This post was most recently updated on January 16th, 2023
The cryptocurrency market offers a vast number of crypto exchanges. Basically, they can be divided into the following types: centralized and decentralized.
A centralized (CEX) cryptocurrency exchange is a platform with a central regulating body that controls transactions and does not allow any illegal actions with cryptocurrency to be committed. Centralized cryptocurrency exchanges offer a full set of trading tools and earning opportunities, support a maximum number of digital coins, and allow to add bank cards and buy crypto with real money. CEX charges fees for trading. In the process of trading and investing, users’ assets are stored in CEX wallets. In turn, a cryptocurrency exchange ensures robust security for them.
Decentralized cryptocurrency exchanges (DEX) do not control transactions and do not promise users protection against hacker attacks. As an intermediary between crypto holders, DEX also charges fees for transactions. DEX does not store users’ funds. Instead, they move between their wallets.
Both types of cryptocurrency exchanges are common for traders and investors. However, we recommend using CEX or rapidz.io for beginners because they are much safer and easier to handle.
How Can We Access Cryptocurrency Exchanges?
Here are the main parameters that will help you evaluate a CEX:
- reputation, reviews on the Internet;
- trading fees;
- the set of trading tools;
- convenience of interface;
- customer support;
- the level of protection;
- the number of supported pairs.
Crypto trading implies buying and selling assets, speculating on their price changes. Most training strategies imply opening and closing positions many times a day. Each transaction comes with a fee. So the commission plays a big role in picking a cryptocurrency exchange.
In terms of fees, WhiteBIT is the cheapest platform for crypto trading. It charges a 0,10% commission on all transactions regardless of the amount. Users should consider a bank’s fee when depositing money from a bank card. Notice that Monobank clients have zero fees for buying crypto on WhiteBIT.