Compare Dexalot to Binance
by Uday Kumar
Dexalot is a revolutionary decentralized exchange bringing the traditional centralized exchange look and feel to a decentralized on-chain application. Its mission is to bring a truly inclusive and transparent environment where Dexalot users can trade crypto securely and efficiently, with no slippage or custody risk. It is built on Avalanche, the fastest smart contracts platform in the blockchain industry.
Centralized Exchanges (CEXes)
User-friendly
A CEX like Binance focuses on providing user-friendly experiences for all kinds of users. Newcomers to crypto have access to simple conversion tools like Binance Convert, while experienced traders can use the Spot Exchange’s TradingView tools. A CEX will also likely have detailed guides as part of its services.
The process of registering with a CEX is similar to opening a bank account. Many of us are already familiar with this system, and technical knowledge is not a must-have. Most CEXs offer payment with credit or debit cards, making your first crypto investment as simple as possible.
Support and protection
One of the biggest hurdles for crypto beginners when using DEXs is getting used to decentralized tools. Crypto wallets, addresses, gas fees, and other aspects of blockchain can be unforgiving when you make mistakes. There are no system admins to offer assistance, so you’re on your own if you lose your seed phrase or send crypto to the wrong wallet.
You can avoid these pitfalls if you trade using a CEX. For example, customer support can help if you lose access to your Binance account, and there’s no need to pay gas fees when moving your crypto around Binance’s products. These measures support users and protect them from making the irreversible mistakes people sometimes make on CEXs.
More integrated services
A CEX can offer a wide range of products and integrated services, turning it into a one-stop crypto shop. On a CEX like Binance, you can access trading and staking services, an NFT marketplace, a launchpad, a P2P exchange, and more without leaving the platform. Moreover, moving funds among these different areas is simple. You can pay by card and even enjoy deals with partner merchants like Travala.
Decentralized Exchanges: (DEXes)
Custody of funds
When using a DEX, you never lose custody of your funds until a trade or interaction is complete. This means you can move and store them as you wish. If your crypto is stored in a wallet whose seed phrase only you can access, you have total control over your assets. To decentralization advocates, this is one of the most critical factors.
Data protection and privacy
When using a DEX, there’s no need to supply personal, identifying information and trust it to be stored securely. This means your personal data is safe from bad actors who want to steal your identity. Note that when using an exchange, you are still bound by local regulations and laws.
Lower barriers to entry
Using a DEX requires only a wallet and some crypto to trade and pay gas fees. This makes DEXs highly accessible to a larger group of people globally. For decentralization fans, this is a huge benefit, and many value the more private nature of a DEX. Of course, this should also be considered in the context of local legislation, as well as relevant debates on crypto regulation.
By far, the simplest experience for a crypto beginner is to use a DEX. It removes the initial learning curve associated with decentralized blockchain infrastructure. If you face any issues using a DEX, a support team will help and guide you as much as possible.
UI/UX
In terms of the user interface (UI), Dexalot has a relatively simple design with limited functionality. The displayed sections include trading pairs, open orders, filled orders, price charts, and your portfolio. There are also additional features such as staking, analytics, rankings, notifications, etc., but there haven’t been many opportunities to use them extensively.
Number of Trading Pairs and Liquidity
As Dexalot is a relatively new exchange, it is understandable that there are not many trading pairs available. Currently, the exchange offers only 6 trading pairs. We hope to see many more trading pairs in the future.
Summary
In summary, Dexalot is a new DEX platform with a unique Central Limit Order Book (CLOB) that allows users to trade easily, similar to traditional CEX platforms, while ensuring the security of their assets. As a new platform, there are still areas that need improvement to attract more users and increase liquidity.
Author: Uday Kumar
Translator: Artikalra
Editor: Brad McFall
Original article: Dexalot ke tulana Binence se karte hue.
About Dexalot
Dexalot is a revolutionary decentralized exchange bringing the traditional centralized exchange look and feel to a decentralized on-chain application. Its mission is to bring a truly inclusive and transparent environment where Dexalot users can trade crypto securely and efficiently, with no slippage or custody risk. It is built on Avalanche, the fastest smart contracts platform in the blockchain industry.
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