Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Decentralized Exchanges (DEX) => Topic started by: Istiak on January 28, 2020, 06:21:06 AM
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
You may choose seeing its security systems,,, all dex are n't secure. So be careful with your choose.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
You may choose seeing its security systems,,, all dex are n't secure. So be careful with your choose.
Which of the security systems did you choose? If so, you know which dex is safe. So help him like dex. Many people who are using dex are experienced in this regard. Are you experienced?
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Security and liquidity. That should be priority of a simple decentralized exchange.
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I recomand you to look to uniswap great liquidity ,no wash trade and easy to use.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
DEX has less secure than centralised exchanges. I frequently used etherflyer, Marcatox and idex as dex.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
You may choose seeing its security systems,,, all dex are n't secure. So be careful with your choose.
Both security & liquidity is essential to choose any decentralized exchange.
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Safety,security,low commission,transaction speed.These are the things i pay attention to.Currently I am using Polkadex as DEX. I recommend you to have a look :)
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Liquidity, reputation and fees are some of the most important things to check because these are areas where decentralised exchanges sometime do worse than centralised ones. To check the reputation and security of a dex I would recommend you look for news articles, endorsements and detailed reviews to get more details on how secure it is. If you can't find any information, it is best to avoid or at least proceed with caution. Also, having a good wallet and keeping your money in that whenever you are not trading is a good way to decrease your risks.
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Safety,security,low commission,transaction speed.These are the things i pay attention to.Currently I am using Polkadex as DEX. I recommend you to have a look :)
Another reason for Pdex too is privacy imo.Polkadex believes that traders are entitled to privacy. As a result, they've decentralized the KYC process for their users, allowing them to save their information in wallets rather than on their site.
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I prefer both cex and dex tbh.For example currently i am using Bitay and Bitay is launching the CeDeFi program, which will enable one-click trading on decentralized exchanges from its own platform.This is a feature that i am look in an exchanges.
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I prefer both cex and dex tbh.For example currently i am using Bitay and Bitay is launching the CeDeFi program, which will enable one-click trading on decentralized exchanges from its own platform.This is a feature that i am look in an exchanges.
I also heard that Bitay has a launchpad, is that true?
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I prefer both cex and dex tbh.For example currently i am using Bitay and Bitay is launching the CeDeFi program, which will enable one-click trading on decentralized exchanges from its own platform.This is a feature that i am look in an exchanges.
I also heard that Bitay has a launchpad, is that true?
Bitay does not have a launchpad yet but i heard Bitay launches BitayX Launchpad, which allows its customers to buy tokens of the best projects early and cheap.
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Hardware wallet and decentralized exchanges like Uniswap etc. Never leave your crypto on an exchange during a bear market. Some of us leave some for swing trading but our big moon bags are all self custody meaning hardware wallet. This means our crypto amounts are on the blockchains and only we have the keys to it. Even if the exchanges go bankrupt we are fine bc our crypto keys are ours not the exchanges.
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On a DEX, liquidity is essential for effective trading. Better price execution and narrower spreads are the results of more liquidity. Examine the breadth of supported assets, trading volume and liquidity pools offered by the DEX. To draw liquidity providers, certain DEXs could provide market making or liquidity incentives.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
- Of course, always look at the liquidity, if it is high and realistic in its marketcap, you should base it there to use it. Because if the liquidity is low, it is quite high risk to use a dex like that to be honest.
For example, like JUP, if you look at its liquidity in DEX, it is around 1M$ something in which is in my sight, that is fine with me to be honest, here's the link https://dexscreener.com/solana/dkvn7rktnjsser5oyurf3vddqu2znescywxvpervtcfa
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
You may choose seeing its security systems,,, all dex are n't secure. So be careful with your choose.
Even the Cex platform is not safe either, meaning Dex or Cex both have a risk. All we need as communities is to be researched first before using or entering money to do trading activity.
Now if I were the only one to be asked, I would prefer Dex. That's why CEX beat Dex because of the p2p features it has, so more people use the Cex platform exchange. Although the only good thing about Dex is that we have full control over our account,.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
the ones that I think are pretty good dex to use so far are JUP, Raydium, Dexscreener, Quickswap, these are the ones that I think are good to use and add the gecko terminal and Defilama.
But right now there are only two of those that I use often and these are JUP and Raydium. Because I often only use Cex platforms because of the p2p features they have.
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I prefer both cex and dex tbh.For example currently i am using Bitay and Bitay is launching the CeDeFi program, which will enable one-click trading on decentralized exchanges from its own platform.This is a feature that i am look in an exchanges.
In an equilibrium, the CEX and DEX needs to co-exist. Whereby an average user who is not technically inclined can also use the CEX while the savvy ones will use the DEX. That's the real essence of this industry, liberty.
For Dez choice, look at liquidity and the number of active developers maintaining the exchange. A mal-maintained DEX is just a time bomb that could be triggered any moment.
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Look for liquidity and most importantly all statistics & analysis. If you don't understand what I mean, you can check uniswap info by searching it on google. You'll see uniswap has their own statistics.
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Look for liquidity and most importantly all statistics & analysis. If you don't understand what I mean, you can check uniswap info by searching it on google. You'll see uniswap has their own statistics.
Factors to consider when choosing a DEX:
1. Daily trading volume: The higher, the better, as this indicates that the DEX has a large user base.
2. TVL and LP: The higher, the better, as this helps to reduce slippage.
3. Trading pairs or number of tokens listed: The more, the better, as this gives users more options.
4. Order options: The more convenient, the better.
5. Uptime: The longer, the better.
6. Team: The more reputable, the better.
7. Tokenomics of the native token: This affects the future of the DEX.
8. Legal status.
- Coinmarketcap: DEX (https://coinmarketcap.com/rankings/exchanges/dex/)
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
There are so many exchanges that are calling themselves decentralized exchanges in which they are not by any means, instead, they are just no kyc centralized exchanges or have one or two things that makes them completely not being decentralized, of all the exchanges, i can say well of bisq, but there are some others as well in which we must use of technical insight to know whether they are decentralized or not.
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The thread is old enough and still active. I wasn't a fan of DEX because I did not use EVM tokens too much. I am a Bitcoin lover, but I have also started holding some altcoins. I am using some DEX to farm their airdrops, which is why I am using them. Honestly, I guess Uniswap and Pancakeswap are the best out there. Currently, I am using owlto.finance, thruster.finance, and orbiter finance and debridge sometimes. If you don't want to research too much, use Rabby wallet so you know if the DEX is famous or not before you connect your wallet. The rabby wallet gives you a warning before you connect your wallet if the DEX is not popular.
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Look for liquidity and most importantly all statistics & analysis. If you don't understand what I mean, you can check uniswap info by searching it on google. You'll see uniswap has their own statistics.
Liquidity doesnt comes from the exchange, it comes from the projects that list their coins on the decentralized exchanges. If you look at Uniswap for example, they have different tokens that supports different chains and those liquidity were all supplied from respective projects because that will makes their holders to trade and swap coins easily without high slippage and bots front running.
I just hate the fact that most common decentralized exchanges all have owner that are known publicly, this beat the objective of the decentralization if the government doesn't like some features on decentralized exchanges.
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Look for liquidity and most importantly all statistics & analysis. If you don't understand what I mean, you can check uniswap info by searching it on google. You'll see uniswap has their own statistics.
agree
liquidity is the most important part of a DEX, the DEX that many people are interested in must have liquidity, don't just believe one-sided claims, you want to protect the assets you want to exchange on DEX, always pay attention to the liquidity
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
The thread has been created 4 years ago, but since many are still using DEX right now, I guess I need to answer this one.
1. Transaction fees - How much is the transaction fees on the DEX that you found? The lower the transaction fees, the higher your profit.
2. Liquidity - Higher liquidity, lower impact on the price. You can also buy and sell assets as ease since there's a huge liquidity on that asset.
3. Security - With many hacks happening around both CEX and DEX, I guess this is for me the most important factor that we must look when we are finding for a good DEX
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
- Maybe one of the things you should consider is to see if it is one of the liated top listed dex in the market, such as Uniswap, Quickswap, Jup, Raydium, and others that also have high daily trade volume in the market.
It is important that a Dex platform also has a good reputation. and also look at which of the Dex platforms the utility tokens are in the top listing of Dex; this is just in my portfolio.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
The first criteria in choosing Dex exchanges is based on the security system plus the Safety of your assets while using the Dex exchanges. There are scammers everywhere trying to exploit most Dex platform to defraud users especially during launching new tokens launch. If you are experienced in computer, you stand a chance of detecting bad actors, but if you are a novice, you have to be vigilant and watch out for phishing links.
Now, to look good Dex requires asking questions on social networks and getting the feedbacks while searching for the best Dex. I choose Dex exchanges through users reviews on medium, and Trustpilot platforms.
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The first criteria in choosing Dex exchanges is based on the security system plus the Safety of your assets while using the Dex exchanges. There are scammers everywhere trying to exploit most Dex platform to defraud users especially during launching new tokens launch. If you are experienced in computer, you stand a chance of detecting bad actors, but if you are a novice, you have to be vigilant and watch out for phishing links.
Now, to look good Dex requires asking questions on social networks and getting the feedbacks while searching for the best Dex. I choose Dex exchanges through users reviews on medium, and Trustpilot platforms.
If you're selecting DEXs based on reputation, I think you should check out the websites of L1 or L2 blockchains and learn about their ecosystems. Top DEXs will be introduced, and they often have strategic partnerships with each other because DEXs are the heart of DeFi, facilitating the flow of funds into and within the ecosystem.
Some aggregators like DefiLlama can also be a good suggestion if you want to evaluate DEXs based on TVL. A large TVL is a significant confirmation of users trust in those DEXs. I usually have a habit of using some of the largest DEXs in the ecosystem such as UniSwap on Ethereum, PancakeSwap on BNB chain, Raydium on Solana and DefiBox on Eos.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
liquidity and security... Since Dex requires you to connect your personal wallet, you must use a reputable Dex or your wallet may get hacked.
You can use Top Dex like Uniswap for ERC-20, Pancakeswap for Bep-20, Jupiter for SOL, etc. They have sufficient liquidity and are better than other DEXs in terms of security.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
We are having as many as possible decentralized exchanges, some of them are trusted to be whom they claim to be while some are not decentralized despite that they are claiming so, all we may have to do is in making research about it and knowing that all things fall in part for them, one of the best decentralized exchange wallet I can recommend for now is bisq, because there is more advantage and benefits on what to discover about them.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
Currently there are more than 20 DEXs circulating in the market (I can't mention their names one by one) so many DEX users are confused about which one to choose, that's understandable, a little advice from me is never to be careless in choosing a DEX, remember that each DEX has different liquidity, you must be able to choose which one you are sure can fulfill your transaction so that the gas fee you spend or pay is not wasted in vain.
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Currently there are more than 20 DEXs circulating in the market (I can't mention their names one by one) so many DEX users are confused about which one to choose, that's understandable, a little advice from me is never to be careless in choosing a DEX, remember that each DEX has different liquidity, you must be able to choose which one you are sure can fulfill your transaction so that the gas fee you spend or pay is not wasted in vain.
The most important thing I care about when using it is whether it's truly reliable and if it's officially partnered with and recommended by the blockchain's #DevelopmentTeam . Ether has Uni, BNB has Pancake, Polygon has Quick, Solana has Raydium..., we should only use top DEXs to avoid risks with new and less secure protocols.
Typically, top DEXs always have high liquidity to meet user demands, so we don't need to explore new DEXs even if their APR might be very attractive for LP providers.
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how to choose best dex? there are a lot of them right now and what someone should look for in a dex before using it?
If you're considering for a decentralized exchange, then go for bisq, any other option aside this is at your own risk, many of them are not decentralized, instead they are centralized exchanges and do not requires for kyc, the mistake many make comes from here, under centralized exchanges, we have the ones that demands for kyc and those that do not, then we also have the decentralized exchange on their own.
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I agree with the others, first of all in a dex you need to look for security, then that it has several trading pairs low fee and that it has nice graphics and that navigation is fluid and fast
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If you’re a newbie and only trade in little amounts, look for intuitive DEXs. Most times this apps are built for newbies and will most times take care of most of what you’ll be doing without overwhelming you.
If you’re maxi trader, check for DEXs with deep liquidity pools. If you use DEXs with low liquidity pools or whirlwind pools, you’ll end up paying higher fees.
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I look at reputation, if dex has been in market for a while I'll use it compared to new ones because with dexes you are exposing yourself to smart contract risks, if it's been in market for a while I suppose it can be called battle tested.
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When choosing a Decentralized Exchange (DEX), consider key factors such as security (smart contract audits, decentralized architecture), liquidity (trading volume, asset listings), user experience (interface, mobile support), fees (trading, gas), regulation and compliance (KYC/AML, jurisdiction), and community and support (engagement, customer support).
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Apart from all the mentioned facts, a user should revoke their wallet connection with the DEX before they close the website. No matter how well-reputed and secure their platform is, one should revoke their wallet connection before they close the website. It will take only a few clicks and a couple of seconds to connect the wallet again. It does not worth taking the risk for a couple of clicks and a few seconds. A lot of popular exchanges have been hacked before. So, if one want to stay in the safe side, they should follow this advice.
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Apart from all the mentioned facts, a user should revoke their wallet connection with the DEX before they close the website. No matter how well-reputed and secure their platform is, one should revoke their wallet connection before they close the website. It will take only a few clicks and a couple of seconds to connect the wallet again. It does not worth taking the risk for a couple of clicks and a few seconds. A lot of popular exchanges have been hacked before. So, if one want to stay in the safe side, they should follow this advice.
Connecting wallet does no harm since connecting wallet just gives dex platform permission to view your wallet address and ask for approvals, which are not harmful.
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Connecting wallet does no harm since connecting wallet just gives dex platform permission to view your wallet address and ask for approvals, which are not harmful.
But when you connect your wallet to a fake website with a fake smart contract that displays that they are just asking for permission to view your wallet but do other things like approve transactions behind, how does that feel? Have you ever been hacked like this way, if not, then you won't understand it.
Did you know how Bybit cold wallet was hacked a few weeks ago even though they were using multisig wallet? All of co-signer saw the correct address before signing the transaction which the hacker masked. But in reality, they changed the address and the funds were stolen. So, never be over confident.
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Connecting wallet does no harm since connecting wallet just gives dex platform permission to view your wallet address and ask for approvals, which are not harmful.
But when you connect your wallet to a fake website with a fake smart contract that displays that they are just asking for permission to view your wallet but do other things like approve transactions behind, how does that feel? Have you ever been hacked like this way, if not, then you won't understand it.
Yes, I have never been through such ordeal, may be that's the cause of my ignorance.
Did you know how Bybit cold wallet was hacked a few weeks ago even though they were using multisig wallet? All of co-signer saw the correct address before signing the transaction which the hacker masked. But in reality, they changed the address and the funds were stolen. So, never be over confident.
Yes, I am aware of Bybit's hack, didn't dive deep into it though.
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Yes, I am aware of Bybit's hack, didn't dive deep into it though.
Let me tell you something. The hackers are getting too smart these days. They are making advanced smart contracts that can even manipulate the texts that you are seeing. Imagine you are connecting your wallet on a website that did not ask for any permission but just wanted to connect the wallet. You see no other requirements.
But the hackers already get access when you approve the connection to the website. Those smart contracts shows you nothing in display but swipe your entire wallet without your permission. How does it sounds? So, always be sure that you are connecting your wallet in a legit website.