Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency Trading => Topic started by: AvatarSiri on September 20, 2024, 05:51:02 PM
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With bullish momentum picking up, I’m thinking about getting into trading back but I’m unsure which option is better and more straightforward: CEX or DEX. Any advice would be appreciated.
For context, I’ve been exploring several DEX platforms like LogX, dYdX, and others. I’d love to hear your insights. Please don't suggest both 😆😆
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With bullish momentum picking up, I’m thinking about getting into trading back but I’m unsure which option is better and more straightforward: CEX or DEX. Any advice would be appreciated.
For context, I’ve been exploring several DEX platforms like LogX, dYdX, and others. I’d love to hear your insights. Please don't suggest both 😆😆
When you use DEX your entire fund will be under your own control. But when you use CEX your funds are not completely in your control. So in this case your risk will be higher. But with CEX you can take an action very quickly and save huge amount of trading fees. But when you use DEX you have to pay blockchain fee on every trade. So it is very cost effective. So I think CEX is better if you don't want to trade huge amounts. And I use CEX for trading most of the time
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I prefer to use centralized exchanges for trading. After I finish trading, I move my money to a noncustodial wallet. I prefer it like that.
I do some swapping on noncustodial wallet but I have not traded futures on decentralized exchanges before. I do not like how they are compared to centralized exchanges.
If you are a day trader or scalping, you will prefer centralized exchanges also..
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If you are a day trader or scalping, you will prefer centralized exchanges also..
I also choose centralized exchanges because of the higher volume and also makes it easier for me to scalp, although it can also be done on DEXs, but I am more often on centralized exchanges.
Using Binance, Bitgate or some other tier 1 exchanges, or even local exchanges. But now I have to be more vigilant because there have been many cases of hacking lately, but the funds are still safe, although in every period of profit I get will always withdraw them to my personal wallet.
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With bullish momentum picking up, I’m thinking about getting into trading back but I’m unsure which option is better and more straightforward: CEX or DEX. Any advice would be appreciated.
For context, I’ve been exploring several DEX platforms like LogX, dYdX, and others. I’d love to hear your insights. Please don't suggest both 😆😆
You are late to join the momentum the right time was 2 to 4 months before the halving that time everyone was buying and due to hype BTC pumped as well as the whole market. Now people are trading the chances for BTC to make another pump are lesser.
If you still want to trade then you must go for CEX but if you prefer anonymity and the other decentralized features you must use DEX. I use CEX for trading the current situation of the market does not have to tell us what way we should be trading.
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With bullish momentum picking up, I’m thinking about getting into trading back but I’m unsure which option is better and more straightforward: CEX or DEX. Any advice would be appreciated.
For context, I’ve been exploring several DEX platforms like LogX, dYdX, and others. I’d love to hear your insights. Please don't suggest both 😆😆
When you use DEX your entire fund will be under your own control. But when you use CEX your funds are not completely in your control. So in this case your risk will be higher. But with CEX you can take an action very quickly and save huge amount of trading fees. But when you use DEX you have to pay blockchain fee on every trade. So it is very cost effective. So I think CEX is better if you don't want to trade huge amounts. And I use CEX for trading most of the time
What about in terms of liquidity and volume?? Cex or dex??.
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When you use DEX your entire fund will be under your own control. But when you use CEX your funds are not completely in your control. So in this case your risk will be higher. But with CEX you can take an action very quickly and save huge amount of trading fees. But when you use DEX you have to pay blockchain fee on every trade. So it is very cost effective. So I think CEX is better if you don't want to trade huge amounts. And I use CEX for trading most of the time
We also have to pay fee on every trade we make on CEXs and I find them very annoying because at the start they were not that noticeable, but with time they are increasing them I think overall the self possession of funds is necessary as experts used to say we don't own the keys then we don't own the funds.
We should not hold all of the funds in one centralized exchange as if it gets some kind of ban from your country you have to face problems, so distribute funds on different exchanges (cexs) for better security and if fee is not a problem, then DEX is for you.
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With bullish momentum picking up, I’m thinking about getting into trading back but I’m unsure which option is better and more straightforward: CEX or DEX. Any advice would be appreciated.
If you want to go for trading then I suggest you to go for CEX instead of DEX. There's nothing wrong in using a good centralized exchange if you aren't doing anything wrong and if privacy doesn't matters a lot for you. However, if you prefer privacy way above then other things then I suggest you to go with a decentralized exchange.
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Regardless of the risks, security and safety reasons although i take them into account, i am sorry i prefer CEX for many reasons, including good UX, good rates, and higher volume. To be in fact i get out my funds right after i traded on the platform so no funds will be left on the account.
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I prefer to use centralized exchanges for trading. After I finish trading, I move my money to a noncustodial wallet. I prefer it like that.
I do some swapping on noncustodial wallet but I have not traded futures on decentralized exchanges before. I do not like how they are compared to centralized exchanges.
If you are a day trader or scalping, you will prefer centralized exchanges also..
I agree that centralized exchanges are good for trading especially for day traders and scalpers who require speed and liquidity. Decentralized exchanges still lag behind in terms of user experience and functionality. While non custodial wallets offer security and control CEXs provide the necessary tools for active trading. Means every platform has its own advantages. CEXs gives that which DEXs and Wallets can't give or DEXs gives that which others can't give.
So this is good to use CEXs for trading and after that if we want to hold any coin so wr should use wallets.
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Regardless of the risks, security and safety reasons although i take them into account, i am sorry i prefer CEX for many reasons, including good UX, good rates, and higher volume. To be in fact i get out my funds right after i traded on the platform so no funds will be left on the account.
Yeah, CEXes are just usually more user-friendly, that's just the fact.
OKX never got me in a good mood with anything that it should do.
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DEX and SWAP platforms are what they usually recommend for anonymity but the desire to make money i think is just more enticing. its easy for anyone to use the CEX for we could also use the p2p to cash out the profit.
the dexes are just so easy to use and i think most of us are not so open to connecting out wallets to a dex knowing that a hack could happen any time.
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I usually use centralized exchanges. And for now, the ones I use most often are 2.
1. Binance
2. Tokocrypto, this is a local exchange in my country where I usually use it for withdrawal purposes to a bank account. Because the WD fee is quite cheap. And this is also part of Binance, so if you send coins from Binance to this local exchange, it's usually free.
Oh yeah, for DEX, I actually rarely do it, unless it's for trading new coins, and that would be much better on a DEX like Pancakeswap than having to send it to CEX. But of course both have their own pros and cons.
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With bullish momentum picking up, I’m thinking about getting into trading back but I’m unsure which option is better and more straightforward: CEX or DEX. Any advice would be appreciated.
For context, I’ve been exploring several DEX platforms like LogX, dYdX, and others. I’d love to hear your insights. Please don't suggest both 😆😆
i have not much experience with the platforms you have mentioned but if you are already familiar with dex why are you still hesitant? anyway i am not advising both but it can go either way because it all depends on your preference and what you can or can’t stand
it’s basically picking a poison that won’t kill you with cex obviously you can’t expect that it your money is all in your custody there is a risk that the platform may question your funds and hold it and may need to collect more information from you so if privacy is a big deal to you then obviously you should just rule out cex
meanwhile with dex yes it gives you privacy but you would need to be the most responsible here because the customer service support will not be as reliable as cex and the liquidity might not be as good as in cex so both has risks and cons but still have their own unique strengths just pick one that is more important to you
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I usually use centralized exchanges. And for now, the ones I use most often are 2.
1. Binance
2. Tokocrypto, this is a local exchange in my country where I usually use it for withdrawal purposes to a bank account. Because the WD fee is quite cheap. And this is also part of Binance, so if you send coins from Binance to this local exchange, it's usually free.
Oh yeah, for DEX, I actually rarely do it, unless it's for trading new coins, and that would be much better on a DEX like Pancakeswap than having to send it to CEX. But of course both have their own pros and cons.
What would be the cons of DEXes for you?
Just interested to hear your point of view on it. - I only used OKX, and I would gladly hear from you what you think about it.
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I prefer dexes, because:
1) No KYC is required
2) Lot more tokens choice since there is no such thing as called 'listing' on dexes — have contract address of token you want to trade and that token has enough liquidity? You are good to go.
Only con I can think of is, you will be required to pay gas fee.
There are also perpetuals dexes if one is into it, but I personally did not have good experience with those.
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I prefer dexes, because:
1) No KYC is required
2) Lot more tokens choice since there is no such thing as called 'listing' on dexes — have contract address of token you want to trade and that token has enough liquidity? You are good to go.
Only con I can think of is, you will be required to pay gas fee.
There are also perpetuals dexes if one is into it, but I personally did not have good experience with those.
Interesting. What exactly wasn't good with perps DEXes?
I am genuinely interested in your view and experience on it.
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I prefer dexes, because:
1) No KYC is required
2) Lot more tokens choice since there is no such thing as called 'listing' on dexes — have contract address of token you want to trade and that token has enough liquidity? You are good to go.
Only con I can think of is, you will be required to pay gas fee.
There are also perpetuals dexes if one is into it, but I personally did not have good experience with those.
Interesting. What exactly wasn't good with perps DEXes?
I am genuinely interested in your view and experience on it.
So it was Pika protocol called perp dex, I had longed Ethereum there from about $1300 with liquidation price around $900 IIRC, it was supposed to be a long term position, but they had updates in which users were to force close their positions, and I had to too, those Ether prices were not seen again and I regretted closing the position.
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I prefer dexes, because:
1) No KYC is required
2) Lot more tokens choice since there is no such thing as called 'listing' on dexes — have contract address of token you want to trade and that token has enough liquidity? You are good to go.
Only con I can think of is, you will be required to pay gas fee.
There are also perpetuals dexes if one is into it, but I personally did not have good experience with those.
Interesting. What exactly wasn't good with perps DEXes?
I am genuinely interested in your view and experience on it.
So it was Pika protocol called perp dex, I had longed Ethereum there from about $1300 with liquidation price around $900 IIRC, it was supposed to be a long term position, but they had updates in which users were to force close their positions, and I had to too, those Ether prices were not seen again and I regretted closing the position.
;( That's sad. Thanks for sharing it though, much appreciated!
Interesting to try these on other DEXes, though, I am not a fan of perps at all.
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Looking at the many good responses for your inquiry, I am sure the biggest winner is CEX for trading...while also taking into account that DEX may have some advantages too. Now, as for me, I still prefer CEX so choose one you think you can trust, has a strong track record of security and good level of support. Always remember that any platform you may use will have many associated risks so make sure you are minimizing those risks and not exposed yourself to them unnecessarily. Good luck on your trading journey and please update us here from time to time with your experience.
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Looking at the many good responses for your inquiry, I am sure the biggest winner is CEX for trading...while also taking into account that DEX may have some advantages too. Now, as for me, I still prefer CEX so choose one you think you can trust, has a strong track record of security and good level of support. Always remember that any platform you may use will have many associated risks so make sure you are minimizing those risks and not exposed yourself to them unnecessarily. Good luck on your trading journey and please update us here from time to time with your experience.
I also choose CEX on reputable exchanges, such as binance, kucoin, gate.io etc. I spend more time and trade on these exchanges. Because I think the security is sufficient in making transactions on CEX. but if there are those who are more comfortable and can get a difference in profit on DEX, they can use it. I thin it depend on you.
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With bullish momentum picking up, I’m thinking about getting into trading back but I’m unsure which option is better and more straightforward: CEX or DEX. Any advice would be appreciated.
For context, I’ve been exploring several DEX platforms like LogX, dYdX, and others. I’d love to hear your insights. Please don't suggest both 😆😆
If you are are a professional traders, or maybe not, but you just want to trade like a pro, then for me, I think a centralized exchange like Binance, bybit, bitget are the best choices.
Decentralized exchanges can be good but they do not offer they convinience and speed that centralized exchanges offer, imagine opening a trade and waiting for several minutes to get a confirmation so as to move on to the next trade? Dex platforms (to me) are very convenient for buying tokens that are not to be sold immediately or like a minute of two later.
To enjoy a really good trading experience with great tools at your disposal, and good volume and liquidity, choosing a top centralized trading platforms like the ones I mentioned above is the best option if you ask me.
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With bullish momentum picking up, I’m thinking about getting into trading back but I’m unsure which option is better and more straightforward: CEX or DEX. Any advice would be appreciated.
For context, I’ve been exploring several DEX platforms like LogX, dYdX, and others. I’d love to hear your insights. Please don't suggest both 😆😆
Cex doesn't have a good tools to make charts looks professional and many of then have just swap functions. I am not going to lie to you, I used centralized exchanges to trade and they are not one or two, depending on how voluminous that coin is traded and they are easy to chart just like I said and the order are still based on traditional financial trading place, unlike Dex that doesn't even have chart for their traders.
Some traders do use Cex since the price of coins from other places follow centralized exchanges coins, they do use coins from cex to trade but actually executed the main thing on the decentralized exchange since they value their own privacy in Dex exchanges than centralized exchanges.
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From a trader's perspective currently the centralized exchanges are the best because they have more trading volume which is important for trader, more trading pairs, better user experience and customer support in case if there's an issue but the only downside is paying huge fee while withdrawal.
DEX is definitely option who don't want to do KYC, and doesn't even want to hold their crypto assets for even a while in someone else's custody.
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From a trader's perspective currently the centralized exchanges are the best because they have more trading volume which is important for trader, more trading pairs, better user experience and customer support in case if there's an issue but the only downside is paying huge fee while withdrawal.
DEX is definitely option who don't want to do KYC, and doesn't even want to hold their crypto assets for even a while in someone else's custody.
So CEX = stability and volume, DEX - security, first and foremost?
That's everybody's choice to take, of course, but both can be utilized to some extent by the same trader.
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I prefer dexes, because:
1) No KYC is required
2) Lot more tokens choice since there is no such thing as called 'listing' on dexes — have contract address of token you want to trade and that token has enough liquidity? You are good to go.
Only con I can think of is, you will be required to pay gas fee.
There are also perpetuals dexes if one is into it, but I personally did not have good experience with those.
I think I've made my choice from these comments. Dex could be slow though. RN I want convenience
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From a trader's perspective currently the centralized exchanges are the best because they have more trading volume which is important for trader, more trading pairs, better user experience and customer support in case if there's an issue but the only downside is paying huge fee while withdrawal.
DEX is definitely option who don't want to do KYC, and doesn't even want to hold their crypto assets for even a while in someone else's custody.
So CEX = stability and volume, DEX - security, first and foremost?
That's everybody's choice to take, of course, but both can be utilized to some extent by the same trader.
Not every DEX are truly decentralized, I don't want to name any of them but let's say most of them are and security for our funds because we hold our funds but there are also many possibilities for security vulnerabilities on DEXes so it's not recommended for newbie unless they are aware of what they are doing.
Using DEX will lead us to KYC but at least we get to have a better trading experience and as long as we don't keep any funds sleeping in exchange's wallet it's not really a big concern for me.
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CEX is still worth my consideration, it really provides better convenience than DEX... moreover using DEX does not guarantee that it is something safe from hacking, and even some DEX actually have many shortcomings that make me reluctant to trade there...
Currently I am more dominant in using popular CEX with more pairs... I am still in the stage of building a more stable finance first, before prioritizing what privacy is... I realize that my money is not enough, and my priority is to increase it first, then focus on privacy issues for the continuation.
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Centralized or decentralized exchange both are good for conducting trading activities but personally I prefer centralized exchange. One of the main reasons for using DEX is to protect user privacy. DEX is better if a user prefers anonymity. It will be used for experienced traders. But hacking is more likely happen. Scammers with various phishing links are more likely to attack. Centralized platforms have the influence of intermediaries whereas users on DEX platforms do not need such intermediaries. However, it is quite different from CEX and DEX in terms of usability and other advantages. I feel quite comfortable using centralized exchanges.
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Actually, I would like to know what kind of trader he is before suggesting here. If he is a day trader, then I will suggest him to use centralized exchange because in this case the amount of trade is high and in this case it can be seen that centralized is one whose trading fee is very low.
This is why it is more profitable for day traders to use a centralized exchange. On the other hand, if you have to use a decentralized exchange, in this case, if you pay the fee repeatedly, it can be seen that a huge amount is going into this exchange fee, which is actually not beneficial for trading. But if long term holder then it will be best for him to use decentralize exchanger.