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Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join? For example coinEX and kucoin? How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.
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suzanne5223
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October 10, 2021, 06:44:48 AM Last edit: November 06, 2021, 03:45:49 PM by suzanne5223 |
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Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join? For example coinEX and kucoin?
Right from the beginning, every CEX is regulated by the SEC and I believe they don't compulsory KYC verification just do it to gain users from the crypto community (within decentralization enthusiast). We should expect them to compulsory KYC verification when it is time. Coinbase, etc do this so will the remaining CEX not even now that Biden said he want crypto to be regulated. How about Dex exchange?
DEX is the best alternative in this situation Any good one in mind? I used uniswap in the past but high gas fee made me quit.
Uniswap is a ETH based dex exchange and it was the huge ETH traffic that cause the high gas fee. However, dex like Mdex, Pancakeswap, Sushiswap, etc has a fair tx fee.
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Charles-Tim
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Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join?
Still enjoy the ones that are still existing until then, but crypto is getting more regulated, more exchanges will want to comply with government anti-money laundering and counter-terrorism financing policies. It is not also about how long, there can still be unregulated exchanges, but if they are inferior to regulated ones, coiners will not want to risk their coins. Some can completely go for decentralized exchanges. How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.
Many of the Dex you with high liquidity and trading volume are just ethereum based exchange, that is why you will not be able to exchange some coins like bitcoin on the exchange and you can not convert to fiat directly. If you want a decentralized exchange that you can also convert to fiat, I will suggest you: https://bisq.network/https://hodlhodl.com/https://localcryptos.com/For the ones you meant, you can check this link: https://coinmarketcap.com/rankings/exchanges/dex/
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Jawadu
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October 10, 2021, 09:04:18 AM |
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Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join? For example coinEX and kucoin?
Some exchanges may follow Binance steps since it is the leading exchange, I also can't use all services in Binance because I've not passed their KYC due to the documents that they want. But there are many altenatives for Binance, I still feel safe using exchanges like Gate, Coinbase, and some wallets that require KYC. How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.
Many people are always talking good about DEX exchanges but they forget to talk about how people are losing money every day with fake tokens which are listed in DEX exchanges! Everything has its PROS and CONS, so do not trust DEX that is safe in 100% because crypto technology has a lot of surprises.
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hugeblack
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October 10, 2021, 12:00:26 PM |
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Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join? For example coinEX and kucoin? How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.
The continuation of the work of the centralized platforms without KYC depends on two things: - The amount of traditional financial services provided by the platform, such as margin, futures contracts, cash withdrawals, deposits and withdrawals from banks, and others, the more the platform’s relationship with traditional financial services increases, the more likely it will verify identity. - Did the platform encounter any legal problems in any country? If this happens, things will accelerate and severely. If the platform succeeds in solving these two problems, they will be left with the option to verify identity or not. Identity verification means commitment to headquarters and ensuring that no tampering occurs.
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Jawhead999
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October 10, 2021, 01:53:08 PM |
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Many people are always talking good about DEX exchanges but they forget to talk about how people are losing money every day with fake tokens which are listed in DEX exchanges! Everything has its PROS and CONS, so do not trust DEX that is safe in 100% because crypto technology has a lot of surprises.
The fake tokens itself is not from the exchanges, but those scammer who create it with fake contracts! Those ETH BSC DEX (e.g. uniswap, pancakeswap, sushiswap, isn't really 100% DEX it just a typical way to make people feel safe as they heard decentralization. They have a poor security and poor smart contracts code, even more BSC is just copy paste the ETH source code. Take a look of @Charles-Tim posted above, that's a 100% DEX. Does 3 DEX above has a hacked history? No. Does uniswap, pancakeswap, sushiswap ever got hacked? Yes.
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Eureka_07
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October 10, 2021, 02:59:15 PM |
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Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join? For example coinEX and kucoin? How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.
I thought this compulsory KYC verification will just be for those recently created binance accounts. Isn't it? Or I have some misunderstanding about their notifications about this matter. I am still able to trade and withdraw in my account, however my partner's account can't do anything unless undergo in KYC and get verified.
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mk4
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October 10, 2021, 03:48:55 PM |
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It's inevitable — the authorities will someday catch up into regulating these other exchanges as well. How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.
For Bitcoin, go with what Charles-Tim listed. For Ethereum, well, you have no choice but to pay for the fees, or use layer-2s; the likes of Arbitrum and Optimism. These are quite new and clunky though, so expect things to not be as smooth as trading on main-chain. Or probably try out Solana. ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif)
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SatoPrincess
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October 10, 2021, 04:30:17 PM |
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Crypto exchanges are for trading crypto. Binance kyc does not invade privacy since the only thing you do is trade futures on the app. People who may find this new development problematic are those who store their crypto on exchanges.
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Cryptoababe
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October 10, 2021, 04:32:29 PM |
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You asked How about DEX exchange? DEX exchanges should never make kyc compulsory.. If that happens, then that exchange is not a DEX. Its definitely a CEX. And about Gas fee, Uniswap gas fee is high but you can use some DEX on other blockchain as an alternative for now, Before Ethereum gas fee problem get fixed.
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SatoPrincess
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October 10, 2021, 05:26:19 PM |
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You asked How about DEX exchange? DEX exchanges should never make kyc compulsory.. If that happens, then that exchange is not a DEX. Its definitely a CEX. And about Gas fee, Uniswap gas fee is high but you can use some DEX on other blockchain as an alternative for now, Before Ethereum gas fee problem get fixed. I think OP is asking for a list of decentralized exchanges he can trade. He already mentioned the ones he doesn't want to use because of high fees. So far only a few has been mentioned https://bisq.network/https://hodlhodl.com/https://localcryptos.com/But these exchanges cannot be compared to Binance
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BayAngelo
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October 10, 2021, 05:42:18 PM |
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Most Centralized exchanges are currently requesting for KYC. binance did not start this. most exchanges that I have been using has been requesting for KYC. binance has been struggling with border issues and the current way to solve this especially with the government is to demand KYC. they are gradually loosing their strong hold and people are pulling gout funds due to restriction.
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RapTarX
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October 10, 2021, 05:46:10 PM |
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FTX is being so generous and will probably be the leading one in the near future. Apart from that Kucoin has some big withdrawal limit without going through KYC. Therefore, they are likely to have a benefit. I guess there will be time in the coming years where DEX will be the leading exchanges. It needs time to build up. Most people in crypto are very new in this field and they may even have no idea how DEX works. They get attracted or derived to CEX like Coinbase, Binance mostly.
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tvplus006
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October 10, 2021, 08:52:25 PM |
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FTX is being so generous and will probably be the leading one in the near future. Apart from that Kucoin has some big withdrawal limit without going through KYC. Therefore, they are likely to have a benefit. I guess there will be time in the coming years where DEX will be the leading exchanges. It needs time to build up. Most people in crypto are very new in this field and they may even have no idea how DEX works. They get attracted or derived to CEX like Coinbase, Binance mostly.
Centralized exchanges will be in demand until the gas fee in the Ethereum network is reduced to a minimum, which will allow trading on DEX and at the same time not paying such a huge commission that exists now. And when such a moment comes, the main purpose of CEX will be to provide additional services related to cryptocurrencies.
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mk4
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October 11, 2021, 03:32:38 AM |
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But these exchanges cannot be compared to Binance
Non custodial exchanges are almost always going to be crappy compared to the likes of Binance, simply because the exchange will be really limited with features if they don't hold custody of your funds. The reason why Binance is so easy to use is because they have your coins in their wallets.
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pooya87
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October 11, 2021, 04:09:12 AM |
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How about Dex exchange? I used uniswap in the past but high gas fee made me quit.
Keep in mind that there is a big difference between an exchange and a token swap platform. An exchange (CEX or DEX) is where you can trade cryptocurrencies (from different blockchains) for example you can trade bitcoin against litecoin. But a token swap platform is a limited platform where you can ONLY swap tokens from that platform. For example Uniswap is a token swap platform where you can NOT trade bitcoin against litecoin but you can swap an ETH token for another ETH token!
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cryptoaddictchie
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October 11, 2021, 04:12:38 AM |
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Now that binance exchange have compulsory KYC verification it seems that the door is open for people like we to move out and look for other options, the question is how long will it takes for other exchanges to join? For example coinEX and kucoin? How about Dex exchange? Any good one in mind? I used uniswap in the past but high gas fee made me quit.
Doesnt really do that much since Binance is the number 1 exchange and even others will follow the same. Surely they will follow the lead of binance. If those users want a non kyc then there are plenty of dex alternative to that which is a good move also patronizing the decentralized approach of blockchain.
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pooya87
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October 11, 2021, 04:16:56 AM |
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Doesnt really do that much since Binance is the number 1 exchange and even others will follow the same. Surely they will follow the lead of binance.
For your information in the past decade the "number 1 exchange" has been changing every couple of years. Each time a new one comes along replacing the old one before it is replaced by another! The first one I remember was Cryptsy then it started acting shady and was replaced by Poloniex then that started acting shady and asked for KYC and was replaced by Bittrex then they started acting shady asked for KYC and scammed their users so they were replaced by Binance. Today Binance is acting shady and asking for KYC...
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tranthidung
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October 11, 2021, 04:30:13 AM |
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For your information in the past decade the "number 1 exchange" has been changing every couple of years. Each time a new one comes along replacing the old one before it is replaced by another! The first one I remember was Cryptsy then it started acting shady and was replaced by Poloniex then that started acting shady and asked for KYC and was replaced by Bittrex then they started acting shady asked for KYC and scammed their users so they were replaced by Binance. Today Binance is acting shady and asking for KYC...
The number 1 position changes quickly because people only need convenience and liquidity to make their trading or investment life easier. Binance joined the market in 2017 when people were disappointed with bad operations and terrible liquidations on Poloniex. Then Bittrex took over the number 1 position from Poloniex, and in a few months, there were many pump & dump games on Bittrex. As you said, eventually Bittrex implemented KYC and did shady things. Many people got funds stucked on Bittrex and failed to do KYC. It was the great chance for Binance to join and beat both Poloniex and Bittrex.
In the future, there will be new exchanges with good brains behind. They can take over the leading position of Binance. The plus point of Binance is they are very creative with good brains & adaptive to trends as well as regulations. It is challenge for current & new exchanges to beat Binance.
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cryptoaddictchie
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October 11, 2021, 04:53:32 AM |
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For your information in the past decade the "number 1 exchange" has been changing every couple of years. Each time a new one comes along replacing the old one before it is replaced by another!
Yes I am aware of that. But for all those top exchange no one can match how Binance give the satisfaction the people wanted. Yes they acted strange and become strict, due to sec regulations, and some reasons. I cant say that that they can retain their position as top exhange, but seeing the support from the community and the solutions CZ doing, I think they can able to survive. The plus point of Binance is they are very creative with good brains & adaptive to trends as well as regulations. It is challenge for current & new exchanges to beat Binance.
This could make them retain their position, which lack by those exchange you mentioned. Anyway Im confident that it would take years before the transition happened.
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| | Peach BTC bitcoin | │ | Buy and Sell Bitcoin P2P | │ | . .
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