Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: SonofOlympus on May 15, 2024, 09:25:06 PM
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When people ask the usual CEX vs DEX question and I pick CEX they often talk smack about my answer saying they will pick DEXs anytime cause they prefer having complete control over their assets. It's a very valid reason but the steady influx of events on CEXs is enough for me to pick CEX, call me a brokie but that's just what I need hahaha.
An example now is one deposit event on Bitget I just saw. I won't be saying much about it but it has a million dollars of trading bonuses and BTC as its reward. Why will I choose DEXs over CEXs in that case? Besides, I don't even have enough assets to be worried about hahaha. What do you guys think though, weighing what both offer which will you choose, CEXs or DEXs?
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When people ask the usual CEX vs DEX question and I pick CEX they often talk smack about my answer saying they will pick DEXs anytime cause they prefer having complete control over their assets. It's a very valid reason but the steady influx of events on CEXs is enough for me to pick CEX, call me a brokie but that's just what I need hahaha.
You're right, we all have our preference to why we choose either a centralized exchange or a decentralized one, but when we looked in more closely to the challenges they both have, we could arrived at the same conclusion that it all depends on our individual preference, if we think that we can allow the exchange to be in custody of our assets and never mind about KYC, then we may have to use a centralized exchange, but if otherwise, we may have to consider a decentralized one.
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When people ask the usual CEX vs DEX question and I pick CEX they often talk smack about my answer saying they will pick DEXs anytime cause they prefer having complete control over their assets. It's a very valid reason but the steady influx of events on CEXs is enough for me to pick CEX, call me a brokie but that's just what I need hahaha.
An example now is one deposit event on Bitget I just saw. I won't be saying much about it but it has a million dollars of trading bonuses and BTC as its reward. Why will I choose DEXs over CEXs in that case? Besides, I don't even have enough assets to be worried about hahaha. What do you guys think though, weighing what both offer which will you choose, CEXs or DEXs?
I don't think I can pick one over the other. Both cex & dex have a role to play in the crypto space. If you want more flexibility and more risk then dex is for you. But if you crave security, control and low risk assets then cex is for you. Another perks is the rewards you mentioned on a cex. $1M is huge I'm sure no dex could roll out that kinda stuff for deposits. All in all, they both serve same purpose, so let's use them wisely..
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Decentralized exchange is for those that love privacy and don't want anything to do with KYC. The reason why a lot of people prefer CEx to DEx is because of their low fee and they have many countries currency in CEx. It is mostly traders that uses CEx for their trading activities. As for me I prefer DEx to CEx because my country government have started having issues with CEx based on regulation policy. Your information can be sold out to the government or your enemies to get you down on CEx.
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I would definitely choose DEXs over CEXs, of course CEXs have some advantages and some disadvantages and DEXs also have some advantages and some disadvantages but in comparison the risks of CEXs are much greater.
If, as you say, you do not have a lot of money to be afraid of and you would like to get some rewards by depositing in CEXs, then it is good in this case. But if you have a large amount of crypto assets, it is better to use DEXs or store them in a hard wallet.
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When people ask the usual CEX vs DEX question and I pick CEX they often talk smack about my answer saying they will pick DEXs anytime cause they prefer having complete control over their assets. It's a very valid reason but the steady influx of events on CEXs is enough for me to pick CEX, call me a brokie but that's just what I need hahaha.
An example now is one deposit event on Bitget I just saw. I won't be saying much about it but it has a million dollars of trading bonuses and BTC as its reward. Why will I choose DEXs over CEXs in that case? Besides, I don't even have enough assets to be worried about hahaha. What do you guys think though, weighing what both offer which will you choose, CEXs or DEXs?
I agree on your opinion on picking CEX over DEX but both exchange have their own pros and cons but the pros on the CEX outweighs the cons as far as i'm concern. If we have limited crypto or shall we say not much then CEX is preferable but if you have millions worth of crypto then i think DEX is the better choice but one way or another we need CEX to convert our crypto into fiat, that is per my experience.
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Actually, in my own view, there is no point in picking one over the other as both got their own advantages and disadvantages based on the many experience of other people and mine as well. Now, in case I can trade a certain coin or token in DEX I would gladly do it as it can be fast and less hassles compared to CEX where you have to register and maybe even do KYC before you can fully use their services. However, there are many times when a digital asset is being traded only in a CEX so in that case we would not have any choice but to use the CEX and get registered in there. In summary,. both CEX and DEX are playing good roles in the cryptocurrency industry as long as they are managed well and will not be doing an exit scam that can victimize people out of their hard-earned money. With CEX, I always prefer Binance as much as possible because it is user-friendly and as for DEX I love Uniswap and Pancakeswap.
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Why are these things being discussed at all?
CEX and DEX are not the same type of service at all. One is trading platforms, the other is exchange services. They have similarities, they all deal in cryptocurrency trading, but that doesn't make them a choice of what someone prefers. For example, for day trading and those who make a profit from it, DEX are unusable. Also for short currency conversion, DEXs are much more efficient.
It's like asking whether you prefer a passenger car or a truck.
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Centralized exchanger is comfortable to me. I can easily trade there and it is more secure o think. It also has some negative side like we are dependable on exchanger. They can lock our fund anytime. On the othe hand dex Decentraliz exchanger has some positive and some negative side there has no any controls by anyone.
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Besides, I don't even have enough assets to be worried about hahaha. What do you guys think though, weighing what both offer which will you choose, CEXs or DEXs?
I think it is a bad habit to have. Sure, you might not have that much money to lose, but there's no guarantee that their bonus will outweigh their cons such as doing KYC, the probability of locking your funds for one reason or another, and so on. If thousands of users have the same mindset, they can easily get millions of dollars through this alone, which is an attractive target for hackers. No one can stop you from using them, but if you ask people who are very enthusiastic about crypto and its philosophy most of the time they'll recommend DEX to you. I do agree that discussing this without context will be meaningless, so maybe you can ask whether using a DEX or CEX is better for your situation (if you don't want to do KYC, have no fiat channel to pay, etc).
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Exchange Cex or Dex certainly have their respective advantages and disadvantages, I personally have never compared the two.
Because I sometimes also trade on the Cex exchange, one time I also trade on the DEX Exchange.
Whichever Coin is profitable for me at that time, whether on CEX or DEX, that's where I will make transactions.
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Now, in case I can trade a certain coin or token in DEX I would gladly do it as it can be fast and less hassles compared to CEX where you have to register and maybe even do KYC before you can fully use their services.
But with that pace done you're good next time, so if you're constantly getting this kind of low traded tokens you might have 50 sells for one KYC, with a dex you need to find 50 buyers, one every time!
CEX and DEX are not the same type of service at all. One is trading platforms, the other is exchange services.
Not necessarily, there are thousands who use CEX to exchange their coins and more importantly to sell them to fiat rather than trading.
I think that a CEX nowadays offers far more options than a DEX, you can basically trade, exchange to other coins, change to fiat, and even pay other users via ID or load a card (if they own one), while dex...it's just exchange and that's it!
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I want to believe that a time is coming whereby there will be massive use of decentralized exchanges just as we already had with centralized exchanges that we all uses most frequently, the other reason why we may be having other challenges could be as a result of many lacking the understanding of their differences, and maybe some could not trust some of the decentralized exchanges in other for them not to cart away their assets all of a sudden.
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I want to believe that a time is coming whereby there will be massive use of decentralized exchanges just as we already had with centralized exchanges that we all uses most frequently, the other reason why we may be having other challenges could be as a result of many lacking the understanding of their differences, and maybe some could not trust some of the decentralized exchanges in other for them not to cart away their assets all of a sudden.
I can't wait to see the time of all of us using decentralized exchanges in the crypto exchange marketplaces. I am really tired of Bitget and Bybit vendors manipulation of the market price. They would say they are buying with $1629 for the $/NGN but when you placed order they would negotiate with you to reduce the amount showing in their ads and against the national accepted price in the stock exchange rate. And the only alternative now is to convert it to USDT but the conversion process requires additional fee again so you will still loss some percentage so the best option for us now is Decentralized Exchanges where everything will be done without manipulation.
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I want to believe that a time is coming whereby there will be massive use of decentralized exchanges just as we already had with centralized exchanges that we all uses most frequently, the other reason why we may be having other challenges could be as a result of many lacking the understanding of their differences, and maybe some could not trust some of the decentralized exchanges in other for them not to cart away their assets all of a sudden.
I can't wait to see the time of all of us using decentralized exchanges in the crypto exchange marketplaces. I am really tired of Bitget and Bybit vendors manipulation of the market price. They would say they are buying with $1629 for the $/NGN but when you placed order they would negotiate with you to reduce the amount showing in their ads and against the national accepted price in the stock exchange rate. And the only alternative now is to convert it to USDT but the conversion process requires additional fee again so you will still loss some percentage so the best option for us now is Decentralized Exchanges where everything will be done without manipulation.
Hopefully it will be the case, but to be honest, as much as we wanted to move to DEX, I don't see it happening in the future. CEX has already established themselves already. Even there is manipulation, hacks, rug-pull, majority of us still going to blindly trust him as there are also some issues with CEX, specially it's liquidity. I guess we should just be very careful on what DEX that we're going to used moving forward to not fall for some kind of manipulation like you describe.
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Everyone of us have what we want and deserve going for it, when it comes to exchanges, we should know their differences, because both the centralized and decentralized exchanges do have their advantages and disadvantages and this has to apply on us base on what we wanted to use each one of them for, but we should not later come to tell others about not being informed on their differences before using them.
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Everyone of us have what we want and deserve going for it, when it comes to exchanges, we should know their differences, because both the centralized and decentralized exchanges do have their advantages and disadvantages and this has to apply on us base on what we wanted to use each one of them for, but we should not later come to tell others about not being informed on their differences before using them.
What is the big difference between DEX and CEX? One prioritizes your security and the other prioritizes your personality. You don't need any kind of kyc verification to use DEX but in CEX you must complete the verification because currently all popular exchangers have made kyc mandatory on their platform so without KYC you cannot use a popular CEX. I am not a big crypto investor or trader. So I am not too worried about my privacy. Because of this I use CEX more for regular use.
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What is the big difference between DEX and CEX? One prioritizes your security and the other prioritizes your personality. You don't need any kind of kyc verification to use DEX but in CEX you must complete the verification because currently all popular exchangers have made kyc mandatory on their platform so without KYC you cannot use a popular CEX. I am not a big crypto investor or trader. So I am not too worried about my privacy. Because of this I use CEX more for regular use.
Just like you, I prioritize the convenience, low fees, and comprehensive features that CEXs can offer. KYC hasn't been an issue for me, and I'm ready to complete it to be allowed to use the features of CEXs to generate profits when investing in crypto.
Some believe that DEXs are better than CEXs; perhaps they prioritize their anonymity. For the time being, I don't see a significant need for anonymity for myself. CEXs know who I am, and they also don't need to worry about my actions as I explore the features of CEXs.