How To Buy Crypto On A Decentralized Cryptocurrency Exchange?

How To Buy Crypto On A Decentralized Cryptocurrency Exchange?

The crypto industry is developing even though the market is now experiencing a downward trend. Many new projects emerge in the market – crypto exchanges, blockchain games, metaverses, NTF projects, etc. In this article, we will discuss where to buy crypto.

There are two main types of exchanges:

CEX is the most popular type of platform for trading and investment. Binance, WhiteBIT, and Coinbase are centralized crypto exchanges.

Shortly about the advantages of CEX:

  • high level of users protection;
  • many earning opportunities, tools for passive income, and affiliate programs;
  • different trading instruments for beginner and advanced traders;
  • educational materials and guides;
  • moderate fees;
  • vast selection crypto assets and the opportunity to create pairs with fiat;
  • efficient tech support;
  • user-friendly interface

To buy crypto on CEX, you should register, pass KYC verification, create an account, deposit money to it, and open an order to buy the coin you need.

Clients’ funds are stored on a platform’s servers. CEX pays much attention to providing maximum security for users’ investments. 

To pass KYC, users must provide their documents for checking. User identification is necessary to protect the exchange from illegal activities.

Decentralised Cryptocurrency Exchange (DEX)

Key features of DEX are:

  • buy crypto no ID;
  • no KYC;
  • the exchange is not responsible for your funds.

If you want to buy crypto on DEX, you need to add your wallet to the exchange and swap your coins with the coins of another user. Transactions occur directly between users through smart contracts. Funds do not remain on the exchange – they just move between clients’ wallets. 

Experienced traders use both CEX and DEX according to their needs. DEX is more complicated to comprehend, so we recommend starting with CEX. For example, White BIT. To learn more about trading, read the White Blog – this resource has many helpful guides and information on crypto trading.

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