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We want our exchange users to be able to deposit and withdraw erc-20 tokens.
My current idea is to provide a new deposits address to each user where they can send their tokens.
The alternative would be to use approve and transferFrom, but I don't see any benefits from this. Are those methods only applicable for contract addresses or could I use them on deposit addresses if they are standard addresses as well?
Another alternative would be to let users allow us to transfer directly to our hot wallet from their address - in this case does our hot wallet need to be a smart contract or can approve be used with standard addresses?
What is easier for user to execute: approve or transfer?
What is the easiest way for us to monitor and detect deposits?
How are other exchanges doing it?

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