Platform selection for trading cryptos

[joniboini]

Etherdelta and Forkdelta used to be the DEX exchanges I used. Everything looks nothing special, I think that's why currently CEX is getting more attention than DEX.
DEX may now be transformed into a 'swap' exchange like Uniswap did. The mechanism is good, but not more advanced than CEX.

I think dexes no longer follows the Etherdelta format after Uniswap becomes popular. I don't think we need to limit them to the same orderbook as Etherdelta anyway as long as they allow users to trade with their web3 wallet. It is no brainer that CEX is more popular since the average joe doesn't want to trouble themselves with learning how the orderbook works, what slippage and liquidity are, etc. Binance DEX also allows you to put a limit order iirc. At the end of the day, people who prefer DEX are not looking for advanced features, but privacy.

[Aanuoluwatofunmi]

Most traders make use of exchanges not minding the way they are being centralized by the nature of how they appear and the risk a centralized exchange could possess, when we are to make any of our selection, it is very important that we consider the way some of these exchanges operate, know their terms and condition and also be ready in facing any kyc related challenges with using them, however, we must not also forgot that when we are not trading, it is better we have our fun on a personal wallet and not on exchange, this is most applicable to the long time holders.

[Gurujebs]

I am a beginner. I just opened an account in Binance and bought some coins. at the same time, I also trade with brokerage firms like XM, which also offer crypto trading assets. This broker provides trading with leverage. I am curious are there any similarities between platforms like Binance and XM?

The difference between brokerage and crypto centralized exchanges is that one offer stock trading with limited coins but centralized exchanges only support only crypto coins, that's the difference between these two. In Binance, I believed you can find many varieties of coins that you can trade but you can't trade most of the foreign exchanges or currencies but Brokerage only have a limited coins that you can trade. That's the difference.

I will advice you to used Binance for trading cryptos and use brokerage for other stocks just to be at a safer side, Binance has a reputation even though it can't be trusted too but better than the Brokerage that has some coins for trading.

[Litzki1990]

When it comes to trading, one should consider those platforms where the transaction fees are very low and where an investor can complete all his transactions with ease.

Centralized or custodial platforms do not charge tx fees, they charge service and trading fees, and even when withdrawing from their platform, you pay them a withdrawal fee and they compile many withdrawal requests and send them in one tx and pay the fees themselves. About convenience, many crypto users prefer centralized exchanges because they consider it to be more convenient, however in decentralized exchanges, you get privacy, security and zero third party.

Every exchange trading incurs some fees and a trader has to accept that and then decide to trade. No exchange will definitely give us any service for free, just as we can make money by trading, they deduct some amount of money as trading fee before accepting each trade, even though the amount of that fee is very small. I think people who plan to trade or who are trading do not take this matter very seriously because then they are completely focused on how they can make a profit by trading or how they can improve their skills.

[bayu7adi]

I am curious are there any similarities between platforms like Binance and XM?

What is common is that both platforms are both related to trading. However, Binance is more inclined towards cryptocurrency trading while XM is not. XM supports trading forex, shares, equities and others. And XM is a broker, where all the assets you own will be able to get help with trading advice from the broker, however you should be careful too.
Because not every broker can have high trust, therefore make sure you always anticipate if something bad happens when using the broker's services.

[Sevi]

You can choose platforms that prioritizes crytpo trading so it would be easier for you to buy and sell coins. In addition, I think binance would be the best fit for it because it is mainly for crytp trading.