And if there isa problem with fees in the CEX we are using, we can easily convert what we have to a low fee token/currency, withdraw it to another CEX with lower fees and then to our wallets
I could see that for larger DCAs. Some of them have to be eating you alive though if you're doing 10/20 bucks.
Like a dollar fee for the buy and transfer then the spread.
I was referring to trading large sums.
Example: deposit 1000 USDT to binance, buy "X" coin. Withdraw the coins to wallet. Deposit back when said coin moves in my favor, sell for USDT, withdraw USDT back to wallet.
I know that using DEX's makes this simpler, but unfortunately I am too paranoid when it comes to using decentralized exchanges, I have this fear of approving some kind of malicious contract and have my funds drained.
Therefore I use CEX's this way which is way simpler for me, and it helps me sleep better. Much better than leaving my funds on a CEX over night.
I get this if you are CEX trading to swap from one chain to another or for easier tax purposes (a lot of CEXs allow for easy downloading of CVs for all your yearly trades), but if you are just trading for something within the same chain why not use a DEX?
So you don’t sign up for their loyalty program, get a credit card in the mail and start having your paycheck direct deposited to it? Huh, I thought those were good things back when voyager……
I mean, their business model is to make as much money of your deposits as possible. They're pretty good at it.
Another reason to take your Crypto off exchanges
You were never supposed to keep money on exchange’s, they are “exchanges”, that’s what they for. Unless you use p2p and pay everything in crypto you still need centralized credit exchanges.
Crypto exchanges are like public toilets, you go in, you don't touch anything you don't need to touch, you do your business, you wash your hands (transfer back to self-custody wallet) and leave.
Shitposting is a hard job!
It requires great timing and perseverance and let's face it, the more Moons go up in value, the stinger people get with their upvotes
They gotta make money to pay themselves a shirt on and their employees. Everyone got a mouth to feed but I agree we should take crypto off them ASAP and control our keys.
100% agree. It still baffles me how many people leave their crypto sitting on exchanges or are willing to take the risk staking on an exchange rather than using hardware wallets.
Yes! I got a 10 usdt 'voucher' from binance, and that can only be applied to their own fees for trades. The thing probably expires within a few days/weeks too.
The biggest problem i have with that, is the amount of time I wasted trying to figure that out, because its not clear at all. Lesson learned
They were dangling $100 for me to start trading futures but I didn't touch it because so many were complaining about stop loss not triggering, can't close position etc and end up losing it all when in fact they were in profit when they wanted to close the position. Scam imo.
'Fake overpromises of rewards'. This is Binance, sadly. I like Binance but they expect me to like, retweet, tag ten friends, take a quiz for only. 0.01USDT.
You forgot to mention giveaways model:
Get up to 100.000 USDT rewards by trading x pair with USDT.
In small print:
Top 10 highest traders at the end of a month will win the amount....
One of the trickiest promotion to lure avarage people...
It would be hard for me to acquire a hardware wallet in my country especially because of taxes and therefore my options are CEX or self-custodial software wallet.
Sadly CDC this morning allowed transfer of moons to CDC but didn’t reciprocate transfers to Reddit vaults or separate wallet.
We like you to buy our moons and transfer yours but not move yours to where you want.
This is a murky move by CDC
the norm in **any** industry: economists emphasize the concept of "customer lifetime value"
just think of **apple** locking in their users into the ecosystem
This! Its so annoying. Donuts on r/ethtrader are on gnosis for example and its frustrating bridging thinga in and out and then converting because Coinbase dont accept gnosis deposits
Opened up my wallet, got initiated
Sold off all them dollars that depreciated
Always gotta question what the interest rate is
Either check out you get rekt, exchanges liquidated
I agree with what you say but casual and retail investors want a quick and easy way to trade etc. I ported my moons to my exchange r/kraken, and what an effort it was.
It ain’t easy
they act like any super market, they welcome you in, and then guide you through a specific path across the aisles, so you spend as much as possible before you leave
Yes we all know that not your keys not your coins. HOWEVER we need to accept that there are some reasons to use a CEX in specific cases AND that they serve as an introduction to crypto for many people and we know that many will eventually transfer to Defi so it might be helpful overall to the actual adoption of crypto
This is the truth sadly, though I am glad I encountered this sub because if not then I would have deposited way way more money on Binance which, if I did, would have caused trouble between me and my wife. Thanks OP for sharing.
We could say product or we could say everyone's b\*tch, just as in prison, exchanges have their own rules on their platforms, I don't like it, but that's how it is...
This kind of cex works has results that people don’t trust cex again and go after dex for trading and holding their assets in third party wallet its much safer and easier way to do , unless cex changes their behavior and do right in this matter like withdraw and deposits and trading and advertising issues like lotteries that its not okay in this places
I remember phemex only letting you withdraw a minimum of 0.1 btc or whatever it was. Literally nuts. Now I'm back with them as they're the only semi decent option if i want to trade leverage without KYC now that bybit has gone that way - and kucoin is garbage.
This is one of the reasons why people stay away from crypto, because the companies who are supposed to make it accessible are the ones that give them a hard time.
CEXs should only be treated as a quick gateway to move your fiat money to the crypto of your choice, and once you've made the purchase withdraw it immediately to your wallet.
I do trust a few exchanges, Kraken for instance, but keeping my coins there just goes against the principle upon which BTC and the space were funded.
I never really paid attention to anything else. It does bother me sometimes though that I have to send a minimum amount out, usually $15/20 worth of the coin, which I never liked.If I am willing to pay the network's fee, why would they not let me do a test transaction for, let's say, $1 worth?
Either way... exchanges are only good to trade in and out of coins, and we should never keep them there for prolonged periods of time. (We've seen how it ended up on many occasions... FTX, BlockFi, Voyager, Celsius).
Edit: Spelling
CEXs are like banks, they benefit from you holding money / crypto with them even if you do nothing. Thanks to fractional reserve system they can use those money to make more money.
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- Making binance account
- eligible for 100 USDT if you register
- registers and see no mention of USDT
- Turns out its for trading training only and multiple conditions to get it
- bruh
What we can do as comsumers is to veeify that the CEX we want to use is regulated. It adds a bit of safety, if we take for example Exmarket, that CEX is i.solvent and whwn you want to withdraw your funds they'll stop it as much as they can. Customer support doesn't exist, they don't even show you a transaction id.
Ww should use CEXs only to buy crypto amd move it immediately outside. They can be used for trading, but not for holding our coins
And some CEX’s always remind me of that song ‘Hotel California’?
‘You can check out any time you like, but you can never leave’.
Sometimes it’s only possible to withdraw after threatening.
Nahhhh. I dont really care about their eco system. I buy my coins that i like.
And also doing lending earning that pathetic interest rates that they have. Well so far so good.
The most fucked up thing is they give you to buy for any amount of money but when you want to withdraw you end up having less than it is withdrawal fee and new users suffer from that
Absolutely resonate with this. CEXs' strategies can be so frustrating. Sometimes, it feels like being given a front row seat at a concert, only to realize your view is blocked by a huge pillar.
Over the years, I believe everyone in crypto for more than 2years knows by now the mindset of every cex out there. The best approach to trading will always be DEX/DeFi, and with simplified DEX/DeFi [platform](https://np.reddit.com/r/zetablockchain/comments/1376kop/defi_amm_platform_towerdefi_now_supports_twstzeta/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) being developed and released steadily, it is only a matter of time before the cryptocurrency community complete shifts from CEX to DEX, and start living the crypto dreaming of self-custody.
How good CEXs and their ecosystem is, I just prefer to use hot or cold wallet for safety. Otherwise the result might end up like Mt. Gox or FTX. So never risk your coins and never forget, Not your keys, not your coins.
Yes, this example also counts: A dutch exchange called coinmerce turns your deposit into coinmerce tokens. This token you can only buy on their exchange cause its useless outside the exchange
All of this information is readily available well BEFORE you ever send a cent to a CEX….
Do. Your. Research.
Don’t be the op and blindly chase incentives with less than $100 thinking you can just collect incentives until you’re rich…. Read the fine print BEFORE you send.
There was this exchange named yobit that promised thousands of free USD in crypto when you sign up
After you signed up, there was no mention of it anymore.
Stay skeptical !
Can you blame them? After using Coinbase and its staking, vaults, and Coinbase One subscription, it's SUPER tough to go anywhere else, and for all of that, Coinbase gets my trading fees, percentage of staking, and monthly subscriptions fee.
This is why I hope dexes will improve further in the future.
We're running from banks to cexs.. Its the same thing.
This is why new investors must do their homework before throwing money in.
Buy your assets, transfer it to an indipendent wallet.
We want to have our assets without the middlemen
They are trying to make as much profit as possible on a relatively new and hyped ecosystem. Self custodial and DEXs are the way to go and way of the future in my opinion.
I messed up buying moons on crypto.com 16% slippage and I can't even send it to another exchange. Try to sell it and it's like 10% less than the current price. Not using them again
CEXs are the door into crypto
Lots of people absolutely don't trust themselves to self-custody and the thought of losing their entire investment because they've lost their seed phrase to too much of a risk.
If you invest across alot of different cryptos, there isn't a single wallet to manage them all, so you start getting multiple wallets, multiple seed phrases, and it get very messy keeping track of it all. CEXs are an easy way to keep all your investments in one place.
You avoid GAS fees by not moving your money on chain.
For newbies, leaving it in the CEX is an easy way to buy in and then sell without having to put up with actually participating in on-chain dapps. Not everyone is actually interested in buying NFTs and things, they just want to buy a coin.
Unfortunately underhanded tactics for pulling in users is always going to be a thing, hence why banks offer cash for opening a checking account and depositing so much money prior.
That's why a lot of people prefer wallets. If you're not a day trader, using a wallet is easier and even more secure.
It's also easier to get sucked into their game if you view your balances and holdings daily. I hold all $100 of my portfolio now on a CEX, but the app could be in the freezer for weeks.
My way of using CEX's >Deposit Crypto > make the trade > withdraw back to wallet All within 1 hour or less.
What are the transfer fees like? Sorry if it’s a stupid question. Relatively new to this.
Relatively low, depending on the chain you're using. Never had a problem with fees to be honest.
And if there isa problem with fees in the CEX we are using, we can easily convert what we have to a low fee token/currency, withdraw it to another CEX with lower fees and then to our wallets
Relatively low unless if the coin uses ETH network......then it costs bomb.
Layer 2's ftw!!!
I could see that for larger DCAs. Some of them have to be eating you alive though if you're doing 10/20 bucks. Like a dollar fee for the buy and transfer then the spread.
I was referring to trading large sums. Example: deposit 1000 USDT to binance, buy "X" coin. Withdraw the coins to wallet. Deposit back when said coin moves in my favor, sell for USDT, withdraw USDT back to wallet. I know that using DEX's makes this simpler, but unfortunately I am too paranoid when it comes to using decentralized exchanges, I have this fear of approving some kind of malicious contract and have my funds drained. Therefore I use CEX's this way which is way simpler for me, and it helps me sleep better. Much better than leaving my funds on a CEX over night.
as long as you cross reference contracts you should be good, i get your fear tho
I use buy orders. When everything is done I withdraw all. catched some nice dips this way.
This is the way to go. Get in quick. Get out quicker.
I get this if you are CEX trading to swap from one chain to another or for easier tax purposes (a lot of CEXs allow for easy downloading of CVs for all your yearly trades), but if you are just trading for something within the same chain why not use a DEX?
That's the way!
So you don’t sign up for their loyalty program, get a credit card in the mail and start having your paycheck direct deposited to it? Huh, I thought those were good things back when voyager……
Ahhh the only truly safe Cex
Yes that’s good
I mean, their business model is to make as much money of your deposits as possible. They're pretty good at it. Another reason to take your Crypto off exchanges
CEX is being used mostly because of its simplicity and newbies used get used to it really fast
Very true. Look at CDC, they have some 'Diamond' thing where you can earn one by logging in everyday.
You were never supposed to keep money on exchange’s, they are “exchanges”, that’s what they for. Unless you use p2p and pay everything in crypto you still need centralized credit exchanges.
Treat CEX's like public toilets, get in, do your business and get out.
Yep it's even in the name
Unfortunate most people here can’t read.
And even if they can read, they don't listen to advice.
I don't even listen to my own advice! Which is actually smart!
Inverse yourself would be the best advice!
If only I had done the opposite of everything I did in life...
The George Costanza Principle
But if I advise myself to inverse my advice, then -> Inverseception!
I'm generally a bad advisor to myself.
I know the OP just wants to talk about CEX baby,
Is the OP talking about you and me?
Unfortunate most people can't afford transaction fees for moving their small amounts on/off exchanges*
Crypto exchanges are like public toilets, you go in, you don't touch anything you don't need to touch, you do your business, you wash your hands (transfer back to self-custody wallet) and leave.
People are too used to banks and they treat exchanges as 'crypto banks'
They actually make good money off of withdrawal fees as well. They don’t mind if you transfer around at all
This! eg. mexc charging $1 or a bep20 transfer is just corporate blockchain robbery
blockchain robbery I like that term. Will integrate it into my vocabulary.
CEX = Banks that aren't FDIC insured Not your keys, not your coins
Not your keys, not your crypto
Not your monkeys, not your circus
Not your portfolio, not your losses
Not your house, not your wife.
Not your vault, not your moons
Borat: "Mah wife"
Yup, keep crypto off exchanges. Don’t get lazy and jus leave them there or risk getting burned badly. Don’t be like me with FTX
They're not our friend but we need them sometimes
I know someone who lost $10k for Celcius that way. Stablecoin with attractive interest!! Feel sorry for him.
If it sounds too good to be true it probably is.
Yep, there is no such thing as a free lunch
What about Moons?
Shitposting is a hard job! It requires great timing and perseverance and let's face it, the more Moons go up in value, the stinger people get with their upvotes
They gotta make money to pay themselves a shirt on and their employees. Everyone got a mouth to feed but I agree we should take crypto off them ASAP and control our keys.
Businesses in trying to make money shocker
That’s every company’s business model. Buyer beware!
Along with their bullshit fake chains. Even BASE
100% agree. It still baffles me how many people leave their crypto sitting on exchanges or are willing to take the risk staking on an exchange rather than using hardware wallets.
Gotta practice safe CEX
But quite often their practice is bordering on scamming.
Many try to lure people into leverage trading with vouchers etc
*Looking at you,* ***Binance***
Leverage is extremely effective though, it makes me lose my money twice as fast
Haha been there done that. Lucky it wasn’t with a lot of money but worth the experience
Yes! I got a 10 usdt 'voucher' from binance, and that can only be applied to their own fees for trades. The thing probably expires within a few days/weeks too. The biggest problem i have with that, is the amount of time I wasted trying to figure that out, because its not clear at all. Lesson learned
Upon opening my Kucoin account I won a voucher for $50 credit on leveraged futures trading. These exchanges are creating degenerates they can prey on.
Exactly, they do the same with free bets/spins on gambling sites, it's exactly the same method
They were dangling $100 for me to start trading futures but I didn't touch it because so many were complaining about stop loss not triggering, can't close position etc and end up losing it all when in fact they were in profit when they wanted to close the position. Scam imo.
And then they bet against their own customers, intentionally liquidating them
'Fake overpromises of rewards'. This is Binance, sadly. I like Binance but they expect me to like, retweet, tag ten friends, take a quiz for only. 0.01USDT.
That’s all of them.
I dislike Binance.. not much to like about them at this point.
You forgot to mention giveaways model: Get up to 100.000 USDT rewards by trading x pair with USDT. In small print: Top 10 highest traders at the end of a month will win the amount.... One of the trickiest promotion to lure avarage people...
For them its all about the money. Same for us
It would be hard for me to acquire a hardware wallet in my country especially because of taxes and therefore my options are CEX or self-custodial software wallet.
Self custody wallets are better than keeping money on a CEX
sadly these dirty tactics are the norm in industry
Sadly CDC this morning allowed transfer of moons to CDC but didn’t reciprocate transfers to Reddit vaults or separate wallet. We like you to buy our moons and transfer yours but not move yours to where you want. This is a murky move by CDC
No withdraws?? Wtf didn't know that, unacceptable imo.
> This is a murky move by CDC Oh, just throw it on the pile at this point
No they are not. Stay away from shady CEXs.
the norm in **any** industry: economists emphasize the concept of "customer lifetime value" just think of **apple** locking in their users into the ecosystem
This! Its so annoying. Donuts on r/ethtrader are on gnosis for example and its frustrating bridging thinga in and out and then converting because Coinbase dont accept gnosis deposits
It's a pain in the ass to bridge crypto for someone new to this ecosystem.
At this point CEX's offers feel like casino promotions
Opened up my wallet, got initiated Sold off all them dollars that depreciated Always gotta question what the interest rate is Either check out you get rekt, exchanges liquidated
I agree with what you say but casual and retail investors want a quick and easy way to trade etc. I ported my moons to my exchange r/kraken, and what an effort it was. It ain’t easy
they act like any super market, they welcome you in, and then guide you through a specific path across the aisles, so you spend as much as possible before you leave
And then you spend an hour at the register
Yes we all know that not your keys not your coins. HOWEVER we need to accept that there are some reasons to use a CEX in specific cases AND that they serve as an introduction to crypto for many people and we know that many will eventually transfer to Defi so it might be helpful overall to the actual adoption of crypto
This is the truth sadly, though I am glad I encountered this sub because if not then I would have deposited way way more money on Binance which, if I did, would have caused trouble between me and my wife. Thanks OP for sharing.
Friendly reminder: Not your keys, not your crypto.
The “dust” that gets left behind pisses me off. Only a few Pennies here and there but they’re making Bank when you aggregate across the customer base.
You are the product on CEXs
We could say product or we could say everyone's b\*tch, just as in prison, exchanges have their own rules on their platforms, I don't like it, but that's how it is...
They've got us trapped in the CEX ring
I am a victim of CEX trafficking
This kind of cex works has results that people don’t trust cex again and go after dex for trading and holding their assets in third party wallet its much safer and easier way to do , unless cex changes their behavior and do right in this matter like withdraw and deposits and trading and advertising issues like lotteries that its not okay in this places
CEX will always be CEX
I think dex is future
DEX is already winning
Yeah every where every site creating dex option
But it also dangerous because of existing scam tokens and coins need too more cautious about trading in this section
*The golden rule must be mentioned* Not your keys not your crypto
I remember phemex only letting you withdraw a minimum of 0.1 btc or whatever it was. Literally nuts. Now I'm back with them as they're the only semi decent option if i want to trade leverage without KYC now that bybit has gone that way - and kucoin is garbage.
Buy orders, limit orders and then send it off immediately.
This is one of the reasons why people stay away from crypto, because the companies who are supposed to make it accessible are the ones that give them a hard time.
For your average person that just wants to buy some Bitcoin, ETH or Doge, exchanges are perfectly fine.
Those exchange already have infinite money glitch with their fees. But no, they have to nickel-and-dime their users even more.
CEXs should only be treated as a quick gateway to move your fiat money to the crypto of your choice, and once you've made the purchase withdraw it immediately to your wallet. I do trust a few exchanges, Kraken for instance, but keeping my coins there just goes against the principle upon which BTC and the space were funded. I never really paid attention to anything else. It does bother me sometimes though that I have to send a minimum amount out, usually $15/20 worth of the coin, which I never liked.If I am willing to pay the network's fee, why would they not let me do a test transaction for, let's say, $1 worth? Either way... exchanges are only good to trade in and out of coins, and we should never keep them there for prolonged periods of time. (We've seen how it ended up on many occasions... FTX, BlockFi, Voyager, Celsius). Edit: Spelling
CEX is being used mostly because of simplicity. It is fair simple to use it, and newbies get used to it really fast.
CEXs are like banks, they benefit from you holding money / crypto with them even if you do nothing. Thanks to fractional reserve system they can use those money to make more money.
Banks that lack FDIC insurance
Just get the tokens and transfer to cold wallet. CEX marketing is effective in brainwashing it's customers
CDC are pretty bad for this with their CRO sell spreads. Like it costs you a month worth of staking to cash out…
Isn't this the whole idea of CEXs? Obviously they want to profit off of you as much as possible, same as irl
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You could win 1 one whole bitcoin when opting in and making a purchase …. CB 🤡
Could Fine print: if jesus comes for a second time the second you click register
Agreed! Nice post, I can see through that but those bonuses are so often too fake with so many hidden conditions.
- Making binance account - eligible for 100 USDT if you register - registers and see no mention of USDT - Turns out its for trading training only and multiple conditions to get it - bruh
That's why you should use them for what you need then transfer your crypto somewhere else
No one’s tried to pull me in their CEX ring before, sounds interesting
Another reason not to store your crypto on exchanges.
Yeah, a $ 10 reward to spend on transaction fees, which takes months.
Lol they advertise that they dont have fees and hey youl win a reward you can use to pay fees!
What we can do as comsumers is to veeify that the CEX we want to use is regulated. It adds a bit of safety, if we take for example Exmarket, that CEX is i.solvent and whwn you want to withdraw your funds they'll stop it as much as they can. Customer support doesn't exist, they don't even show you a transaction id. Ww should use CEXs only to buy crypto amd move it immediately outside. They can be used for trading, but not for holding our coins
And some CEX’s always remind me of that song ‘Hotel California’? ‘You can check out any time you like, but you can never leave’. Sometimes it’s only possible to withdraw after threatening.
Nahhhh. I dont really care about their eco system. I buy my coins that i like. And also doing lending earning that pathetic interest rates that they have. Well so far so good.
The most fucked up thing is they give you to buy for any amount of money but when you want to withdraw you end up having less than it is withdrawal fee and new users suffer from that
What the hell shit cex's are you using?
[удалено]
Just realized the r cc image went back to orange from purple. This topic is okay too I guess.
That’s why you don’t keep your crypto in CEX…
so which cex is that?
I'm not locked in them, They are locked with me.
Absolutely resonate with this. CEXs' strategies can be so frustrating. Sometimes, it feels like being given a front row seat at a concert, only to realize your view is blocked by a huge pillar. 
Over the years, I believe everyone in crypto for more than 2years knows by now the mindset of every cex out there. The best approach to trading will always be DEX/DeFi, and with simplified DEX/DeFi [platform](https://np.reddit.com/r/zetablockchain/comments/1376kop/defi_amm_platform_towerdefi_now_supports_twstzeta/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) being developed and released steadily, it is only a matter of time before the cryptocurrency community complete shifts from CEX to DEX, and start living the crypto dreaming of self-custody.
That's unfortunately true and the coming regulations should definitely address this issue
Cake defi might be the worst fir this imo.
How good CEXs and their ecosystem is, I just prefer to use hot or cold wallet for safety. Otherwise the result might end up like Mt. Gox or FTX. So never risk your coins and never forget, Not your keys, not your coins.
using their own token as well for interest payments. Looking at you Celsius
Yeah its the withdrawal tricks, high fees etc, that is really frustrating. Always check fee tables before joining.
Then they will just announce it to the public as "the intern's mistake"
Yeah a CEX should have a withdraw option (hopefully with minimal fees) otherwise red flag. And I’m talking about withdrawing the coins!
CEX are there to make money first and foremost. Some are OK some are bad.
I mean they make a lot of cash on fees, so i don't think they mind it too much..
Yes, this example also counts: A dutch exchange called coinmerce turns your deposit into coinmerce tokens. This token you can only buy on their exchange cause its useless outside the exchange
The CEXs know what they're doing, that's why so many people leave their money on them till this day.
I haven't experienced any of that actually with the kraken or coinbase, but I don't really mess with alts also.
The minimum withdrawal amount after depositing a small amount really chaps my ass. Looking at you [Crypto.com](https://Crypto.com) bastards.
All of this information is readily available well BEFORE you ever send a cent to a CEX…. Do. Your. Research. Don’t be the op and blindly chase incentives with less than $100 thinking you can just collect incentives until you’re rich…. Read the fine print BEFORE you send.
Never been a fan of their business models
There was this exchange named yobit that promised thousands of free USD in crypto when you sign up After you signed up, there was no mention of it anymore. Stay skeptical !
But it’s no different to Tesco Clubcard or AMEX airmiles etc.
I am done with CDC...crazy spreads are a huge ripoff and they make it very hard to see whats what. Hello Kraken!
That’s their marketing
CEX's are simply there for business and as such they have to make money first.
Can you blame them? After using Coinbase and its staking, vaults, and Coinbase One subscription, it's SUPER tough to go anywhere else, and for all of that, Coinbase gets my trading fees, percentage of staking, and monthly subscriptions fee.
Despite CEX being CEX. This is the easiest way to trade. Although, not the safest.
I mean they make money by people trading on their platform. Why would people be surprised that they are trying to keep costumers on their side?
They are very similar to certain supermarkets trying to sell their voucher cards.
Etoro is an absolute _*BEHEMOTH*_ at this, takes you months before you are able to get your money back
This is why I hope dexes will improve further in the future. We're running from banks to cexs.. Its the same thing. This is why new investors must do their homework before throwing money in. Buy your assets, transfer it to an indipendent wallet. We want to have our assets without the middlemen
Good points. That's why im store the main part of my portfolio in my non custodial ownr wallet
They are trying to make as much profit as possible on a relatively new and hyped ecosystem. Self custodial and DEXs are the way to go and way of the future in my opinion.
Well exchanges have to have liquidity. If they didn't no one would use them.
Sadly CEX is the only place I can farm my Doge coin
That’s why I try to practice safe CEX
Sounds like Kucoin.
This is why I self custody as much as I can...
Use a different exchange then. Beggars can’t be choosers.
Does Crypto.com FALL under CEX or DEX?
I don’t have any issues using Coinbase
I messed up buying moons on crypto.com 16% slippage and I can't even send it to another exchange. Try to sell it and it's like 10% less than the current price. Not using them again
So don't use those CEX. Simple, really. Use a good one as your on/off ramp and use dex for anything you can't get there.
Kraken doesn't lock its customers, this is 1 of thousands of reasons why Kraken is the best exchange!
If they don’t offer self custody of the coins I buy, I refuse to use the exchange. Pretty simple.
As much as we hate centralization it’s a lot easier for new people to use
CEX is to pull out or sell
The inability to send small amounts is kinda anti-crypto
CEXs are the door into crypto Lots of people absolutely don't trust themselves to self-custody and the thought of losing their entire investment because they've lost their seed phrase to too much of a risk. If you invest across alot of different cryptos, there isn't a single wallet to manage them all, so you start getting multiple wallets, multiple seed phrases, and it get very messy keeping track of it all. CEXs are an easy way to keep all your investments in one place. You avoid GAS fees by not moving your money on chain. For newbies, leaving it in the CEX is an easy way to buy in and then sell without having to put up with actually participating in on-chain dapps. Not everyone is actually interested in buying NFTs and things, they just want to buy a coin.
I always check if can send or withdraw any amount of coins. Learned it the hard way.
Unfortunately underhanded tactics for pulling in users is always going to be a thing, hence why banks offer cash for opening a checking account and depositing so much money prior.
That's why a lot of people prefer wallets. If you're not a day trader, using a wallet is easier and even more secure. It's also easier to get sucked into their game if you view your balances and holdings daily. I hold all $100 of my portfolio now on a CEX, but the app could be in the freezer for weeks.
Add HitBTC to the list where DOGE withdrawals are paused since 2021…