- Anyone can do that, if you don't trust centralized exchanges to day trade, you can do that on DEX. But for sure you know the risk of doing day trading on the DEX, because if a DEX suddenly has an issue, let's say a hacker gets into it, don't expect to get your assets, compared to a centralized exchange like Binance even though they require you to pass KYC and at least prove that your assets are safe because they solve the problem immediately.
Although we know that centralized and decentralized have the same risk, for me the assets are more dangerous to the dex compared to the centralized platform, this is just my point of view and my opinion, I don't know anything else.
Topic: Possible to day trade on a DEX? (Read 248 times)
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I don't think day trading at dex is good. One of the weaknesses of DEX is high fee and transaction is very slow. Everything needs to go through many steps and I feel quite uncomfortable. Why don't you trade at CEX? It is fast, low fee and doesn't have token rounding during transactions. I know the identity issue is quite sensitive to current traders, but trading in Bithumb, you can withdraw 5 BTC every day without having to do KYC.I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
To be honest, the collapse of centralized exchanges is a horror for us but as a day trader, I don't think we will have a better choice. For holders, they don't need centralized exchanges but for traders it's completely different. Centralized exchanges will still exist and cannot be stopped using them, we just need to choose the top reputable exchanges in the market and the most important thing is to withdraw all to a non-custodial wallet at the end of the day. Never leave money on a centralized exchange.
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I don't think day trading at dex is good. One of the weaknesses of DEX is high fee and transaction is very slow. Everything needs to go through many steps and I feel quite uncomfortable. Why don't you trade at CEX? It is fast, low fee and doesn't have token rounding during transactions. I know the identity issue is quite sensitive to current traders, but trading in Bithumb, you can withdraw 5 BTC every day without having to do KYC.I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I have to agree with you about DEX. Trading fees and slow transaction time are painful to our pockets. It sometimes pisses me off because of these DEX’s weaknesses. Been there done that. Although that DEX doesn’t need us to perform KYC to access all features, these few issues they have are still needed to be addressed.
I usually trade mostly on CEX because of low fees and faster transaction time. Most of the CEX had a daily withdrawal limit between 2 BTC to 5 BTC, but no problem with me. Identity is something we are also concerned about them. However, if they had a very good public reputation, that would be fine.
The transaction in CEX and from DEX is just the same, how are you seeing DEX transaction to be slow?
If there is a good volume in the DEX, it might be possible to daytrade on DEX, there are few of them that somehow has considerable liquidity on them which daytrading might be done like in the Whalex. The problem with some DEX is that users trading in the DEX aren't going to the DEX to trade BTC but the platform's token like in NEWdex, most of them are buying EOS and EOS tokens. The users in forkdelta are there for ETH and ERC20 tokens.
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I don't think day trading at dex is good. One of the weaknesses of DEX is high fee and transaction is very slow. Everything needs to go through many steps and I feel quite uncomfortable. Why don't you trade at CEX? It is fast, low fee and doesn't have token rounding during transactions. I know the identity issue is quite sensitive to current traders, but trading in Bithumb, you can withdraw 5 BTC every day without having to do KYC.I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I have to agree with you about DEX. Trading fees and slow transaction time are painful to our pockets. It sometimes pisses me off because of these DEX’s weaknesses. Been there done that. Although that DEX doesn’t need us to perform KYC to access all features, these few issues they have are still needed to be addressed.
I usually trade mostly on CEX because of low fees and faster transaction time. Most of the CEX had a daily withdrawal limit between 2 BTC to 5 BTC, but no problem with me. Identity is something we are also concerned about them. However, if they had a very good public reputation, that would be fine.
All trading platforms have disadvantages and if we will check each one of them we may end up no platforms can be trusted. Though identity in this world of cryptocurrency is one of the most important and if DEX's can give better security then better stick to it since you have already tried the platform anyway if they have some disadvantages rest assure they are already trying to address it. If you are planning to use other platforms I will suggest doing a bit of research first like reading some posts or comments about the specific platform you want to use. At the end of the day, we can't find a perfect platform what we can only do is to know our own preferences and do safety measures first before we start taking the risk in dealing in any crypto transactions.
These lists might help you in choosing your desire DEX exchanges.
These lists might help you in choosing your desire DEX exchanges.
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
The disadvantage of using DEX is the fact that (if it's ETH based) you're looking at spending a buttload in gas. I have tried to day trade (mostly scalping) at DEXs before and ended up spending more in gas than making heavy fat profits. However I didn't have much ETH back then, things would be different today. So, bottom line, if you're loaded in ETH and you don't mind the heavy gas fees go ahead, it's actually better than trading in conventional exchanges albeit a little bit slower.
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
DEX's exist because a lot of traders have used it but somehow, some DEX's are just dead or they are scammy just like Blocknet that you are about to promote. Traders' will consider them either but seeing their market volume compared to CEX's, they gone so far which is very important. This is an option why traders will look preferred for Centralized Exchanges. Besides, they all have that security protection as well. I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
Advertising shill, another account spamming about Blocknet.
When you see someone talking about Blocknet in the Trading section, check out the post history of the user. You will notice they also post about Idex and Stakenet in almost all their posts (like @OP btw)
At this point you can be sure they're not interested to have a discussion, their only goal is to spam via different accounts trying to make people feel this project is exciting or revolutionary.
When you see someone talking about Blocknet in the Trading section, check out the post history of the user. You will notice they also post about Idex and Stakenet in almost all their posts (like @OP btw)
At this point you can be sure they're not interested to have a discussion, their only goal is to spam via different accounts trying to make people feel this project is exciting or revolutionary.
I do also have the habits on checking out everything before making any replies and i completely agree into your point and theres no doubt about this indirect shilling of Blocknet.
I have already seen this blocknet mentions earlier trying to spread it out via some queries nor suggestions and also you can tell it out directly on just reading up his first words
that Binance do ask out KYC? He doesnt even know the basic stuff that unverified account does have 2 BTC daily limit which i highly believe that this is already sufficient for most
people.DEX is good but people do need Cex ones for crypto/fiat transactions.
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
DEXs are nice but I don't fondly use them. I hardly collect airdrop tokens which are largely sold on Dexs. I do trading mostly, and day trading on Dex will be difficult because of low liquidity and low traffic. But if blocknet will have all those attractive features Centralised exchanges offer while retaining its Dex ability, then it might worth a look
DEX is indeed good if you fear centralization and potentially freezing of accounts and manipulating volume due to unknown reasons as have been reportedly lately in many popular exchanges such as Bitmex.
But the problem with DEX is it structure and security cannot be maintained. I mean the Decentralize exchange that you might be using now is very poorly made and easily be exploitable. I think its still much better to find a good exchange with good reputation and reliable liquidation.
But the problem with DEX is it structure and security cannot be maintained. I mean the Decentralize exchange that you might be using now is very poorly made and easily be exploitable. I think its still much better to find a good exchange with good reputation and reliable liquidation.
Advertising shill, another account spamming about Blocknet.
When you see someone talking about Blocknet in the Trading section, check out the post history of the user. You will notice they also post about Idex and Stakenet in almost all their posts (like @OP btw)
At this point you can be sure they're not interested to have a discussion, their only goal is to spam via different accounts trying to make people feel this project is exciting or revolutionary.
When you see someone talking about Blocknet in the Trading section, check out the post history of the user. You will notice they also post about Idex and Stakenet in almost all their posts (like @OP btw)
At this point you can be sure they're not interested to have a discussion, their only goal is to spam via different accounts trying to make people feel this project is exciting or revolutionary.
+1 to that, merited.
Can we talk about how shady this website is too? -- https://blocknet.co/ -- literally instead of explaining much on the first page of their website. They instantly go to 'DOWNLOAD' like yes, I'd love to download your very shady program in the wild west space of crypto. God... some people with their interesting projects.
Even if you (OP) is an advertising shill, I'll entertain it. Yes, it most likely is. You're going to have a good amount in fees eaten up, but that's something you'd have to keep in mind. While this may not work under your definition, I think the most profitable thing to do with DEX's (multiple, yes) is to do arbitrage with the many different prices on all of these -- keeping in mind liquidity and volume as well.
Trading on dexes are very convenient and easy, all you need is to log in with metamask and pay only transaction charges as withdrawal fee.
But when it comes to say trading, taking profits, it is complicated doing that on dexes, a single mistake would ruin your capital at once
But when it comes to say trading, taking profits, it is complicated doing that on dexes, a single mistake would ruin your capital at once
I majorly use Dex for ethereum project and Stellar. I love them in the sense that I either interact with my Trust, Imtoken or Metamask wallet without importing my private keys. But the major problem here can be volume. As for BTC related trades I use Cex, I don't trust Dex to large extend on bitcoin related trades.
Advertising shill, another account spamming about Blocknet.
When you see someone talking about Blocknet in the Trading section, check out the post history of the user. You will notice they also post about Idex and Stakenet in almost all their posts (like @OP btw)
At this point you can be sure they're not interested to have a discussion, their only goal is to spam via different accounts trying to make people feel this project is exciting or revolutionary.
When you see someone talking about Blocknet in the Trading section, check out the post history of the user. You will notice they also post about Idex and Stakenet in almost all their posts (like @OP btw)
At this point you can be sure they're not interested to have a discussion, their only goal is to spam via different accounts trying to make people feel this project is exciting or revolutionary.
Seems the OP is just promoting blocknet. You're right, if you will check his post history, blocknet and stakenet are always his subject. But just to answer his question, of course you can do your day trade in DEX, no one is stopping you from doing so. Also, if you are worried about BNB requiring KYC. You can max their withdrawal limit of 2btc per day. I don't think you have a lot of btc that 365 days will not be enough for you. No pun intended.
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I don't think day trading at dex is good. One of the weaknesses of DEX is high fee and transaction is very slow. Everything needs to go through many steps and I feel quite uncomfortable. Why don't you trade at CEX? It is fast, low fee and doesn't have token rounding during transactions. I know the identity issue is quite sensitive to current traders, but trading in Bithumb, you can withdraw 5 BTC every day without having to do KYC.I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
Same can be said about Blockchain/decentralized tech... They are relatively slow but people choose them for their uniqueness.
Why use Bitcoin instead of paypal or similar payment processors? Because Bitcoin is unique and has the ideals lots of people value... Ideals like privacy, anonymity, participating in governance, freedom (within the confine of rules/morality ofcourse), safety/security, etc The ideals are basically in harmony with human's most important rights. This is applicable to real crypto DEXes. By the way, a well built DEX can be as fast as the centralized ones...with very low fees too.
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I don't think day trading at dex is good. One of the weaknesses of DEX is high fee and transaction is very slow. Everything needs to go through many steps and I feel quite uncomfortable. Why don't you trade at CEX? It is fast, low fee and doesn't have token rounding during transactions. I know the identity issue is quite sensitive to current traders, but trading in Bithumb, you can withdraw 5 BTC every day without having to do KYC. I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I do not have a special reason to use DEX, but in some cases, I do transactions using DEX. Unfortunately, although transactions on DEX are safe, DEX services have some disadvantages. The biggest of these disadvantages is, of course, the transaction volume, which is why it is more difficult to make daily buy and sell transactions in DEX services. On the other hand, the fact that DEX services offer anonymous transactions causes indirect movements in wallets not being perceived, and therefore it can be difficult to predict what large investors will do in those trading parities. I do not know how accurate it will be for daily buy-sell transactions, but if the transaction volume will not be a problem for you, you can use DEX.
Advertising shill, another account spamming about Blocknet.
When you see someone talking about Blocknet in the Trading section, check out the post history of the user. You will notice they also post about Idex and Stakenet in almost all their posts (like @OP btw)
At this point you can be sure they're not interested to have a discussion, their only goal is to spam via different accounts trying to make people feel this project is exciting or revolutionary.
When you see someone talking about Blocknet in the Trading section, check out the post history of the user. You will notice they also post about Idex and Stakenet in almost all their posts (like @OP btw)
At this point you can be sure they're not interested to have a discussion, their only goal is to spam via different accounts trying to make people feel this project is exciting or revolutionary.
I've been trading on Binance a lot, but fear KYC as I really don't want to give up my details that easily, which made me look into DEX's as of lately. The vast majority of them lack a lot in volume, but I think it's safe to say that if DEX's had the same volume or just 1/10th of Binance, I'd use it any day. Not only to protect my identity, but also to be in control of my own private keys while trading, which is something that concerns me as well.
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
I've looked into Blocknet, a few others.
Anyone here who've tried trading on DEX's? I'd love to know!
Jump to: