When you buy crypto on an exchange versus swap tokens on-chain using a wallet, who holds the coins?
A centralized exchange (CEX) holds users’ assets in custody. Trades are matched on the platform’s internal order book, so not every transaction is recorded on-chain.
Key takeaway: If you want convenient deposits and withdrawals and customer support, a CEX is a better fit. If you want to manage your own private keys and use on-chain apps, you’ll need to learn how to keep your wallet secure.
$BNB is both a core token in the Binance ecosystem and the native token used to pay gas fees on BNB Smart Chain.
Understand how it works before taking action, and don’t make decisions based on gut feeling.
#BNB
A centralized exchange (CEX) holds users’ assets in custody. Trades are matched on the platform’s internal order book, so not every transaction is recorded on-chain.
Key takeaway: If you want convenient deposits and withdrawals and customer support, a CEX is a better fit. If you want to manage your own private keys and use on-chain apps, you’ll need to learn how to keep your wallet secure.
$BNB is both a core token in the Binance ecosystem and the native token used to pay gas fees on BNB Smart Chain.
Understand how it works before taking action, and don’t make decisions based on gut feeling.
#BNB