binance vs decentralized exchange | Bitcointalksearch.org

TimeTeller

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Quote from: jaberwock on September 03, 2023, 04:33:38 AM

Quote from: Fuso.hp on August 26, 2023, 02:26:53 AM

Binance is one of the most popular crypto exchange, considering various aspects you might want to use any other decentralized exchange but many people like you will not think so. Why is KYC verified a hassle for you? Account KYC needs to be verified in Binance Exchange only by thinking about the security of the account. If you do any kind of fraud from your account then I think there is no problem even if your account is KYC verified. Majority of users prefer the Binance exchange because of the security of their account and practical convenience.

Not just one but it is the most popular among all crypto exchanges because it is currently at the top or at the first spot. I think the main reason on why some won't use Binance is because of the KYC. KYC verification can be a hassle for him maybe because he is a busy person and hardly has a time to complete it? Because KYC is also not simple or an easy thing to do.

And what if he has a low-quality device? The cam quality and internet signal could prevent his documents to be uploaded successfully. We can also wait for days for some instances only for our KYC to get verified. A fraudster will never do a KYC because they will only be caught out easily if they do. Binance might be secured but it still attracts scammers. I also don't find it convenient because of the KYC but maybe it is, once we already passed it?

KYC in binance is actually quite easy and fast, if you have scanned valid ID, you can just upload it and enter some details and you're good to go.
Nowadays, most crypto-exchanges are already asking for KYC from their clients, except DEXs.
If you ever decide to submit your KYC, better do it in a reputable platform like binance.
This is a must now for most CEXs, so if you happen to use their services, you can't avoid such requirement.
Most top alts can be traded in CEXs not in DEXs, so it depends on your trading needs here what type of exchange you need.

Quidat

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Quote from: arwin100 on September 04, 2023, 08:41:19 AM

Quote from: cafter on September 04, 2023, 08:34:48 AM

Quote from: forestx on August 08, 2023, 09:47:07 AM

<--->

You can use decentralized exchanges but you will find low liquidity and high fees on most of the Dexes.
for perpetual or leverage trading centralized exchanges are best choice, i never used Dexes but i can provide some best Cexes (Bitget, OKX) i personally use for leverage trading they are not totally non KYC exchange.
but you need to consider some limitations.

Provably that will be the case on dex but I don't have problem with it as long as it can deliver good trades to some of our alts which not been listed yet on big exchange.

But I prefer binance over those dex since they have great volumes and good choices of alts to trades. Some may not lile their KYC requirements but I don't mind being ask especially they are reputable exchange since I just accept that this submission will became normal requirements in future and we doesn't have anything to worry since binance is a trusted exchange.

Would really be just common sense that we would really be sticking into something which is reputable and had already been known on this market on which it is really just that normal that we would really be sticking because we had already built up our trust and interest into it despite of being that centralized then we could easily be able to accept it out and willing to perform those KYC if needed on for you to be able to utilize its total functionality or utility and as a trader then it would be crucial. Its true that in DEX then this is where we do usually find those coins or tokens that hadnt been listed out on those top exchangers or known ones on which if you do own one of those then you wont really be having option but to touch up dex and make trades with those coins/tokens but as much as possible then you would really be liking for these things to be listed on various exchangers on which you could really be able to trade it up with those stable coins or with Bitcoin itself.
In choosing in between two things then it would really be according into your usage and preference because there are really situations which we do really end up on using up those decentralized places but most of the time we would be sticking into centralized ones.

arwin100

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Quote from: cafter on September 04, 2023, 08:34:48 AM

Quote from: forestx on August 08, 2023, 09:47:07 AM

<--->

You can use decentralized exchanges but you will find low liquidity and high fees on most of the Dexes.
for perpetual or leverage trading centralized exchanges are best choice, i never used Dexes but i can provide some best Cexes (Bitget, OKX) i personally use for leverage trading they are not totally non KYC exchange.
but you need to consider some limitations.

Provably that will be the case on dex but I don't have problem with it as long as it can deliver good trades to some of our alts which not been listed yet on big exchange.

But I prefer binance over those dex since they have great volumes and good choices of alts to trades. Some may not lile their KYC requirements but I don't mind being ask especially they are reputable exchange since I just accept that this submission will became normal requirements in future and we doesn't have anything to worry since binance is a trusted exchange.

cafter

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Quote from: forestx on August 08, 2023, 09:47:07 AM

<--->

You can use decentralized exchanges but you will find low liquidity and high fees on most of the Dexes.
for perpetual or leverage trading centralized exchanges are best choice, i never used Dexes but i can provide some best Cexes (Bitget, OKX) i personally use for leverage trading they are not totally non KYC exchange.
but you need to consider some limitations.

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If you are looking for CEX
MEXC Global has the most generous non-KYC withdrawal limits

For DEXES
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Quote from: Ultegra134 on September 03, 2023, 07:39:11 AM

It is the most popular exchange and the one with the largest number of transactions and market cap. Although I fully support the use of decentralized exchanges for those who want to preserve their anonymity, I find them quite a hassle compared to centralized exchanges. Apart from the KYC process, which on Binance is pretty quick, I don't find any significant disadvantages. They're convenient, have low fees, and offer great services overall, such as staking or farming new coins. Don't get me wrong; I fully support the decentralization movement and have used them multiple times in the past, but so far, I don't see any significant advantages over centralized ones.

The decentralised exchange are good for the traders,because the exchange will have more liquidity.So the coin you are buying in the decentralised exchanges can be exchanged at any time.The Binance had kyc verification mandatory,So it eliminate the scammers some how.If you made the P2P trading,the seller try to scam the usdt after the fiat transfer.You can start a dispute on a trade.So the support will help you.Like wise the trusted exchange can help us to save from scam,So mandatory of kyc is the better option in exchanges.

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Quote from: Fuso.hp on August 26, 2023, 02:26:53 AM

Binance is one of the most popular crypto exchange, considering various aspects you might want to use any other decentralized exchange but many people like you will not think so. Why is KYC verified a hassle for you? Account KYC needs to be verified in Binance Exchange only by thinking about the security of the account. If you do any kind of fraud from your account then I think there is no problem even if your account is KYC verified. Majority of users prefer the Binance exchange because of the security of their account and practical convenience.

It is the most popular exchange and the one with the largest number of transactions and market cap. Although I fully support the use of decentralized exchanges for those who want to preserve their anonymity, I find them quite a hassle compared to centralized exchanges. Apart from the KYC process, which on Binance is pretty quick, I don't find any significant disadvantages. They're convenient, have low fees, and offer great services overall, such as staking or farming new coins. Don't get me wrong; I fully support the decentralization movement and have used them multiple times in the past, but so far, I don't see any significant advantages over centralized ones.

TheUltraElite

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Why dont you try out a decentralized exchange yourself and see if handling the problems there is bigger headache than getting through the KYC and using Binance again? If you ask here, you will never get a proper answer because the community is divided between the idea of doing a KYC and not and both have their own arguments. The point is that such arguments will not help you decide but see what actually works for you.

As long as you are not taking part in money laundering or have a criminal record there should be no problem in undergoing KYC on a centralized exchange that your country people use regularly.

jaberwock

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Quote from: Fuso.hp on August 26, 2023, 02:26:53 AM

Binance is one of the most popular crypto exchange, considering various aspects you might want to use any other decentralized exchange but many people like you will not think so. Why is KYC verified a hassle for you? Account KYC needs to be verified in Binance Exchange only by thinking about the security of the account. If you do any kind of fraud from your account then I think there is no problem even if your account is KYC verified. Majority of users prefer the Binance exchange because of the security of their account and practical convenience.

Not just one but it is the most popular among all crypto exchanges because it is currently at the top or at the first spot. I think the main reason on why some won't use Binance is because of the KYC. KYC verification can be a hassle for him maybe because he is a busy person and hardly has a time to complete it? Because KYC is also not simple or an easy thing to do.

And what if he has a low-quality device? The cam quality and internet signal could prevent his documents to be uploaded successfully. We can also wait for days for some instances only for our KYC to get verified. A fraudster will never do a KYC because they will only be caught out easily if they do. Binance might be secured but it still attracts scammers. I also don't find it convenient because of the KYC but maybe it is, once we already passed it?

Huppercase

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Quote from: forestx on August 08, 2023, 09:47:07 AM

I have been meaning to get back into trading and futures for a while. I left binance do with KYC but thinking of sucking it up and excepting it. Looking at alternatives though dydx came to my attention. What are they like and is there any other good Perpetual exchanges that are non KYC

It's very difficult to have an exchange that has liquidity and will not want you to do KYC. You know Perpetual trading is very big and has billions of dollars flowing to them, the authority will want to know where people and how they spend their money which is very wrong, they want to know how you spend your money and know about the history of your money. You wouldn't have a Perpetual exchange that is KYC free, it's possible that you may even have but they don't have reputation and you will likely get scam if you are not careful about them, be guided and be vigilant.

Perhaps you should use Gmex, you can switch between Avalanche and Arbitrum to have fast speed of execution of transaction and trades, you don't need to undergo any KYC, the good side of it is that you will not registered, just launch the App and connect your wallet address to any of your preferred chain and start trading. But you will be limited to the coins you will trade. You favorite coin may not appear on the exchange.

gunhell16

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Quote from: forestx on August 08, 2023, 09:47:07 AM

I have been meaning to get back into trading and futures for a while. I left binance do with KYC but thinking of sucking it up and excepting it. Looking at alternatives though dydx came to my attention. What are they like and is there any other good Perpetual exchanges that are non KYC

If you are looking for an alternative exchange to do perpetual trading, one that I can recommend to you that has no KYC is Fairdesk https://www.fairdesk.com/announce/5de32748f2a54605941c54dc9de102ed This platform so far is a good place to practice some trading here in the cryptocurrency, and the other one is Coinex https://support.coinex.com/hc/en-us/articles/4411645149081-CoinEx-Futures-Perpetual-Contract-Guide This is the same goes with Fairdesk no KYC as well.

Though using Coinex, despite no KYC, there is a limitation on withdrawal amounts. As far as I know, once you reach that limitation, you are obliged to submit KYC, but of course you can still discover it for yourself.

posi

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Quote from: forestx on August 08, 2023, 09:47:07 AM

I have been meaning to get back into trading and futures for a while. I left binance do with KYC but thinking of sucking it up and excepting it. Looking at alternatives though dydx came to my attention. What are they like and is there any other good Perpetual exchanges that are non KYC

KYC is a barrier that makes many people hesitate and stay away from CEXs, but honestly, you won't find a decentralized exchange that can offer a trading experience as good as CEXs. DEXs has a lot of limitations and that's why many traders don't choose it and accept KYC to use centralized exchange. Almost no option is perfect for traders, it can be said that using CEX is almost a must if you still want to continue as a trader.

Fuso.hp

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Binance is one of the most popular crypto exchange, considering various aspects you might want to use any other decentralized exchange but many people like you will not think so. Why is KYC verified a hassle for you? Account KYC needs to be verified in Binance Exchange only by thinking about the security of the account. If you do any kind of fraud from your account then I think there is no problem even if your account is KYC verified. Majority of users prefer the Binance exchange because of the security of their account and practical convenience.

libert19

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There are plenty perp dexes on ethereum and it's side chains, however they have their own share of risks — smart contract risks, hacks, custody risks. Here is list of them [1]. You won't find number of coins as Binance here tho.

[1] No-kyc Derivatives Exchanges

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Quote from: forestx on August 08, 2023, 09:47:07 AM

I have been meaning to get back into trading and futures for a while. I left binance do with KYC but thinking of sucking it up and excepting it. Looking at alternatives though dydx came to my attention. What are they like and is there any other good Perpetual exchanges that are non KYC

So many people have seen a centralized exchange as one that we don't have to go close at all which is not what we need to understand about it. Because meaning or few of the centralized exchange and liable to crash do not mean that we can't use it to trade. The problem is that we don't have access to the private key that is why it can be risky for us to keep all our fundw there for safety purposes. Trading is complicated and we need to trybas much to keep becoming a winner.

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Quote from: forestx on August 08, 2023, 09:47:07 AM

I have been meaning to get back into trading and futures for a while. I left binance do with KYC but thinking of sucking it up and excepting it. Looking at alternatives though dydx came to my attention. What are they like and is there any other good Perpetual exchanges that are non KYC

We have some perpetual exchanges that are decentralized and you can use them without KYC but they have a disadvantage and that's they're not popular like the centralized exchange that can be used for perpetual trading. They also have very low volume and don't have the reputation like the centralized exchange to encourage traders to use them. Traders prefer to use the centralized exchange because they're very comfortable to use and have good reputation.

Decentralized exchange both spot, future, derivative etc still have alot to prove as individual traders don't trust them fully. Alot of them are still underdeveloped and launched prematurely that's why they have alots of flaws but they'll keep getting better as they keeps developing.

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Quote from: Oilacris on August 23, 2023, 06:14:47 PM

Quote from: Potato Chips on August 23, 2023, 05:39:58 PM

People shouldn't really forget these things but eventually these binance issues were forgotten already since people would really be focusing most of the time on what is the current reputation and popularity does it have at this moment on which it would really be that a common for people to have that kind of reaction on which they do easily forget those breaches on which this exchange have
in the past. People doesnt really care as long it do really give out the services that it do currently gives and this is why they are really that still sticking on making use of this exchange. Its true that when it comes to data breaches then these centralized exchangers are really that prone to these things but it seems that the community doesnt really care at all. In between choices of CEX and DEX then it would be entirely be depending on your needs but cant really deny that cex offerings is more better because it do really engage out with direct with fiat or easily could make out some p2p transactions on local fiat on which i do really prefer the most.

Yeah, other options aside from CEXs are still pretty limited in terms of what they can offer hence people resort to CEx.

Perhaps, people simply don't care, have gold fish memory, etc. or they may have weighed the pros and cons and picked a lesser evil -- IDK there are different kinds of traders. In any case, it is always better to be informed on what has happened and what may happen in order to make a better decision.

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Quote from: Crypto Library on August 22, 2023, 09:53:11 AM

Quote from: forestx on August 08, 2023, 09:47:07 AM

I have been meaning to get back into trading and futures for a while. I left binance do with KYC but thinking of sucking it up and excepting it. Looking at alternatives though dydx came to my attention. What are they like and is there any other good Perpetual exchanges that are non KYC

Binance is a centralized exchange and there are many differences between centralized and decentralized as the two work in two ways. But Binance is one of the best exchangers among centralized exchanges where huge volume trades daily. And there are HUGE amounts of whale investors. If you care about KYC and want to avoid doing it then you should definitely use a Decentralized (DEX) where they won't demand KYC from you. But if you use Binance and do kyc there I don't think there will be any problem because they are a trusted and very big exchange platform. So there is nothing to fear about it

I agree that unless KYC is an issue, Binance is the better one and it has everything you could ask for. People talk about it like it's just an exchange but it has a lot more than just exchange there, you could do so much in Binance that you can't make anywhere else and that is why decentralized is not that great.

Plus, most decentralized exchanges uses wrapped versions and they have not controlled liquidity as well, which means that people built bots that could take advantage of the difference and just ruin the parity as well. That should be important to notice, I have seen whole projects crash because of the parity and they just arbitraged it down to zero. Binance would not allow that to happen and just close the pair.

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Quote from: Potato Chips on August 23, 2023, 05:39:58 PM

Quote from: Crypto Library on August 22, 2023, 09:53:11 AM

But if you use Binance and do kyc there I don't think there will be any problem because they are a trusted and very big exchange platform. So there is nothing to fear about it

Any CEx can suffer data breach. Being big in the game does not necessarily translate there will be no problems.

It's also known that CEx's shares user data to who knows what. In fact, one of the third parties binance used suffered a breach and people's data were leaked, see: https://cointelegraph.com/news/binance-kyc-breach-did-it-happen-and-if-so-whos-to-blame

In short, there's still a good amount of risk involved even with established exchanges.

People shouldn't really forget these things but eventually these binance issues were forgotten already since people would really be focusing most of the time on what is the current reputation and popularity does it have at this moment on which it would really be that a common for people to have that kind of reaction on which they do easily forget those breaches on which this exchange have
in the past. People doesnt really care as long it do really give out the services that it do currently gives and this is why they are really that still sticking on making use of this exchange. Its true that when it comes to data breaches then these centralized exchangers are really that prone to these things but it seems that the community doesnt really care at all. In between choices of CEX and DEX then it would be entirely be depending on your needs but cant really deny that cex offerings is more better because it do really engage out with direct with fiat or easily could make out some p2p transactions on local fiat on which i do really prefer the most.

Topic: binance vs decentralized exchange (Read 519 times)