There are some ways to become an owner of a cryptocurrency: you may participate in airdrops and get coins for free, or you can play blockchain games and receive tokens as a reward, or you may just buy coins on one of crypto platforms. We will talk about the types of cryptocurrency platforms and explain how to buy crypto on them.
A cryptocurrency exchange is a service (website) that supports a number of digital assets and allows users to convert them among themselves. Such services vary:
- Centralised (CEX)
- Decentralised (DEX).
What is a Centralised Cryptocurrency Exchange?
CEX is a platform operating officially and having a structure similar to banks. That is, there is a team working on serving clients and controlling the quality of services and ensuring a high level of their safety. Examples of such platforms:
- WhiteBIT
- Coinbase
- Binance
- KuCoin.
The advantages of CEX:
- High safety for clients and personal accounts protection.
- A large number of traded pairs.
- Different trading tools, including the most advanced.
- Customer support.
- Convenient interface.
- Opportunity to trade fiat-crypto pairs and withdraw money to a bank card.
What are Decentralised Platforms?
DEX provides crypto-crypto conversion and does not support fiat currencies. It does not require user registration and is not responsible for their funds’ safety. DEX is an intermediary platform between users who exchange coins. Crypto moves between their wallets and does not remain on a platform. DEX has much fewer trading tools and usually less crypto pairs. DEX is good for quick conversion of small amounts. (1)
Examples:
- SuchiSwap
- UniSwap.
Which is the Best Option to Buy and Trade Crypto?
Centralized crypto platforms are a better option for trading crypto because they take care of users’ safety and protect their funds by implementing different advanced mechanisms. Besides, CEX always offers many more traded pairs and tools. If a user has any questions, one may always address customer support. To buy crypto on CEX, you should register and pick the way you want to buy it: fiat or crypto. Then add your bank card if you want to buy with fiat. Next, find a crypto converter and pick assets you want to buy and one you want to sell. Pay the fee, and you will receive coins in your account in a few seconds. (2)
