Decentralized Exchange (DEX)

[GanBin 705]

1 hour ago, DAnet777 said:

You are not wrong but what I have noticed is the increase in transactions of decentralized exchanges, although, I have not tried bisq before and I may try it but I prefer centralized ones like yobit. 

 

I took will prefer the centralized exchange if yobit is a centralized exchange, yobit service is very good, the trades are fast when someone send bitcoin to me is also fast. I think yobit is one of the best exchange, I like it and because it is centralized, I think centralized exchanges are good. 

[Rosarvx 965]

DEX are the most secure exchanges for me than all other exchanges, also crypto should always be about anonymity

[Whited35 15285]

18 hours ago, DAnet777 said:

You are not wrong but what I have noticed is the increase in transactions of decentralized exchanges, although, I have not tried bisq before and I may try it but I prefer centralized ones like yobit. 

You have made the same posts thrice, check your previous reply, I assume you clicked on reply option once draft is shown to you. Request moderators to remove two of your clone posts first. Similar comment has already an elaboration, check my previous post quote. 

 

On 11/1/2020 at 11:25 PM, Rosarvx said:

DEX are the most secure exchanges for me than all other exchanges, also crypto should always be about anonymity

Yes, there is no central entity or servers to get hacked too quickly 😉

[tienda 8776]

On 10/31/2020 at 5:45 PM, Whited35 said:

DEXes are there to give full financial freedoms. Yes there are some limitation on DEXes but it does not mean they all are bad. DEXes are often responsible to perform transaction without middlemen. I believe, in future, DEXes will be the first choice from every crypto enthusiasts. 

Yes @Whited35 I agree with your opinion and also I see in the future DEX will be the first choice from every cryptocurrency users. I think the people every day learning a lot to understand anything about cryptocurrency, at the end with this knowledge are able to control and to take a decision for their self without a third party.

 

[scorpiali 5626]

It's a real crypto currency philosophy because you own your coins and no one can manipulate the trading or the volume not like the centralized exchange, the major of exchanges now have his own decentralized exchange like binance the risks is little bit less in general 

[Whited35 15285]

5 hours ago, tienda said:

Yes @Whited35 I agree with your opinion and also I see in the future DEX will be the first choice from every cryptocurrency users. I think the people every day learning a lot to understand anything about cryptocurrency, at the end with this knowledge are able to control and to take a decision for their self without a third party.

 

@tienda There is a growing craze on DEXes because there will be no middlemen to control or intercept your trading activities. Everything will be carried out by the smart contracts. Traders can provide liquidity on DEXes. 

 

11 minutes ago, scorpiali said:

It's a real crypto currency philosophy because you own your coins and no one can manipulate the trading or the volume not like the centralized exchange

Yes there are some downsides on the DEXes too but still they are favorable consider because there will be no central entity to control everything. 

[scorpiali 5626]

2 hours ago, Whited35 said:

Yes there are some downsides on the DEXes too but still they are favorable consider because there will be no central entity to control everything. 

Even in decentralized exchange the manipulation is a truth but if we compare between centralized exchange it's less control of course, the problem in decentralized exchange is we can't know the volume of trading and can be changed at any time and fees is little bit higher than normal exchange 

[Dark Shadow 295]

@Whited35 You have created a great topic 👍. You have covered almost everything there is to know about DEXs. I wanted to ask you that centralized as well as decentralized exchanges have been hacked before. So does this mean that both of them are equally susceptible to cyber attacks. Do they both have the same level of security?

[Zeshan Khalid 2577]

It can make users to interact with each other and provide independence to their trade. Central authority can help reduce scams and manage the exchange so I think some sort of authority must be there.

[ShiNorton 906]

Good topic with every information. I also like DEX exchanges because they are more secure than centralized. Data in DEX exchanges are shared & exchanged between so many nodes in peer-to-peer model. I like the DEX technology.

[Whited35 15285]

On 11/5/2020 at 12:03 AM, ShiNorton said:

Good topic with every information. I also like DEX exchanges because they are more secure than centralized. Data in DEX exchanges are shared & exchanged between so many nodes in peer-to-peer model. I like the DEX technology.

Some CEXes like Coinbase are still good with top rank security layers. DEXes are also having some bugs and hackers may exploit bugs to drain the money out from the exchange so it is better to avoid using less secure platforms no matter it could be CEX or DEX. 

[Elbaratonr 0]

It is a very reliable and secure binance site, you connect your wallet and you can change your coins only by bnb and very few with btc but it is very functional

[Liliz 529]

Decentralised exchange is such a good exchange because it does not relent on third parties to hold the customer's funds and it is not controlled by any anythority. In decentralised exchange, trades occurs between users through automated means. It also provides high security to its users funds. People that have tried using the centralised exchange can as well share their experiences in relation to decentralised exchange so that other incoming users can also gain from the idea of choosing the one to go for as their choice. 

[Abdulrahman3 1252]

I see that Dexes achieves the goal for which Satoshi made his Lao-Bitcoin coin, which is secrecy as much as possible in financial transactions, and for this we see that Satoshi to this day has not revealed his identity to anyone.

[Whited35 15285]

On 11/4/2020 at 12:54 PM, Dark Shadow said:

@Whited35 You have created a great topic 👍. You have covered almost everything there is to know about DEXs. I wanted to ask you that centralized as well as decentralized exchanges have been hacked before. So does this mean that both of them are equally susceptible to cyber attacks. Do they both have the same level of security?

Some DEXes are also getting hacked due to the bugs in the system but the result from hacking will be more dangerous for CEXes as there will be single server to host all the essential information and data. On decentralized exchange, comparatively less users will get affected. 

[Dark Shadow 295]

19 minutes ago, Whited35 said:

Some DEXes are also getting hacked due to the bugs in the system but the result from hacking will be more dangerous for CEXes as there will be single server to host all the essential information and data. On decentralized exchange, comparatively less users will get affected. 

Well, thanks for telling me about that @Whited35. This surely is one of the bright sides of DEX's. I hope that we can see more advancement in them in the near future so that more people switch to them.

[Waseem jabbar 185]

Yes , DEX is the best and secure exchange in the market . Because its a amazing and popular in the world , and many people are use it.We also know that many DEX are fake due to lake security system .i think Decenterlized exchange is the good exchange .

[Rozy 1918]

It is really a great topic, you have made everything clear regarding decentralized exchanges, the only thing that I found missing is a list of exchanges that are decentralized and another list that are centralized, this way when someone advices us to use a certain exchange we immediately know what type is it and whether it suits us or not.

[Eezabell 339]

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[M Shahmeer 331]

Decentralized exchanges are not been more popular than centralized Exchanges

In centralized Exchanges deposit fee is high but they offer complete privacy of your investment

But in Decentralized exchanges you have p2p trading of Cryptocurency 

They are controlled by any appreciate authority

In future decentralized exchanges will be more popular 

Binance Dex has good rating in decentralized exchanges

[sinseoul 0]

I've heard about this cryptocurrency exchange and I think that is a great exchange. I still haven't used it, but maybe I'll give it a try sometime. For now, I'm currently using Binance exchange because I also use Trust wallet and it is really convenient to use those 2 at the same time.

[BinatGul 30]

Dear friend, I think you provide some basic information about DFI Exchange, but it is really helpful for me as I am not using this DFI Exchange. I am also looking for how to improve DFI exchange. Most of the members participate in this exchange because you don't have to be kicked.

[Whited35 15285]

On 1/13/2021 at 10:53 PM, BinatGul said:

Dear friend, I think you provide some basic information about DFI Exchange, but it is really helpful for me as I am not using this DFI Exchange.

DeFi not DFI write the crypto-related terms very carefully. 

On 1/13/2021 at 10:53 PM, BinatGul said:

but it is really helpful for me as I am not using this DFI Exchange.

Why you are not using the DEXes, what are the problems with them? 

On 1/13/2021 at 10:53 PM, BinatGul said:

I am also looking for how to improve DFI exchange. Most of the members participate in this exchange because you don't have to be kicked.

Lol, so you said you were not using the DEXes but I wonder how you attempt to improve the DEXes if so? I assumed you are familiar with some risks involved while using both sort of cryptocurrency exchange platforms: CEXes and DEXes. 

[Rutherford Adam 67]

Very good post senior I must appreciate to you for sharing this information about (DEX).I don't have any idea about this but through your platform and from comments section I got too much information about this.

[Whited35 15285]

6 hours ago, Ivarr said:

Username and password can be managed via this exchange, however any incorrect transfer method results in money loss that can’t be retrieved, which is extremely bad. There are more trustworthy and stable exchanges that could be looked at again.

On CEXes? Yes, there will be the single client-server system and if hackers hack the main server, there will be the risks of a single point failure but in case of the Decentralized cryptocurrency exchange platforms DEXes, they are based on the P2P networks to exchange the data and the instructions among the all the participating nodes within the blockchain ecosystem so your passwords are not stored in any servers there.