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.
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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.
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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
