What's your take on CEX platforms integrating DEX capabilities like swapping? - page 2.

bitgolden

legendary

Activity: 3024

Merit: 1132

Leading Crypto Sports Betting & Casino Platform

Quote from: hyudien on November 09, 2023, 07:35:52 AM

Quote from: R1dwanRz on November 03, 2023, 06:55:35 AM

So, what's your take on CEX platforms integrating DEX capabilities?

I find the Swap and Convert options on some CEX platforms to be very helpful and are features I always use. Because by providing a swap feature, without realizing it, the CEX platform is also trying to ensure that users do not exchange elsewhere as much as possible. Creating more ways to continue engagement in it and with low cost offers. This is an innovation that has been implemented in several CEX platforms that have personally been my choice so far. If you want to exchange small amounts of coins or tokens, such as on the ETH network, you don't need to worry about high fees.

That's basically the method they are using to make sure that they are more inclusive and get all the people they possibly could. I am not saying that is the best way, but it is certainly a great method that they could benefit from, that should always be the most important thing for them. I get that it is not that easy to handle it all, but it is not that bad and could be a very good deal.

The return of investment that people may have, is tied directly into how much they trade, and the more they trade the more they "may" make profit, they could of course lose too, but an exchange that makes you want to trade there all the time, will certainly make money no matter if you win or if you lose. They make profit from the trading fee, meaning that swap or exchange or trade, whatever you do, spot or futures or anything else, it doesn't matter to them, they just want you to trade as much as possible so that they could make more and more profit on the long run.

Wind_FURY

legendary

Activity: 2898

Merit: 1823

Laughable that "swaps" are considered a DEX "feature" now integrated in centralized exchanges. Tell me I'm wrong, but the reason why decentralized exchanges only have swaps is because they can't, or it's too complicated, to implement limit orders decentrally. I believe they need to build centralized features to have the efficiency of their centralized counterparts.

hyudien

hero member

Activity: 2198

Merit: 607

Leading Crypto Sports Betting & Casino Platform

Quote from: R1dwanRz on November 03, 2023, 06:55:35 AM

So, what's your take on CEX platforms integrating DEX capabilities?

I find the Swap and Convert options on some CEX platforms to be very helpful and are features I always use. Because by providing a swap feature, without realizing it, the CEX platform is also trying to ensure that users do not exchange elsewhere as much as possible. Creating more ways to continue engagement in it and with low cost offers. This is an innovation that has been implemented in several CEX platforms that have personally been my choice so far. If you want to exchange small amounts of coins or tokens, such as on the ETH network, you don't need to worry about high fees.

rat03gopoh

hero member

Activity: 2254

Merit: 680

Signature designer - start @$10 - PM me!

Quote from: jeraldskie11 on November 07, 2023, 11:53:35 AM

I have tried doing this in my pc without logging in my account but it works.

I see it, I haven't used binance for a long time. Only the mobile app is still installed and it doesn't show the benefit points like the wider view version. Have you proven it is free or at least cheaper when compared to the spot market? I see they also enable price slippage.

cryptoaddictchie

legendary

Activity: 2324

Merit: 1384

Fully Regulated Crypto Casino

Quote from: R1dwanRz on November 03, 2023, 06:55:35 AM

So, what's your take on CEX platforms integrating DEX capabilities?

Well they can still do that right? But the only difference is the feature is known as dex but in reality the system is centralized. They can use that all they wanted but people wont be swayed by thinking its working as decentralized approach sicne they have total control over it. I think its business situated at all so I dont mind if they imitate or do the dex process.

jeraldskie11

sr. member

Activity: 1316

Merit: 356

Quote from: rat03gopoh on November 05, 2023, 01:30:35 AM

Quote from: jeraldskie11 on November 03, 2023, 12:30:09 PM

if you're using Binance with it's new feature "convert", you really don't have to pay for the fee.

Which feature are you referring to? I honestly just heard this about binance, would you mind giving me the page (without logging in if possible).
All I know is conversion feature of the dust balance to BNB, and even that requires a fee.

I have tried doing this in my pc without logging in my account but it works.

First, you have to "login as guest".
Second, click "All" on the left side of the screen.

Lastly, find "convert" then click it.

You can convert any cryptocurrency you want. It's clearly stated below that there will be no fee, and there is guaranteed price.

shinratensei_

legendary

Activity: 3346

Merit: 1034

Leading Crypto Sports Betting & Casino Platform

quite literally so many exchange out there already have such feature of instantly swapping from few years ago, it's called instant swapping or something, but if what you mean is integrated with some of the dexes out there into their own platform then that's something new I guess.
Personally i have no problem with that, its a business after all and they always try to give the bleeding edge feature to their customer for the sake of keeping them in the platform.
so this could be very well a good business decision from their standpoint but personally I think cex and dexes could work together.
the main reason why cex are still leading the business right now is because the processing of transaction doesn't need to be in chain, meanwhile everything that dexes trying to process needs to be on chain which requires fee.
its even more problematic when you're dealing in high fee blockchain like ethereum.

Altcoiner007

jr. member

Activity: 263

Merit: 1

Quote from: el kaka22 on November 03, 2023, 11:09:41 AM

There are some places that are taking whatever features that people liked with DEX, but that doesn't mean that it's actually decentralized, plus not like we really need it to be like that neither, we are fine with as it is and shouldn't really approach it any differently.

I personally believe that the best thing we could do at this moment is to make sure that CEX we use will not scam us and take all our money and leave, there has been a lot of places like that, so do not invest into some small cap exchange just because it has your favorite new meme shit token, there are a lot of people who lost millions combined just because of things like that.

Real centralized exchanges, ones like coinbase, binance and so forth are real places that people like to keep their money in, and those places are much better than any decentralized exchange you can think of, it's really making a big deal out of the situation and should be used a lot more on the long run whenever you can.

Rightly said! Most Exchange users are comfortable keeping their funds in and using some of these existing CEX and following the recent news of Regulations and all, I think some are really trying hard to keep up to the expectation of the people in order to show their commitment to their users. I read of a particular CEX, I think Bitget in short secession making partnership with an off Exchange digital asset custody outfit, increased their user protection funds and updating their proof of reserve. They also along with Binance, coinbase and others are among the top cex that have implemented it. All these I feel are geared toward satisfying their users and making their Platform more attractive to investors. We shouldn't mind the bad elements in the space and ignore the efforts of the few commitment ones.

DVlog

full member

Activity: 504

Merit: 212

Quote from: R1dwanRz on November 03, 2023, 06:55:35 AM

So, what's your take on CEX platforms integrating DEX capabilities?

The only difference I see is that you don't need to pay for the gas fees for your transaction. Actually CEX has most of the capabilities a dex has and on top of that CEX provides some extra benefits like massive liquidity and excludes the necessity of transaction fees. Perhaps this is a reason why CEX is still more popular than dex even after incidents like Mr.Gox and FTX where their users lost millions of dollars worth of assets.

tjtonmoy

sr. member

Activity: 1008

Merit: 366

Even if you have to pay a little bit of fee that doesn't mean you should compromise your privacy. Decentralized things implemented in a centralized platform doesn't make it decentralized. Instead, it's just a feature which is centralized but act the same way as decentralized platform. So if privacy is your first concern, things like decentralized exchange which is swapping / converting that are implemented in centralized exchange should not be take into consideration.

It cost a little bit more or it cost a little bit which is available free in centralized platform indicates that those centralized platform are taking advantage thus they are giving the service for free. Could also be for attracting more people. But the more people use the service the more money they make.

Something was just cheap isn't always bad and also something that cost a bit more doesn't mean it is good. But when there are hidden agendas involved, doesn't matter how cheap it is, it is better to stay away from it. Use the thing that is meant to be doing what it says even if it cost you. You are the one who keeps your assets safe. Those centralized platform aren't going to take any blame for your losses.

jaberwock

legendary

Activity: 2814

Merit: 1128

Quote from: GreatArkansas on November 04, 2023, 03:52:50 AM

Still, if your funds are still in their custody, I don't see any Decentralized thing there because they are the one who holds your funds.
You are using a centralized cryptocurrency wallet while using a Decentralized Exchange (DEX)? Why just use your own self-custody cryptocurrency wallet?

Well, what do you expect? They only adopt some of the decentralized exchange capabilities anyway, and inspite of it, they are still a centralized exchange. If we don't like our funds being hostage by a centralized exchange, we are always welcome of using a decentralized exchange. On the second thing that you said, many are like that and it's funny right?

If they truly support decentralization, then they should also use a decentralized wallet, but I guess there is this unique feature that only a centralized wallet and exchanges have and this is why they are still leading. People are willing to sacrifice their privacy and security, only to avail those.

hugeblack

legendary

Activity: 2758

Merit: 4074

This step is supposed to expand the features of the new hybrid platform so that it has all the features and anyone who wants any use will find it, whether he wants to use the platform with identity verification or not.
Is this what will happen? No, in fact, it will combine the disadvantages of both platforms while trying to defraud some users by giving them the ability to trade without requesting data from them. Try to stay away from such platforms, as they often search for hot words.

rat03gopoh

hero member

Activity: 2254

Merit: 680

Signature designer - start @$10 - PM me!

Quote from: jeraldskie11 on November 03, 2023, 12:30:09 PM

if you're using Binance with it's new feature "convert", you really don't have to pay for the fee.

Which feature are you referring to? I honestly just heard this about binance, would you mind giving me the page (without logging in if possible).
All I know is conversion feature of the dust balance to BNB, and even that requires a fee.

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Quote from: R1dwanRz on November 03, 2023, 06:55:35 AM

So, what's your take on CEX platforms integrating DEX capabilities?

They, centralized exchanges, can create their Decentralized exchanges. You can use their DEX or refuse to use their DEX but with different reasons to accept their DEX product or worry about it and don't use it.

Is it a good platform that is decentralized if it is built up by a centralized team with many members like founders, core members, compliance and marketing team members are known by governments and the public?

It is not good and if you think their DEX is actually decentralized, you have to correct your thinking. A true decentralized exchange must be built by an anonymous team to help it can not be shut down by arresting a founder or a core team member.

TimeTeller

hero member

Activity: 2744

Merit: 588

Quote from: yhiaali3 on November 04, 2023, 10:47:34 AM

What is the difference? It remains central in the end. It is true that it provides services similar to DEX, such as instant swap as well as liquidity, but they all remain central services, and this is the worst of the matter.

The big advantage that DEX offers regardless of liquidity is decentralization, so if DEX switches to centralization it will no longer have this big advantage and its use will be greatly reduced.

So I personally find no benefit from CEX platforms that integrate DEX capabilities.

You may not find this feature not favorable on your end, but I believe a lot of traders are using it.
Some traders are trusting CEXs because they can easily get support when they need it, particularly from those top trading platforms.
This integration actually is not new, it has been there for quite a while now as they need to cover all potential clients.
In my opinion, the use of this feature depends on the trader himself, whether he sees this as advantage for him or not.

Hamza2424

legendary

Activity: 966

Merit: 1042

#SWGT CERTIK Audited

Quote from: ?? on ??

I think the idea of traditional exchanges adding features from DEXs is quite interesting. It's like combining the best of both worlds. CEXs can become more versatile and user-friendly by offering DEX-like features. IMO, this would make trading cryptocurrencies easier for everyone.

I'm not sure about it but what I know is the centralized exchanges are almost hitting their limits there's nothing they can do anymore, the reason why they're still the center of attention is due to the new entries in the industry and the only cheap option, but when it comes to the transparency & security they really cant offer better than this.

No doubt their overall user experience is far more developed compared to the DEX's but what DEX's are offering is far more superior to the centralized excnages, I'm sure in near future with the network fees solution ther'e gonna lead the way.

yhiaali3

legendary

Activity: 1848

Merit: 1982

Payment Gateway Allows Recurring Payments

What is the difference? It remains central in the end. It is true that it provides services similar to DEX, such as instant swap as well as liquidity, but they all remain central services, and this is the worst of the matter.

The big advantage that DEX offers regardless of liquidity is decentralization, so if DEX switches to centralization it will no longer have this big advantage and its use will be greatly reduced.

So I personally find no benefit from CEX platforms that integrate DEX capabilities.

Z_MBFM

sr. member

Activity: 616

Merit: 322

Quote from: noorman0 on November 03, 2023, 07:49:19 AM

It's nothing new, you can actually find a swapping feature in various CEXs, it's called "instant swap/exchange".

The implementation of swapping on CEX is actually more efficient, because they usually only charge a relatively cheap service fee and the settlement speed is only a few seconds like regular spot trading.

Yes CEX exchanges have now started offering Web3 facilities. a popular exchange like Binance has also launched it. there are swap facilities and you get a different wallet and also have a system to back up that wallet. so I agree with you that this is nothing new. But it will have full cex account connector and depend on it so it can't give full joy of DEX. Cex and Dex will not be the same but two completely different things.

The Future

newbie

Activity: 23

Merit: 0

Quote from: R1dwanRz on November 03, 2023, 06:55:35 AM

So, what's your take on CEX platforms integrating DEX capabilities?

I think it's a pretty interesting development to see centralized exchanges (CEX) incorporating decentralized exchange (DEX) capabilities like swapping. This trend seems to be driven by the growing popularity of DeFi and the desire for users to have more control over their assets. It could potentially offer users the best of both worlds: the liquidity and speed of CEXs and the security and privacy of DEXs. One platform that comes to mind is BitgetSwap. It's a relatively new player in the space, and it's been gaining some attention.

GreatArkansas

legendary

Activity: 2562

Merit: 1399

Still, if your funds are still in their custody, I don't see any Decentralized thing there because they are the one who holds your funds.
You are using a centralized cryptocurrency wallet while using a Decentralized Exchange (DEX)? Why just use your own self-custody cryptocurrency wallet?

Topic: What's your take on CEX platforms integrating DEX capabilities like swapping? - page 2. (Read 422 times)