Quote from: SirLancelot on Today at 07:04:39 PM

Quote from: sheenshane on February 19, 2023, 11:48:27 PM

Quote from: CryptocurencyKing on February 19, 2023, 10:40:35 PM

That's why it remains an issue of trust before using a platform and the options to KYC is always left with you.

I tend to agree with this.

Both of them have a downside whether it's DEX or CEX, if you will entrust your private documents in any exchange make sure about their trust issue. Many people now are convenient in using CEX because they can able reach out to the team when they have a problem but in DEX, once you have a mistake, it's unrecoverable.

In a case of anonymity, it's clearly CEX is very dangerous, but I don't see it when it comes to reputable or top exchanges.
It might be an unpopular exchnage has an issue of a data breach not being on top exchange.

Mistakes can be prevented with proper practice but we can never prevent a centralized exchanges from controlling us. It's much worse to lose your money because the exchange scams you than you lose it because of a mistake.

This is why decentralized exchanges are still a better choice that the majority must use. It doesn't matter if the exchange is reputable or not, or they will sold your data's or not but once you submit your KYC to them, it automatically kills your privacy. Even a simple sign-up on a centralized exchange will still require our sensitive details such as emails or phone numbers which is not very far from doing a KYC.

Even though on how much we do hate up CEX and recommend DEX but still there are really lots of ways on why these centralized and regulated platforms had been loved by most many of us, this is why we could

able to trade up directly in between coins with ease due to lots of pairs and could be able to convert it to fiat without any hassle.We do know that we cant directly purchase out a crypto via
these decentralized exchange and this is why we would really be still touching up this area because this is the only way we could acquire coins excluding on that p2p itself.

If you do mind off about anonymity but touched up these CEX's then you would really be needing up to give up that anonymity that you are protecting into.