Why You Should Use Decentralized Exchange More than Centralized Exchange
Not your keys, not your coins. These are the old adage in the crypto world, which means if you did not hold your own private key or brain key for your own crypto wallet, there is a good chance that someone has access to your tokens and easily manages or uses your asset with or without your consent. This may seem harmless for the uninitiated, but those who have been in the industry long enough have heard plenty of horror stories about centralized exchanges swindling their users’ crypto on such short notice by disabling withdrawal, getting insolvent, or straight stealing the user’s asset.
In 2022 this adage rang even more true with even major exchange with millions of users such as Voyager and Celcius close their withdrawal for their users because of insolvency. User has little to no protection and can only hope that those exchanges are suddenly back in business and reopen withdrawal. These risk can easily be mitigated if only Centralized Exchange (CEX) users are using Decentralized Exchange (DEX) instead and keep their own wallet on their own control by holding the private key.
What makes DEX a much better alternative for CEX? Here are some reasons why you should trade on DEX like the upcoming ENEDEX soon :
- Secure by Design
As long as you hold your own private key, you will always be safe for using DEX. The reason is that DEX like ENEDEX will never hold your funds. User will conduct their own transaction, approving every transaction and all around in control of any activity that their wallet is doing. There is no possible way for DEX to take money from their user whatsoever as DEX never hold a user’s asset.
2. DEX Never Store Personal Data
For a DEX, users that wants to conduct transactions never needed to submit any personal data, even as simple as email address. Polar opposite from CEX where to withdraw or deposit funds, they often require the user to upload personal data which also yet another security issue if these ID database are breached by hackers. Not only will your funds become less safe because hackers can know your personal information and conduct phishing attacks, but if such scenario happens, your personal data can be used to breach other services outside of the CEX itself.
3. User Can Stay Anonymous
Still, on the subject of personal data, users of DEX can always remain anonymous and are always welcome to transact on DEX like ENEDEX. As long as the user can open the website, the DEX doesn’t care about your identity, affiliation, or anything about the user. Different from CEX, where user accounts can be flagged or even blocked by the exchange if they deem your activity is strange or other possible made-up excuses to steal your funds.
Those are the top 3 reasons why you should consider using DEX more often than CEX. For users' own safety in these ever uncertain times in finance and crypto world.
Have any other reason to stay or get away from CEX? Let us know your thoughts by talking to us on the following channels :
🐦Twitter : https://twitter.com/ENEDEX_HQ
🗣 Telegram : https://t.me/ENEDEX_Official
📖 Medium : https://medium.com/@enedex
Get $ENE today to be a part of sustainable blockchain and energy evolution on :
🥞Pancakeswap : https://pancakeswap.finance/swap?outputCurrency=0x3becb1170183fdbc8f1603dacd1705c093bc33b7
Analyze price actions on :
👾Dextools : https://www.dextools.io/app/bsc/pair-explorer/0xc2660b04dc2fb671ba6860cf9f9292a2b68bf486
📈Coinmarketcap :
