Trading Crypto Platforms CEXs vs DEXs

[Frkgvjo121]

If you are trying to learn something about trading crypto, you need to know the important differnces between both Centralized and Decentralized exchanges.

Centralized Exchanges: CEXs
They are like Binance ,Kraken, Coinbase, Robinhood, Gemini and kucoin. These cryptocurrency exchanges are highly trusted and provide users with alot of cryptocurrency pairs for trading.

What you have to know about such exchanges before using them can be listed in a few points :

● All centralized exchanges save user provided data, (KYC) like your ID card, your password, your own email. And all that stored at their own servers, which make them less secure than Decentarlized Exchanges.
●More advanced trading, centralized exchanges provid us with different trading choices like P2P trading , Margin trading , future contracts and spot trading.
●You can go long and short using different leverages, but be careful such kind of trading needs enough experience before trying it. You have to understand what lequidation price means, and never try without full knowledg about the risk.

Decentralized Exchanges: DEXs
More simple exchanges like (Changelly, Okx, and AlphaX) follow completly different ways of trading, unlike traditional centralized exchanges we can list these few points about them:

● First of all you dont need KYC (know your user) to use these exxhanges. This choice provide more privacy for traders. You dont need to provid any document to trad on them.
● You dont need password and username to use. Only need to use a wallet that can be connected with such exchanges like (Trustwallet, safepal, metamask) and start trading P2P without and 3d authority between seller and buyer.
● Since you dont need a password to use them then your money stay at your wallet , no need to deposite like centralized Exe. So you are more safe and secure from hacking attacks on centralized platforms.

For me I prefer to use decentralized exchanges , because I feel more secure.
I hope this info to be good guidance for new friends who like to try trading.