Topic: Which of the Decentralized Exchange is Good for Nigerians to Use? (Read 118 times)

Hope say una know the high potential risk of using DEX sha.. if you're a newbie I wouldn't recommend DEX for you cause the chances of you getting scammed is very high compared to CEX. The only advantage of DEX is that you're getting a Non-KYCcoin.

Use a good CEX for your convenient.....

These are the recommendation i will give for you to select your preferred choice with choosing a decentralized exchange.

decentralized exchange
https://bisq.network/
https://hodlhodl.com/

However, i don't know the reason why some will prefer the use of a decentralized exchange to a non custodial storage, though these exchanges only have the advantage of not requesting for your KYC while using them and nothing more, i will rather prefer the use of a cold storage before taking consideration in any of the decentralized exchanges.

CEXs store crypto assets but DEXs DO NOT STORE your assets, for example Uniswap, Pancakeswap, Quickswap etc. How DEX operates is that you connect your wallet, grant the Dapp permission to access your wallet and trade your assets.

Why DEXs are important is because of privacy. You're not required to perform KYC, thus they don't have your name, address, mobile number etc, on their database. With the Nigerian federal high court ordering Binance to release the list of all Nigerians trading on the exchange to EFCC is a more reason to avoid CEXs. I've not really had any trading experience with a DEX that supports crypto to cash transactions. Bisq.network looks like a good option, but the last time I checked it has less activity.

The most recommended is Bisq but most Nigerians may not like it. I can recommend Agoradesk but be careful of price manipulation. Use CEX to first know the best price. Hodlhodl is good but it has been long that I visit it and maybe things have changed but I do not know.

You know how Nigeria is. As the government have achieved their aim, they may not do anything against those exchanges any longer. You know already that the exchanges themselves are controlling the dollar price and making its be almost the same as the CBN price.

You really try to raise this issue here, because most of us even me self, never use any decentralize exchange before, and wetin you talk dy very true, because las las, when the craze of our government don start again then go come back for this other centralized exchange wey we dy use manage our life.

Another thing wey most of us dy do wey dy real bad, even though wey know say e dy bad, most people still dy do am, because them no want to dy pay transaction fee anytime them wan withdraw money, them go dy leave their asset in a centralized exchange because e dy more accessible, them no know how that actions of theirs really they dangerous, but why I dy talk thing is that na for newbies mostly, no be for veterans wey know the risk and still dy do am because of him or her dy feel cheated to dy pay transaction fee anytime him wan withdraw money, .

I understand wettin you dey talk sha,  I even notice say of recent binance dey misbehave and E fit totally shutdown any moment. Sometimes wey I go just dey try to open am, ego just dey load E go say something like service timeout. Sometimes E no go open for like 12 hours for my phone and I no no wether na only me Naim dey notice that thing, and E dey make me no feel safe because this yeye people fit just block am entirely one dey wey dem go don run me my weekly payments. So I don dey use kucoin. One thing wey dey dere now be say even as I no say dem fit stop kucoin anytime, wetting I dey do be say emediately dem drop btc I don comot am isap  any day wey dem say dem wan block am I go just go update my Dex wallet adress for forum. The matter you bring na legit sha. Many exchanges dey sha but make we dey see how far dem go go.

For me any open source decentralised exchange is good to go with but to be specific you can go for dex like bisq.

Bisq is one of the famous open source decentralised exchange that anyone can use the only difference in this decentralised exchanges is that exchanges rates are little bit lower than in centralised exchanges and I thinks it's a price for your privacy for those of us who value privacy then it's absolutely the one of the best but perhaps one can still make research on other Dex exchanges to use.

To break it you OP alot of people here in the local board has left binance already for centralised exchanges like kucoin, but, Houbi etc. Since the beginning of the issues with binance in Nigerians has moved on already.

perhaps I will say there is no exception for storing coins in an exchange whether of the centralised or decentralised. It's really no good to keep ones assets on an online exchange.

It's more adviced to used wallets to store your assets (coins) especially non custodian wallets and open source wallets like Electrum for bitcoin and unstoppable wallets, Metamask wallets for both altcoins etc.

But if you want to hold little amount you can use any of the quick access wallets online in other to carry out transactions but if you don't care about privacy you could use exchanges for your day to day use of bitcoin and other coins.

For weti dey happened in the country we need to prepare ourselves for the untold story that Nigeria government is planning against the centralized cryptocurrency exchanges. And make nobody keep any coin in my exchange except dex. So nai make I bring dis topic so dat we know di decentralized exchanges wey we go fit use it if in case anything happens to di centralized exchanges wey be sah we no go fit use am? There was a time Charles -Tim was mentioning some of them but we have not really used dem like dat and me now I don forget them so please if you know any of dem make you drop am so dat when di time come we go fit use and bypass dis nonsense Nigeria government dey do.

Nigeria and Binance matter still dey ground and Nigeria government dey plan to do crack down with others so make we too prepare ourselves for dat move so once dem start am we go use another means to buy and sell our coins without stress.