binance vs decentralized exchange - page 3.

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Quote from: Taskford on August 09, 2023, 05:54:03 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

All matter with your choice if you can accept the KYC requirement ask by binance then they are a fine choice since there's a lot to do there and volume is good. Also trading with futures is reliable that's why I always choose them when I want to trade.

But if you don't find anything good with them then choose decentralized exchange since it maybe can fullfil your needs on a exchange but the problem is volume if they get enough on each token we want to trade or if we can see the best token choices to trade their.

at the end of the day, what you need to think about is the security of your funds. many are still going to CEX like binance because they trust this exchange with their funds. even if they are requiring kyc, it depends on your needs here. you can always use the DEX platform but what services are you really interested in? this is why every trader has their own preferences, because it depends on what they need for specific exchange.

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Quote from: forestx on August 09, 2023, 04:38:03 AM

Looking at it while nothing wrong with DYDX per-say but as others have said there are pros and cons
The main pro is obviously that there is no KYC

I also think although I could be wrong but I don't think there is no commissions at least up to a certain level. However dont know if I am charged more on another side.

Definitely, there will be some fee charges from both the Dex and CEX exchanges. Most of the time, the fees can't even be noticed as they are relatively small to the extent that you might not notice that there was a charge removed when you were executing your trade. The fee rate is dependent on which exchange you choose; some Dex even charge higher than CEX, and some CEX charge higher irrespective of what the charge is for.

On the aspect of KYC, it's an individual choice, and I tell people the risk involved is now left for you to decide if it's worth it or not. I personally don't talk people out of using centralized exchanges, but rather I advise users to consider the risk factor involved, and if there are possible means of avoiding it, one should grab them, but in a situation where there are none, especially in the aspect where you talk about having more trading pairs, one should go for it, and do not forget to look at the T&C of whichever CEX you choose to use, as most times those ignored declaimers are what is being used against someone, especially on the aspect of huge deposits, frozen accounts, loss of funds, etc.

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Quote from: forestx on August 09, 2023, 04:38:03 AM

Another thing is - its easier to set up scripts and auto trade in binance. I have looked at ways of setting up pinescript to auto trade on DYDX or other dex but is complicated involving VPS. If anyone knows differently please let me know

Have you checked out autotrader? It looks like they support dydx too[1]. Not sure if it requires a VPS or not, it looks like you can just run it on your computer (although a VPS is probably preferred if you want to run it 24/7). On the other hand, the last update is last year so you should expect some problems. I do believe the tradeoff is quite worth it if you are not comfortable with KYC at all.

[1] https://github.com/kieran-mackle/AutoTrader

Taskford

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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

All matter with your choice if you can accept the KYC requirement ask by binance then they are a fine choice since there's a lot to do there and volume is good. Also trading with futures is reliable that's why I always choose them when I want to trade.

But if you don't find anything good with them then choose decentralized exchange since it maybe can fullfil your needs on a exchange but the problem is volume if they get enough on each token we want to trade or if we can see the best token choices to trade their.

forestx

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Looking at it while nothing wrong with DYDX per-say but as others have said there are pros and cons
The main pro is obviously that there is no KYC
I also think although I could be wrong but I don't think there is no commissions at least up to a certain level. However dont know if I am charged more on another side.

The disadvantages is just more coins on binance also easier to fund account.
Another thing is - its easier to set up scripts and auto trade in binance. I have looked at ways of setting up pinescript to auto trade on DYDX or other dex but is complicated involving VPS. If anyone knows differently please let me know

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Quote from: logfiles on August 08, 2023, 06:10:00 PM

There are decentralized exchange where one can trade derivatives, but they are less popular, which means that the downside is they have lower liquidity as compared to centralized exchanges. The fee might also not be that friendly.
This is why most people keep using centralized exchanges for trading both spot and derivatives

I tend to agree with this and these are the disadvantage while using DEX compared to CEX.

Liquidity
Trading Fees

CEXs generally have higher liquidity due to centralized order books, allowing for tighter spreads and less slippage which means, your trading position will be fast and easily executed while on DEXs, often suffer from lower liquidity compared to CEXs, which can lead to wider bid-ask spreads and slippage during trading.

But people now choose the opportunity of gaining the market over security, if security, privacy, and control are key concerns, a DEX might be more appealing. If higher liquidity, user-friendliness, and a wider range of trading features matter more to you, a CEX might be a better fit.

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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

With decentralized exchanges, even the said low fee chains are likely going to hit a bit on you. You might feel the fee when you do actual trades and that's what's saving you from doing it in centralized exchanges like Binance. Thing here is where you're comfortable doing the trades, you can choose whatever you want and do an actual experiment on what's costing you less for the fees and what's saving you more. The rate could literally vary as that's what most of the exchanges, cexes and dexes differs in most cases.

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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 is very hard these days to see a very good centralized exchange that will not ask for KYC for us to use it to trade or do other things. I know some exchanges that have no KYC for some certain activities on the exchange but they don't have a good trading coin pairs and multiple supported coins. Binance is a good exchange and the best for now since there is no competition with it having numerous supported coins and reputable although many of us don't like KYC but we cant always get what we want all time but we just need to adjust to get what we want.

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There are decentralized exchange where one can trade derivatives, but they are less popular, which means that the downside is they have lower liquidity as compared to centralized exchanges. The fee might also not be that friendly.
This is why most people keep using centralized exchanges for trading both spot and derivatives

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The only negative I see about decentralized exchanges is that the cost of trading is much higher. Each swap costs way more than orders on centralized cryptocurrency exchanges. So if you are a daytrader, you might find it difficult to pay 1% fees on each trade. So that makes it unfeasable, for now. But perhaps someone knows of a solution of trading on DeFi with low costs? Someone here also mentioned that DeFi can be hacked: Of course both DeFi and CeFi platforms can be hacked. So there is no reason to believe that a centralized exchange cannot be hacked.

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Quote from: Hamza2424 on August 08, 2023, 03:04:37 PM

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 with KYC but thinking of sucking it up and excepting it. Looking at alternatives though did come to my attention. What are they like and are there any other good Perpetual exchanges that are non KYC

Hmm buddy No hate for the Centralized exchanges, I just use to criticize them for privacy reasons. At the same time, I use to appreciate their role in the crypto adoption whether it was due to their marketing strategy or their Brand name in the industry and their attractive services. Decentralized exchanges are still in the age of evolution where their services are more efficient and attractive. DYDX was one of the most hyped decentralized projects but unfortunately, with their bad tokenomics they lost their real face value still it is on the best platforms in the DeFi space. GMX is one of the leading names in PREPs. DYDX is one of the leading names but I will prefer GMX.

KYC is annoying for some people but for some , it's not that sensitive, some centralized platforms as well offer their Non-KYC services as Ku-coin. I had used it personally but as I never trade with the leverage so it's not my type. Spot play is Safe play haha.

Whether we do really like it or not but we cant really that deny that centralized exchange platforms does really give out that kind of convenience on which we cant really be able to experience on using up a DEX.

Even though we do really mind about decentralization and anonymity but we cant really still deny the fact that being convenient and easy access and tons of options on which you could really be able to do with CEX.
This is why in comparing about liquidity and volume then CEX does have the upperhand which it isnt shocking, we people do love that decentralized stuff but in speaking about using up some services or platform
then nothing beats out these current exchangers that been offering. This is why its not really that shocking that people would really be coming or using up the most convenient way.

KYC is becoming that more evident on crypto based platforms and sooner or later then most of the current existing ones would really be getting inline on such protocol or requirement.
Somehow there are still some places which are really that going that non asking kyc still.

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Since you already are giving exceptions to Binance just so you can trade, I guess you are up to making money by compromising anonymity. Ain't no shame in that, there are lots of people who have been weighing their goals and their standpoint. I think you should personally try the dydx first so you have a point o comparison just when you're going to Binance.

If there is just an Android version of the dydx, I would have used it every now and then. But I'm just looking at it whenever I get the chance using my desktop.

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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 with KYC but thinking of sucking it up and excepting it. Looking at alternatives though did come to my attention. What are they like and are there any other good Perpetual exchanges that are non KYC

Hmm buddy No hate for the Centralized exchanges, I just use to criticize them for privacy reasons. At the same time, I use to appreciate their role in the crypto adoption whether it was due to their marketing strategy or their Brand name in the industry and their attractive services. Decentralized exchanges are still in the age of evolution where their services are more efficient and attractive. DYDX was one of the most hyped decentralized projects but unfortunately, with their bad tokenomics they lost their real face value still it is on the best platforms in the DeFi space. GMX is one of the leading names in PREPs. DYDX is one of the leading names but I will prefer GMX.

KYC is annoying for some people but for some , it's not that sensitive, some centralized platforms as well offer their Non-KYC services as Ku-coin. I had used it personally but as I never trade with the leverage so it's not my type. Spot play is Safe play haha.

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Quote from: Oshosondy on August 08, 2023, 10:02:29 AM

The decentralized exchanges tlare the ones that you can go for. I do not know how the fee is, but you can try the ones like Pancakeswap which is BEP20 and compare it with ERC20 exchange like dYdX.
.............

I didn't knew that Pancakeswap has options for Future trading too, I just get to know about it now by reading your post. (Thanks for that). And if we can do future trades on PS then why going for DYDX, DYDX is a new exchange while Pankcakeswap is older and most trustable too. So, if i have to chose as in OP's place then i will go for PS.

I do agree with your points, that many platform not asking for KYC at start might ask for KYC after sometime or when the trading volume will begin to increase. OKX would be a better option too. Houbi is also on the list but now i will suggest OP to not trade in Houbi because it has some red flags. You can read more in the following threads:

Quote from: DrBeer on August 06, 2023, 08:02:49 AM

The waves of problems on Binance have not subsided, as it started with Huobi ...

Unexpected news:
-Huobi top executives and TRON developers arrested in China.
-Binance has started a massive sell-off of USDT.
-USDT has been in a mild deprivation for a week now.
-Huobi's balance dropped from $700 to $90 million in a month. -The Merkle Huobi tree (a balance sheet publication introduced after the

Quote from: pawel7777 on August 07, 2023, 02:28:34 AM

Credit to Tytanowy Janusz for posting this on our local board.

If you hold any funds on Huobi, you may want to consider withdrawing asap.

As reported by Adam Cochran on his twitter: https://twitter.com/adamscochran/status/1687959096316542976, looks like Huobi might only hold a fraction of the reserves declared in the "Merkle Tree Audit", which they stopped updating last month.

Other than that if you wanted a list you should visit this website for better options.

https://www.techopedia.com/cryptocurrency/best-decentralized-exchanges

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

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

The decentralized exchanges tlare the ones that you can go for. I do not know how the fee is, but you can try the ones like Pancakeswap which is BEP20 and compare it with ERC20 exchange like dYdX.

Know that decentralized exchanges can be exploited too by hackers.

I still prefer centralized exchanges for trading derivatives. Maybe because I have not used decentralized exchanges before for it.

You can still use some no KYC centralized exchanges too: No-KYC Exchange Encyclopedia

But KYC can be asked at anytime.

forestx

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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

Topic: binance vs decentralized exchange - page 3. (Read 506 times)