CEX or DEX - which one is better

[Fiasem20]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??




Mr Shade

Choosing an exchange depends on what you want and your intention.If you want a KYC free exchange then DEXs are available in the industry.If keeping your personal information private and anonymous don't really matter to you then you can go for CEXs.Just like the name implies decentralized exchange; users have control over their funds,in essence on a decentralized platform you are your own bank, peradventure you lost your coins they're no customer service to reach out to on a decentralized platform while centralized exchange as the name implies; users rely on a third party to manage their funds and execute trade.On a centralized exchange you can reach to customer service for any complaint because it is manage by an individual or companies.Both exchanges have advantages and disadvantages,but it's advisable for a newbie to use CEXs because it's users friendly and the liquidity pool is high.Most importantly never store your assets on an exchange whether centralized or decentralized,I created a thread on CEX you can read it for further clarity CEX is not the best platform in regards to holding Bitcoin for a long term.

[sokani]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??

Both of them dey good but whichever you decide to go for depends on wetin you want. If you be the kind of person wey value your privacy well well and you no dey ready to share your personal data with exchange, then nah DEX be the right place for you. But if you dey ok to share your data and you dey look for exchange with higher trading volumes and p2p market or experience, then nah CEX be the right place to run your package.

[PremiumcryptoHub]

Maybe it depends on the crypto users that he will use an exchange. In fact, both have different benefits. However, I think people will choice the Decentalized Exchange more than the Centralized Exchange. One of the simplest differences between these two is that using the CEX means that your wealth is under the control of others, but in the case of DEX, that is, the coins you put here will be completely in your control. Also, we can use centralized exchanges for various trading and to make P2P transactions. Still I think it's more important to keep our assets in a non-custodial wallet than here, because that's the safest for us.

[Dailyscript]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??

Mr Shade

You already know which is one is better. Both of them meets the end goal which is exchanging that includes buying and selling. But they are different because one you have full control while the other one you have less control over your money. Its like telling someone you just met for the first time to go shopping for you when you can go there by yourself.

You know the answer already.

[Sonia_123]

The difference between CEX and DEX are there for you to make your decision and choice.
CEX is run and controlled by a company that is being controlled by a centralized entity,that is having a third-party with higher trading volume, they allow their users to trade cryptocurrencies using USD and others currencies, either by buying or selling from inventory on the exchange by itself,they tend to support their customers,be friendly with them and give higher funds which will now attract beginners, orders are being carried out using Order book system.
CEX gives room for the use of debit cards or deposit cards to transact transfer funds from the bank, and supports fiat withdrawal, While DEX is a decentralized exchange secures greater privacy, censorship, permissionless and allows you control your assets as you trade directly from your wallet, increases trading liquidity and reduces risk focus, they do not need third-party, it is being used by those with more experience, they uses automated algorithms to facilitate crypto-to-crypto trades directly from a crypto wallet gives room for a broader selection of cryptocurrencies, customers can trade directly from their wallet without transferring funds to the exchange before the transaction, crypto liquidity pool pairs is used by Swaps.

[DaNNy001]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??




Mr Shade

Answered the question you asked already by yourself. Nobody go like make na another person dey control him money so it's definitely DEX over CEX moreover the most vital things that separated the two is when you decide to use the CEX for saving of your coin rather than just trading it for fiat when you need because that's what I use my CEX for. Saving your coin on CEX posses great risk because you are not the one in charge of the keys and anything can happen.

[Josefjix]

The both are better with their distinctive features depending on the benefits you want to get from them but the major difference is funds control either by self or third party, so you choose.

If you mean to know the features of each, then that's never a problem.
Cex is very easy to use and has a clear self knowledgeable user interface, execution are done instantly if you considering popular and largest cex exchange

Dex has a different features where you mostly connect to a wallet extension like metamask to enable you undergo staking program by selecting different validators with high percentages for ROI, providing liquidity to the blockchain on is possible on dex and that's a reward for doing that.

[Samlucky O]

You are asking questions yet you have already answered yourself. Definitely dex is More important than cex. Although both are important in different aspects which implies that cex is used to exchange cryptocurrency to fiat through p2p while dex is used to stack coins. In cex you don't have total control of your assets, which if anything should happen or goes wrong then you are liable to loose all your assets. why in dex you have total control of your fund. So definitely dex is more secured in terms of security, while cex is important in terms of exchange of currency to fiat. In summary they are important but dex isore secured.

[EarnOnVictor]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??

I am not a maximalist like many people on the forum, that's why I say the two are good, you should just weigh your options for using them. I can't be so comfortable dealing with $1m with CEX, it's too risky for me because "not your key, not your money."

Notwithstanding, some people still risk it, we see them daily with no issues. Also, you will need to part ways with your regular and high fees with DEX, and your user experience and needed liquidity to complete some transactions may not be as rich as that of the CEX.

Above all, when it comes to the easiest and cheapest way to deal with crypto exchange, CEX has it, and small money can't hurt you when dealing with the top names.

[Agbe]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??

Mr Shade

All have their good and bad side. And I don't think people wey dey use decentralized exchanges are more here. Me personally I never use am because their charges e dey high and the prices of selling Bitcoin e dey very low compared to centralized exchanges. And I don't think decentralized exchanges are purely e dey decentralized. As I don tok am before, centralized exchange e dey better selling prices of bitcoin pass di DEX. So from my explanation you can figure out the advantages and the disadvantage of the both. I never really use dex for transaction and there was a time I wanted to use it and when I compared the two price, men I foe loss weti no good so I leave till now.

[Wiwo]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??

Mr Shade

All have their good and bad side. And I don't think people wey dey use decentralized exchanges are more here. Me personally I never use am because their charges e dey high and the prices of selling Bitcoin e dey very low compared to centralized exchanges. And I don't think decentralized exchanges are purely e dey decentralized. As I don tok am before, centralized exchange e dey better selling prices of bitcoin pass di DEX. So from my explanation you can figure out the advantages and the disadvantage of the both. I never really use dex for transaction and there was a time I wanted to use it and when I compared the two price, men I foe loss weti no good so I leave till now.

The thing is all about liquidity if the person  no see waiting he dey looks for inside decentralized exchange waiting then he comes the fine dey goes for decentralized exchange waiting person wan use KYC do if you get waiting you want to from the centralized exchange and at that is liquidity provision since that is very important to anyone not only traders.

So before personally choosing which of the exchanges to use you first need to sit down and make your ana and your choices based on your own needs and wants at that time.

[Nwada001]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??

CEX exchanges usually have much more volume when it comes to trading volume compared to DEX, but which one you will treat and consider better is based on what you want to use it for. With DEX, you still have control over your coins until you authorise it for sales and conversion, which is different from CEX, as you need to send directly to the CEX depositor address and wait for confirmation before you can do anything with it. Their fee level also depends on which one you are making use of.

[letteredhub]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??




Mr Shade

Not much debate about this. Use the event that just took place concerning the Lazarus hack on Bybit leading to users losing their money in that hack of the exchange. This backs the reason for the popular phrase "not your keys not your funds".

But with Dex it's difficult for hack than we get to hear about CEX. I think a lot of people still deal with CEX because they feel Dex is complex to deal with in navigation than CEX but we if we have to put security and self custody Frist then Dex anyday is better

[Sticky Bomb]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??




Mr Shade

I don't really know much about DEX, I use CEX to trade my coins, but when it gets to storing them, especially BTC, I love using open source decentralized wallets to do the storage.

Maybe DEX would be better, but since I only deal with limited funds on my CEX, and in P2P, the control prevents scammers from taking advantage of you by your ensuring you've your money before releasing your coins. I think CEX works well for my trading and my decentralized wallets works best for my holdings.

[Donneski]

Centralised Exchange control your funds for you while in  Decentralized Exchange you control your funds by yourself...

So Which on is better??




Mr Shade

You don already explain wetin centralized and decentralized exchanges be so from your explanation, person suppose know say decentralized exchange dey give you full control over your coins while for centralized exchange, no be you dey control your coin as anything wey centralized exchange go still affect your coin.
For people wey wan change their money to their local currencies, centralized exchange na the best option because dem dey charge smaller money than decentralized exchange but for people wey wan save their coins, make dem use decentralized exchange because na for their their coins dey safer.