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To get directly to the point; Yes they can be very economical. By that I mean I got me some iExec years ago for only 0.40 cents in fees, while doing the exact same on Uniswap or 1INCH today.....well
Those involved in Crypto and decentralized exchanges know these are the better days. Seriously, I was trying to remove liquidity on Uniswap last year because it went way out of range and I thought the pairs had a nice profit, but the fees to remove liquidity and convert it to ETH in my wallet totaled above 700 Dollars??
So how are centralized exchanges doing it? How are they keeping fees so low while making themselves multi-billionaires? By you selling them control and basically rendering Crypto to common digital fiat in any electronic bank account. They control your identity, they control your funds, they control your future, those still waiting on the findings of the 2014 Mt Gox hack in 2022 hoping to get at least something back can tell you all about it. But you know, not being 100% decentralized can be ok, like Idex for example which was one of my favorite Crypto sites over 1 year ago. Unfortunately they ruined that when trying to improve the platform and "upgrade" it to this Idex 2.0 thing, which flopped entirely and is now in the process of getting re-upgraded to Idex 3.0. The point I'm trying to make is we all need a place to exchange one thing for the other right? If it can be completely decentralized, great, if something in the middle like how Idex used to be, that's fine too, but if it's almost completely centralized, you're bound to run into seriously frustrating issues every now and then.
Like this "e-mail/sms verification" to log in or withdraw. It's actually quite safe and renders your assets valueless to someone who doesn't control both your account and your phone, just make sure they are not logging in on your phone??. But mannnnnn, I can't tell you how many times these things don't arrive, leaving you waiting there for sometimes hours, then suddenly all the verification come storming in all at once from you clicking the resend option a gazilion times.
Loss of control is the main argument here. I am waiting on a transaction to arrive at a centralized exchange for 3 days now, because the exchange was "updating a node" or whatever even though they didn't disable the deposit option, which they claim is why the transaction hasn't been processed yet in my balance. The value of the Crypto btw has lost 8% in value since I sent in the weekend???+????>?
certain countries, exchanges are about to be restricted by the governments that will force the users to first add every address they want to send Crypto worth more than 1000 Euro, in some easily traceable address book which first has to be checked by the exchange and only if then approved send on the blockchain, rendering you to child-level control over your own Crypto. Netherlands is already upholding this and making their domestic exchanges hold transactions until the users first shares the address they want to send their Crypto to and the exchange has checked and approved it, for every single transaction whether it's 1 ETH or 1 XLM.
Verification is another thing. I understand they have to abide by laws and regulations of certain countries and they themselves have to fight laundering and fraud, but not only does them controlling your data open the door to non-Crypto related dangers, it effectively kills all anonymity with some sites even going bat sh!t crazy. Is Ethereum really this important to the Crypto world? By that I mean can we only get our decentralized eutopia after Eth 2.0 is launched and the ludicrous gas issues on the Ethereum chain are resolved? If so I know which coin I'm stacking up a bit more every month till this Sharding thing goes live. Some people might get cold feet on ETH now the SEC is thinking of going after them, but I think they're going after them because ETH has already beaten the game??
PS Feel free to let me know if I'm missing out on something and there are other good (semi)decentralized exchanges out there with decent activity/volume.
