In wallet exchanges

[BernyJB]

There's at least one wallet (Cake Wallet) that claims to have its own exchange built in.
My question is: can you transfer fiat currencies directly into the wallet and buy crypto directly, or is the exchange meant for buying crypto with crypto, and you still have to do the initial purchase through a traditional exchange?

As usual, thank you all for the replies. 

[Cookdata]

Cake wallet support swap feature, you can buy and sell to other coins and you can buy directly on your wallet and and as well buy and sell with fiat through the third party exchanges which may require Kyc. You may have to reconsider if you don't like KYC.

The are also reports that the exchange third party seems to changes rules every now and then, some reported issues of seized coins. Here is their unofficial review link on the forum.

[OmegaStarScream]

They have built in swapping features but it's not their own liquidity. They have integrated some exchange providers as you can see here: https://docs.cakewallet.com/features/basic/swap/

For fiat, I believe they have onramper integrated (or at least they used to) which allows you to buy crypto using fiat but again, this is done using a thirdy party so any data you going to provide is going to be for them,.and jot cake wallet and if you're using cake wallet as a privacy wallet for it's monero support's, you may want to stay away from this whole fiat thing.

[_act_]

You will first need to know if your country can make use of the buy feature on the Cake wallet. Beside swap, you will see send and buy, click on buy. You will see dollar or pounds, if you are not from the country of the fiat displayed, click on the fiat, you will see lists of countries fiat, choose the one spent in your country. You will see lists of third party providers that you can choose from.

[Yamane_Keto]

It's best to make purchases through a traditional exchange you're already active with, as Cake Wallet swaps are handled by third parties. If a problem arises, Cake Wallet cannot assist you, as your funds are with these third parties, not Cake Wallet itself.

[Karl_3000]

It's best to make purchases through a traditional exchange you're already active with, as Cake Wallet swaps are handled by third parties. If a problem arises, Cake Wallet cannot assist you, as your funds are with these third parties, not Cake Wallet itself.

If your coin can be seized by the third party exchanges, what makes you think it can not be seized if sent to the what you called traditional exchanges which are also centralized?

@BernyJB, you can make use of the swap on Unstoppable wallet, some of the swap there do not require KYC and some are decenlized. When you want to exchange the coin, the wallet will let you know the exchanges before using them.

[logfiles]

It's best to make purchases through a traditional exchange you're already active with, as Cake Wallet swaps are handled by third parties. If a problem arises, Cake Wallet cannot assist you, as your funds are with these third parties, not Cake Wallet itself.

Maybe you haven't experienced it yet, but people have had their coins get blocked by the "traditional exchanges". If we are on the topic of freezing funds, the traditional exchanges also commit the same offense. It's better to just avoid all of them and opt for exchanges that will never freeze your funds because they think the transactions are suspicious.

[noorman0]

If your coin can be seized by the third party exchanges, what makes you think it can not be seized if sent to the what you called traditional exchanges which are also centralized?

At least they provide their own liquidity, whereas identity is usually requested after signed up. You're not directed to random exchange routes. If a seizure occurs, you won't have to go through multiple parties to fight for your money.

Using such integrated exchanges provides you with diverse exchange routes, sometimes offering decentralized options with hidden conditions. Resolving disputes with them can sometimes require a more complex procedure involving multiple parties.

[Zaguru12]

Maybe you haven't experienced it yet, but people have had their coins get blocked by the "traditional exchanges". If we are on the topic of freezing funds, the traditional exchanges also commit the same offense. It's better to just avoid all of them and opt for exchanges that will never freeze your funds because they think the transactions are suspicious.

Then if we are on such exchanges then we can clearly just summarize that all centralized exchanges should be totally avoided because it is only with them that you can actually have some coins tagged as tainted because of the location it is coming from. As such only decentralized exchanges actually do worth to make this swaps from Nd witn what is explained about this cake wallet swaps I think it actually carries similar risk as decentralized exchange like we see in other Dexes wallets.

The only advice I usually give out in inbuilt wallet swaps like this is never swap huge amount of funds at a single go, you and actually use multiple swaps with little amount to avoid stories. Once you’re directed to a decentralized exchange and you question its reputation do not continue with the swap.

[BitMaxz]

Maybe you haven't experienced it yet, but people have had their coins get blocked by the "traditional exchanges". If we are on the topic of freezing funds, the traditional exchanges also commit the same offense. It's better to just avoid all of them and opt for exchanges that will never freeze your funds because they think the transactions are suspicious.

Yeah, it can commit the same offense, but the difference is you can complain directly to the exchange and ask for a solution. Unlike when you are using a wallet like Cake Wallet as middle software and use a 3rd-party exchange to trade something and end up frozen funds, Cake Wallet won't be able to help you but will redirect you to the 3rd-party exchange.

There are some cases that they blaming both the exchange and the wallet developer because their funds are frozen. The side of the wallet support said the complaint should be bring to that 3rd party exchange but that exchange too said it is the wallet's fault.

So now, if you are dealing with two of them, it is more complicated than just directly dealing with the exchange.

Take note, those wallet developers or operators they do have control of those funds since they just use the API from their exchange account. I don't know about other exchanges, but I guess they also have control to hold your coins using those 3rd-party exchanges via API.

So it might be better to go directly to exchanges than using exchange from the wallet.

[honglu69]

Most in wallet swap uses cex, which has its own problem, centralized control. Just be aware

Cheetahdex Wallet,  Komodo Wallet (now acquired by Gleec Wallet and renamed to so), has its own DEX Komodo DEX,  atomic swap based on open source, no centralized control.  Be aware of nature of swap is key to understand.  Cheetahdex Wallet / Gleec Wallet / FiroDex wallet are the true P2P wallet with in wallet DEX for swap with no centralized control. 

[FinneysTrueVision]

They have fiat onboarding available inside the wallet. These are the payment options available to me but they may differ depending on where you’re from. As you can see, there is a wide variety of ways that you can onboard through fiat. KYC will depend on the providers they are partnered with.

[Yamane_Keto]

It's best to make purchases through a traditional exchange you're already active with, as Cake Wallet swaps are handled by third parties. If a problem arises, Cake Wallet cannot assist you, as your funds are with these third parties, not Cake Wallet itself.

If your coin can be seized by the third party exchanges, what makes you think it can not be seized if sent to the what you called traditional exchanges which are also centralized?

If you must use a centralized exchange, it's best to use a well-known exchange you've traded with before, rather than being referred through a third party that might freeze your funds without cause.

Cake Wallet integrates with several third-party partners, as ChangeNOW, which has a long history of scam.

[Karl_3000]

If you must use a centralized exchange, it's best to use a well-known exchange you've traded with before, rather than being referred through a third party that might freeze your funds without cause.

Cake Wallet integrates with several third-party partners, as ChangeNOW, which has a long history of scam.

I know what you are saying, I saw ChangeNow on Cake wallet, but what I am saying is that if the coin can be seized on ChangeNow, that the possibility the coin can be seized on other centralized exchanges can be high. I will prefer to use Unstoppable wallet for it, they have better well described exchanges.