🔢 Cryptocurrency Basics | Centralized and Decentralized Exchanges
· What they are: Centralized exchanges (CEXs) hold users’ assets in custody. Trades are matched on the platform’s own order book, so not every transaction is recorded on-chain.
· Why use them: CEXs generally offer fiat deposits and withdrawals, customer support, and account recovery services. The trade-off is that you have to trust the platform’s risk controls and asset management.
· Caution: Before swapping tokens on a DEX, verify the token contract address and check the slippage settings and token approvals. Don’t rely on the name alone.
$BNB 700.73 (+0.016%)
· What they are: Centralized exchanges (CEXs) hold users’ assets in custody. Trades are matched on the platform’s own order book, so not every transaction is recorded on-chain.
· Why use them: CEXs generally offer fiat deposits and withdrawals, customer support, and account recovery services. The trade-off is that you have to trust the platform’s risk controls and asset management.
· Caution: Before swapping tokens on a DEX, verify the token contract address and check the slippage settings and token approvals. Don’t rely on the name alone.
$BNB 700.73 (+0.016%)