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Author Topic: Centralized and Decentralized Exchanges  (Read 384 times)
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January 30, 2019, 05:05:50 PM
Last edit: February 08, 2019, 11:43:39 PM by Jadesola
Merited by Abosede (1)
 #1

CENTRALIZED EXCHANGE: A Centralized exchange is an exchange which operates in a centralized way, that is, having a central authority.Users of centralized exchange do not have access to the private keys of their exchange account’s wallets, this makes users not to have total control over their asset.Transaction is based on central authority approval.

DECENTRALIZED EXCHANGE:Decentralized exchange is an exchange which operates in a decentralized way,that is,without a central authority. Decentralized exchange make use of distributed ledger and therefore does not hold customers’ funds and  information
                        

                                    ADVANTAGES  AND  DISADVANTAGES

     CENTRALIZED EXCHANGE
    High trade volume
    Higher liquidity
   Some centralized exchange allow users to exchange fiat for Cryptocurrency
   Accept direct bank wire transfer, Credit, Debit for fiat payment
   Risk of hacking is very higher
   No privacy at all, high level of identity theft
   Open to government intervention which can lead to a ban.
   It has gain so much popularity because it is user friendly
   Ownership details are made known.
   Many centralized exchanges offer large functionality like margin trading, discount for high volume trading, lending, large amount of financial data.
 .
     DECENTRALIZED EXCHANGE
   Low trade volume compare to centralized exchanges
   Low liquidity
   Dex allows exchange of Cryptocurrency only
   Payments in Cryptocurrency only
   Almost impossible to hack
   High level of privacy
   No government intervention
   Just trying to gain popularity due to lack of simple user interface
   Ownership details are not made known
   Offers are limited compare to centralized exchanges.

LIST OF SOME DECENTRALIZED EXCHANGES
•   IDEX (https://idex.market)
•   RADAR RELAY DEX (https://radarrelay.com)
•   ETHERDELTA (https://etherdelta.com)
•   WAVES DECENTRALIZED EXCHA (https://wavesplatform.com/product/dex)
•   OPENLEDGER DEX (https://openledger.io/market)
•   AIRSWAP ((https://www.airswap.io)
•   CRYPTOBRIDGE DEX (https://crypto-bridge.org)
•   GDEX (http://www.allcmc.com/exchange/gdex)


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February 04, 2019, 03:04:35 PM
 #2

I would encourage you to check out decentralized exchange LEVERJ.io which is moving to mainnet soon. User interface is simple, will be fast as centralized, and incentives are aligned to encourage market makers.
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February 04, 2019, 03:11:21 PM
 #3

Quote
11. Most centralized exchanges are insured.It is possible to get money back if something goes wrong.

I am very surprised with this paragraph. It's totally messed up, where the heck do you get that? Tell me what exchange is insured, what amount of deposit is insured, what is the procedure of getting insurance payments? So many questions without answers.

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February 04, 2019, 03:51:45 PM
 #4

I would encourage you to check out decentralized exchange LEVERJ.io which is moving to mainnet soon. User interface is simple, will be fast as centralized, and incentives are aligned to encourage market makers.
I guess every dex has the same speed with another dex. But the only difficult thing to attract the demand to use the decentralized exchange but the fees has become the main problem that makes a lot of people are still using centralized exchange site rather than dex. There was no a lot of differences in the speed comparison


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February 04, 2019, 03:58:53 PM
 #5

If given a choice between decentralised and centralised exchange, I would choose centralised exchanges anyday, the interface is normally easier to navigate and I love the fact that the fees are always fixed to a particular value.

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February 05, 2019, 01:46:10 PM
 #6

I would encourage you to check out decentralized exchange LEVERJ.io which is moving to mainnet soon. User interface is simple, will be fast as centralized, and incentives are aligned to encourage market makers.
I guess every dex has the same speed with another dex. But the only difficult thing to attract the demand to use the decentralized exchange but the fees has become the main problem that makes a lot of people are still using centralized exchange site rather than dex. There was no a lot of differences in the speed comparison

Actually there are two assumption that are incorrect. LEVERJ will have the speed of a centralized exchange, with good UX! Also, there are no fees for cancelled orders. Leverj.io is coming out on mainnet very soon.
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February 05, 2019, 01:48:36 PM
 #7

If given a choice between decentralised and centralised exchange, I would choose centralised exchanges anyday, the interface is normally easier to navigate and I love the fact that the fees are always fixed to a particular value.
LEVERJ will have a very smooth interface, even noobs can use. Fixed fees. Mainnet coming very soon.
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February 05, 2019, 02:00:41 PM
 #8

Centralized is for the people who love high security, active and humble developers, and they has the wallet stored so we don't have to create our own wallet first in our computer.
Decentralized exchange is for the people who just love their privacy and want to make a pretty fast trade so that it can comes to your wallet once you completed the trade.

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February 05, 2019, 02:14:17 PM
 #9

One of the largest con of DEX is difficult GUI and high fees at current time.
Both of it along with liquidity and volume problems would be solved with increased user knowledge and competition between DEX.

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February 05, 2019, 03:00:50 PM
 #10

I would encourage you to check out decentralized exchange LEVERJ.io which is moving to mainnet soon. User interface is simple, will be fast as centralized, and incentives are aligned to encourage market makers.

I thought in the first place that each and every each of the cryptocurrency is decentralized or let say, free and secured at the same time, but I just learn lately about that, it is not all that is decentralized, there still some that are centralize just like banks, and it kinda remove the essence of crypto.

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February 05, 2019, 03:10:08 PM
 #11

I am looking forward for NEX exchange should be really good and easy to use as well.
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February 05, 2019, 03:13:03 PM
 #12

some of the features you mentioned above are one of the reasons I like CENTRALIZED EXCHANGE like IDEX (https://idex.market)
I really like the exchanger. I often trade on IDEX (https://idex.market)

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February 05, 2019, 03:20:08 PM
 #13

I think decentralized exchanges would be much more popular if they could solve the problem of liquidity, which is solved by itself, but not in a bear market.

By the way, there is already a topic with a good list of similar exchanges.

https://bitcointalk.org/index.php?topic=5103776.0

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February 05, 2019, 04:12:10 PM
 #14

Each has advantages and disadvantages. I use Centralized and Decentralized Exchanges, depending on its use. At Decentralized Exchanges you can find coins at a price far enough compared to the Centralized exchange.

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February 05, 2019, 06:23:57 PM
 #15

I have been using some decentralized exchanges and one of my favorite is DDEX. Some of the new DEX's are better than the older ones like ED.


Centralized is for the people who love high security
High security?

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February 05, 2019, 06:38:58 PM
 #16

We need both - Centralised and Decentralised exchanges because almost all DEX are ETH or WAVES based.
You can't trade coins like DOGE or DASH for example on DEX. And  if you exclude IDEX, the volume is critically low on almost all other DEX. Still, DEX are good for new listing and tokens without paying 2-20BTC in listing fees and are giving us some kind of freedom. 

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February 05, 2019, 07:11:14 PM
 #17

As for me, it's much easier to use centralized exchange. If you have any problems, you can always ask support for help. But if you need to be anonym in the network it's better to choose decentralized exchanges.

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February 05, 2019, 07:20:47 PM
 #18

If given a choice between decentralised and centralised exchange, I would choose centralised exchanges anyday, the interface is normally easier to navigate and I love the fact that the fees are always fixed to a particular value.
Liquidity is more important to me than its decentralized status. But if a big exchange decides to go the decentralized route (Binance have hinted this) - then I'd certainly prefer to move to a decentralized one.

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February 05, 2019, 07:25:54 PM
 #19

No insurance for the centralized exchange as well,so if your funds were stolen then you may not get it forever,there are lot of exchange hacks were happened and most time they will just close it without any compensation,only you can withdraw your funds from a closing exchange.

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February 05, 2019, 07:31:27 PM
 #20

No insurance for the centralized exchange as well,so if your funds were stolen then you may not get it forever,there are lot of exchange hacks were happened and most time they will just close it without any compensation,only you can withdraw your funds from a closing exchange.
decentralized exchanges will not be able to work for a long time. I think that people are not ready to answer for their own funds and decentralized exchanges will be much slower than centralized. And centralized exchanges will be responsible for losing money

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