Topic: binance vs decentralized exchange - page 2. (Read 519 times)

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.

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

please OP try to fix this error here... lets try to cross check what we are posting for some grammatical errors please it helps a lot. i believe the line on RED, you meant to say; You left binance due to KYC

The biggest difference between the two is that one is user friendly and the other isn’t. If you a good with computers and crypto you can probably figure out defi. However there is a learning curve . It took me a few months. You need to get used to Metamask pretty much.

There is less liquidity but if you are a small trader then it shouldn’t be an issue. So for most people liquidity isn’t the issue. Also you need to keep your computer free of viruses because you need to keep your funds on Metamask pretty much.

I highly suggest that you must start considering looking at TVL (Total Value Locked) when selecting a good decentralized exchange and seems you need decentralized derivatives.
Try to look her: https://defillama.com/protocols/derivatives

It's a list of derivatives platforms and you can sort it by higher TVL. Right now, GMX and DyDx are on the top.
GMX is good if you want to use Arbitrum, you can save a lot of fees.

Trying out to compare the rate of exchange hacks where decentralized ones are most likely having those kind of problems which it isnt really that common when we are dealing with CEX.
This is why we are seeing that theres a lot of volume or liquidity that we are seeing on centralized exchanges because people are really that still trusting and really experiencing good in terms of features and
functionality which you cant really be able to get on decentralized exchanges.

Comparing the numbers of DEX to CEX then we are seeing the difference in numbers which does mean that trust is mostly on centralized exchanges but cant really deny that in terms of full anonymity
and having that control of your own coins then dex would be the sweet spot. It would really be that in accordance with your preference and risks taking factor.

For me it is a clear choice and I would rather deal with binance over the decentralized ones easily because that is what I believe to be the better option and should be the case for most people. This isn't a jab at the decentralized exchange idea, if there is a single one that is a lot better than binance one day then I would be glad to use it and that will not be a problem for me at all, I would very much rather use whatever is the best one out there.

However, right now there are none of them that are better than the one that we have, Binance is the best one out of them all, and this isn't even just decentralized ones, I can easily say that Binance is the best one out of all the centralized ones as well.

In my opinion, there is now no better alternative among decentralized exchanges than dXdY. The team is constantly improving the exchange and a few days ago the next, it seems the fourth, stage of testing of this DEX ended, which should bring even more trading tools that were previously inherent only on centralized exchanges.

Dydx is a preferable option for those who do not want to reveal their identity during a transaction. However, if you are fine with the information they require, you should go with Cex. Cex is the finest in terms of features, but Dex is the best in terms of security. Both have advantages and downsides; it all depends on the user. If you only have a small account, I don't think you need to use DEX because there are big people trading with Binance who aren't ashamed to expose their name.

Dxdy is the most popular DEX for perpetual trading but it still doesn't beat the Perpetual trading of CEX like Binance that offers better trading fee and more assets choices than Dxdy that only offers few tokens due to the blockchain limitations since their transaction is on-chain.

I think nothing beats Dxdy now since most of its competitors is just small and doesn't have much liquidity compared to them. Dydx is your best exchange to rrade perps without  any issue to do KYC for now.

He basically made it clear why Binance is great and others are not without realizing it. FTX is a great example what would happen if you go stray and find something else. It's a proof that we are talking about Binance as the best one and it has the highest volume for a reason, and that's going to be something to care about, otherwise what's the point of it, there is no reason to keep it going for a long time.

I just realize that we are going to end up with something that will be a lot worse, and that's why it's going to be different. Why I believe this? Because, it's going to be not a simple thing to handle and you are going to end up with a problem in the end if you go too far down south and pick something that's not as guaranteed as Binance is.

Many centralized exchanges do not actually require KYC. For example, like MEXC, this one centralized exchange, users are not required to do KYC. We can still trade freely and attractively with large enough restrictions. Future and spot trading at MEXC is also quite busy. But in some countries, like in my country, the MEXC application on Android cannot be downloaded via PlayStore. But you have to manually download it directly from the MEXC site.

There are many other options. But I sometimes use MEXC and I never KYC on this one exchange.

For decentralized exchanges or DEXs I don't have much experience so I can't tell you anything.

Another option you could look into is opting for a no-mandatory KYC centralized exchange. Emphasis on "no-mandatory KYC" as this means there's a chance they could request it from you.

CEX list: https://bitcointalksearch.org/topic/--5461920
I'd also recommend this thread if you wanna minimize the risk of using CEXs: https://bitcointalksearch.org/topic/--5456199

We do really have the choice on which one we would really be that using whether on Binance or would be sticking with Dex because you are really that minding about that privacy and total decentralization on which this is
something that you would really be mainly in concern. We do know that there are really that things in life that we would be needing to go with the flow if we are really that finding that kind of convenience on which we cant really deny the fact that these centralized platforms do offer something which other platforms doesnt have on which means that you would really be that making up that kind of consideration on trying out to touch up that space and on the time that you do see that it do give out that kind of convenience or benefits then this is where you would be making out some reconsiderations. We cant really be able to deny that Binance is really indeed a good platform in speaking about trading tools and other essentials with your trading plus having those features which you could make out direct conversion with your crypto to fiat via P2P which its not something that you will be able to do with those decentralized platforms. This is why even if we do hate to accept out about centralized platforms privacy opposition on the general idea of crypto space but we cant really be able to ignore
on whats its benefits into the people or trader.

When we're talk about trading, I think it must be related with centralized exchange regardless you like it or not because decentralized exchange can't replace centralized exchange and you will not making good amount of money. As long as you not link most of your wealth and only show small amount of money which you use for trading, I think it's fine since you're just an average if the government see your wealth.

DYDX is a decentralized trading platform that offers both spot and derivatives trading. It will allow users without the need for traditional know-your-customer procedures.  Also, you can try out the BitMex exchange for non-KYC trading.

Eg : BitMex

Network fees, it is an interactive trade to the blockchain. I have no idea how their great offer works (haven't used dydx yet), they just offer no fees after "depositing" to L2 and fast trade execution which both apply if funds are pooled in one wallet. I think they may still control your funds at some point (cmiiw).

You're joking, right?
You casually suggest FTX as a Non-KYC Centralized exchange.
Are you not aware of what FTX has done to its customers a few months ago.

Or maybe you don't know about FTX at all and you are new to it?

Hey man, FTX became the biggest scandal in 2023 and harmed many people.
If I were you, I wouldn't recommend FTX or anything else before doing my research.

It's better to be on Binance than having to go back to FTX which is full of bad people.

There are still many non-KYC exchanges to choose from besides FTX.
It's better to avoid the problematic ones and choose the guaranteed ones.

There are other good perpetual exchanges that are non-KYC. FTX is a cryptocurrency derivatives exchange that offers a variety of trading options, including perpetual contracts. While FTX does have KYC requirements for certain features, it also provides options for non-KYC trading. FTX is a centralized exchange that offers non-KYC trading for certain jurisdictions.

Decentralized exchanges are the best as they give you privacy but you must pay for that privacy through high trading fee. Nothing is free. Centralized exchange is easy to use and has all kind of local currencies compare to Dex. If you are a day to day trader,it is better that you use Cex so that you can enjoy more profit from your trading activities and it is easy to buy and sell any coins of your choice. Dydx is a good exchange but I haven't used it before. I only use Binance and Kucoin often and I haven't have any problem with the platforms. It was when I started crypto newly that I used pancake swap and just once. If you are not a daily trader,you can use DEx.