What's the point of registering on a CEX if you don't trade? - page 2.

OcTradism

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Quote from: Becassine on March 08, 2024, 07:11:21 PM

Hello,

Now that there are quite a few solutions for buying or staking cryptos, I was wondering what's the point of going through a CEX when you're not trading. I'm sure there are things I don't know, but I'd love to know all the things that are, perhaps, super interesting.

People can create their accounts on centralized exchanges and abandon those accounts.

More useful, they create those accounts, to buy some cryptocurrencies, not only Bitcoin, and store those cryptocurrencies in these accounts. They did not know risk of holding coins on centralized exchanges.

Reminder: do not keep your money in online accounts

They can do it without big risk if they use not main email address for account registration.

Yamane_Keto

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Quote from: Becassine on March 08, 2024, 07:11:21 PM

Hello,

Now that there are quite a few solutions for buying or staking cryptos, I was wondering what's the point of going through a CEX when you're not trading. I'm sure there are things I don't know, but I'd love to know all the things that are, perhaps, super interesting.

Trading is not the only reason to use CEX as there are some additional services that are offered.

P2P if you want to withdraw to your local currency and there are no options available.
Converting, To convert to altcoin or stable currencies and withdraw to your wallet.
Investing, investment options such as joining a mining pool, lending, or staking
NFT trading, Some NFTs are traded on centralized markets.
low market cap altcoin, Some altcoins do not have a good wallet that you can withdraw to, or you may be thinking of selling them and do not want to withdraw.

Darker45

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None that's convincing enough, that's worth all the risk and the compulsory KYC and whatnot. I think the main reasons why many people use centralized exchanges despite having no intention to trade is that (1) they still lack knowledge and (2) they just go with what's convenient.

Many don't really understand Bitcoin. What they know is that the fiat value of Bitcoin is rising and that they can make money out of it, and that it can be bought from this site called Binance.

Those who know Bitcoin and other stuff like non-custodial and open-source wallets still stick to centralized exchanges because they wouldn't want to go through additional hassles.

All of these aren't worth the risk.

Zaguru12

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It is not only trading coin pairs that Makes people to use centralized exchanges but also the P2P trading of coins are one of them and the most important factor. If you look at the decentralized exchanges even though it is advisable to use them for privacy sake, Many lack the P2P feature for some lower currencies and that is why top centralized exchanges are still prioritized by the investors. Although this days the integration of P2P features is growing on Decentralized exchanges but they are still behind Centralized exchanges and that’s why people still use them

boyptc

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★Bitvest.io★ Play Plinko or Invest!

Quote from: Becassine on March 08, 2024, 07:11:21 PM

Hello,

Now that there are quite a few solutions for buying or staking cryptos, I was wondering what's the point of going through a CEX when you're not trading. I'm sure there are things I don't know, but I'd love to know all the things that are, perhaps, super interesting.

They just like to park their money there and that's it. Aside from not trading, they want to enjoy the perks of being eligible for some airdrops through staking it or having it with those type of earning features.

But if you're not going to trade to any exchange, don't park your cryptos there. Always remember what we tend to say about keeping your keys and coins. You don't have it once you keep your funds on these cexes.

Becassine

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Activity: 1820

Merit: 775

Hello,

Now that there are quite a few solutions for buying or staking cryptos, I was wondering what's the point of going through a CEX when you're not trading. I'm sure there are things I don't know, but I'd love to know all the things that are, perhaps, super interesting.

Topic: What's the point of registering on a CEX if you don't trade? - page 2. (Read 253 times)