I have been using DEX's a lot lately. I must say the experience have been of a mixed one. Although, I have been getting some mixed results but when I add them up at the end of the day I suppose I am being on the winner side most of the time. The reason why I am saying this is because sometimes I am also loosing money for trying few things in DEX features. And since it is not an exception (loosing money in trades) I guess I would like to try even more in the coming days.
DEX trades
Uni-swap has opened the door for DEX trades in a significant way. I have been a user of Uniswap for a very long time. I liked it very much in the past in fact I had been its regular user as well but the only issue around it was the outrageous GAS fees. Which is why I began to fade away from using Uniswap. And than arrived the meme token. The sudden rush of these sort of tokens put the crypto world in surprise. It was a great opportunity for BSC DEX pancakeswap to get the lime light. Also the issue of gas fees was sort of solved in BSC. Since than, I have been using pancakeswap. And I must say there were several opportunities in the past few months for using pancakeswap.
LIMIT order in Pancakeswap
I must be honest. I have been missing this option in pancakeswap for a long time. Although, not necessary it was a needed option for me to try until few days ago. I found this tab out of curiosity. When I did find the limit order tab, at that particular moment I felt like a complete idiot lol. It was just sitting there and I had no idea about it at all.
Image source
Enough with confession, let me say why I have been using this limit order of pancakeswap lately. As because I have been doing some buy and sell between CEX and DEX. Which opened some opportunity of making money. Upon being successful at few trades I have been an active user of this feature. It does comes in handy sometimes.
Image source
As much as I am concerned, Uniswap does not provide any limit order feature. Which is why I probably never gave this feature a try in pancakeswap. Since we can not put limit order in DEX's it becomes tough to get a good price to buy or sell during that exact moment of price hike. So some opportunities gets missed! But upon successful execution of limit order these opportunities can be grabbed. Although there are few bad sides of it.
- While putting a limit order you will have to go through gas fees charge. Unlike CEX, you will not be able to do buy/sell/cancel trades without any fees. So its a downside. Also the gas fees is a issue during executing these trades. Like if the gas fees price sees a hike during your trade price your order might not get executed. Not sure what exactly happens but it is also an issue. So better keep that in mind as well.
For more information regarding the limit order do check the official FAQ page here
https://docs.pancakeswap.finance/products/pancakeswap-exchange/limit-orders/limit-orders-faq
- I was not able to find any portfolio tracker to see if the order got executed or not. It has to be done manually. So that's an issue as well.
Third party feature : Although these limit feature is available in bogged.finance, I do avoid using them or link my wallet to these DEX. Not sure why I do that but I guess I probably heard some bad reports about them from somewhere. And since pancakeswap has been one of the best available DEX so far in BSC, I suppose I will be giving them priority first before anything else!
So do you prefer DEX over CEX? Or have you used this feature of pancakeswap? If yes, how was the experience?
Best regards
Rehan
Posted Using LeoFinance Beta
I don't even know how much I lost while getting to know the procedures of sending crypto, whether it be on a DEX or CEX, or even on-chain.
The experience started with Binance at first. After setting up my account I wanted to try out how it all worked, so I asked another user about how to send Hive to my Binance account, and I was told in a very rushed manner to just send it to my Binance ID, which I thought would only mean the ID number under our Binance accounts lol.
Now, thanks to that very rushed and imprecise information, from a very old and experienced user(who I thought was capable of providing some legit guidance) I ended up losing 5 Hive in the process, back then Hive was priced close to $1.5 I guess. But I have to say that I did good and played it safe by sending in 5 Hive at first, and not the whole stack haha.
So, after that little incident I just went ahead and figured it out on my own, thanks to a bit of "Googling" and our very trusty and beloved information source, YouTube.
After that experience I've built a habit of double check and to ALWAYS run a "test transfer" at first. Yet, I did end up losing a little bit here and there, as I tested and progressed ahead, which I really didn't mind; because I realized that in order to learn and gain, I also had to lose.
Hahaha feelings mutual bro. I still remember just for a single alphabet one of my Hive transactions got stuck. I was literally on the verge of collapse lol. Now I am laughing about that incident but back than it was no less than a nightmare!!
Sorry to hear about your loss of HIVE but due to tha I suppose You have become more cautious. That's needed. For that I suppose it was worth it.
After my above incident, I have stopped using doing transactions in phone. As these sort situations happens most of the time when I am at home. Done that mistake few times and I suppose finally I have learned my lesson.
But I suppose mistakes are proof that we are trying and during these process we are improving!!
As long as we're learning from our mistakes, we'll be alright I guess. So, I surely don't mind losing a bit here and there, as I learn and progress ahead.
Still have a long way to go and lots to learn from this crypto realm, so the mistakes and barriers will keep on coming I guess. With all the progress we're seeing in this realm, even in this bear market, sometimes all this information can become a bit overwhelming. Only God knows what will happen when we see the next bull run in action.
It's tough to keep up actually, sometimes I just disconnect for a while, taking a breather from crypto becomes quite necessary haha.
lolz I understand bro, sometimes it becomes difficult to take all the things at once. But I suppose we better try to keep up with everything as much as available. Since, we might not get much of a chance in the coming days such as this bear market. Next stop for BTC would be untouchable lol
Better put up our ass to make every use of this opportunity. And rest later when we get to be a whale/dolpin or an orca in the chain 😉😜
I can already feel it.
already on it bhai, but in my own "comfortable" pace. 😵
Next stop, Dolphin Status. 😏😂
Did you mess up with 5 hives? Once I had misspelled the memo or the fault was something like that which put me in a trouble with 100 hives. Thankfully, I got back my tokens after contacting support. Lesson Learned!!
I didn't misspell anything or get any numbers wrong. I was just told to send the Hive to my Binance ID number, which at that time seemed legit and easy enough. Yet, now it's all a thing of the past, thanks to the time I've spent browsing on Hive and a bit of Google and YouTube activity.
Thankfully, the habit of sending a "test amount" is always there to save my ass. No matter the type of experiments I do or even the different exchanges or wallets I use; before sending the "test fund" I just take it as If it's a lost trade, or more like a fee, for which in return I'm getting to learn the procedures and mechanics. 😵
Lesson Learned!!!
My crypto journey starts here on Hive. Only used the Hive-HBD market and Tribaldex so far. My deeper quest into DeFi will fully begin in November when I'm settled.
meanwhile, I love the arrangement and display of your contents. So aligned and neat.
Good morning.
HIVE is probably one of the safest place to be starting to gather knowledge about crypto. It's like a HUB of knowledge, just knock and learn from other users who have gone through the experience. And guess what You will find legit information from here. And all that for free 😜
All the best for your DE-Fi journey. Hope it becomes fruitful for your crypto journey.
Thank you 🙂 I'm glad that you liked it.
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Well, I don't use DEX OR CEX , in fact I don't even know much about it but then from your content, I must commend your effort in trying new things
Smiles 😊...this is part of learning you know 😂, so even when you fail, you try again until you get your desired results 👍
You are doing well already
Weldon Rehan 👍
Well, slow and steady wins the race. I suppose you are walking towards the right path.
Thanks Nkem for the positive thoughts and support, really appreciate it.
You are doing great by yourself as well. One way or another your dedication towards engagement really inspires me as well. Keep that up !! 🥂 Cheers
Posted Using LeoFinance Beta
Woww🤭🤭🤭🤭🤭
I am super elated about this amazing feedback. It motivates me to keep going.
Thanks Rehan👏👍
🙏👍
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