What’s a centralized cryptocurrency exchange (CEX)?
You’ve probably used them before, or you intend to use them in future, what’s a centralized cryptocurrency exchange? In simple terms, CEXes are private platforms that facilitate trading in cryptocurrencies while keeping custody of transaction history and assets. Because they are custodial in nature, they exercise some degree of control over users’ funds. Typically, they support fiat-to-crypto transactions, but this may vary depending on a user’s location.
Additionally, users can also convert one type of cryptocurrency into another. These are licensed corporations that have a physical presence i.e., offices, employees, and other such infrastructure.
Centralized exchanges require users to sign up and verify their identity. Users do not control the crypto assets they exchange, as they do not own the private keys for their wallets
Read more: Centralized Exchange (CEX)- one of the most important vehicles for transacting
Top 10 centralized crypto exchanges
Binance
Pros
- Easy to use for cryptocurrency beginners.
- Support for a large number of cryptocurrencies.
- Opportunities to earn cryptocurrency.
- Lower pricing is available with Coinbase Pro.
Cons
- Potentially high transaction fees.
- Customer service issues.
- No access to trade many altcoins.
Coinbase Exchange
Coinbase is supported by 32 countries with millions of users worldwide, it is currently the largest electronic exchange in the world at the moment.
With strictly confidential information from clear identity verification steps, this exchange builds a stable community that allows users to protect their investments by selling assets like Bitcoin or Bitcoin. Ethereum for USDC.
- Friendly interface, easy to use with clearly stated prices.
- Protect investments by selling assets like Bitcoin or Ethereum for USDC.
Huobi Global
Huobi is ranked among the top ten crypto exchanges in the world by volume. Historically, Huobi has always been one of the top bitcoin exchanges in terms of volume, liquidity, and reputation.
- High liquidity
- Good service quality
- Never let customers lose money due to hacking
- Supports trading a lot of crypto pairs
- Ever been suspected of falsifying transaction data
KuCoin
Pros
- Low transaction and withdrawal costs.
- A user-friendly interface is suitable for all users.
- Own many popular altcoins.
- Ability to buy crypto with fiat.
- KYC verification is not required
- Possibility to bet and get high profits from cryptocurrencies
- The professional consulting team, online support via Facebook, Email, Live chat 24/7
Cons:
- No fiat trading pairs.
- It’s a bit complicated for new users.
Gate.io
Pros:
High system security, and user transaction safety.
Supports various trading platforms.
There are many incentives and attractive commission policies.
Friendly interface, beautiful, high experience.
Application development on mobile devices.
Is long-standing trading, reputation, and quality.
Cons:
The staff is not professional.
A relatively high transaction key is 0.2%.
Although it has high system security, it is still prey for the way hackers care
The KYC demonstration process is more complicated than other exchanges.
Kraken
Pros:
- Transactions are fast and confidential.
- High liquidity.
- The cost is quite low: Seller is 0.16% and buyer is 0.26%.
- Use cold storage to store customers’ money to ensure safety.
- Supports a wide range of coins from popular to rarely used coins.
- Develop mobile applications, compatible with the iOS platform.
- The website can be accessed on any device.
- Reserve audits are cryptographically confirmed.
- Use financial leverage up to x5 products.
Cons:
- Some Kraken accounts were broken into by hackers in 2016.
- No compatible apps for android
MEXC.com
Pros:
- Stable and secure, multi-user and multi-tier.
- Matching performance is up to 1.4 million orders/day.
- High liquidity is supported by many partners and powerful resources.
- Support diverse languages for each country, including Vietnam.
- Own many currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), …
- Customer care via help center, API documentation, VIP privileges, etc.
- Various products such as PoS pool, PUSH, Tutorial (spot trading, ETF trading), SpaceM, M-Day,…
Cons:
- The interface is quite complicated for new users.
- Sometimes the interface is frozen, and laggy.
OKEx
Pros:
- Supports multiple trading products.
- Professional security system, safe.
- Low transaction fees, only from 0.1%.
- Optimum liquidity, high volume.
- Developing your coin is OKB.
- Works well on mobile devices.
- Supports multiple trading pairs.
- The customer care team supports 24/24 and develops on the Telegram community
Cons:
- Although using OKB, still does not reduce costs.
- A complicated interface causes discomfort for users.
- Transferring funds back and forth between platforms is quite confusing.
Bittrex
- Diversity of coin/token pairs
- Eye-catching trading platform easy to use
- Allow the use of USD in transactions
- High credibility and security
Bithumb
Pros:
- User-friendly interface, easy to use.
- Support many languages in the world.
- The low cost is 0.1%.
- The trading volume is quite high.
- No deposit fees.
- Fast deposit/withdrawal speed.
- Smooth website, fast page loading speed, high experience.
- The high-security system keeps customers’ information and transactions safe.
- Suitable for both crypto novices and advanced traders.
- 24/7 customer support directly on the chatbox and phone.
Cons:
- Liquidity is not high.
- Support few tokens and coins.
- Not supported via Telegram.
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