#CEXvsDEX101
Centralized Exchanges (CEX) or Decentralized Exchanges (DEX)? 🤔 #CEXvsDEX101When trading crypto, where do you go? 🤔 The hashtag #CEXvsDEX101 on Binance Square clarifies the difference! 👇1. Centralized Exchanges (CEX) 🏦:For example: Binance, Coinbase.•How? A company manages everything and holds your funds (like a bank).•Advantages: Easy for beginners 👍, fast ⚡, customer support, purchase with Visa 💳.•Disadvantages: Less control over your funds 🔒, requires identity verification (KYC) 🆔, potential target for hackers 🎯.•2. Decentralized Exchanges (DEX) 🌐:For example: Uniswap, PancakeSwap.•How? Direct trading between users (P2P) through blockchain and smart contracts.•Advantages: Full control over your funds and keys 🔑, higher privacy 🤫, less prone to central hacking.•Disadvantages: Harder for beginners 🤯, requires tokens to pay gas fees (Gas) ⛽, no direct customer support.•Summary:CEX: Ease and centralized security (with its risks).•DEX: Control and privacy (with its complexities).•What do you prefer? Share your opinion on #CEXvsDEX101 in Binance Square! 💬Note: Do your research well before choosing your platform. ⚠️
