Decentralized Exchange (DEX)

[Whited35 15285]

On 7/23/2020 at 3:13 PM, Manomano said:

The dexes are a legitimate alternative to conventional exchanges and they're my favorites as well as no longer requiring kyc verification you may trade with nearly any token with the aid of adding them manually beginning from the clever contract

Most of the DEX platforms are based on Ethereum blockchain technology.I have not clearly got the point what are you trying to cite by involving the term "Clever Contract" but anyway, DeFi protocols with lending features are insanely grabbing attentions of potential crypto investors. 

[Whited35 15285]

1 hour ago, newyo said:

I particularly like a DEX exchange for the total control that you have over your funds .. but unfortunately it is little used

Did you mean DEXes are not widely used ? If yes, have a look at the current craze in DEX from the so many traders around this world. Due to the massive surge in the DeFi activities, ETH price is skyrocketing ! DEXes are becoming more popular dude ! 

[Calvinpriva 17296]

@Whited35 Well explained, my friend. But there are DEX that requires KYC, am using LBC and the first day i need to create my selling account they told me i must complete KYC with a legal government document. But it is simply not like other sites, you just upload the ID and if it's the same names with your account, your selling account will be approved easily. I also using paxful but only for a few trades, they don't require KYC for normal accounts... But you will do KYC for selling accounts if am not wrong.

[Masterrex 559]

Decentralized exchange or DEX is good and secure But many traders wont use it because of its uncompetitive trading volume Im a trader and I prefered to use the CEX or Centralized Exchange for that particular reason which is the trading volume But I didn't say that DEX is bad its just my personal choice. 

[Whited35 15285]

37 minutes ago, Calvinpriva said:

@Whited35 Well explained, my friend. But there are DEX that requires KYC, am using LBC and the first day i need to create my selling account they told me i must complete KYC with a legal government document. 

@Calvinpriva LBC is the name of exchange itself or there is full form for this term?If that exchange requires KYC documents to put somewhere, it is already centralized because true DEX would never have central authority to control your financial activities.There are already so many debates regarding this matter because DEX allows p2p trading feature without middlemen but there will be system functionality to replace middlemen. Paxful is p2p trading platform but it is not fully DEX. 

[Calvinpriva 17296]

2 hours ago, Whited35 said:

@Calvinpriva LBC is the name of exchange itself or there is full form for this term?If that exchange requires KYC documents to put somewhere, it is already centralized because true DEX would never have central authority to control your financial activities.There are already so many debates regarding this matter because DEX allows p2p trading feature without middlemen but there will be system functionality to replace middlemen. Paxful is p2p trading platform but it is not fully DEX. 

@Whited35 LBC is a short form of Localbitcoins. You can buy bitcoins by P2P from them without KYC, but for the security of their traders you must complete KYC to have a selling account in their site.

[Tunuu 2235]

DEX are the most secure exchanges for me than all other exchanges. Maybe it is because they use escrow services to exchange crypto and that is why i see them as the most secured exchanges.

[Raqeebzy 6456]

I think security really matters the most. The best characteristics of DEX is their top level of security, it seems almost impossible to hack into them compared to centralised exchanges. 

And what could be more appealing than having your entire funds in your control with maximum privacy. Decentralised exchanges are not well talked about enough.

Edited August 11, 2020 by Raqeebzy

[Ridam 7455]

Wow I was seeing alot of videos about de-fi exchange. And i have got basics about it but brother @Whited35 I am little bit confused about the liquidity pool of the de-fi . Is it's the best way for passive income? And what things should we consider before investing in it? Could you please provide me some more about it or create a topics covering this thing's.

[Whited35 15285]

4 hours ago, Ridam said:

 brother @Whited35 I am little bit confused about the liquidity pool of the de-fi . Is it's the best way for passive income? And what things should we consider before investing in it? Could you please provide me some more about it or create a topics covering this thing's.

@Ridam Currently,I am struggling to find spare time to write more DeFi related topics here. On DEXes, Liquidity Pool is simply a pool of locked tokens in a smart contract.It can be also understood as automated market maker with pre-defined parameters to match orders automatically. 

[Ridam 7455]

20 hours ago, Whited35 said:

@Ridam Currently,I am struggling to find spare time to write more DeFi related topics here. On DEXes, Liquidity Pool is simply a pool of locked tokens in a smart contract.

20 hours ago, Whited35 said:

@RidamIt can be also understood as automated market maker with pre-defined parameters to match orders automatically. 

 

Well i appreciate your effort for the forum, and for further helpful post regarding de-fi I am waiting for those. 

And If you do make s strategy type post for investing in pool it would be helpful for me and Many other members here.

 

[Whited35 15285]

7 hours ago, Ridam said:

Well i appreciate your effort for the forum, and for further helpful post regarding de-fi I am waiting for those. 

And If you do make s strategy type post for investing in pool it would be helpful for me and Many other members here.

@Ridam Thanks for your appreciation. Let me allow to find free time. Definitely, I will create more DeFi related topics that can help so many members on this forum. I have some remarkable experiences in investing DeFi tokens , I might also share my experience about that too. Kindly wait 😊

[Whited35 15285]

35 minutes ago, MianAsfand said:

I would also like to include the yobit in the decentralized exchanges because this is working a lot it's number of users are increasing day by day.

Hello, have you got the point how decentralized exchange actually works? Both cons and pros are there for a decentralized exchange. In the case of Yobit, you can not represent it as a decentralized as it is a centralized exchange to let traders to make trading activities. 

[duncun007 3577]

DEX is what crypto world is all about, its everything that we all wanted but i hate the fact that it doesn't have as much liquidity, crypto should always be about anonymity and keeping your funds in your own wallet and not be afraid of any exchange hacking.

[magd 5231]

Through this exchange, passwords can be controlled, but any wrong transfer process leads to loss of money and cannot be recovered, and this is very bad. There are more reliable and secure exchanges that may be searched again.

[Whited35 15285]

On 9/10/2020 at 10:32 PM, magd said:

Through this exchange, passwords can be controlled, but any wrong transfer process leads to loss of money and cannot be recovered, and this is very bad.

Either on DEXes or on CEX, if you send funds to the wrong address, there will be no way to revert them. A well-performing DEX will surely give us more freedoms to control our funds and trading activities than that of CEX. 

[cooperallch 349]

I had a good experience with a DEX exchange I used Binance DEX for a few weeks and you really have nothing to complain about the security you have is very big, the only problem is that the volume is low because investors are not so interested in exchange DEX

[Whited35 15285]

On 9/29/2020 at 9:43 PM, cooperallch said:

the only problem is that the volume is low because investors are not so interested in exchange DEX

I absolutely have no idea what low value are you citing for ? What do you think, why investors are not interested in DEX? I am also a user on the BinanceDEX. Yes, it gives us full freedom to control our assets and wallet accessing seeds. 

[Yomose 3704]

On 8/8/2020 at 12:57 PM, Masterrex said:

Decentralized exchange or DEX is good and secure But many traders wont use it because of its uncompetitive trading volume Im a trader and I prefered to use the CEX or Centralized Exchange for that particular reason which is the trading volume But I didn't say that DEX is bad its just my personal choice. 

In term of security, Dex exchanges are better, Cex exchanges are often hacked, not even believable that Kucoin can be hacked, and it was recently hacked. Although, I get your point, if using Cex is good because of trading volume, but not only that, trading fee is also lower compared to Dex, but should not be used for anything other than trading. 

[Whited35 15285]

On 9/30/2020 at 2:20 PM, Ruiz said:

i think this exchange is not bed but its not a exchange its just to do with the decentralizes exchange dex to trader with other exchange api key 

I did not get your point correctly. Which exchange are you talking about ? In this topic, I am collectively talking about the nature of DEXes,Pos and Cons etc. If you have anything new related with the DEXes, I expect your opinions here. 

[IvanMimimi 37]

Thanks for information

[gaisini2 34]

Sometimes I use Binance Dex and unfortunately this is not the most convenient place where you can exchange your cryptocurrency. Yes, the Commission there is small, but I really want the convenience of a regular binance exchange to pass to binance dex

[Elizgar 1]

Thanks for this topic!! Decentralized exchanges arebthe future, good bye binance, i like using metamask wallet and uniswap exchanges they hey conectes and goes well

[Whited35 15285]

On 10/30/2020 at 8:22 PM, 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. 

 

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. 

[Jromz 2158]

Good explanation about decentralized exchanges that clarify some good points for of all us interested. I have been lately trying decentralized exchanges and I quite like the model, especially the rewards to liquidity providers. As for their advantages, the most important one in my opinion is their decentralized nature. A clear good example is what it recently happens with OKEX that is arbitrarily retaining the users' funds due to a police investigation. This would naturally not occur in a decentralized exchange.