Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: KryptoBull on March 04, 2024, 03:20:19 AM
-
An important part of the investment journey in the crypto market is buying and selling crypto assets. At that time, investors will have two main options: using CEXs or DEXs. While CEX is operated by a company, DEX is operated without permission through smart contracts on the blockchain[1]. I have used both and am quite satisfied with the service they both provide.
- CEXs are more user-friendly, do not require users to store private keys or use the correct Dapps in a certain blockchain ecosystem, and do not need to store native coins to pay transaction fees. All users need to do is create an account, perform KYC, deposit funds and start trading with tons of tokens and excellent liquidity. Trading fees on CEXs are about 0.1%-0.2%, very low and stable, meaning when I trade assets worth 1000 USD, I only need to pay 1-2 USD in fees. I also love Earning and Staking on CEXs because it's so simple!
CEXs's biggest risk is probably related to its legality and high dependence on the company behind it. We will never forget the Mt.Gox hack in 2014[2] and the fall of FTX in 2022[3]. The same thing will likely happen to any active CEX. - DEXs require users to have a little knowledge of blockchain: own an account/address, self-store private keys, know the token's blockchain, need a native coin to pay transaction fees, use the right Dapps and know wallet connection. The limited number of tokens and liquidity on DEXs are often issues that concern me, and high blockchain transaction fees and DEXs fees also discourage me from using DEXs. For example in 2021, a Swap on UniSwap can cost about 100 USD, which is too much when I want to buy 50 USD in SHIB tokens.
Some new tokens also pose risks, if users forget to revoke after swapping. I have never added LP on DEXs because I was afraid that my assets would disappear overnight because the DEX protocol was attacked. This happened to many users in the hack-season of 2021[4].
Many people like to use CEXs and many people like to use DEXs, I believe that they are both important for the development of the crypto market: they serve different services, serve different users. They help make the crypto market accessible to as many users as possible, without any barriers. This is something that traditional markets cannot yet have!
I would like to know your opinion on CEXs and DEXs:
- Which do you prefer, CEXs or DEXs, and why?
- For CEX users: Does KYC concerns impact your choice of CEXs?
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
References:
[1] Centralized Exchange (CEX) vs. Decentralized Exchange (DEX): What’s the Difference? (https://www.coindesk.com/learn/centralized-exchange-cex-vs-decentralized-exchange-dex-whats-the-difference/)
[2] Mt Gox Hack Explained (https://buybitcoinworldwide.com/mt-gox-hack)
[3] FTX collapse: The crypto industry’s Lehman Brothers moment (https://cointelegraph.com/news/ftx-collapse-the-crypto-industry-s-lehman-brothers-moment)
[4] The 10 Biggest DeFi Hacks of 2021: A Recap (https://www.halborn.com/blog/post/the-10-biggest-defi-hacks-of-2021-a-recap)
Thank @Mr. Magkaisa for suggesting idea for this topic
Note:
- My opinion was posted first in that topic, on Bitcointalk (https://bitcointalk.org/index.php?topic=5487445)
- I leave the source link to avoid plagiarism accusation.
- I excluded/ included minor things from an original thread if necessary.
-
I would assume that just like ALL of us here in this forum, I am using both types of crypto platforms - the DEXs and the CEXs. Certainly, both got many good advantages as well as disadvantages but so far with my experience with them every transaction comes easy, fast and quite satisfactory.
1. Which do you prefer, CEXs or DEXs, and why?
I don't really have preference as I am using both of these types of exchanges. Now, there are times when the exchange available is only in a CEX so there is no choice but to use one but in case things can be done in DEX then I would exchange the coin and token in there because DEX is a lot more convenient and fast since there is no more need to transfer the asset as transactions can be done seamlessly. Right now, I am a heavy user of TrustWallet and we know that many DEXs are already integrated into its ecosystem.
2. For CEX users: Does KYC concerns impact your choice of CEXs?
As I said, if I can do things in a DEX I would prefer it there but since sometimes we can't have our cake and eat it too there are instances when using CEX can be necessary. Yes, KYC can sometimes be a hassle and we are always afraid of data mishandling but nevertheless if there is a need to do it then go. Good thing to know that many big CEXs are allowing accounts to do business even without KYC up to a certain amount of transactions.
3. For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
I would say that DEX got a big potential for more growth but replacing CEXs entirely may seem to me a little bit far-pitched. As we are witnessing right now, many CEXs are enjoying good business, a big testament that many people do trust them and would continue doing business with them into the future. Plus, we know that governments are working with CEX and not with DEXs so once many governments can be flexing their muscles business with DEXs may also have limitations.
-
Which do you prefer, CEXs or DEXs, and why?
I prefer centralized exchange because of liquidity and support of coins. It also offers p2p trading with local fiat currency.
For CEX users: Does KYC concerns impact your choice of CEXs?
No, it doesn't matter to me though risky to share our personal information as it can be compromised anytime if there is data breach or they can even sell it.
For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
For me no, given that it has limited features on it and lack of coin support and liquidity it will still remain what it is right now but this also depends on improvements in the future.
-
Many people like to use CEXs and many people like to use DEXs, I believe that they are both important for the development of the crypto market: they serve different services, serve different users. They help make the crypto market accessible to as many users as possible, without any barriers. This is something that traditional markets cannot yet have!
I would like to know your opinion on CEXs and DEXs:
- Which do you prefer, CEXs or DEXs, and why?
- For CEX users: Does KYC concerns impact your choice of CEXs?
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
1. I am using both CEXs (Binance, KuCoin, GateIO) and DEXs (UniSwap & PancakSwap). CEXs are used to trade already listed tokens, while DEXs are used to trade new tokens, often as rewards in bounty campaigns.
2. KYC is not a big deal, it is already a common requirement for CEXs users. This helps CEXs comply with KYC/AML regulations and be allowed to operate.
3. I think DEXs will be used more and more when users want to self-custody assets. However, DEXs will not be able to replace CEXs because many users still want to access the market in the simplest way, without needing to learn too much about blockchain or how to preserve seed phrases themselves.
-
the thread in the BTT is a poll but not this one.
users of DEX does have more experience in crypto trading and it needs more technical knowledge to use DEX unlike the CEX where you see the orderbook. i know there are dex that are also orderbook type but that's less use because they know the price difference compare to the CEX.
3. I think DEXs will be used more and more when users want to self-custody assets. However, DEXs will not be able to replace CEXs because many users still want to access the market in the simplest way, without needing to learn too much about blockchain or how to preserve seed phrases themselves.
sure thing. CEX is much simpler to simple people who only wants to trade not minding the KYC. compare to the number of people who are concern about their privacy, the people who don't care about it are probably 95% of the population.
-
I would be happy to use dexes if they had the same transaction fees as on centralized ones. Well, in addition, there is the problem of providing liquidity on dexes. In general, it is optimal for it to be centralized and without KYC, but unfortunately this is already unlikely.
-
The term DEXs is associated either with services that do not require identity verification or those that make the user link his wallet, but although they claim that they are decentralized platforms, we hear that some of them have been hacked and this is due to the incorrect definition of the word decentralized.
These DEXs are managed by bridges. These bridges close native coins and give you tokens of equal value, and here they are the central point in these projects, where the smart contract can be hacked, the process of closing native coins or printing more tokens, which leads to not having enough tokens when you want to get your money back.
The burning and minting processes can be centralized, making the number of real DEXs limited to only P2P DEXs like Bisq or sidechains and Layer 2 solutions.
-
Which do you prefer, CEXs or DEXs, and why?
I prefer centralized exchange because of liquidity and support of coins. It also offers p2p trading with local fiat currency.
Before now I was in the same opinion with you but with how things have changed with CEX and my country laws, I really don't think that CEX is more preferable for me because that part of P2P trading on CEX are being blocked and removed and the reason to all this is because of the fact the government can attack them as they know the individuals that run this platform
-
1. I am using both CEXs (Binance, KuCoin, GateIO) and DEXs (UniSwap & PancakSwap). CEXs are used to trade already listed tokens, while DEXs are used to trade new tokens, often as rewards in bounty campaigns.
2. KYC is not a big deal, it is already a common requirement for CEXs users. This helps CEXs comply with KYC/AML regulations and be allowed to operate.
3. I think DEXs will be used more and more when users want to self-custody assets. However, DEXs will not be able to replace CEXs because many users still want to access the market in the simplest way, without needing to learn too much about blockchain or how to preserve seed phrases themselves.
New investors will not choose DEXs because they are often worried that they will not be able to preserve their private keys well and lose access to the crypto assets in their accounts. CEXs are clearly a friendlier and more familiar option: easy to buy and sell right on smartphones via an application, can sell tokens for cash quickly. Most users are willing to perform KYC to experience the service in a simpler and more convenient way. They do not really understand blockchain technology and do not value decentralization.
the thread in the BTT is a poll but not this one.
users of DEX does have more experience in crypto trading and it needs more technical knowledge to use DEX unlike the CEX where you see the orderbook. i know there are dex that are also orderbook type but that's less use because they know the price difference compare to the CEX.
I have added a pool, hoping to receive votes from many members in the forum.
When I come to the crypto market, I also like to use CEXs. Even now DEXs are better, have more services, and are more user-friendly, but I rarely use new features. I just use Pancake to sswap some tokens to BNB and deposit BNB to CEXs.
I would be happy to use dexes if they had the same transaction fees as on centralized ones. Well, in addition, there is the problem of providing liquidity on dexes. In general, it is optimal for it to be centralized and without KYC, but unfortunately this is already unlikely.
Many DEXs charge quite low fees, and transaction fees are no longer a concern on fast and extremely cheap networks like Solana, Fantom, Arbitrum... However, I feel that users still prefer to stick with CEXs. . Some CEXs do not require KYC, you can refer and use, but as I see: they have liquidity problems.
- 9 Best No KYC Crypto Exchanges for 2024 (https://www.techopedia.com/cryptocurrency/best-no-kyc-exchanges)
-
In terms of security it's safest to use DEX. But personally, I used CEX because even though we can't get the money if they run I can still assure that most centralized exchanges are safe. Other than that, I did a research for an exchange before I used it. That's why it's okay for me to use them. CEX has the better feature and efficient to use than DEX. Other than that, lot of user who trust CEXs and put a huge funds in it.
-
In terms of security it's safest to use DEX. But personally, I used CEX because even though we can't get the money if they run I can still assure that most centralized exchanges are safe. Other than that, I did a research for an exchange before I used it. That's why it's okay for me to use them. CEX has the better feature and efficient to use than DEX. Other than that, lot of user who trust CEXs and put a huge funds in it.
This is the answer we received from the majority of members and investors: the majority understand that DEXs ensure anonymity and investors can self-custody crypto, but they still choose CEXs for simplicity, good liquidity, many attractive services and ease of use. CEXs have taken many measures to assert their reputation such as having proof of reserves, compensating users for hacks, improving the quality of global customer support.
I think this is a complete thing. normal and beneficial for the development of the crypto market: CEXs are used and break down barriers to market entry for newcomers.
-
If the banks in your country are bitcoin friendly and your investments are in large amounts, then using the CEX is preferable because of the low probability of being defrauded and the cheaper fees, while the DEX is important if you do not want to complete the identity verification or cannot do so, and you can also trade via cash or incur high fees.
-
I would like to know your opinion on CEXs and DEXs:
- Which do you prefer, CEXs or DEXs, and why?
- For CEX users: Does KYC concerns impact your choice of CEXs?
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
1. DEX for swapping between 2 coins, CEX for swapping between a coin and a fiat.
2. Yes, because few CEX still offer optional KYC.
3. No, some people would still choose convenience or legal protection despite reduced privacy.
-
Maybe this feels strange. but to be honest, so far, I prefer CEX. This is strange, isn't it? Moreover, many people don't like CEX because it requires KYC. but what else, I also use CEX the most often by far. But that doesn't mean you've never used CEX at all. It's just that, whatever it is, in the end it will end up on CEX too. Because this is what makes it easier for me to cash out someday to a bank account. This is quite a dilemma, but because it is so commonplace, it is more comfortable to use the features of some exchanges which happen to be CEX.
Actually, my position is like this:
(https://talkimg.com/images/2024/03/10/y8Ao2.png)
https://www.linkedin.com/pulse/how-cex-important-crypto-market-nest-web3
-
- Which do you prefer, CEXs or DEXs, and why?
- For CEX users: Does KYC concerns impact your choice of CEXs?
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
1. I prefer to use CEX if I consider the comfort and the varied features for trading.
2. Sure. I want to avoid KYC on the CEX but it is impossible. So I just choose the most reputable CEX although I still need to follow KYC there.
3. I don't believe it because most people prefer using CEX. They also can be easier to withdraw to the banks through CEX.
-
1. I prefer to use CEX if I consider the comfort and the varied features for trading.
2. Sure. I want to avoid KYC on the CEX but it is impossible. So I just choose the most reputable CEX although I still need to follow KYC there.
3. I don't believe it because most people prefer using CEX. They also can be easier to withdraw to the banks through CEX.
Of course, everyone has different desires and comfort, but regarding Cryptocurrency exchange places, I would suggest looking for an exchange place that has a high system security and perhaps also has guarantees or insurance for the assets you store at the exchange place so that when something bad happens does not endanger your assets.
-
Maybe this feels strange. but to be honest, so far, I prefer CEX. This is strange, isn't it? Moreover, many people don't like CEX because it requires KYC. but what else, I also use CEX the most often by far. But that doesn't mean you've never used CEX at all. It's just that, whatever it is, in the end it will end up on CEX too. Because this is what makes it easier for me to cash out someday to a bank account. This is quite a dilemma, but because it is so commonplace, it is more comfortable to use the features of some exchanges which happen to be CEX.
If we are a normal investor and participate in the market with the purpose of seeking profits, CEXs KYC is not a big problem. CEXs only pose a risk of being hacked or collapsing and millions of users will lose their funds. I also consider KYC and centralization to be an integral part of this market as it provides maximum liquidity to help the market continuously grow.
To protect our account, we can use multiple CEXs at the same time or store part of our assets in a personal wallet. I don't hate CEXs, I'm afraid of the potential risks of CEXs but still use CEXs :)
-
Fortunately and unfortunately, i used CEX for trading bitcoin and use DEX for trading alts, like eth and bnb tokens. So asking if what i prefer, well it's obvious, both of them but it all depends on what i need at the moment. Bitcoin is always in CEX because of many options to trade in p2p. While DEX for alts and tokens because of the availability of the exchange where to trade and you cant find these tokens to CEX or reputed DEX.
-
Fortunately and unfortunately, i used CEX for trading bitcoin and use DEX for trading alts, like eth and bnb tokens. So asking if what i prefer, well it's obvious, both of them but it all depends on what i need at the moment. Bitcoin is always in CEX because of many options to trade in p2p. While DEX for alts and tokens because of the availability of the exchange where to trade and you cant find these tokens to CEX or reputed DEX.
The problem with Dex for me is the liquidity insufficiency, it's difficult to trade altcoins in equivalent to the price of what it's actually trading in centralized exchanges. In addition, if the liquidity is very limited, trading becomes a challenge because the slippage will be low but when you try it in a centralized exchange, it goes smoothly because of the book order that are always liquid to trade.
However, I don't like centralized exchanges because of the kyc thing, it has its own benefit using a centralized exchanges but pray you don't be a victim of government just like the way Nigeria government is demanding top 100 users on Binance who were trading NGN to USDT that cause a lot of volatility to naira depreciation.
-
The problem with Dex for me is the liquidity insufficiency, it's difficult to trade altcoins in equivalent to the price of what it's actually trading in centralized exchanges. In addition, if the liquidity is very limited, trading becomes a challenge because the slippage will be low but when you try it in a centralized exchange, it goes smoothly because of the book order that are always liquid to trade.
However, I don't like centralized exchanges because of the kyc thing, it has its own benefit using a centralized exchanges but pray you don't be a victim of government just like the way Nigeria government is demanding top 100 users on Binance who were trading NGN to USDT that cause a lot of volatility to naira depreciation.
We are still in the early stages of the crypto era, so both CEXs and DEXs have many problems. The problem with DEXs and many small CEXs is liquidity for tokens with small market capitalization. You can focus on investing in more popular tokens, they often have good liquidity on DEXs.
CEXs are a crypto company and need to comply with legal regulations. KYC is gradually becoming mandatory for CEXs to be able to continue and exist in order to ensure liquidity for the development of the market. The incident with Binance in Nigeria is a setback in the development of the crypto market, the government arresting unauthorized people to demand that Binance provide user information without providing clear or convincing evidence. I agree that this is also one of the risks for CEX users.
-
I would like to know your opinion on CEXs and DEXs:
- Which do you prefer, CEXs or DEXs, and why?
- For CEX users: Does KYC concerns impact your choice of CEXs?
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
I'm used to using CEX because it's simple and convenient, and I don't have much money so I'm not afraid of losing it. If you want to be safer, you can transfer the tokens to your personal wallet. When you need to sell, you just need to send it to the exchange for a few minutes to sell. Some tokens available on DEX are okay to connect to the wallet and trade right away, but the cost is quite high and I don't have a need to regularly trade, and BTC doesn't have any DEX to support it so I don't use.
Earning BTC on Binance is quite good for USDT, sometimes up to 10% per year, higher than savings interest in banks. Those who stake tokens like RON earn a higher APR, those who have BNB can receive airdrops from launchpool, CEX has many fun things that DEX doesn't have yet. I have little money so I don't worry about the floor breaking down.
-
1. I prefer to use CEX if I consider the comfort and the varied features for trading.
2. Sure. I want to avoid KYC on the CEX but it is impossible. So I just choose the most reputable CEX although I still need to follow KYC there.
3. I don't believe it because most people prefer using CEX. They also can be easier to withdraw to the banks through CEX.
Of course, everyone has different desires and comfort, but regarding Cryptocurrency exchange places, I would suggest looking for an exchange place that has a high system security and perhaps also has guarantees or insurance for the assets you store at the exchange place so that when something bad happens does not endanger your assets.
- Honestly speaking, if Cex and Dex help me and give me profits or benefits, I don't need to buy from those two, in my opinion. They are equally helpful to anyone; in fact, as long as you have knowledge of trading, we can use CX and DX to carry out trading activity.
And the only difference is that Cex has KyC and Dex doesn't. Now it's up to the choice or decision of those who use the platform what they want, whether it's KyC or not; that's all it really is.
-
Both CEXes and DEXes are good and beneficial in every investor in whatever way it is.
I would like to know your opinion on CEXs and DEXs:
- Which do you prefer, CEXs or DEXs, and why?
- For CEX users: Does KYC concerns impact your choice of CEXs?
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
1. CEX. The problem with DEXes as of this moment is the amount of tokens that it supports. I find it hard to move from one DEX to another just to buy a token that I want. I guess Metamask can do it's thing, but I find it more convenient to use CEXes like Binance, and Bitget than DEXes. The amount of features most CEX has currently is enough for investors to use it more than those DEXes right now. I guess what's attractive with DEXes right now is the fact that you can earn money thru providing liquidity on their pools.
2. Nowadays, most of the CEX requires KYC already, and I really wanted to use CEX like Binance so it doesn't impact me at all. It bothers me a bit because of the fact that you're giving away your personal information to some strangers online, but most don't really care if they will be more comfortable buying and selling the tokens different tokens.
3. No. Centralized Exchanges right now is large enough that DEX can't replace it anymore. The fact that these CEXes has lots of features to attract investors to use their platform is enough for them to stay on using it, and just completely ignore those DEXes out there.
-
I'm used to using CEX because it's simple and convenient, and I don't have much money so I'm not afraid of losing it. If you want to be safer, you can transfer the tokens to your personal wallet. When you need to sell, you just need to send it to the exchange for a few minutes to sell. Some tokens available on DEX are okay to connect to the wallet and trade right away, but the cost is quite high and I don't have a need to regularly trade, and BTC doesn't have any DEX to support it so I don't use.
Earning BTC on Binance is quite good for USDT, sometimes up to 10% per year, higher than savings interest in banks. Those who stake tokens like RON earn a higher APR, those who have BNB can receive airdrops from launchpool, CEX has many fun things that DEX doesn't have yet. I have little money so I don't worry about the floor breaking down.
It is normal and common for newcomers to worry that they will not be able to keep their private keys safe and lose access to the crypto assets in their accounts. CEXs are clearly a more friendly and familiar choice: easy to buy and sell right on the smartphone through an application, can quickly sell tokens for cash.
Many people also like to keep USDT on exchanges to earn profits, such as OKX which previously had a pretty good APR, or Binance recently also paid higher interest, I think it is because many traders borrow USDT to invest so the demand for USDT reserves of CEXs is quite large. CEX users just need to avoid letting their devices get infected with malware, then it is quite safe.
Both CEXes and DEXes are good and beneficial in every investor in whatever way it is.
1. CEX. The problem with DEXes as of this moment is the amount of tokens that it supports. I find it hard to move from one DEX to another just to buy a token that I want. I guess Metamask can do it's thing, but I find it more convenient to use CEXes like Binance, and Bitget than DEXes. The amount of features most CEX has currently is enough for investors to use it more than those DEXes right now. I guess what's attractive with DEXes right now is the fact that you can earn money thru providing liquidity on their pools.
2. Nowadays, most of the CEX requires KYC already, and I really wanted to use CEX like Binance so it doesn't impact me at all. It bothers me a bit because of the fact that you're giving away your personal information to some strangers online, but most don't really care if they will be more comfortable buying and selling the tokens different tokens.
3. No. Centralized Exchanges right now is large enough that DEX can't replace it anymore. The fact that these CEXes has lots of features to attract investors to use their platform is enough for them to stay on using it, and just completely ignore those DEXes out there.
Most investors probably feel the same way, and we still see CEXs continuously gaining new users instead of losing them over time. CEXs are still the simplest and most convenient option for new or experienced users, because CEXs provide extremely good liquidity, which DEXs cannot yet achieve. CEXs are also multichain platforms, and users do not need to worry about which chain their crypto assets are on and how to interact with them, through which wallet application...
I hope DEXs will develop more, have better liquidity, and we can use DEXs easily and at a lower cost in the future. DEXs have added many more services but still need a lot of time to catch up with CEXs. I think the development of cross-chain solutions will be one of the main drivers that will help users use DEXs more regularly.
-
OP, frankly speaking, I do not like cex but I have no option than using it for my trading and other relevant crypto currency activities. So far most of the features on cex can likely not be seen on dex as a result of making dex not too open for seem less transaction.
I believe the cex came all this way to aid most people who are not too familiar with blockchain and crypto so they could be able to survive and benefit by introducing all features so they could be able to get acquainted with the platforms and things about it. Although cex has it issues of hacking and lots more which is detrimental to both the cex and customers but it is okay compared to the technicalities involved in the dex.
-
OP, frankly speaking, I do not like cex but I have no option than using it for my trading and other relevant crypto currency activities. So far most of the features on cex can likely not be seen on dex as a result of making dex not too open for seem less transaction.
I believe the cex came all this way to aid most people who are not too familiar with blockchain and crypto so they could be able to survive and benefit by introducing all features so they could be able to get acquainted with the platforms and things about it. Although cex has it issues of hacking and lots more which is detrimental to both the cex and customers but it is okay compared to the technicalities involved in the dex.
We do love anonymity but not on the sense that we could really make use of DEX on day to day trading and other features or services on which CEX have. Yes, its really that contradictory but
we cant really deny that it is really that way more accessible and more that convenient on our part but of course there would really be those in exchange like your anonymity considering these platforms would really be having that KYC and there's nothing we can do about it but honestly it isnt really just that a problem though because in exchange is on the benefits
and the advantageous thing that you could really be having in exchange.
-
OP, frankly speaking, I do not like cex but I have no option than using it for my trading and other relevant crypto currency activities. So far most of the features on cex can likely not be seen on dex as a result of making dex not too open for seem less transaction.
I believe the cex came all this way to aid most people who are not too familiar with blockchain and crypto so they could be able to survive and benefit by introducing all features so they could be able to get acquainted with the platforms and things about it. Although cex has it issues of hacking and lots more which is detrimental to both the cex and customers but it is okay compared to the technicalities involved in the dex.
We do love anonymity but not on the sense that we could really make use of DEX on day to day trading and other features or services on which CEX have. Yes, its really that contradictory but
we cant really deny that it is really that way more accessible and more that convenient on our part but of course there would really be those in exchange like your anonymity considering these platforms would really be having that KYC and there's nothing we can do about it but honestly it isnt really just that a problem though because in exchange is on the benefits
and the advantageous thing that you could really be having in exchange.
Well, actually, if we are talking about daily trade, if I have done it on any Dex platform, my answer is no. Although it's been several times that I've been able to buy cryptocurrency on the Dex platform, I only do holdings.
Then just take a peek sometimes, but of course you should also save the seed and password because this will be our key anytime we open our wallet accounts on the Dex platform via metamask, whether it's using Sol, BSC, Matic, or Eth.
-
The vote so far reflects the community's choice
CEXs 7 100%
DEXs 0 0%
From my perspective and my experience, it's easier to refer newbies and explain to them how a CEX works than on DEX, on DEXes there are so many technicalities that the new investors you are trying to help invest will have a hard time understanding.
While on CEX it's like they are using social media, and if they want support to address their issues right away something you cannot find on many DEXs
-
Both centralized and decentralized exchanges are needed but in my opinion decentralized exchanges are risk free than centralized exchanges. Decentralized exchanges require no third-party permission to access decentralized exchanges, in which case you can access them anytime, anywhere through your security system, and buy or sell your assets if you want.can do Decentralized exchanges do not require you to do KYC verification with personal documents. Central exchanges, on the other hand, require you to gain access to the third party's permission, and in this case, all your dollar or crypto assets must be owned by the third party, and you cannot use your virtual assets without the third party's permission. But BitcoinBoth exchanges are equally important in the life of the currency.
-
The vote so far reflects the community's choice
CEXs 7 100%
DEXs 0 0%
From my perspective and my experience, it's easier to refer newbies and explain to them how a CEX works than on DEX, on DEXes there are so many technicalities that the new investors you are trying to help invest will have a hard time understanding.
While on CEX it's like they are using social media, and if they want support to address their issues right away something you cannot find on many DEXs
Yes, you are right, the DEX system is currently not much in demand by traders from whales to traders who are still beginners because as you mentioned, CEX is easier to use and makes more sense.
-
Yes, you are right, the DEX system is currently not much in demand by traders from whales to traders who are still beginners because as you mentioned, CEX is easier to use and makes more sense.
Many people prefer to use CEX because it is easier to use. Although we have some popular DEX, people still use most popular CEX. I think CEX can be more popular because the teams also have the marketing targets for the exchanges. But in DEX, most of them aren't very attractive, they don't need to promote them selves to others. So, not many people are familiar with DEX.
-
OP, frankly speaking, I do not like cex but I have no option than using it for my trading and other relevant crypto currency activities. So far most of the features on cex can likely not be seen on dex as a result of making dex not too open for seem less transaction.
I believe the cex came all this way to aid most people who are not too familiar with blockchain and crypto so they could be able to survive and benefit by introducing all features so they could be able to get acquainted with the platforms and things about it. Although cex has it issues of hacking and lots more which is detrimental to both the cex and customers but it is okay compared to the technicalities involved in the dex.
We do love anonymity but not on the sense that we could really make use of DEX on day to day trading and other features or services on which CEX have. Yes, its really that contradictory but
we cant really deny that it is really that way more accessible and more that convenient on our part but of course there would really be those in exchange like your anonymity considering these platforms would really be having that KYC and there's nothing we can do about it but honestly it isnt really just that a problem though because in exchange is on the benefits
and the advantageous thing that you could really be having in exchange.
Well, actually, if we are talking about daily trade, if I have done it on any Dex platform, my answer is no. Although it's been several times that I've been able to buy cryptocurrency on the Dex platform, I only do holdings.
Then just take a peek sometimes, but of course you should also save the seed and password because this will be our key anytime we open our wallet accounts on the Dex platform via metamask, whether it's using Sol, BSC, Matic, or Eth.
I am not too comfortable with Dex though but I do use it for purchase and after I do that, I transfer my token from that wallet to a new wallet I just created I do not keep any token on any wallet I have connected to a Dex website for the safety of my assets.
Saving of key phrase is very important and vital because they are the straight access to your wallet which means if any one gets at your keys, they also have access to your wallet and you know what that means.
-
Many people prefer to use CEX because it is easier to use. Although we have some popular DEX, people still use most popular CEX. I think CEX can be more popular because the teams also have the marketing targets for the exchanges. But in DEX, most of them aren't very attractive, they don't need to promote them selves to others. So, not many people are familiar with DEX.
Numbers don't lie: the majority of respondents admitted that they prefer to use CEXs, even though they understand that DEXs are better for their identity and crypto assets. I believe that the best choice should include both: CEXs for trading needs with good liquidity, ease of use and many features, DEXs for self-custody of crypto assets.
We don't need to choose one thing and deny the other. The competition between them has helped us to have safer CEXs and more feature-rich DEXs, and users are the ones who benefit from this competition.
-
Many people prefer to use CEX because it is easier to use. Although we have some popular DEX, people still use most popular CEX. I think CEX can be more popular because the teams also have the marketing targets for the exchanges. But in DEX, most of them aren't very attractive, they don't need to promote them selves to others. So, not many people are familiar with DEX.
Numbers don't lie: the majority of respondents admitted that they prefer to use CEXs, even though they understand that DEXs are better for their identity and crypto assets. I believe that the best choice should include both: CEXs for trading needs with good liquidity, ease of use and many features, DEXs for self-custody of crypto assets.
We don't need to choose one thing and deny the other. The competition between them has helped us to have safer CEXs and more feature-rich DEXs, and users are the ones who benefit from this competition.
Yes, you are right there. The majority of the communities here actually prefer the centralized exchange platform; maybe that's what they're used to. I have nothing against Dex platforms, to be honest.
Because we actually have more control over the DEX compared to the CEX, that's why it is listed more often. The CEX platform is for the coins that want to be traded in reality. And there is no problem, because if it is also reputed, it is fine for me, to be honest.
-
Yes, you are right, the DEX system is currently not much in demand by traders from whales to traders who are still beginners because as you mentioned, CEX is easier to use and makes more sense.
Many people prefer to use CEX because it is easier to use. Although we have some popular DEX, people still use most popular CEX. I think CEX can be more popular because the teams also have the marketing targets for the exchanges. But in DEX, most of them aren't very attractive, they don't need to promote them selves to others. So, not many people are familiar with DEX.
CEX also comply regulations that is why the trust of it's users will probably choose in favor of the centralized ones. They also have the most liquidity so that may also add up to the trust build-up compared to DEX's. The only problem with international CEX's tend to not comply a specific country's regulation that is why they are getting banned and this is what had happened to Binance and others in my country right now.
-
CEX also comply regulations that is why the trust of it's users will probably choose in favor of the centralized ones. They also have the most liquidity so that may also add up to the trust build-up compared to DEX's. The only problem with international CEX's tend to not comply a specific country's regulation that is why they are getting banned and this is what had happened to Binance and others in my country right now.
If we talk about the Binance exchange that does not comply with the rules in several countries like yours then this depends on the policies given by the government to the Binance exchange.
As long as Binance considers the policies provided to have a "Win Win Solution", then Binance will accept and follow the regulations provided by your country.
But if Binance has considered it well but the result is that Binance does not get a "Win Win Solution", then Binance will not accept the policy given by that country.
-
For my side, it depends on the exchange. If an exchange is suspicious of their backgrounds or something then that's for me it's a red flag. Also, for DEX there are front-running bots that can be removed or the user/trader can be protected from it.
-
For my side, it depends on the exchange. If an exchange is suspicious of their backgrounds or something then that's for me it's a red flag. Also, for DEX there are front-running bots that can be removed or the user/trader can be protected from it.
I agree that it is good to be cautious when using exchanges especially if there are suspicions about their backgrounds. It is crucial to do research and ensure that exchange is reputable and trustworthy before conducting any transactions. Additionally presence of front running bots on DEX platforms is valid concern and measures should be taken to protect users and traders from potential manipulation. Overall it is important to prioritize security and transparency when choosing exchange to trade on. When you have a good research so this will help you to make good decision.
-
Of the 9 people who voted in the poll, even 77% voted for CEX, which speaks volumes about how important privacy or personal data protection is to people. Of course, everyone wants liquidity and as many options as possible, but I would always prefer decentralized exchanges, which are not only good for privacy, but also because they serve only as an exchange, not as a wallet.
However, everyone has the right to their choice, but then they should be aware that when a case like the failure of FTX happens, they should always admit that part of the blame lies with themselves.
-
Of the 9 people who voted in the poll, even 77% voted for CEX, which speaks volumes about how important privacy or personal data protection is to people. Of course, everyone wants liquidity and as many options as possible, but I would always prefer decentralized exchanges, which are not only good for privacy, but also because they serve only as an exchange, not as a wallet.
However, everyone has the right to their choice, but then they should be aware that when a case like the failure of FTX happens, they should always admit that part of the blame lies with themselves.
CEXs are completely superior to DEXs in terms of liquidity and user-friendliness. CEXs deserve to be chosen and we also understand more about the trend of interacting with crypto through CEXs from ordinary users. I think in the losses in the collapses of Mt. Gox and FTX, we should not blame the victims, they are not at fault in that event. They were just not careful in managing their crypto assets and had too much trust in a large company in this market.
With the advent of proof of reserves, we can worry less about our assets on CEXs. The ongoing event with KuCoin also shows the value of proof of reserves: KuCoin is still OK because it has enough money for users to withdraw if they want.
-
I'm using both.
But, often to CEX.
Why?
One of the reasons is because the local exchange in my country is recognized by the government, namely CEX. There are many, but they are all CEX. and I often use it to make deposits and withdrawals, of course directly. Because, I personally have never tried making a withdrawal using the P2P system directly. So it was through CEX that I did it.
However, for trading, it is not something that is done often, so it is only done a few times on CEX, especially Binance and also Tokocrypto/Indodax for local exchanges. Indeed, it requires KYC verification, and I did it. This is quite a dilemma and there are pros and cons. Certain. But so far, it has been more comfortable using this platform. For DEX itself, only do it once in a while, especially when looking at new projects that are possible to invest in.
-
I'm using both.
But, often to CEX.
Why?
One of the reasons is because the local exchange in my country is recognized by the government, namely CEX. There are many, but they are all CEX. and I often use it to make deposits and withdrawals, of course directly. Because, I personally have never tried making a withdrawal using the P2P system directly. So it was through CEX that I did it.
However, for trading, it is not something that is done often, so it is only done a few times on CEX, especially Binance and also Tokocrypto/Indodax for local exchanges. Indeed, it requires KYC verification, and I did it. This is quite a dilemma and there are pros and cons. Certain. But so far, it has been more comfortable using this platform. For DEX itself, only do it once in a while, especially when looking at new projects that are possible to invest in.
With the CEX exchange, it will indeed make it easier for you to exchange to fiat money, I think there is no problem if you have to do KYC and just once you can enjoy the benefits and convenience of receiving money directly without having to be confused anymore. I also often use the CEX market to make withdrawals and exchange cryptocurrency into fiat currency.
-
Yes, you are right, the DEX system is currently not much in demand by traders from whales to traders who are still beginners because as you mentioned, CEX is easier to use and makes more sense.
Many people prefer to use CEX because it is easier to use. Although we have some popular DEX, people still use most popular CEX. I think CEX can be more popular because the teams also have the marketing targets for the exchanges. But in DEX, most of them aren't very attractive, they don't need to promote them selves to others. So, not many people are familiar with DEX.
Till now CEX more popular then DEX. I am using CEX from 2016 and i also think CEX is more easier and comfortable for trading. But i also think CEX is good for trading. But if anyone want to invest/hold for long time then i will be prefer for DEX. Because here anyone can use his own wallet. And It's controlling by us. But on the otherhand CEX wallet is not only control by us. Here exchangers can control i think. So i prefer CEX for Trading and DEX for long time holding.
-
I would like to know your opinion on CEXs and DEXs:
- Which do you prefer, CEXs or DEXs, and why?
- For CEX users: Does KYC concerns impact your choice of CEXs?
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
I think the preference to use a Dex or a Cex boils down to what coin I am buying or want to buy, when a coin or token is not listed on a Cex yet and I find that coin really good to invest in, I have no choice but to buy it on the Cex where it is listed.
But assuming a coin or token I want to invest in is already listed on a Cex, and as well trading on a Dex, then several factors will affect my preference of where to buy that coin or token, and one of such factors is withdrawal fees.
Of withdrawal fees for that coin or tokens is too high for me to pay on a cex, I will definitely prefer to buy that coin or token on a Dex, but if the withdrawal fee is moderate or small, I definitely will prefer to buy the coin on a cex since..
1. There is higher liquidity on centralized exchanges.
2. I don't have to hold the native coin of the blockchain where the token is built on; to buy and withdraw it, on like Dex where you have to mandatory hold the native coin of that blockchain which serves as gas for transactions.
And coming to kyc, kyc with Cex have never been an issue to me, or is there any reason why it should be?
-
It is known that Decentralized Exchange is more safe for users than Centralized Exchange but if one wants to do trading in Decentralized Exchange then he has to face huge trading fee which in most cases traders cannot afford. In my case the matter is very similar and for this if someone wants to do short term trading then I would prefer centralized exchanger must choose reputable centralized exchanger. I myself use centralized exchange for my trading but I use decentralized exchange to exchange my long term holding funds.
-
It is known that Decentralized Exchange is more safe for users than Centralized Exchange but if one wants to do trading in Decentralized Exchange then he has to face huge trading fee which in most cases traders cannot afford.
It's not that huge actually, but it's still counts especially transaction fees. Aside from fees, the volume in DEX are much lower compare to CEX, that's why if you're trading just smaller amount, yes, centralized exchange are much better.
But all of us have personal preference, especially those who are private person.
-
For arbitrage using both of them because ever arbitrage some coins from DEXs to CEXs and some time each other, take difference price usually new coins listing on CEXs have higher price than DEXs and take profitable. For trading as usually CEXs is better than DEXs with lower fees trade and CEXs usually get bigger for fees transaction.
In CEXs exchange we can sell coins based on our price but DEXs have to sell coins instant price without feature limit order, you can't sell coins higher than current price in DEXs exchange but you can sell when using CEXs exchange market.
-
I would like to know your opinion on CEXs and DEXs:
- Which do you prefer, CEXs or DEXs, and why?
- For CEX users: Does KYC concerns impact your choice of CEXs?
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
If I had to make a direct choice, I would say I prefer CEX. Because I use CEX all the time when trading I rarely use DEX. Coins that are not listed on good CEX exchanges I use Dex to trade occasionally and I don't use Dex. Maybe someone else may not like using CEX and KYC system may affect a lot but for me KYC system does not affect at all. I never believe DEX can affect the CEX system. CEX will always be popular and popular.
-
If I had to make a direct choice, I would say I prefer CEX. Because I use CEX all the time when trading I rarely use DEX. Coins that are not listed on good CEX exchanges I use Dex to trade occasionally and I don't use Dex. Maybe someone else may not like using CEX and KYC system may affect a lot but for me KYC system does not affect at all. I never believe DEX can affect the CEX system. CEX will always be popular and popular.
CEXs are really convenient, have many features, better liquidity, and lower transaction fees than DEXs. Ordinary users will be willing to perform KYC and use CEXs instead of having to learn about blockchains, create accounts, and use DEXs appropriately. As you can see, we have seen the growth of CEXs over the years, even though DEXs have been introduced and operated effectively. I also believe that CEXs will still exist and be loved for many years to come, despite the improvement and competition from DEXs and the trend of users self-custodying their assets.
-
I would like to know your opinion on CEXs and DEXs:
- Which do you prefer, CEXs or DEXs, and why?
- For CEX users: Does KYC concerns impact your choice of CEXs?
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
If I had to make a direct choice, I would say I prefer CEX. Because I use CEX all the time when trading I rarely use DEX. Coins that are not listed on good CEX exchanges I use Dex to trade occasionally and I don't use Dex. Maybe someone else may not like using CEX and KYC system may affect a lot but for me KYC system does not affect at all. I never believe DEX can affect the CEX system. CEX will always be popular and popular.
I prioritize my needs and in fact I still use both, I think both CEX and DEX are very helpful in my activities in crypto. I think it's better to use both.
In my opinion, KYC is not a problem as long as the CEX has very high trust, because it is also for our security too. However, I am also sure that almost everyone in this space will definitely have and use both for their activities, because I think both are needed.
-
I use both of them, when I am in need of some tokens that I want to trade and it's not found on the CEX that I am using, I'll find it to dexs but if it's with the preference, I am with the cexs. The features that they've got is favourable to me and they are simply and easier to use than the setup of the dexs as it will mostly going to charge you with every transfer that you do. Whilst in the cexs, they've got offchain transactions that won't cost you anything.
-
Of the 9 people who voted in the poll, even 77% voted for CEX, which speaks volumes about how important privacy or personal data protection is to people. Of course, everyone wants liquidity and as many options as possible, but I would always prefer decentralized exchanges, which are not only good for privacy, but also because they serve only as an exchange, not as a wallet.
However, everyone has the right to their choice, but then they should be aware that when a case like the failure of FTX happens, they should always admit that part of the blame lies with themselves.
The reason I noticed most people voted for CEX is because of security and not privacy, I can see that lots of people don't want their coin to miss or wallet gotten hacked by DEXs. Usually everyone has their choice of option to make, as for me I still preferred Centralized exchange because whenever a trade is carried out we can moved our funds to a self-custodian wallet after trade or after acquiring the coins needed to buy. While in Decentralized exchange, we can still buy any coin but the security of our wallet is mostly needed and if we don't play very smart we could get hacked or phished, so people most prefer moving their funds to a secondary wallet before associating it with the exchange to avoid hack but, not everyone who loves moving their funds from wallet to wallet before performing some trades.
-
Of the 9 people who voted in the poll, even 77% voted for CEX, which speaks volumes about how important privacy or personal data protection is to people. Of course, everyone wants liquidity and as many options as possible, but I would always prefer decentralized exchanges, which are not only good for privacy, but also because they serve only as an exchange, not as a wallet.
However, everyone has the right to their choice, but then they should be aware that when a case like the failure of FTX happens, they should always admit that part of the blame lies with themselves.
The reason I noticed most people voted for CEX is because of security and not privacy, I can see that lots of people don't want their coin to miss or wallet gotten hacked by DEXs. Usually everyone has their choice of option to make, as for me I still preferred Centralized exchange because whenever a trade is carried out we can moved our funds to a self-custodian wallet after trade or after acquiring the coins needed to buy. While in Decentralized exchange, we can still buy any coin but the security of our wallet is mostly needed and if we don't play very smart we could get hacked or phished, so people most prefer moving their funds to a secondary wallet before associating it with the exchange to avoid hack but, not everyone who loves moving their funds from wallet to wallet before performing some trades.
Perhaps one of the factors that causes other communities here in the cryptocurrency space that we live in to feel that their assets are more secure when, for example, there is a hacking issue and they know that the exchange will not allow their users to be arrested. similar to what Binance does.
Whereas with the Dex platform, it's not like that, and we have no idea who can help us when there are hacking problems in a decentralized exchange. That's what I see as the reason for my opinion, and that's what I think too.
-
It's not that huge actually, but it's still counts especially transaction fees. Aside from fees, the volume in DEX are much lower compare to CEX, that's why if you're trading just smaller amount, yes, centralized exchange are much better.
But all of us have personal preference, especially those who are private person.
Centralized exchanges are not better, they are just convinient and user friendly because it was designed to look how forex and brokers are, if at all decentralized exchange is similar to how centralized can exchanges are, a lot of people will go to decentralized exchange because you have a lot of privacy in decentralized than you will do in centralized exchanges.
If you have ever been a victim of centralized exchanges like not been able to withdraw, you will hate centralized exchanges. You will be verified and yet wouldn't be allow to withdraw, you will even contact their customer support only to be told that it will take some weeks before they get back to you, it can never happen on decentralized exchange because your keys belong to you.
-
Of the 9 people who voted in the poll, even 77% voted for CEX, which speaks volumes about how important privacy or personal data protection is to people. Of course, everyone wants liquidity and as many options as possible, but I would always prefer decentralized exchanges, which are not only good for privacy, but also because they serve only as an exchange, not as a wallet.
However, everyone has the right to their choice, but then they should be aware that when a case like the failure of FTX happens, they should always admit that part of the blame lies with themselves.
The reason I noticed most people voted for CEX is because of security and not privacy, I can see that lots of people don't want their coin to miss or wallet gotten hacked by DEXs. Usually everyone has their choice of option to make, as for me I still preferred Centralized exchange because whenever a trade is carried out we can moved our funds to a self-custodian wallet after trade or after acquiring the coins needed to buy. While in Decentralized exchange, we can still buy any coin but the security of our wallet is mostly needed and if we don't play very smart we could get hacked or phished, so people most prefer moving their funds to a secondary wallet before associating it with the exchange to avoid hack but, not everyone who loves moving their funds from wallet to wallet before performing some trades.
Perhaps one of the factors that causes other communities here in the cryptocurrency space that we live in to feel that their assets are more secure when, for example, there is a hacking issue and they know that the exchange will not allow their users to be arrested. similar to what Binance does.
Whereas with the Dex platform, it's not like that, and we have no idea who can help us when there are hacking problems in a decentralized exchange. That's what I see as the reason for my opinion, and that's what I think too.
Whether we do hate centralization but we cant really be able to avoid on not to like CEX when it comes into the convenience and benefits on which this is really that in par with those DEX.
When it comes on dealing up with fiat transactions or conversions then CEX would really be the ones will really be that preferred and something that cant be done on dex.
Also if we do really tend to look into the volume then its obvious on where people do really tend to hang out on which it would really be into those centralized exchangers because of this kind of
comfort and convenience.
-
Each has it's own aspect where we could decide on going for them, if you're into trading, then know that it's likely for you to go for centralized exchanges and you feels like there's nothing to loose or at risk with your KYC informations with centralized exchanges, but if you think privacy is a major concern to you, decentralized exchange will best work for you because you don't have to worry regarding any demands on KYC.
-
... they are just convinient and user friendly because it was designed to look how forex and brokers are, if at all decentralized exchange is similar to how centralized can exchanges are,
You mentioned all the better characteristics of any exchanges exist, and that's why many people use centralized exchanges than the decentralized one.
a lot of people will go to decentralized exchange because you have a lot of privacy in decentralized than you will do in centralized exchanges..
Please provide any better stat of decentralized exchanges compared to known centralized exchange in number of users and in trading volume because there is none.
Many people didn't even know what are DEX because they are little than those CEX.
I'm not a DEX hater, i'm using DEX too, besides that i promote them too. I just spit facts, no sugar coating, and based on experienced, and observance of others' issue. It's true, that DEX are better for any privacy reasons but with mid to advance (technical) knowledge needed to understand it, newbies and average traders/users surely drop using them because of technicalities they don't know.
If you have ever been a victim of centralized exchanges like not been able to withdraw, you will hate centralized exchanges. You will be verified and yet wouldn't be allow to withdraw, you will even contact their customer support only to be told that it will take some weeks before they get back to you, it can never happen on decentralized exchange because your keys belong to you.
Those are the worst experience anyone can, in any exchange. And i never experience any of those in my 7 years in this space. As i only use 1-2 CEX that are trusted, i may say, not those new and low volume exchange.
Just like i said, it's just personal preference, most people will use those easier the better options.
-
Both actually are important, like I use cex account to purchase whatever coin I want to hold in my dex account , cex account is nice though but when it comes to privacy and security Dex just the best . Because holding asset in a cex account can be kinda risky . Because it can be a easy target for hackers than Dex account. So I will say both have their advantage and disadvantages but still holding coin is best In Dex account.
-
Both actually are important, like I use cex account to purchase whatever coin I want to hold in my dex account , cex account is nice though but when it comes to privacy and security Dex just the best . Because holding asset in a cex account can be kinda risky . Because it can be a easy target for hackers than Dex account. So I will say both have their advantage and disadvantages but still holding coin is best In Dex account.
If Decentralized exchanges were as user friendly as the CEXs, I don't think that many people will bother themselves using DEX. It is because the decentralized exchanges require some kind of technical skills and not many people are committed to learn them, so it becomes tedious to people to adopt. A newbie may likely be scammed while trying to use DEXs.
-
As of the moment I use them both and I haven't had any issues so far aside from technicalities which I am having quiet a hard time using some features as it's unfamiliar to me though I need to gain more knowledge from experts in this community but still I am exploring and observing so yeah part of learning. 😁
-
The reason I noticed most people voted for CEX is because of security and not privacy, I can see that lots of people don't want their coin to miss or wallet gotten hacked by DEXs. Usually everyone has their choice of option to make, as for me I still preferred Centralized exchange because whenever a trade is carried out we can moved our funds to a self-custodian wallet after trade or after acquiring the coins needed to buy. While in Decentralized exchange, we can still buy any coin but the security of our wallet is mostly needed and if we don't play very smart we could get hacked or phished, so people most prefer moving their funds to a secondary wallet before associating it with the exchange to avoid hack but, not everyone who loves moving their funds from wallet to wallet before performing some trades.
Perhaps one of the factors that causes other communities here in the cryptocurrency space that we live in to feel that their assets are more secure when, for example, there is a hacking issue and they know that the exchange will not allow their users to be arrested. similar to what Binance does.
Whereas with the Dex platform, it's not like that, and we have no idea who can help us when there are hacking problems in a decentralized exchange. That's what I see as the reason for my opinion, and that's what I think too.
Both centralized and decentralized exchange the one thing i senses there is trust issues, they both posses same risk but in the other hand people tends to go over there is little or less risk, just as you said. When centralized exchange are more reliable people would think that since they are not in control of their funds they can lose their coin at a given time, similar example has been given to what happen with FTX.
What about Decentralized exchange wallet could be hacked and whom do we hold responsible after all our coin might have been taken away?
-
- Which do you prefer, CEXs or DEXs, and why?
My preference is that I use CEX on daily basis. Because it's easy to trade w/o any issues like transaction being delayed. And again why I prefer? CEX has better liquidity compared to DEX swaps. I know others can be higher than CEX. but most of all CEX ticks the box.
I do use DEX but not always.. It's just my opinion, but I don't hate DEX at all :D
- For CEX users: Does KYC concerns impact your choice of CEXs?
Nah. KYC is like a key to unlocking your door to do anything you want. For me, CEX reputation is one of the reason I trust them with my informations.
There's nothing to be afraid if you didn't commit any crime and or have no crime under your identify.
- For DEX users: Do you believe DEXs have the potential to completely replace CEXs in the future?
DEX will always be there and the potential of it to completely replace CEXs is 99% certain.. Why? DEX is a freedom for all of us, we can trade and do transactions without being traced.
-
My preference is that I use CEX on daily basis. Because it's easy to trade w/o any issues like transaction being delayed. And again why I prefer? CEX has better liquidity compared to DEX swaps. I know others can be higher than CEX. but most of all CEX ticks the box.
I do use DEX but not always.. It's just my opinion, but I don't hate DEX at all :D
Nah. KYC is like a key to unlocking your door to do anything you want. For me, CEX reputation is one of the reason I trust them with my informations.
There's nothing to be afraid if you didn't commit any crime and or have no crime under your identify.
DEX will always be there and the potential of it to completely replace CEXs is 99% certain.. Why? DEX is a freedom for all of us, we can trade and do transactions without being traced.
What you pointed out are exactly what ordinary users notice in CEXs and we are not surprised that CEXs have continued to grow after DEXs have emerged and become popular in the crypto market. The advantages of liquidity, speed, and low fees will always make CEXs more worth using than DEXs.
Of course, I also believe that CEXs are a place to trade, not a place for us to keep too many assets. Personal accounts will be a more suitable option for us to self-custody crypto assets.
-
They all have their own advantages and disadvantages, both CEX and DEX, I often trade in them. So depending on the coin and its price, whichever is more profitable for my trading then that's where I will trade. However, most people may prefer a centralized trading platform to a decentralized trading platform.
-
Nah. KYC is like a key to unlocking your door to do anything you want. For me, CEX reputation is one of the reason I trust them with my informations.
There's nothing to be afraid if you didn't commit any crime and or have no crime under your identify.
Have you never heard of KYC data abuse or database leaks? People get spammed with phishing e-mails through that and CEX is not the best place to put your personal data since many attackers are looming around. I think the argument that you did nothing wrong so you can just do KYC without being careful about it is wrong since it is not only about the government putting you in jail but also safeguarding your assets and your personal info from attackers. Not to mention, somebody can use your KYC info and then use some loan services to take a huge loan, then disappear and leave you with a difficult situation if the company doesn't bother to check the info at all. This already happens in my country, and the cost to fight the case is probably not worth the time. Because of this, I prefer DEX, especially if they have enough liquidity for my needs.
-
My preference is that I use CEX on daily basis. Because it's easy to trade w/o any issues like transaction being delayed. And again why I prefer? CEX has better liquidity compared to DEX swaps. I know others can be higher than CEX. but most of all CEX ticks the box.
I do use DEX but not always.. It's just my opinion, but I don't hate DEX at all :D
Nah. KYC is like a key to unlocking your door to do anything you want. For me, CEX reputation is one of the reason I trust them with my informations.
There's nothing to be afraid if you didn't commit any crime and or have no crime under your identify.
DEX will always be there and the potential of it to completely replace CEXs is 99% certain.. Why? DEX is a freedom for all of us, we can trade and do transactions without being traced.
What you pointed out are exactly what ordinary users notice in CEXs and we are not surprised that CEXs have continued to grow after DEXs have emerged and become popular in the crypto market. The advantages of liquidity, speed, and low fees will always make CEXs more worth using than DEXs.
Of course, I also believe that CEXs are a place to trade, not a place for us to keep too many assets. Personal accounts will be a more suitable option for us to self-custody crypto assets.
- Maybe that's why the community now trusts CX more in the crypto space because of the p2p services they have that can speed up the transactions of users, something that has increased their trust in a CX platform.
Well, in fact, I'm also one of those who trusted that, to be honest. That's why now, I'm looking more for the one that has p2p features for our fiat currency that aren't that much of a hassle and the transaction to be deducted is big.
-
They all have their own advantages and disadvantages, both CEX and DEX, I often trade in them. So depending on the coin and its price, whichever is more profitable for my trading then that's where I will trade. However, most people may prefer a centralized trading platform to a decentralized trading platform.
Actually the same feature between CEX and DEX exchange market just some advantage with CEX available trade with limit order and DEX exchange is not allowed .
In CEX exchange have lower fees for every order buy or sell difference when trading with DEX exchange we must spending higher fees exactly trade on Ethereum erc20 network.
I used both kinds for trading between CEX and DEX, some time DEX exchange give as opportunity take much profit by arbitrage buy at DEX and sell later on CEX exchange with few percent difference price.
-
The very appearance of the CEX exchange is incomparably better. The speed of transaction duration as well as the wider choice of networks and the cheapness of gas are definitely decisive reasons. The number of CEX is larger, so it is easier to decide which one you will go for, as there is a list on CMC where you can easily decide on an acceptable exchange. Custody of assets is reliable and difficult to cheat and steal.
-
They all have their own advantages and disadvantages, both CEX and DEX, I often trade in them. So depending on the coin and its price, whichever is more profitable for my trading then that's where I will trade. However, most people may prefer a centralized trading platform to a decentralized trading platform.
I used both kinds for trading between CEX and DEX, some time DEX exchange give as opportunity take much profit by arbitrage buy at DEX and sell later on CEX exchange with few percent difference price.
If we do arbitrage trading, then CEX exchanges and DEX exchanges have of course become everyday food. And it doesn't even matter that the high network fees of the Ethereum ERC20 Blockchain are high, because Arbitrage's profits are very high. Especially if the trading volume we under is high above $3000-$5000 per transaction.
-
Custody of assets is reliable and difficult to cheat and steal.
The custody of your assets should never be in the hands of a third party, i don't know why you think your funds are safe in their custody, but take note that centralized exchanges can be hacked and they can also confiscate your funds based on their own reasons. Your funds are only safe in your self custody, use exchanges to trade only.
-
Definitely the CEX exchange, because I had a terrible experience with the DEX exchange where my money got stuck and no solution could be found, the reason was the use due to little experience and low cost of transactions. The services of CEX are efficient and fast, the security requirements as well as the minimum trading rule are different for everyone, so I choose CEX.
-
- Maybe that's why the community now trusts CX more in the crypto space because of the p2p services they have that can speed up the transactions of users, something that has increased their trust in a CX platform.
Well, in fact, I'm also one of those who trusted that, to be honest. That's why now, I'm looking more for the one that has p2p features for our fiat currency that aren't that much of a hassle and the transaction to be deducted is big.
P2P is also just a part of the services that CEXs can offer to users, in which high liquidity and the diversity of trading pairs are really attractive and attract users. Ordinary users do not want to face the complicated knowledge of blockchain, the process of creating and managing accounts, especially interacting with DEX protocols and contracts of many tokens. All they want is to buy and sell tokens easily in order to make profits.
This also confirms that the majority of crypto users still do not really understand or have a high demand for self-custody of crypto, and we are still only in the early stages of the crypto market, which means that the opportunities for us are still very large!