Do you use a decentralized exchange?

[Nomad]

Well, I do not use any decentralized exchange. I use decentralized wallets but have never used any decentralized exchange. Can anyone suggest to me what is the best decentralized exchange? You do not have to do KYC on decentralized exchange right? Do you have P2P trading enabled on decentralized exchange?

 

[Riberet19]

Well, I do not use any decentralized exchange. I use decentralized wallets but have never used any decentralized exchange. Can anyone suggest to me what is the best decentralized exchange? You do not have to do KYC on decentralized exchange right? Do you have P2P trading enabled on decentralized exchange?

Well I have not used decentralized exchanges much, the only one I have used is Uniswap, and is the only one that I could recommend, in effect, you do not need to do KYC, and as for p2p trading, as I understand there are some DEX that has enabled the p2p function, before I had OKEX as DEX, but little by little it is being centralized like Bitget too.

 

[Nomad]

I have heard of a couple of dex including uniswap, but never tried myself any dex. How do you exchange and trade on dex, when you sell, whom do you sell and when you buy with whom do you buy? On certain, you buy and sell to the platform. What about dex?

 

[Riberet19]

When you sell or buy in a DEX, the DEX takes a considerable fee, DEX has higher fees than CEX, I think it works very similar to how a CEX works, but all exchanges are P2P, but I can not assure you since I have never used them to exchange, buy or sell, I've just peeked at them superficially.

 

[Nomad]

So, there is not much difference between DEX and CEX when it comes to using the services, the only difference is while CEX is owned by individuals, DEX is owned by communities. Is that correct? By the way, what determines the fees in DEX? After using CEX for a long time, I am thinking to give DEX a try and I want to know everything about it.