Bitcoin Forum

These days I buy most of my tokens especially altcoins on decentralised wallets like Jupiter or metamask and I only trade on CEXs when they list tokens I already own and I send my tokens there

The only time I buy tokens on CEXs with my credit card is when exchanges have zero fees events or events like a rebate on a deposit you make like the one Bitget currently have and other CEXs like Binance, kucoin etc.

Do you guys think CEXs are still worth it? Let me hear your thoughts

OP, if you take a quick look at the fraud accusations section, of course you will find a lot of slanted accusations against the CEX exchange, the cases are varied, but if you go in and read some of these accusations, CEX can refute them.
Sample case.
* Topic: CEX.IO SCAM (https://bitcointalk.org/index.php?topic=2174542.180)

For that, here the CEX exchange has representatives who are responsible for the CEX exchange in all matters, their representatives: CEX (https://bitcointalk.org/index.php?action=profile;u=148073).

I can only show you the information below regarding the CEX exchange, whether it is worth using or not.


Conclusion, to be more confident about the CEX exchange, you can communicate directly with @CEX.

@YOSHIE, I think you know OP is not referring to only CEX.io but centralized exchanges generally.

Centralized exchanges are still used more for derivatives trading like perpetual futures and options. Many people are still also using centralized exchanges for spot trading. Some people visit their launchpad and launchpool. They are also using their staking but which can be done on noncustodial wallet. They have coins that you can stake and have APR.

Just use a reputable centralized exchanges. Do not hold your coins there is what that is important to know.

My experience with DEXs is limited, I've used mostly CEX and OTC, so I may be somewhat wrong, however, imho CEXs are still viable in quite a number of situations:
* Established day traders are using them so I expect better volumes, for example.
* Some (and I think they're many) prefer CEX because they are more newbie-friendly and fool proof.
* If you want for example to sell for fiat, a CEX may have connections with local banks and you have better chances to get your money than from random traders.

I've been using for example Binance when they had their card. It was pretty safe and convenient to sell coins like that.

please show me your jupiter wallet, i'm curious.
jupiter is not a wallet.
nice bitget shill though

I'm trading on Centalized exchange but I do not know why you ask if it's worth trading on Cexs?

Most traders usually look for exchanges with high volume and low fees if you compare it to Dex exchange the fees are higher than Cex the only advantage of buying on Dex most of the new projects can be traded there compared to Cex plus you can get some points and bonuses as you said on Bitget if you keep trading there you can earn points that you can exchange into usdt.


He might be talking about their decentralized exchange not the wallet.
You can find it in jup.ag.

no shit sherlock

In your case, it's worth it if you're taking advantage of the promos and events that they run. But to be honest, even without those, many of us here are still using centralized exchanges for many reasons. Aside from getting into trading, spot and/or futures. The other promos that they're having like launch pads or pools are getting bought by many of those that are just holding their assets elsewhere. In return of getting some rewards, of course you have to deposit it on them and be part of it. The risk is there by having no control over your assets upon depositing it on them for that potential reward.

I do trade, but not regularly, my always routine is deposit-trade-withdraw this take 1-2 days only, and only uses one exchange since binance was banned few months i started using them LMAO.

Yes? As long as you don't use it as an alternative to your wallet.

I seconded this too, knowing OP used CEXs with an "s".

First of all both Jupiter and Metamask in-built exchanges aren't DEXs, both of them are swaps that need to be connected with centralized server, if the site or server get shutdown, you no longer able to trade in their sites. The truly DEX is only Bisq right now.

If you trade on swaps, it means you're trying to buy newly listed tokens that didn't listed in CEXs, high risk high return.

While coins that listed in big CEXs are quite safer, you no longer think it's worth it because the volatility in newly listed tokens are bigger compared to the popular ones.

Depends on the reason you are using it.

For example if you want a crypto debit card as a way to spend your crypto in an easy way, then CEX is not a bad option. I was using Binance for exactly that reason and once their debit card stopped working, I effectively stopped using Binance, and have no intentions of using any other centralized exchange.

I think Jupiter & Mm are self custodial wallets. But they're a lot of factors users use cex. Most times coins listed on cex are vetter, and if you get rugged & be platform has safu or protection funds you can get reimbursed, there's also benefits of launchpools, launchpads. For the current ongoing deposit rewards ongoing you listed. Is this one of them? deposit rebates (https://www.bitget.com/events/activities/d632d289420f556fae456640091548f2?color=black&languageType=0) Saw it on Reddit.

Considering the recent way the governments have been taking it hard on many of these exchanges, i will say its something risky for us to make use of a centralized exchange to that much extent because governments and the exchange remain unpredictable, we cannot afford to loose any of our asset with them if any uncertainty should pop up today concerning their take on the existence of any exchange, we may also play this mature way by not keeping our entire cryptocurrency assets on centralized exchanges.

You're right CEXs do tend to have lower fees and higher trading volumes and I've also gotten a few free bucks too but another problem I have with them is the regulations blocking most exchanges, Binance and many more exchanges are blocked or don't work well in my country and Bitget is one of the currently functioning ones

Exchanges being blocked depends from country to country, yes. About the fees... be aware that although the trading fees are lower, the withdrawal fees tend to be rather high. Make sure you check those too before depositing.

As a long ago I have used dex for trading like as you with the tokens which are not listed on centralized exchangers but currently, I don't do trade on tokens so mostly for regular using I use cexs like Kucoin and Binance exchangers and I don't have any complaint about them till yet. And if you are a shorterm trader then I will say that CEX  will be best to use for you but for the long-term trader like holding coins never going to suggest CEX. 

If you know some DEX allowing to easily place limit orders, I would be very happy to leave CEX for them. In addition which DEX do you use to sell your cryptos for fiat currencies? CEX will always be used, in the same way are banks still used by any people in industrialized countries. Because they are the easiest and quickest way to change crypto again fiat in a transparent and rather safe way, or to buy cryptos from fiat ofc.

I am confused about the reason why you buy your coin with self-custody and still have to send it to CEX just because of fees. Won't they charge you for buying through Jupiter or Metamask? Certainly, they will. The gateway companies used and even the credit/debit card companies will charge you more.

This is unless I am missing some points in your statement. I think that it will be fair for you to even use the CEX to send the crypto in and send it to your self-custody wallets for keeping and sending it back if there is a need for it. By then, you might have reduced the amount of money you would have been charged to some extent.

Through P2P, you can get your coin/token without any charges, and if you cannot get it directly through P2P due to the lack of popularity of the coin, you can easily exchange the popular ones you can buy through P2P for the coin/token of choice with a reduced rate. This is what I do though, and it is cool unless you have another reason for doing what you explained other than for the charges considerations.

Governments usually do not have problems with centralized exchanges that has the required license to operate, restricts sanctioned countries and complies with their kyc/aml laws. The government even like these centralized exchanges because they are data farms and they can use them to confiscate funds from people they suspect are into illicit activities.

It is obvious that one should not store their coins in a centralized exchange, not your keys, not your coins, and if you trade there, you should move your money into your self custody once you are done.

I used to think that the primary use of P2P is to exchange to cash, as there are auto DEXs that make waiting for the transaction to be completed in cryptocurrencies slow. Also, we are talking about trading, where the trader buys and sells cryptocurrencies for profit, and some types of trading require speed in executing orders and low fees in order to trade. It is profitable, so it is natural that most of the trading is in CEXs.

I am quite amazed to hear this question, as to why you think it is not worth it. I mean a lot of users almost every single member of this forum might be using CEXs even if they are saying they are not. I mean, people who prefer to use DEXs and somehow have to use CEXs. Might come up with an alternative solution like maybe preferring CEXs with no KYC or a lesser level of KYC solutions.

I get the idea that you are more concerned about the fee not about the privacy, I don't think fee are that high on these centralized exchanges. I still uses a lot of the CEXs and all of them have different withdrawals rates, speaking of BTC especially, I think OKX is much better.

A lot of us for sure are using CEXs, while we should be supporting more with DEXs. The liquidity of the two are different and far behind each other.

There are more traders and volume with the CEXs and they have got more incentives compared to the DEXs.

The fees on CEXs aren't that much and even I, still uses a CEX into this day but not as active as the others. I only trade when I have to or when I have seen some opportunity to buy/sell.

Most people use Centralized exchanges because either that exchange offers something good that no other exchange offers, or they do not have other options. Take me, for example. Cryptocurrency is banned in my country. I don't want to deal face to face because of privacy reasons, and a couple of exchange websites can scam users anytime. I have seen a lot of people get scammed on those websites.

Currently, these centralized exchanges are the only options for selling my USDT for my local currency. I have started hunting airdrops lately, and some centralized exchanges offer zero-fee trading, bonuses on deposits, and many other things. I wouldn't use them if I had not been KYC'ed before. But, I am already KYC'ed on a couple of exchanges which is the reason I am still using them.

Most of the no-kyc centralized exchanges have made kyc mandatory, and if there are a few that still allow customers to trade without kyc, they'll make it mandatory very soon and they can also confiscate your funds anytime and request for kyc. People who don't want to lose their privacy will go for decentralized exchanges, there is no in-between in it, they don't have to use any kind of centralized exchange if they don't want to.

You are right, liquidity is the big difference among others, cexs have no deficiency of liquidity. Recently a centralized exchange in Japan got hacked and they had enough liquidity that they told there customers to not panic as they said they have enough funds to give all of the customers there funds back. I mean they don't have a problem of liquidity trades can happen in a matter of time. While on DEXs we see some problems but with the most famous ones we not face any.

Besides CEXs provide a lot of campaign in which we can participate like OKX and BYBIT etc. Binance is not coming up with good campaigns to reward there users. Overall,  fee is not an issue, I use CEXs for trading purposes or for p2p trading. So considering yours and my POVs I can say they still worth it.

Exchanges are not casinos thankfully, all honest and professional ones will never confiscate your funds while requering KYC like scammy casinos, it doesn't align with good practices and common guidelines from the industry. They will let you withdraw your asset before closing your account if you don't want or if you are unable to complete their KYC procedure.

Centralized exchanges can and would confiscate your funds and require you complete kyc or provide source of funds, there have been so many cases of this, and in so many of them, the customers were not able to withdraw their funds from the exchange. Don't trust centralized exchanges to allow you just withdraw your funds because you could not provide source of funds or kyc details, they have stolen funds from many people in this way.

As much as I don't like centralized exchanges, I won't go as far as declaring they're not worth it. CEXes aren't for everybody. If you buy coins and trade every once in a while, you may not need a CEX, but if you are a day trader looking for the best deals, centralized exchanges might be your best option.

Of course, CEXes have their advantages and disadvantages. Many of us might think these advantages are far from outweighing the disadvantages, but to a certain group of crypto supporters, the disadvantages are worth risking.

Actually the bigger problem is when people who are not traders are keeping their coins on CEXes.

You are right crypto is being regulated now as due to wide adoption it needed to be regulated so there will be fewer scams. In the past Kucoin and some other exchanges allowed us to trade without KYC but with time complying with regulatory authorities becomes necessary so they have to change the policy as well.

But I don't think they will confiscate your funds. If the exchange is a good one like having a good reputation then they might give you the chance to withdraw your funds by giving you some deadline and after that if you won't complete the KYC they will confiscate your funds. I recently received an email from Bybit while I have done the KYC, still they ask for more documents or my funds will be confiscated (can't be withdrawn) they gave me time, before that time I withdrew all of my funds from Bybit and never gave the additional documents.

Both of you have good points but there is much emphasis on some things that are not particularly true. This is at least based on my experience and what I have read on many reviewing websites, especially those that are alleging exchanges. First, it is a misconception that exchanges will ordinarily confiscate your money, no, they will never do so, and even in some cases where they delay some withdraws due to a huge amount to be withdrawn, they will still cite reasons and tell you to wait while they update you. Although this delay, and since it is unexpected, it can be so annoying.

Notwithstanding, confiscating your money because you can't complete the KYC can be possible but can't be as directly alleged as it was stated. It can be possible if you did not own the money through a legitimate means or you just did not want to cooperate, and this is not confiscation per se but to hold it until you do the needful. If you do, they will not confiscate it and will continue to tell you what they will do and their later stances as time goes on. I know this because it happened to me, they do not just behave anyhow.

In all, it is good to prepare for the KYC completion when you are dealing with any centralised system and also know that in any custodial approach, no one should be trusted entirely. They merely owe you the money with them and no matter how you think you trust them, they may not give you the money due to a reason or another whether genuine or not.

What do you mean with worth it?

It depends on what you are giving away and what you expect to get in return. Don't expect privacy if you are using a CEX. Your name is connected to the addresses you use there and that information is surely passed to blockchain analysis and government agencies in your country (if they are interested in it). If your coins are "clean" according to their standards and interpretations, you should be fine. If they notice connections to mixers, privacy services, scams, and activities they consider illegal, you might get your crypto frozen and have to answer questions about how you got them.

On the other hand, you have more trading volume, more liquidity, lower trading fees, and perhaps cheaper withdrawal fees compared to DEXs.