Quote from: Igebotz on June 24, 2025, 09:53:58 PM

I wouldn't advice crypto newbies to use Decentralized exchanges; it's more complicated and the chances of them getting scammed/ losing coins is higher compared to Centralized exchanges. How many of us on this board uses DEx exchanges? There are too many loopholes on DEX exchanges - scams are not moderated.

Self custodian wallets for storage and CEX exchanges for trading should be a newbie starter pack.

I doubt that up to 3% are using dex on a regular basis.
The main goal of most apps and website that we see today is to offer the best level of user experience, which I think new users(newbies) needs when choosing an exchange. And that is why anyone that has used the best cex in the world can easily navigate through exchanges that has similar interface.

Just imagine getting scammed on a dex, and don't even have anyone to report to. The idea is, the simpler...the better.

But practicing self custody is non negotiable. It is a must, but at least, after learning how and why it must be done.

Quote from: SatoPrincess on Today at 05:44:11 AM

Yeah you have a point. Although a newbie who wants to maintain privacy may want to avoid exchanges that require KYC.

Privacy is a very big word, and at the same time not that complicated.

The privacy we are trying to maintain, is it from the government or the public in general?.

I personally haven't used a dex before, but I want to assume that users also carry out a normal bank transfer when paying for a coin, and receives a payment when selling, right?.

If someone pays to your own bank which I believe is registered under the surveillance of the same governmen, then there is literally no privacy there. I want to assume that the essence of using a dex for p2p as far as Nigerians are concerned, is to limit our identity that we issue out(like in the KYC).

I might be wrong, but that's my own opinion.