Topic: Why don't you use DEX? (Read 534 times)

As for how I use it, I don't have a preference between CEX and DEX. As long as it brings the convenience I want, I will use it. I think there is no need to separate which is the right one, because the issues have been stated quite fully, both positive and negative of each service. And we as users have the right to choose and accept that service. Currently, I see the majority of users tend to switch to DEX to trade more than before, but it seems to still be quite small compared to the scale that people use CEX, and maybe in the future there will be a change. It's different, but as I said, it doesn't matter which one we use as long as it's convenient for the usage process.

I mostly use CEX if I want to buy/sell Bitcoin for Fiat money because it's easier, quicker and more convenient rather than using DEX, and I always use local exchange so I can buy bitcoin using bank transfer in just a matter of minutes and a few tap on my phone. I can't find any DEX that support Indonesian bank so if there is there is any DEX that support Indonesian Bank transfer I will happily use that.

This is the first time I am hearing of the names of those dexesyou mentioned.
But basically most people prefer to use cex for the convenience it offers and moreso security reasons.
Personally I use cex and have never used a dex before. Maybe I will try it out one of these days

Most times they cares about the safety of their wallet although they still makes another wallet to connect it on DEX but still not convenient for people to always use it, I just tried to used dex few days ago to swap one of my token gain from bounty even as that was scared to connect my wallet because of hack not to empty my wallet. Centralized exchange are more convenient even though people are passing through kyc they don't care in as much it's fast in trading and also to make deposit through Bank card people would prefer that than dex.

There are few reasons, some dexes are a little bit complicated for some newbies, gas fees, slower compared to cex and other many reasons, mostly comparable to cex. There are people who preferred convenience over privacy, it's a fact that's why there are many people who are still using cex. Even with the past cex issues like the mt.gox hack, ftx scandal and also binance scandal, the cex users are still using the cex platforms as it is way better. I myself is using cex because of its convenience but I still use dexes sometimes. I don't register on other cex anymore, I submitted KYC before, why not use it? Just don't forget to not store crypto on these cex as you don't have full custody on your funds.

That's right and add it to what you have said. Many people are using KYC exchange platforms to buy and sell because of the the price difference with Dex. Like the price of CEX platforms are much more higher than the DEX platforms. And in most cases, CEX are very easy to use. Example if you are buying and selling with Binance exchange platform, there is no transaction fee attached to process in the transaction and everything is free but reverse is the case for DEXes. And I believe those are some the reasons why people use centralized exchanges than decentralized exchanges.

I'm not entirely sure what Circle was, but if you're talking about a simple fiat exchange from a large firm with a simple non-KYC registration, then I very much doubt there is any such service left. Especially in the US.

To me, the best and only truly decentralized exchange is Bisq, which is completely peer-to-peer, operated by a DAO. The next best ones, which are centralized, can be found in here: https://kycnot.me/search?q=&type=exchange&btc=on&fiat=on.

Shutting down Bisq is same difficult as shutting down any other peer-to-peer network. The rest of the non-KYC, centralized exchanges can be shut down easily, though.

I don't trade crypto like a lot of others on this forum do, but thinking back to years ago when there were services like Circle around, with which you could buy and sell bitcoin from a reasonably reputable firm with absolute ease makes me pine for those days.  If you're a US citizen and don't have a Coinbase account (those fuckers), what's an easy way to do that anymore?  Damned if I can think of any.

So I'd love to use a DEX for fiat transactions--assuming I had money to buy bitcoin on the regular--but as mentioned, liquidity/volume is low, and since I haven't become familiar with any of the exchanges out there, I haven't used one.  The principle of decentralized exchanges does appeal to me, however, and I'm guessing if someone could get ahold of Satoshi and poll him on his opinion of the DEX concept he'd be all for them.

These have been around for what, at least a few years now, right?  Given how many people care about their privacy and don't have as many hangups as I do, I would've thought they'd have caught on far more than they have.  Ah well, I suppose if governments decide to crack the whip harder than they already are, they will.  Hopefully.

Some coins lacks volume on DEX'es, and they're willing to share their private information just for them to have access to different features of that exchange.
TBH, I'm one of the many users here who don't use DEX'es because I find CEX'es comfortable to use already so there's no need for me to switch.

I guess there are lots of people here who prefer using CEX over DEX'es just because of the fact that they find it comfortable for themselves to use a CEX. Also the fact that CEX are easier to use than DEXes is also a reason for that. Overall, DEX'es are good, but people just prefer to use CEX'es.

Same here. While most of us already knew about many reputed/well known CEXs, there aren't many who knows about DEXs (My opinion). For me, I knew of Binance, way before I knew about bitcointalk or crypto. I just knew about it somehow. Never searched google or anywhere. But for bisq, I recently got to know it. But it's already too late for me to shift from CEX to DEX. Already registered to 2 exchanges with fully KYC done.  

I guess promoting a Brand/Company/Service really do matters. Nowadays, whenever I'm on my social media, certain ads from Binance/ByBit/KuCoin like exchanges pops up.

Problems with DEXes

1. Lack of good volume.

2. Costly transaction fee on the platform.

3. Higher liquidity for traders is only available on centralized exchanges.


The only thing that DEX does better is no KYC and having control over your asset while swapping your coins and tokens, a bad news for those who like leaving their coins in the hands of a website, till today people are still leaving crypto assets on exchanges because they somehow trust centralized exchanges more than anything.

Dex is actually very good, it's something that fits Bitcoin decentralization, but due to high numbers of traders in crypto space it's clear that centralized exchange is way better for trading than dexes.

EXacly and I really agree with the first point that you have stated concisely and clearly. In fact, this must be the first benchmark that must be considered before starting to invest and it is also seen as a form of obstacle in the growth and adoption of decentralized exchanges (DEX). . So, in my opinion, if DEX platforms want to improve their performance, follow and combine the strategies that CEX platforms have implemented so that they will be able to attract the interest of traders and investors to stop by them.

Leaving your coins in DEX isn't a good choice too because the wallet is connected to internet, treat it as a hot wallet.

This is completely wrong, actually DEX doesn't limiting any regions to use their exchange, even you're live in China or Nepal, where they ban Bitcoin, you can still buy and sell Bitcoin using DEX. Although you need to learn about privacy and make sure you're not leaving too many trace.

I think sometimes coins not listing in DEX and still use exchange to sell it. Even more exchange ease of use, higher liquidity, and trust in established platforms. It's means non KYC platforms might be less familiar, harder to use for some users, and may not be available in all regions, which can deter people from using them. However, withdrawing cryptocurrencies from these platforms is entirely possible and isn't usually a barrier to their use.

No bro that's not the call at all, hehe good rhymes anyway, the point is using the Dex's is much more expensive for trading in the short time frame, due to the network cost on every interaction with the protocol. This is one of the most prominent reasons for now.

For the withdrawal and all such related stuff just remember these are bluffs only.

One of the reasons why many would choose to use a decentralized exchange is because of the of the safe breaches it could post to our individual self. Using a non decentralized exchange would require us to do KYC verification which is one of the things many are avoiding. The government could track our account from this means and get to us at time since they have our information. Decentralized exchange is usually for swapping or coins but there are some we can buy coin from them without any of our identity given to the exchange. I see decentralized exchanges as more of coin swapping which go safe us the stress of going to use a centralized exchange.

Dex is more safer than Cex when it comes to security. For instance if you keep your money on Cex and it happens that Cex has crashed, you'lld loos your money. But in Dex you have total control your money. You make your decision as it pleases you. Dex don't need to be reminding you about "not your key not your coin". On like CEX which will not even explain anything'

Here is the reason.
A centralized exchanges is made to be simple and easy, you know why? Because the complicated aspect of it is controlled by the middle man and not the user while in the Dex, the users do both the easy aspect and the complicated aspect of the exchange. For instance when you want to buy a coin through p2p in a exchange, the exchange hold the asset and allow agreement to be reach between the two people before all trades are been settled but in a Dex, smart contract is what control activity and everything you do in a decentralized exchange and you will have to pay fees to approve everything.

Dex are very complicated to some people because the design, all Dex don't have a unique approach but a centralized exchanges are know for email, password and Authentication system to protect your self while Dex is about you and your wallet. Dex also has low volume and liquidity issues, since centralized exchanges has more people they tend to have plenty of sales and buy buy Dex is usually in few.

However, the disadvantages of centralized exchanges is always bitter, your coin can be seize at anytime, you need KYC just as you have said but people don't look at these underlying problems anymore because they always think I don't do any wrong, definitely they can't seize my money until the day the reality set in.

There's a saying that you can only lead a cow to the stream but you cannot force it to drink water. This means it's entirely on people to do whatever they want with their coin. Some persons choose CEXs because of the simplicity, especially the newbies while others it might be the trading volume. Whatever is the reason is up to them, people who value their privacy will avoid CEXs by opting for DEXs or other NO KYC exchanges to trade their assets.

There is not enough liquidity not only on decentralized exchanges, but also on centralized ones, if these are not top coins. But the main reason I use DEX is that there are a lot more new coins on it that can be bought even before listing on a centralized exchange. In addition, the preservation of user anonymity is not the last place in this choice.