Future of crypto exchanges - page 2.

Rikafip

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Quote from: tranthidung on October 11, 2021, 02:50:02 AM

Because they waive withdrawal fees especially last year when transaction fee on ETH network was very expensive.

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Yeah, their fee structure is better.

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They also do another smart decision, a partnership with Solana as a core blockchain for FTX. They did not choose Binance Smart Chain as you said, they want to keep distancing from Binance. Because they are bigger and aware that they can compete with Binance in the future.

Tbh, wouldn't make much sense to choose BSC as they are direct competitors. The only reason I am still using Binance is because of their card, which I am using on the daily basis and is probably the cheapest and easiest way to spend your crypto. Few years ago I had to do KYC with Binance as my phone which had Google authenticator died and I couldn't recover it, so since I already had KYC done (which is a requirement), why not as well use their card. At some point I just got sick of paying all those high ATM fees.

tranthidung

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Quote from: Rikafip on October 11, 2021, 02:41:27 AM

Quite a few people I know are switching from Binance to FTX, and from what I could hear they are all satisfied with it

Because they waive withdrawal fees especially last year when transaction fee on ETH network was very expensive.

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Binance was one of the early investors in FTX and those two were pretty close, but few months ago they bought back the shares from CZ, which is a smart move I think, to distance themselves from Binance as much as possible.

Smart move, definitely.

They also do another smart decision, a partnership with Solana as a core blockchain for FTX. They did not choose Binance Smart Chain as you said, they want to keep distancing from Binance. Because they are bigger and aware that they can compete with Binance in the future.

Rikafip

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Quote from: pooya87 on October 11, 2021, 01:44:35 AM

I have to admit I've never heard about this exchange before, but it looks like it is ranked #5 (out of 308) exchanges on coinmarketcap.com I will definitely check it out. Thanks.

Quite a few people I know are switching from Binance to FTX, and from what I could hear they are all satisfied with it. I made account but haven't used it personally yet so can't really say how good it is. At the moment I see it more as a reserve, but have to check it properly before I made it my main exchange.

Binance was one of the early investors in FTX and those two were pretty close, but few months ago they bought back the shares from CZ, which is a smart move I think, to distance themselves from Binance as much as possible.

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Quote from: pooya87 on October 11, 2021, 01:44:35 AM

Well people were satisfied with all those previous exchanges too. Yet they all got replaced. Keep in mind that it is a transition that will take time, it won't be like a quick mass migration from Binance to elsewhere.

Yes I agree to that. In my opinion, it will take a while, possibly decades or never Binance got replaced even with the issues arises now. Community loves a good brain and features shwocase by Binance, it cant be suddenly strip by some newcomer, evem though it is not impossible.

Anyway, lets see what would happened few years from now. But I'll bet even after decades Binance will still lead the cex lieneage. ( will be back on this response in few years and will see which si right) I could be wrong too, but my guts telling me it wont happened.

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Quote from: cryptoaddictchie on October 10, 2021, 11:53:32 PM

Yes I am aware of that. But for all those top exchange no one can match how Binance give the satisfaction the people wanted. Yes they acted strange and become strict, due to sec regulations, and some reasons.

Well people were satisfied with all those previous exchanges too. Yet they all got replaced. Keep in mind that it is a transition that will take time, it won't be like a quick mass migration from Binance to elsewhere. First an alternative has to be introduced then people slowly move there and as the volume increases the migration speeds up.

The important thing is that right now there is a huge gap in the market that someone with a good business head could take advantage of.

Quote from: Rikafip on October 11, 2021, 12:14:57 AM

I think that FTX might take over Binance as I see more and more people are using it as an alternative. Unless they go the same way and implement KYC, which imho wouldn't be a surprise.

I have to admit I've never heard about this exchange before, but it looks like it is ranked #5 (out of 308) exchanges on coinmarketcap.com I will definitely check it out. Thanks.

XUR_TIP

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Quote from: Eureka_07 on October 10, 2021, 09:59:15 AM

Quote from: XUR_TIP on October 10, 2021, 01:10:58 AM

Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join? For example coinEX and kucoin? How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.

I thought this compulsory KYC verification will just be for those recently created binance accounts. Isn't it? Or I have some misunderstanding about their notifications about this matter.
I am still able to trade and withdraw in my account, however my partner's account can't do anything unless undergo in KYC and get verified.

No sir it's clearly stated by binance team that this new KYC rules is pointing to both old and new users on the platform, limited time is given to pass the KYC is anyone haven't so it's like a ticking time bomb

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Quote from: XUR_TIP on October 10, 2021, 01:10:58 AM

Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join? For example coinEX and kucoin? How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.

Future doesn't look bright at all for centralized exchanges, as they are forced to implement KYC more and more in order to be able to keep working, like Binance is doing. DEX is the way to go, but I guess we are still waiting for something that is cheap and convenient to use. Haven't tried Bisq yet, but I heard some good stuff about it.

Quote from: pooya87 on October 10, 2021, 11:16:56 PM

The first one I remember was Cryptsy then it started acting shady and was replaced by Poloniex then that started acting shady and asked for KYC and was replaced by Bittrex then they started acting shady asked for KYC and scammed their users so they were replaced by Binance. Today Binance is acting shady and asking for KYC...

I think that FTX might take over Binance as I see more and more people are using it as an alternative. Unless they go the same way and implement KYC, which imho wouldn't be a surprise.

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Quote from: pooya87 on October 10, 2021, 11:16:56 PM

For your information in the past decade the "number 1 exchange" has been changing every couple of years. Each time a new one comes along replacing the old one before it is replaced by another!

Yes I am aware of that. But for all those top exchange no one can match how Binance give the satisfaction the people wanted. Yes they acted strange and become strict, due to sec regulations, and some reasons.

I cant say that that they can retain their position as top exhange, but seeing the support from the community and the solutions CZ doing, I think they can able to survive.

Quote from: tranthidung on October 10, 2021, 11:30:13 PM

The plus point of Binance is they are very creative with good brains & adaptive to trends as well as regulations. It is challenge for current & new exchanges to beat Binance.

This could make them retain their position, which lack by those exchange you mentioned. Anyway Im confident that it would take years before the transition happened.

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Quote from: pooya87 on October 10, 2021, 11:16:56 PM

For your information in the past decade the "number 1 exchange" has been changing every couple of years. Each time a new one comes along replacing the old one before it is replaced by another!
The first one I remember was Cryptsy then it started acting shady and was replaced by Poloniex then that started acting shady and asked for KYC and was replaced by Bittrex then they started acting shady asked for KYC and scammed their users so they were replaced by Binance. Today Binance is acting shady and asking for KYC...

The number 1 position changes quickly because people only need convenience and liquidity to make their trading or investment life easier.

Binance joined the market in 2017 when people were disappointed with bad operations and terrible liquidations on Poloniex. Then Bittrex took over the number 1 position from Poloniex, and in a few months, there were many pump & dump games on Bittrex. As you said, eventually Bittrex implemented KYC and did shady things. Many people got funds stucked on Bittrex and failed to do KYC.

It was the great chance for Binance to join and beat both Poloniex and Bittrex.

In the future, there will be new exchanges with good brains behind. They can take over the leading position of Binance. The plus point of Binance is they are very creative with good brains & adaptive to trends as well as regulations. It is challenge for current & new exchanges to beat Binance.

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Quote from: cryptoaddictchie on October 10, 2021, 11:12:38 PM

Doesnt really do that much since Binance is the number 1 exchange and even others will follow the same. Surely they will follow the lead of binance.

For your information in the past decade the "number 1 exchange" has been changing every couple of years. Each time a new one comes along replacing the old one before it is replaced by another!
The first one I remember was Cryptsy then it started acting shady and was replaced by Poloniex then that started acting shady and asked for KYC and was replaced by Bittrex then they started acting shady asked for KYC and scammed their users so they were replaced by Binance. Today Binance is acting shady and asking for KYC...

cryptoaddictchie

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Quote from: XUR_TIP on October 10, 2021, 01:10:58 AM

Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join? For example coinEX and kucoin? How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.

Doesnt really do that much since Binance is the number 1 exchange and even others will follow the same. Surely they will follow the lead of binance. If those users want a non kyc then there are plenty of dex alternative to that which is a good move also patronizing the decentralized approach of blockchain.

pooya87

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Quote from: XUR_TIP on October 10, 2021, 01:10:58 AM

How about Dex exchange? I used uniswap in the past but high gas fee made me quit.

Keep in mind that there is a big difference between an exchange and a token swap platform.
An exchange (CEX or DEX) is where you can trade cryptocurrencies (from different blockchains) for example you can trade bitcoin against litecoin. But a token swap platform is a limited platform where you can ONLY swap tokens from that platform. For example Uniswap is a token swap platform where you can NOT trade bitcoin against litecoin but you can swap an ETH token for another ETH token!

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Quote from: SatoPrincess on October 10, 2021, 12:26:19 PM

But these exchanges cannot be compared to Binance

Non custodial exchanges are almost always going to be crappy compared to the likes of Binance, simply because the exchange will be really limited with features if they don't hold custody of your funds. The reason why Binance is so easy to use is because they have your coins in their wallets.

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Quote from: RapTarX on October 10, 2021, 12:46:10 PM

FTX is being so generous and will probably be the leading one in the near future. Apart from that Kucoin has some big withdrawal limit without going through KYC. Therefore, they are likely to have a benefit.
I guess there will be time in the coming years where DEX will be the leading exchanges. It needs time to build up. Most people in crypto are very new in this field and they may even have no idea how DEX works. They get attracted or derived to CEX like Coinbase, Binance mostly.

Centralized exchanges will be in demand until the gas fee in the Ethereum network is reduced to a minimum, which will allow trading on DEX and at the same time not paying such a huge commission that exists now. And when such a moment comes, the main purpose of CEX will be to provide additional services related to cryptocurrencies.

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FTX is being so generous and will probably be the leading one in the near future. Apart from that Kucoin has some big withdrawal limit without going through KYC. Therefore, they are likely to have a benefit.
I guess there will be time in the coming years where DEX will be the leading exchanges. It needs time to build up. Most people in crypto are very new in this field and they may even have no idea how DEX works. They get attracted or derived to CEX like Coinbase, Binance mostly.

BayAngelo

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Most Centralized exchanges are currently requesting for KYC. binance did not start this. most exchanges that I have been using has been requesting for KYC. binance has been struggling with border issues and the current way to solve this especially with the government is to demand KYC. they are gradually loosing their strong hold and people are pulling gout funds due to restriction.

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Quote from: Cryptoababe on October 10, 2021, 11:32:29 AM

You asked

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How about DEX exchange?

DEX exchanges should never make kyc compulsory.. If that happens, then that exchange is not a DEX. Its definitely a CEX.
And about Gas fee, Uniswap gas fee is high but you can use some DEX on other blockchain as an alternative for now, Before Ethereum gas fee problem get fixed.

I think OP is asking for a list of decentralized exchanges he can trade. He already mentioned the ones he doesn't want to use because of high fees. So far only a few has been mentioned
https://bisq.network/
https://hodlhodl.com/
https://localcryptos.com/

But these exchanges cannot be compared to Binance

Cryptoababe

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You asked

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How about DEX exchange?

DEX exchanges should never make kyc compulsory.. If that happens, then that exchange is not a DEX. Its definitely a CEX.
And about Gas fee, Uniswap gas fee is high but you can use some DEX on other blockchain as an alternative for now, Before Ethereum gas fee problem get fixed.

SatoPrincess

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Crypto exchanges are for trading crypto. Binance kyc does not invade privacy since the only thing you do is trade futures on the app. People who may find this new development problematic are those who store their crypto on exchanges.

mk4

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It's inevitable — the authorities will someday catch up into regulating these other exchanges as well.

Quote from: XUR_TIP on October 10, 2021, 01:10:58 AM

How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.

For Bitcoin, go with what Charles-Tim listed.

For Ethereum, well, you have no choice but to pay for the fees, or use layer-2s; the likes of Arbitrum and Optimism. These are quite new and clunky though, so expect things to not be as smooth as trading on main-chain. Or probably try out Solana. Tongue

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