Exchanges: CEX vs DEX

Where to buy and trade crypto, and the trade-offs.

A centralized exchange (CEX) is a company: you make an account, deposit money and trade. A decentralized exchange (DEX) is software on a blockchain: you connect your own wallet and swap directly.

Quick comparison

• Keys: a CEX holds them; on a DEX you do.
• Ease: a CEX feels like a normal app; a DEX needs a wallet and gas fees.
• Sign-up: a CEX usually needs identity verification (KYC); a DEX usually does not.
• Risks: a CEX can be hacked or fail; a DEX can have bugs, fake tokens and signing mistakes.

See our exchange and wallet directory. Always check the rules for your country first.

Educational content, not financial advice. Rules and products change, so verify with official sources.