CEX vs DEX: The neverending discussion

[Aanuoluwatofunmi]

Everyone of us have what we want and deserve going for it, when it comes to exchanges, we should know their differences, because both the centralized and decentralized exchanges do have their advantages and disadvantages and this has to apply on us base on what we wanted to use each one of them for, but we should not later come to tell others about not being informed on their differences before using them.

[JISAN]

Everyone of us have what we want and deserve going for it, when it comes to exchanges, we should know their differences, because both the centralized and decentralized exchanges do have their advantages and disadvantages and this has to apply on us base on what we wanted to use each one of them for, but we should not later come to tell others about not being informed on their differences before using them.

What is the big difference between DEX and CEX? One prioritizes your security and the other prioritizes your personality. You don't need any kind of kyc verification to use DEX but in CEX you must complete the verification because currently all popular exchangers have made kyc mandatory on their platform so without KYC you cannot use a popular CEX. I am not a big crypto investor or trader. So I am not too worried about my privacy. Because of this I use CEX more for regular use.

[KryptoBull]

What is the big difference between DEX and CEX? One prioritizes your security and the other prioritizes your personality. You don't need any kind of kyc verification to use DEX but in CEX you must complete the verification because currently all popular exchangers have made kyc mandatory on their platform so without KYC you cannot use a popular CEX. I am not a big crypto investor or trader. So I am not too worried about my privacy. Because of this I use CEX more for regular use.

Just like you, I prioritize the convenience, low fees, and comprehensive features that CEXs can offer. KYC hasn't been an issue for me, and I'm ready to complete it to be allowed to use the features of CEXs to generate profits when investing in crypto.

Some believe that DEXs are better than CEXs; perhaps they prioritize their anonymity. For the time being, I don't see a significant need for anonymity for myself. CEXs know who I am, and they also don't need to worry about my actions as I explore the features of CEXs.

[Asiska02]

When people ask the usual CEX vs DEX question and I pick CEX they often talk smack about my answer saying they will pick DEXs anytime cause they prefer having complete control over their assets. It's a very valid reason but the steady influx of events on CEXs is enough for me to pick CEX, call me a brokie but that's just what I need hahaha.

An example now is one deposit event on Bitget I just saw. I won't be saying much about it but it has a million dollars of trading bonuses and BTC as its reward. Why will I choose DEXs over CEXs in that case? Besides, I don't even have enough assets to be worried about hahaha. What do you guys think though, weighing what both offer which will you choose, CEXs or DEXs?

Base on what you’re raising your point on, one will go for the centralized exchange because decentralized exchange don’t offer such. And again, you’re mistaken where the comparison of centralized exchange to decentralized exchange came from was because of the management and control of funds, when it comes to that, it’s better a third party is not involved and hence the decentralized exchange will win at any point using that to judge them.

The bonuses you’re talking about from centralized exchange are just what you get to benefit from them from using their exchange but it is not an assurance that your funds with them are safe. You can always take advantage of such events using centralized exchange but don’t forget not your keys not your coins phrase, because that’s what will matters most in the end even when you win a million dollars from such event and the security of the funds is not guaranteed there.

[Aanuoluwatofunmi]

Everyone of us have what we want and deserve going for it, when it comes to exchanges, we should know their differences, because both the centralized and decentralized exchanges do have their advantages and disadvantages and this has to apply on us base on what we wanted to use each one of them for, but we should not later come to tell others about not being informed on their differences before using them.

What is the big difference between DEX and CEX? One prioritizes your security and the other prioritizes your personality. You don't need any kind of kyc verification to use DEX but in CEX you must complete the verification because currently all popular exchangers have made kyc mandatory on their platform so without KYC you cannot use a popular CEX. I am not a big crypto investor or trader. So I am not too worried about my privacy. Because of this I use CEX more for regular use.

Well said, if we care more about our personal information, then we may go for a decentralized exchange because we don't have to panic over the use of kyc in making verification, but if we think we don't mind on all these, then the use of a centralized exchange could be as well considered, but know the difference between them, that one, which is kyc, and i guess that many gamblers found this as a big threat on them complying to some request for kyc verifications.

[Trongduy]

Well said, if we care more about our personal information, then we may go for a decentralized exchange because we don't have to panic over the use of kyc in making verification, but if we think we don't mind on all these, then the use of a centralized exchange could be as well considered, but know the difference between them, that one, which is kyc, and i guess that many gamblers found this as a big threat on them complying to some request for kyc verifications.

KYC has quickly become a market standard, and we're required to comply when using CEX services. I don't think it's overly risky, unless an investor wants to protect their identity from the community. DEXs are a more suitable option but often come with higher fees and service limitations compared to CEXs.

I prefer using CEXs because they are simple and convenient. Concerns about the risks of CEXs do exist, but I accept them to invest as easily as possible. DEXs also have value, but I don't have a frequent need to use them yet.