the order, you have a better chance of getting a more favorable trading price.
It's important to note that the information provided above is based on the search results I have access to. For more specific or up-to-date information, it is recommended to refer to official sources or consult with experts in the field.
