When it comes to trading crypto currencies there are two main types of platforms to choose from : decentralized exchanges (DEXs) and centralized exchanges (CEXs) . Each option has its own set of advantages and disadvantages catering to the diverse needs and preferences of traders.
Understanding Decentralized Exchanges (DEX)
DEXs are trading platforms that enable users to exchange crypto currencies directly with each other without the need for intermediaries . These exchanges operate using blockchain technology and smart contracts , allowing for secure transactions . Unlike centralized exchanges DEXs prioritize user control and eliminate the reliance on a centralized authority.
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