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Crypto exchange is a service for trades with digital coins. Traders worldwide use the services of crypto platforms for successful operations and to profit from the asset’s price differences. Choosing a qualified service for trading is one of the crucial factors for successful trading. The most popular platforms are:
- Centralized crypto exchanges CEX (official services with users verification) like Binance, WhiteBIT, Coinbase, etc.
- Decentralized DEX (cryptocurrency exchange without KYC) like SuchiSwap, UniSwap, etc.
Let’s talk about decentralised cryptocurrency exchange.
Peculiarities of DEX
To access all the advanced features of CEX, users have to register and pass know your client procedure. CEX shares the responsibility for users’ investment with users and emphasizes providing maximum security. When investing in CEX, clients entrust the safety of their money to the platform.
To receive a high level of protection, clients pass verification. The platform tracks users’ transactions and blocks any illegal or suspicious activities. Most CEX exchanges store users’ funds offline to protect them against hacker attacks.
Unlike CEX, DEX is a crypto exchange without KYC. Users’ funds are not stored on a platform, and DEX is not responsible for their safety. DEX is just an intermediary between users. Transactions occur directly between users, and money moves between their wallets. Smart contracts execute transactions on DEX. To buy crypto on DEX, you only need a crypto wallet. Some DEX platforms do not even require registration.
Another way to buy crypto without passing verification is to use the p2p cryptocurrency exchange. Many CEX platforms offer this tool. It is the same direct exchange between users but under the regulator body – CEX – control.
You can find the p2p exchange option on the WhiteBIT crypto platform. To learn how it works, check out the White blog. It is a resource with news and guides on trading where you will find a lot of helpful information.