What are the benefits of a decentralized exchange? - page 2.

muhhentuhhen

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Quote from: Flezy on July 12, 2019, 12:17:52 PM

Since decentralized exchanges are in agreement with the motive of blockchain, they tend to offer maximum security of users information. It also offers privacy and anonymity; that is to say users can trade without revealing any Information about them. Also unlike in most centralized exchanges where the administrators can manipulate trade, it is not the same with decentralized exchanges.

They give us anonymity. The key difference between centralized and decentralized exchanges and this is the reliability and safety of the user's funds. Decentralized exchanges do not yet have the same functionality and convenience as centralized exchanges, but sending funds to a centralized exchange, you must understand that after sending you can no longer return them. With a decentralized exchange, you will escape it.

Ucy

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Bisq is a Bitcoin Fiat Dex. Use responsibly

There are quite a number of decentralized exchanges with a lot of tokens and cryptocurrencies. I think they are mostly ethereum-based decentralized exchanges.

One of its most important benefits is that you can trade cryptocurrencies on platforms that have no central control.

MikeyVeez

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Decentralized exchange is the future. Imagine that regulators come with strict rules and you will have a real problem to buy cryptocurrency on centralized and regulated exchange, where will you go? Shocked

sukoyomi

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Quote from: cupruri on July 12, 2019, 11:34:30 AM

Decentralised exchanges are providing a much higher security level, because even if you trade on such exchanges, you always have a full control of your funds. Decentralised exchanges cannot be hacked as well, so it is a huge benefit for traders.

You're right, It's rare to hear that Decentralized exchange got hacked, which often hears only events caused by human errors, such as accidentally hit a phishing website. The only lack is small trading volume in there. Security is determined by the user himself.

silverleafy

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1. you are the owner of private keys, that means you still own your cryptocurrencies even you are trading them
2. no KYC
3. no deposits and withdrawal approvals
4. more cryptocurrencies are listed on DEXs because it is cheaper for ICOs to get listed on DEXs.

bitc0000

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Decentralized exchanges till date offers one of the best security, which comprises of both funds and personal informations. By trading through wallet gives users the power to still manage their assets. Also, there is no restrictions as it is opened to all and sundry. Another benefit is that, the charges are not too much when compared to centralized exchanges.

BitcoinTurk

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Using decentralized services of course has many advantages, but in my opinion there are two very important factors. One of these factors is security and the other is to remain anonymous. It is not possible to create an account in decentralized services, so user security is at the highest level. There is also a case that decentralized services do not require users to provide ID or passport approval because they are not connected to any center and cannot follow up on an account basis.

FanEagle

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Quote from: ByteHub on July 12, 2019, 01:52:52 AM

As the number of crypto tokens increases, so does the need to convert and redeem crypto tokens. About centralized exchange we have knowed a lot, and can anybody tell me something about decentralized exchange? and What are the benefits of a decentralized exchange?

I think the good part is to have more security and less need for trust, the regular exchanges get hacked all the time and their hot wallet getting emptied or the api gets hacked so there are fake pump and dumps to make money with other peoples money as well so in the end there is really no trust in any of the big exchanges, even binance got hacked couple of times both to get their hot wallet emptied (they recovered from it) but also get the apis hacked so one coin would increase like 700% and make money for the hackers (nobody recovered from that).

So, when you have a decentralized exchange those type of things can't happen since there is no central deal that can be hacked, they would have to hack each and every single individual account to make a difference and that is way harder than just hacking one exchange.

Flezy

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Since decentralized exchanges are in agreement with the motive of blockchain, they tend to offer maximum security of users information. It also offers privacy and anonymity; that is to say users can trade without revealing any Information about them. Also unlike in most centralized exchanges where the administrators can manipulate trade, it is not the same with decentralized exchanges.

Little Mouse

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You are the controller of your account, there's no need to depend on other. The process is instant as well, you don't have to wait for someone to manually complete your withdraw.
Besides this advantage, you must have in mind that, if something wrong occur. you are not going to have solved it or have support for it.

cupruri

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Decentralised exchanges are providing a much higher security level, because even if you trade on such exchanges, you always have a full control of your funds. Decentralised exchanges cannot be hacked as well, so it is a huge benefit for traders.

bitstalker

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I wasn't using dex for a long time, but in my opinion the biggest benefit is as a foothold for several project tokens that haven't been able to open a transaction on the cex market, so at first they will put it into dex first and over time they will try to make a cex market for unauthorized buying and selling means without having to wait forcex market

CryptoAlphaStar

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The widespread argument for decentralized exchanges is that you interact with them, without revealing the credentials of your wallet. You don't send them your coins. They basically provide the software for the trades to be executed.
Decentralized exchanges also don't require you to reveal your identity.

masterrex

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Im using both centralized and decentralized exchange for trading. Base of my personal experience when using DEX i was able to import my existing wallet specially Ethereum wallet via private key or other security keys. so directly im in controlled of my funds with less transaction and withdrawal fees, compare to centralized exchange. but just be careful not all DEX are proven safe some are just created by scam artist so be vigilant at all times.

max6575

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TropicalDog

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Decentralized exchanges are more appropriate for young projects, because such exchanges usually ask for lower listing fees than centralized exchanges. In early period, young projects can aks for listing on dexes first, then gradually expand on centralized and bigger exchanges.

Sri rahayu

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Quote from: Stanlo on July 12, 2019, 05:40:42 AM

Having full control over your coins using your own Private keys that's why I like decentralized exchanges so its free of security issues plaguing centralized exchanges and no more forcing of KYC on users

Various benefits have been explained by members here. Yes and only reminds you not to enter your private key on a fake site, because if you do, your assets will be depleted. Be careful, buddy

Zemomtum

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CitizenFinance.io

With decentralized exchange, there is no particular person in focus, you hold your private key, get coin at the cheapest price, NO KYC, you remain absolutely anonymous. DEX will be the feature of digital currency.

Peanyut991

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The decentralized exchange is fully managed by the members themselves, while the exchange is centrally managed by the admin. I think that is a clear difference between the two.

caffu chino

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Quote from: ByteHub on July 12, 2019, 01:52:52 AM

As the number of crypto tokens increases, so does the need to convert and redeem crypto tokens. About centralized exchange we have knowed a lot, and can anybody tell me something about decentralized exchange? and What are the benefits of a decentralized exchange?

the decentralization exchange does not require KYC, the rest there is no difference. if not, which one is better, DEX is better because we are fully Anonymous. but currently there is no reliable DEX. as long as there is no DEX that has a large trading volume, people will still use CEX.

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