Topic: How do you choose DEX? How to avoid scam? - page 4. (Read 1894 times)
It is pretty easy for me to choose a DEX because most of my assets are in ERC-20 tokens and so I can just trade easily with popular DEX like Forkdelta. Idex is another good semi-dex for trading ERC-20 tokens too. They are quite secure.
I'd like to discuss DEX exchanges and its variety.
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?
Idex used to be my top Dex until they Implemented KYC, Idex is kinda better and user-friendly than other Dex, also one can't be mistaken for calling it the number 1 Dex. Another Dex I also use is Ddex because it's kind of better too, although it is a bit complicated but I think with proper improvement it will be better. Then lastly forkdelta, this Dex has stood the test of time while proving to be the Dex for all ERC tokens. It is easier or use, but lacks speed. I do not stick to any of them, when the need arises I use them.
For DEX I just like ED / FD and IDEX market.. It's very easy to use that DEX
And if you don't want to loss your funds, just creat a new wallet from the site and make a deposit from your real wallet to your wallet on the site. If your finish make a trade, withdraw all your funds from there if you want to minimize the possibility of losing your funds..
And if you don't want to loss your funds, just creat a new wallet from the site and make a deposit from your real wallet to your wallet on the site. If your finish make a trade, withdraw all your funds from there if you want to minimize the possibility of losing your funds..
To use dex if you want to trade with erc I always use ether / forkdelta for idex since it was implemented kyc I think this is not good but to make small transactions can still be done without kyc,
for other dex I don't really use them because most of assets that i owned are ethereum tokens, oh yes at this time binance token (binance chain) is popular and I also use binance dex for that it's just not too often.
for other dex I don't really use them because most of assets that i owned are ethereum tokens, oh yes at this time binance token (binance chain) is popular and I also use binance dex for that it's just not too often.
binance dex and idex might be a few choices for me. but for idex I'm still not satisfied because the exchange only uses eth. binx dex is more recommended because the exchange system there is much more complete and comparable
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I use forkdelta since this exchange worked very well last year and in general it is 100% decentralized, as I used idex before, but as it turned out, it is controlled by the creators, after I saw that I need to go through KYC on the exchange, I immediately He withdrew all funds from there.
Even though I still use IDEX, I was highly disappointed by the basic KYC requesting email. Nowadays the so-called decentralized exchanges do not really keep up to the name. Forkdelta is not bad but the trading volume is not impressive, and also sometimes when I see an order and want to take it, I will be promoted that the order has been taken even though it's still on the trading table. Another aspect I don't like about forkdelta is unofficial token listing with smart contract which usually lead to price drop for some ERC20 tokens.
Choose the Dex exchange that many people already use. Don't try the new Dex exchange, because this is very sensitive in crypto. So far I only use dex exchanges like Idex and BinanceDex. Because they have been trusted by many people.
Agree, it is too risky to use a DEX exchanger that is relatively new because it concerns the security of the wallet we have. For some people, transactions in centralized exchangers are more convenient because of the fast execution and as long as we don't keep our coins and tokens in the wallet exchanger, I think it will remain safe
Choose the Dex exchange that many people already use. Don't try the new Dex exchange, because this is very sensitive in crypto.
Yep, the new dexes are prone to scamming their users. They might disable withdrawal anytime they wish especially if the deposits made are significant amounts.So far I only use dex exchanges like Idex and BinanceDex. Because they have been trusted by many people.
They are trusted yes but the reality is they really aren't pure dex. 
Choose the Dex exchange that many people already use. Don't try the new Dex exchange, because this is very sensitive in crypto. So far I only use dex exchanges like Idex and BinanceDex. Because they have been trusted by many people.
I'd like to discuss DEX exchanges and its variety.
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?
I have a mixed feelings as for DEX exchanges because there is a lot of them now exist. I am used the most popular like ForkDelta and Binance DEX. That all what need now.
I only trade on DEX I am familiar with, and with low fee. And I never import my wallet to any DEX, only use Metamask to interact with them. I have been using Idex, BinanceDex, DDex, and Folkdelta. Currently, Idex requires KYC for a withdrawal above $5,000, and one must register with an email before ever starting trade on Idex. Foldelta works with ethereum network hence it's very slow, as orders can be deceptive, they may have been taken and still appear in the order book, not good for newbies.
Unfortunately, I faced the problem that there are no real decentralised exchanges with good volume. IDEX implemented KYC, Binance DEX only allows trades of BEP tokens, Forkdelta is dying and collecting funds, so there are no alternatives to chose from.
For me the true DEX is just Etherdelta and Forkdelta. IDEX now require KYC verification and limit your withdrawals, so it became a CEX I thought.
The other option is the DEX on EOS blockchain, but It seems that quite a few people know and use it.
The other option is the DEX on EOS blockchain, but It seems that quite a few people know and use it.
Well my favorite Dex is Forkdelta, it's a trusted exchange for me you can try it. To avoid scam, I think you should stay away the new Dex and always use metamask if you want to access your account in the Dex. Not recommended entering your private key to access your account.
Presently there is no other reasons to choose dex exchanges than safe funds and secured trading but its a shame that all dex are not doing so well than centralized exchanges
DEX rise is coming soon. It needs time to make them more user friendly.
I use forkdelta since this exchange worked very well last year and in general it is 100% decentralized, as I used idex before, but as it turned out, it is controlled by the creators, after I saw that I need to go through KYC on the exchange, I immediately He withdrew all funds from there.
Even though I still use IDEX, I was highly disappointed by the basic KYC requesting email. Nowadays the so-called decentralized exchanges do not really keep up to the name. Forkdelta is not bad but the trading volume is not impressive, and also sometimes when I see an order and want to take it, I will be promoted that the order has been taken even though it's still on the trading table. Another aspect I don't like about forkdelta is unofficial token listing with smart contract which usually lead to price drop for some ERC20 tokens.
Presently there is no other reasons to choose dex exchanges than safe funds and secured trading but its a shame that all dex are not doing so well than centralized exchanges
I'd like to discuss DEX exchanges and its variety.
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?
There are two types of decentralized exchanges. Both has cons and pros.
#1 type is decentralized exchange where you must deposit to trade(this coins are used as smart contract collateral and whole time you and only you are holder of their private keys)
- pros of this is, trading is represented virtually and can be faster than network of token which you are trading
- cons of this is, you must deposit and withdrawal.
#2 type of decentralized exchanges where you can trade directly wallet to wallet by atomic swap or other cross-chain techs. (ie: blocknet, bisq)
- pros of this is, you do not need to deposit or withdrawal
- cons of this is, for example if you trade BTC for LTC, every started trade must wait for network confirmation, so you can not exchange same BTC-LTC multiple times per minute.
Let me explain REAL 100% DEXes from the bottom.
0. There should be no central point of failure, otherwise is somehow centralized -> controlled -> should not be called DEX.
1. If it is called DEX should be also developed/managed decentralized way, for example by DAO(decentralized autonomous organization) where token owners(investors) have right to vote way the DEX is going....
2. Token which represents the DEX MUST BE initially distributed fairly. Meaning NO ICO. ONLY start by POW and continue with another consensus.
3. Whole project must be opensource. Hiding source code means, someone have centralized control, so someone can anytime stop development, stop fixing bugs, infect it by virus, force KYC, whatever.
4. Listing on DEX should be free, because if it is decentralized and opensource, anyone can push source code commit to introduce support of another coin into.
5. All DEX fees(if there are any) should be distributed to token/node owners. Probably no fees at all on DEX is not good point, because it is easy to SPAM whole network.
6. REAL DEX has no limits how much you can trade/deposit/withdrawal
7. Also DEX nodes(servers) network MUST be decentralized.
8. REAL dex is not using centralized services like DNS. Because if somebody want to, it can stop it, or worst hack your coins. Maybe optional accessing DEX by web, but im not fun of that.
9. Whole time by using REAL DEX you and only you must have control of private keys of your tokens/coins and be able to transfer them, with exception of actually locked smart contracts.
10. DEX order books must be transparent.
By your link above, for example cryptobridge(CB) pass only point 10., so its 99% CEX(centralized exchange)
0. CB have multiple central point of failure.
1. CB is absolutelly not managed decentralized or open way and company in background is doing whatever they want to and making and forcing users for UNACCEPTABLE decision.
2. CB token was fairly distributed but owners have absolutely NO control of way how the CB is going.
3. CB is CLOSED source. Whole system of coin gateways is closed and centralized.
4. there is no possibility of listing on CB with pushing source commit to CB repository.
5. CB Fees are distributed by internal decision of company behind.
6. CB it is KYCed and limits will comes by more regulations...
7. Nobody knows who running and managing CB gateways.
8. CB is using DNS.
9. By using CB whole time your tokens are in control of CB gateways.
10. CB order books are transparent but that is only because they are using bitshares order books which are transparent.
Compared to BLOCKNET decentralized exchange (BlockDX)
0. BlockDX has no central point of failure
1. BlockDX is bult on top to Blocknet BLOCK coin which is 100% DAO with possibility of anyone to make proposal which will be decentralized way voted by BLOCK coin owners.
2. BlockDX BLOCK token is fairly distributed as it is fork of PIVX.
3. BlockDX and whole project around is open-source
4. BlockDX listing is free
5. all BlockDX fees are going to token(node) owners. Fees are very small, and only order-taker pays fees in time when accepting order.
6. BlockDX have no limits at all.
7. BlockDX is running on top of decentralized POS BLOCK master-nodes network.
8. BlockDX is not using DNS at all, whole system is running on top of decentralized POS BLOCK master-nodes network.
9. BlockDX is using atomic swaps which swaps coins directly wallet to wallet.
10. BlockDX using distributed order books.
I use forkdelta since this exchange worked very well last year and in general it is 100% decentralized, as I used idex before, but as it turned out, it is controlled by the creators, after I saw that I need to go through KYC on the exchange, I immediately He withdrew all funds from there.
It all depends on the blockchain platform that you want to choose DEX for. If it is Ethereum tokens, Idex, Ddex and forkdelta are my top picks.
If it is Tron token, I recommend TronWatch and if it is Lumens token, you can make use of interstellar
If it is Tron token, I recommend TronWatch and if it is Lumens token, you can make use of interstellar
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