With the growth of digital assets adoption and a variety of crypto projects and startups emerging in the industry, the number of crypto exchange services is also increasing. Today, over 500 of them operate in the market, each providing services at a different level of safety and functionality.
A crypto exchange is a cryptocurrency website that connects people who work with crypto assets, providing them with tools for efficient trading and charging commissions for the services. Depending on the size of the exchange and its type, there may be various tools – from the easiest to advanced.
Crypto exchanges are divided into:
- Decentralized
- Centralized.
DEX and CEX Description
Decentralized platforms are not regulated exchanges that serve as a place where traders meet and conduct transactions without the direct participation of the exchange. That is, people’s funds do not remain on a trading platform but move between their wallets. In that case, the crypto website is not responsible for the safety of clients’ funds.
Centralized exchanges are regulated platforms with official registration and compliance with regulations, audits, etc. A centralized platform is a cryptocurrency website that not only allows people to exchange and trade digital assets but also offers a broader range of financial tools:
- spot market trading;
- fiat-crypto exchange;
- leverage trading;
- margin;
- futures.
When transactions occur, funds are stored on a platform’s servers, so the exchange is also responsible for the funds’ safety. That is where the necessity for security audits and certificates takes place. The best place to buy crypto is a centralized platform for it ensures the safety of operations.
Here is the best crypto exchange list:
- Binance
- Kraken
- WhiteBIT
- ByBIT
- Coinbase.
It is hard to say which is the safest crypto exchange because all of the mentioned platforms ensure high security for their clients and comply with ALM and KYC requirements, for they all belong to a regulated type of cryptocurrency website. So pick the service which seems to be more intuitive for you.
