CEX vs DEX - What is the difference? / Animation

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What are decentralized exchanges? What is a centralized exchange? If you’re into crypto, you surely want to know the answer to those questions.

Fortunately, this video aims to do just that - explain what a decentralized crypto exchange is, tell you all about centralized crypto exchanges, and then present a showdown between CEX vs DEX to see which pros and cons they have.

All about DEX crypto and the info you need on your average centralized crypto exchange in one video. Sweet deal, right?

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The main topics of the video are:
▶ What Is A Centralized Exchange?
▶ What Is A Decentralized Exchange?
▶ CEX Advantages & Disadvantages
▶ DEX advantages & Disadvantages
▶ Conclusions
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🟡 What Is A Centralized Exchange?
As mentioned before, exchanges are the main vehicles used for transacting digital assets. Centralized exchanges are online platforms that allow anybody to create an account in order to buy, sell, send, or receive crypto.

🟡 What Is A Decentralized Exchange?
On the opposite end, decentralized exchanges are platforms where users can make transactions without the need for a third party acting as an intermediary, and the funds remain under the control of the user. This is one of the main reasons why these types of platforms were created.

🟡 CEX advantages:
– Easy to use
– Safe and, in most cases, willing to return funds in case of a hack
– Allow the introduction of fiat into the world of crypto
– Orderbook trading
– Multiple features
– Are recognized by institutions
– High trading volume

🟡 DEX advantages:
– Transacting directly from your own wallet
– Anonymity
– Access to many coins
– You don’t lose control of your assets

🟡 CEX disadvantages:
– The assets are controlled by the platform
– You have to go through the KYC process
– Hacks
– Limited access to new coins

🟡 DEX disadvantages:
– More complex to use than CEXs
– Vulnerabilities in the smart contract network
– Don’t allow the transaction of fiat/crypto

🟡 Conclusions
Both DEXs and CEXs are fundamental in the evolution of this industry because it’s important to have diverse options. This increases the level of competition which, in turn, makes the platforms strive to do better and be more efficient.

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- CHAPTERS -

0:00 Analogy
0:58 What Is A Centralized Exchange?
2:01 What Is A Decentralized Exchange?
2:59 CEX vs DEX
3:46 Conclusions
4:10 Outro

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