Centralized exchanges still provide us with many advantages, such as speed of transactions and ease of use. A DEX also has its advantages. They are less exposed to attacks from hackers trying to steal tokens.
The DEX don’t put you through tedious KYC processes. Just connect your digital asset portfolio to a Web3 platform, and you’re ready to trade digital assets.
A CEX can take much longer to list a new cryptocurrency. For example, before the Shiba Inu arrived on major cryptocurrency exchanges, its value had increased significantly. The luckiest investors had the opportunity to buy it through DEXs. So if you want to invest in nuggets, DEXs are more suitable.
DEXs are taking up more and more space
CEXs like Binance Where Coinbase will continue to exist. These are the platforms best suited for beginners to cryptocurrencies. They allow fiat payments and offer better support.
However, DEXs are taking up more and more space. Witness the numerous swap and lending platforms launched over the past two years.
CEXs will lose even more ground as solutions emerge to make it easier to deposit fiats directly into a DEX. For now, the lack of deposit in fiats remains the main limitation for DEXs.
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Empowerment will be the future of finance. DEXs give you more control over your money. Other DeFi instruments and features that we have yet to imagine will expand the capabilities of DEXs even further.
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