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Author Topic: How do you choose DEX? How to avoid scam?  (Read 1779 times)
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November 12, 2019, 08:27:48 PM
 #81

I'm the type of person who doesn't want to be complicated.  so I only choose DEX that already has very good reviews and reputations, like Fork / Ether Delta, DDEX, IDEX, and TokenStore...  I heard there is a good new DEX namely Binance DEX but I haven't tried trading there, maybe later I will try trading there.
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November 12, 2019, 10:16:07 PM
 #82

Trying not to use exchanges I have never heard about before. And usually using centralised exchanges, they have more volume and working without blockchain bugs Smiley

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November 12, 2019, 10:46:59 PM
 #83

Trying not to use exchanges I have never heard about before. And usually using centralised exchanges, they have more volume and working without blockchain bugs Smiley
Definitely, the people have judge and we can see a big portion of the total volume in the market are coming from centralized exchange.
if a decentralized exchange gets compromise, there's no one we can go after, so its not really wise to trade with a big amount of money in decentralized exchange, the confidence of the people are on the centralized exchange that's why they got the success more in crypto.

CZ said the future of exchange is DEX, but look at Binance DEX, it doesn't have enough volume to compete on a decent centralized exchange.

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November 12, 2019, 11:48:40 PM
 #84

Trying not to use exchanges I have never heard about before. And usually using centralised exchanges, they have more volume and working without blockchain bugs Smiley
Well most of the scams nowadays are coming from a newly released centralized exchange which the people behind that platform have absolute power over anything happens within the platform meanwhile most of new DEX are just reusing the existing codes from reliable sources which has been reviewed by the communities and im pretty sure that a new dex is a lot safer than new centralized exchange only if the code is legit.
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November 13, 2019, 06:30:51 AM
 #85

To avoid scam DEX, just look at those exchanges that have been operating for a long time and have a good reputation. For example, forkdelta.app is suitable for ERC20 tokens, stellarport.io is suitable for tokens based on Stellar, you can use tronwatch.market for tokens based on TRON.
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November 18, 2019, 03:45:58 PM
 #86

To avoid scam DEX, just look at those exchanges that have been operating for a long time and have a good reputation. For example, forkdelta.app is suitable for ERC20 tokens, stellarport.io is suitable for tokens based on Stellar, you can use tronwatch.market for tokens based on TRON.

Or you could use Blocknet's DEX, which has been around the longest. Early next year it's gonna be way more convenient to use due to the release of a lightwallet with the DEX integrated into it.
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November 18, 2019, 03:55:41 PM
 #87

the criteria that I rely on are of course the volume and also the supply. for example binance, eterdelta and okex. and also the criterion especially with using KYC to be able to make transactions.
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November 18, 2019, 04:02:40 PM
 #88

1. Etherdelta - I've first used decentralized exchange.
2. IDEX - also one of the ones I've used up to now.
3. Forkdelta- this is what I use to sell and buy coins / tokens that are not yet listed on the market and to avoid high centralized exchange fees.
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November 19, 2019, 04:12:38 PM
 #89

the criteria that I rely on are of course the volume and also the supply. for example binance, eterdelta and okex. and also the criterion especially with using KYC to be able to make transactions.
etherdelta is not having a lot of volumes and there is no correlation between supply and the credibility of the dex itself. Binance is not a dex but it's a centralized exchange site that used decentralized gimmick as a marketing trick. Okex is also a centralized exchange too and i can't even see what was the point from your post.
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November 19, 2019, 04:26:02 PM
 #90

the criteria that I rely on are of course the volume and also the supply. for example binance, eterdelta and okex. and also the criterion especially with using KYC to be able to make transactions.
etherdelta is not having a lot of volumes and there is no correlation between supply and the credibility of the dex itself. Binance is not a dex but it's a centralized exchange site that used decentralized gimmick as a marketing trick. Okex is also a centralized exchange too and i can't even see what was the point from your post.
from exchange above only etherdelta that be decentralized exchange.  And we no need kyc to make transaction. Decentralized exchange never required kyc to their customers. Even centralized exchange need kyc for transaction above 2 btc in a day. Binance dex was not a gimmick its real dex exchange for coins in their chain. And now many projects migrate to bnb chain.

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November 19, 2019, 05:00:00 PM
 #91

I'd like to discuss DEX exchanges and its variety.
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?

Just as you have rightly said, there are a lot of DEX out there and in as much as it is very convenient, secure and private to be incharge of your funds when using a DEX, There are so some down sides which has posed as a deterrent to traders. My advice for you is to only consider DEX that gives the option of metamask utilization. With metamask you are save from scam and phishing sites

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November 19, 2019, 07:26:07 PM
 #92

the criteria that I rely on are of course the volume and also the supply. for example binance, eterdelta and okex. and also the criterion especially with using KYC to be able to make transactions.
etherdelta is not having a lot of volumes and there is no correlation between supply and the credibility of the dex itself. Binance is not a dex but it's a centralized exchange site that used decentralized gimmick as a marketing trick. Okex is also a centralized exchange too and i can't even see what was the point from your post.

Finally somebody who can point out Binance for running a scam.

I'm using Blocknet's DEX, and I simply love it. First DEX on the market, and works like a charm.
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November 19, 2019, 08:33:07 PM
 #93

Forkdelta / Etherdelta, IDEX and Binance decentralized exchanges are some of the more popular choices for trading tokenized assets nowadays, but make sure you use apps like Metamask to protect your private keys when using these types of services and double check you're using the right contract addresses to avoid fake assets

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November 20, 2019, 04:38:04 PM
 #94

I am still trading on IDEX, because in my opinion it is one of the best exchanges in a decentralised sphere. However, not a long time ago, they included a KYC process which reduced their decentralisation level, but it is still one of the best exchanges.
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November 20, 2019, 04:42:53 PM
 #95


for most of us i think its dex that chooses us especially if the tokens you have is only listed on one dex alone. most of the time its just the etherdelta and forkdelta are the ones listing ERC tokens. say you are holding "Epstein didn't kill himself" today, there ain't no dex listing this token but Macafees DEX which the reason you may be going there is you happen to have got such token. i have no idea by the way if its already launched but that is going to be expected.

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November 20, 2019, 06:47:06 PM
 #96

It all depends on the blockchain platform that you want to choose DEX for. If it is Ethereum tokens, Idex, Ddex and forkdelta are my top picks.
 If it is Tron token, I recommend TronWatch and if it is Lumens token, you can make use of interstellar

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November 20, 2019, 08:07:22 PM
 #97

I use forkdelta since this exchange worked very well last year and in general it is 100% decentralized, as I used idex before, but as it turned out, it is controlled by the creators, after I saw that I need to go through KYC on the exchange, I immediately He withdrew all funds from there.

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November 22, 2019, 02:00:26 PM
Last edit: November 22, 2019, 02:22:14 PM by vreten
 #98

I'd like to discuss DEX exchanges and its variety.
There are many of it, and top-lists of top DEX exchanges are appearing often as well (here's an example for 2019). After reading one of the latest articles about it, I started to think -- there's too much info and not all of it is trustworthy. Reading reviews, comparing fees... I'd like to know which DEX platform you use and how did you make a decision about it?
Could you tell if you stick to one particular platform or use several of them? What criteria did you rely on?

There are two types of decentralized exchanges. Both has cons and pros.

#1 type is decentralized exchange where you must deposit to trade(this coins are used as smart contract collateral and whole time you and only you are holder of their private keys)
- pros of this is, trading is represented virtually and can be faster than network of token which you are trading
- cons of this is, you must deposit and withdrawal.

#2 type of decentralized exchanges where you can trade directly wallet to wallet by atomic swap or other cross-chain techs. (ie: blocknet, bisq)
- pros of this is, you do not need to deposit or withdrawal
- cons of this is, for example if you trade BTC for LTC, every started trade must wait for network confirmation, so you can not exchange same BTC-LTC multiple times per minute.

Let me explain REAL 100% DEXes from the bottom.
0. There should be no central point of failure, otherwise is somehow centralized -> controlled -> should not be called DEX.
1. If it is called DEX should be also developed/managed decentralized way, for example by DAO(decentralized autonomous organization) where token owners(investors) have right to vote way the DEX is going....
2. Token which represents the DEX MUST BE initially distributed fairly. Meaning NO ICO. ONLY start by POW and continue with another consensus.
3. Whole project must be opensource. Hiding source code means, someone have centralized control, so someone can anytime stop development, stop fixing bugs, infect it by virus, force KYC, whatever.
4. Listing on DEX should be free, because if it is decentralized and opensource, anyone can push source code commit to introduce support of another coin into.
5. All DEX fees(if there are any) should be distributed to token/node owners. Probably no fees at all on DEX is not good point, because it is easy to SPAM whole network.
6. REAL DEX has no limits how much you can trade/deposit/withdrawal
7. Also DEX nodes(servers) network MUST be decentralized.
8. REAL dex is not using centralized services like DNS. Because if somebody want to, it can stop it, or worst hack your coins. Maybe optional accessing DEX by web, but im not fun of that.
9. Whole time by using REAL DEX you and only you must have control of private keys of your tokens/coins and be able to transfer them, with exception of actually locked smart contracts.
10. DEX order books must be transparent.

By your link above, for example cryptobridge(CB) pass only point 10., so its 99% CEX(centralized exchange)
0. CB have multiple central point of failure.
1. CB is absolutelly not managed decentralized or open way and company in background is doing whatever they want to and making and forcing users for UNACCEPTABLE decision.
2. CB token was fairly distributed but owners have absolutely NO control of way how the CB is going.
3. CB is CLOSED source. Whole system of coin gateways is closed and centralized.
4. there is no possibility of listing on CB with pushing source commit to CB repository.
5. CB Fees are distributed by internal decision of company behind.
6. CB it is KYCed and limits will comes by more regulations...
7. Nobody knows who running and managing CB gateways.
8. CB is using DNS.
9. By using CB whole time your tokens are in control of CB gateways.
10. CB order books are transparent but that is only because they are using bitshares order books which are transparent.

Compared to BLOCKNET decentralized exchange (BlockDX)
0. BlockDX has no central point of failure
1. BlockDX is bult on top to Blocknet BLOCK coin which is 100% DAO with possibility of anyone to make proposal which will be decentralized way voted by BLOCK coin owners.
2. BlockDX BLOCK token is fairly distributed as it is fork of PIVX.
3. BlockDX and whole project around is open-source
4. BlockDX listing is free
5. all BlockDX fees are going to token(node) owners. Fees are very small, and only order-taker pays fees in time when accepting order.
6. BlockDX have no limits at all.
7. BlockDX is running on top of decentralized POS BLOCK master-nodes network.
8. BlockDX is not using DNS at all, whole system is running on top of decentralized POS BLOCK master-nodes network.
9. BlockDX is using atomic swaps which swaps coins directly wallet to wallet.
10. BlockDX using distributed order books.
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November 22, 2019, 02:07:12 PM
 #99

Presently there is no other reasons to choose dex exchanges than safe funds and secured trading but its a shame that all dex are not doing so well than centralized exchanges

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November 22, 2019, 02:08:01 PM
 #100

I use forkdelta since this exchange worked very well last year and in general it is 100% decentralized, as I used idex before, but as it turned out, it is controlled by the creators, after I saw that I need to go through KYC on the exchange, I immediately He withdrew all funds from there.
Even though I still use IDEX, I was highly disappointed by the basic KYC requesting email. Nowadays the so-called decentralized exchanges do not really keep up to the name. Forkdelta is not bad but the trading volume is not impressive, and also sometimes when I see an order and want to take it, I will be promoted that the order has been taken even though it's still on the trading table. Another aspect I don't like about forkdelta is unofficial token listing with smart contract which usually lead to price drop for
some ERC20 tokens.



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