I keep seeing reasons to stay away from centralized exchanges.

[Pikiboy]

Well I believe there is a secular that was shared from banners concerning some places to receive payment to balance app and of course the listed all this services exchange and platform where someone wouldn't receive payment from and if they do their account could be frozen. I believe the said user do not get that message correctly and he ignored it but one thing about Binance exchange is that they are strict to their words and if anyone violated their services it would affect such person for the period of their reviews and could asked for source of funds.

[coinlary]

Unfortunately it is not possible to "stay away" from them since DEX is not as grown and as easy-to-use as CEX yet (best option is still Bisq) so at the very least people should know the risks before going in and always use an amount in a CEX that they can afford to lose.

Whish it was really possible. Bisq doesn’t  really work for Nigerians yet, they seem comfortable with CEX for now but i think  it can gain more popularity soon with the upcoming crypto regulations.

Binance and Bybit  are  still one of the good fair CEX but  they can also do some crazy stuffs. The rest have different level of worse reputation , they can freeze accounts  with any unreasonable claim and some won't  even disclose the reson clearly, just a generic reason .

[Curious T]

Why is he blaming crypto? Crypto didn't do that to him, a cousin of the bank did. CEXs are very similar to banks, so expect the same treatment. I do use CEX, but it's only when I want to trade coins. So what I do is I transfer from my wallet to the exchange and sell it immediately. I know it's not safe either, but it's better than keeping all my coins in the exchange. In Nigeria, DEXs are not so popular, so even if you want to use them, you won't find many Nigerians that you can send or receive naira.

He should also know that not all cryptos should be trusted. What is the point of distrusting banks but trusting a centralized crypto? Nobody ever thinks it will happen to them till it does. It can happen to anybody as long as you use a centralised platform, so be ready for it.

[New Judgement]

Whish it was really possible. Bisq doesn’t  really work for Nigerians yet, they seem comfortable with CEX for now but i think  it can gain more popularity soon with the upcoming crypto regulations.

Binance and Bybit  are  still one of the good fair CEX but  they can also do some crazy stuffs. The rest have different level of worse reputation , they can freeze accounts  with any unreasonable claim and some won't  even disclose the reson clearly, just a generic reason .

People have to be careful with their choice of exchange, if you use a tier 1 exchange that know what they are doing, your account won’t just be frozen for no just reason, especially when the turnover of your account is very small. I have been using CEX for years and I haven’t experienced any issues of account being frozen or anything that made me regret using it. I won’t encourage anyone to use a CEX that’s below tier 2, and use it for the right purposes, don’t get involved in any shady business with your account. Withdraw your funds the moment you are through with your business of the day on the CEX.

[Mpamaegbu]

~

Whish it was really possible. Bisq doesn’t  really work for Nigerians yet, they seem comfortable with CEX for now but i think  it can gain more popularity soon with the upcoming crypto regulations.

Dat Bisq exchange sef be like na for only desktop/laptop persin fit take download dem app. I tried to register on dem site last year or so wen some people hype am here but e nor allow me do am on phone. Dat wan too go fit follow wetin go make am nor too dey popular with us. Nor be sey we necessarily nor wan use am.

Again, a few days ago wen I dey run through some of my stuff, I com discover sey Bitget Wallet (nor be d exchange oh), the Web3 wallet wey be Dex don dey run P2P too. E shock me as I see dat option for my app but I nor go ahead to activate am. I neva need extra P2P for now, na why. Maybe I go try am later. Una don observe am too?

[coinlary]

Dat Bisq exchange sef be like na for only desktop/laptop persin fit take download dem app. I tried to register on dem site last year or so wen some people hype am here but e nor allow me do am on phone. Dat wan too go fit follow wetin go make am nor too dey popular with us. Nor be sey we necessarily nor wan use am.

Yeah, it used to be PC only. There's Bisq connect for mobile that make your work a bit easier with some limitations   but you still need to run PC version node  before you can make use of it.  

Currently, there's bisq easy node (scroll down you will see the redirect button) , dedicated for mobile. If you can't  find it after clicking the button that redirect to play store, then  android version is behind , upgrade it if possible and it will appear.

Again, a few days ago wen I dey run through some of my stuff, I com discover sey Bitget Wallet (nor be d exchange oh), the Web3 wallet wey be Dex don dey run P2P too. E shock me as I see dat option for my app but I nor go ahead to activate am. I neva need extra P2P for now, na why. Maybe I go try am later. Una don observe am too?

I know that  one , the self -custody version . I don’t really like it anyway.
You can test a small trade to see if it is trully KYC free.

[The funny mimi]

~

Whish it was really possible. Bisq doesn’t  really work for Nigerians yet, they seem comfortable with CEX for now but i think  it can gain more popularity soon with the upcoming crypto regulations.

Dat Bisq exchange sef be like na for only desktop/laptop persin fit take download dem app. I tried to register on dem site last year or so wen some people hype am here but e nor allow me do am on phone. Dat wan too go fit follow wetin go make am nor too dey popular with us. Nor be sey we necessarily nor wan use am.

Again, a few days ago wen I dey run through some of my stuff, I com discover sey Bitget Wallet nor be d exchange oh the Web3 wallet wey be Dex don dey run P2P too E shock me as I see dat option for my app but I nor go ahead to activate am i neva need extra P2P for now na why maybe I go try am later  Una don observe am too?

What do you think is the biggest challenge stopping Nigerians from using decentralized P2P platforms like Bisq instead of CEXs?

[Mpamaegbu]

~

Okay, thank u for dat info. I go try am wen I dey ready for extra P2P plug. But for now, dat excitement wey I bin get to use dem nor dey body.

I know that  one , the self -custody version . I don’t really like it anyway.
You can test a small trade to see if it is trully KYC free.

No matta how dem wan protect privacy reach, bank details must show there na. Once bank details show, KYC somehow don dey involved. But nor be KYC issue sef be my concern. Na make d thing dey hitch free and tap put. I like as many options dey com out daily for dis industry as against wen we started. Dat time, everywhere just dey unorganized like persin wey dey find something for dark.

[Cleanshit]

Whish it was really possible. Bisq doesn’t  really work for Nigerians yet, they seem comfortable with CEX for now but i think  it can gain more popularity soon with the upcoming crypto regulations.

Binance and Bybit  are  still one of the good fair CEX but  they can also do some crazy stuffs. The rest have different level of worse reputation , they can freeze accounts  with any unreasonable claim and some won't  even disclose the reson clearly, just a generic reason .

People have to be careful with their choice of exchange, if you use a tier 1 exchange that know what they are doing, your account won’t just be frozen for no just reason, especially when the turnover of your account is very small. I have been using CEX for years and I haven’t experienced any issues of account being frozen or anything that made me regret using it. I won’t encourage anyone to use a CEX that’s below tier 2, and use it for the right purposes, don’t get involved in any shady business with your account. Withdraw your funds the moment you are through with your business of the day on the CEX.

Users are not to treat it like a personal wallet even if with a trusted CEX, cause an exchange can still have account restrictions, security checks and other things.

A safer habit is having to use it only when needed abd you withdraw your funds that remaining that the safe thing to do than for you to be keeping it there cause the exchange has a good reputation.

[Dareo]

Centralized exchanges can actually be called crypto banks, because there is no real control of the funds in the hands of the user. Keeping funds on Binance means keeping money in their vault, which like regular banks, can freeze the account at any time under the pretext of security. However it may be that the AML score of the fund he received was very high. For this reason I try to check the AML of that fund before putting Bitcoin in an exchange. But it would not be right to call Trust Wallet completely closed source, because their Wallet Core is open source and Trust Wallet itself works as a self custody wallet.  However using a Bitcoin focused open source wallet like Sparrow or Electrum provides more benefits in terms of transparency and control, especially if you use your own node or private server.

[coinlary]

~

But for now, dat excitement wey I bin get to use dem nor dey body.

You can download it or the PC version for better experience, you wouldn't probably  find any vendor or a reliable rate to begin with but you explore it to understand how it operates.

I know that  one , the self -custody version . I don’t really like it anyway.
You can test a small trade to see if it is trully KYC free.

No matta how dem wan protect privacy reach, bank details must show there na. Once bank details show, KYC somehow don dey involved. But nor be KYC issue sef be my concern. Na make d thing dey hitch free and tap put. I like as many options dey com out daily for dis industry as against wen we started. Dat time, everywhere just dey unorganized like persin wey dey find something for dark.

The walet itself doesn't really support privacy but the fact they also operate an exchange, they are likely going to needing setting to hold on to or they can just keep alll sort of logs. Not sure about it though, I can be totally wrong,  unless tested.

[CryptoHeadlineNews]

Dat Bisq exchange sef be like na for only desktop/laptop persin fit take download dem app. I tried to register on dem site last year or so wen some people hype am here but e nor allow me do am on phone. Dat wan too go fit follow wetin go make am nor too dey popular with us. Nor be sey we necessarily nor wan use am.

Yes, na true talk you just said above my brother, because the fact that bisq don't have a mobile app, that's exactly the primary reason why it's still not popular like the centralized crypto exchange we have today, and judging by how long bisq have been in the industry as a decentralized crypto exchange, they ought to have had a mobile app to help crypto users navigate and trade on the platform anonymously on the exchange without exposing it's identity to third partie, but only to the user he is trading with. And secondly, lack of active users always everly available to trade or buy or sell your coins just on centralized exchanges is also another thing that might also be another challenges of bisq as an exchange to be used here, which has people always ready to trade via our Naira fiat currency.

[Cryptoprincess101]

I know that no amount is worth losing but this is basically a situation where his account was locked which he can possibly regain access to it when it's unlocked. It's not even as if he didn't see the balance in his wallet anymore. All these statements he made just because of $200, some people are really funny. Haven't he seen people who has lost thousands of dollars on exchanges? Why did he even saved his money on exchange wallet. Even if it were to be a situation of hacking or that his crypto was stolen i wouldn't have felt sorry for him because some people always wants to have experience themselves instead of paying attention to warnings.

This is just almost same way that some people end up calling bitcoin scam when they invested on a wrong coin and lost their money they will now classify all cryptocurrency as bitcoin.

[Cryptomultiplier]

The issue with Binance exchange is getting out of hand I must say as over the last two weeks and even today I got an email about them restricting their service to various platforms I have not known even existed.
Unlike the OP stated, I also have been using that exchange for some years now and you know how difficult it is to leave a platform you have grown accustomed to, and move to a new one. That's the dilemma i find myself in and all I can do right now before opting for a new exchange is pray my funds don't get frozen.

It's indeed worrying how CEX has become so uncomfortable to use these days and how much government is trying to frustrate the effort of crypto currencies users on these exchanges just so they can tax their funds and have their details and that goes to say the exchange themselves can just wake up tomorrow and even do as they like for a stupid reason they think.
I see reason why using a Dex exchange is way better and I am leaning in that direction for real.

[sokani]

So this Binance user made a post on Reddit that his Binance account was randomly frozen for as long as 6 weeks after he made a last transaction of just $200. He claimed  that he has been using the Binance service for more than 6 years and never had such experience before.

It does not matter the age of the account. The moment a transaction is flagged as suspicious, the account will be frozen. I know six weeks is a lengthy period of time, but he should be thankful, at least he got his money back. Some users might not have been lucky with getting their funds back.

The last time I had this similar issue on that exchange, I received payment directly from a mixer and that lead to my account being almost locked if not that I saw their message early enough and I responded to it before the deadline that they gave. One important thing I'd like to mention is that, always read every notification you get on the exchange you are using, sometimes when the exchange detects any suspicious transaction like that, they will first contact you before taking any other action, that was what happened in my case.

I'm a bit curious. Was the message you received the same as the affected user? Also, did you submit any additional documents to help get your account unfrozen?

[Hypnotizer]

What do you think is the biggest challenge stopping Nigerians from using decentralized P2P platforms like Bisq instead of CEXs?

Taking about this.. I think the biggest challenge has to do with the liquidity on this DEX platforms and not many Nigerians even know about it, so it’s not easy to find a buyer when you want to sell on the platform.

And mostly people exchange their coins when they need it for something, and selling or buying on this platform will take more time so they’d prefer to go with the convenient one with are the Centralized platform where you can exchange within minutes because of it high liquidity.

Other challenges include the fact that you need a level of technical capability to an extent to be using decentralized exchanges successfully and most people don’t like that unfortunately, so they prefer easy to use platforms that even a firsthand with little knowledge can use.