Do repost and rate:
You must be thinking which is better, I'll help you out in some simple steps. Stay tuned.
Centralised exchanges:
Some of them are Binance, KuCoin, OEX, Kraken, Coinbase, Bityard to name a few.
There are few cons here:
- You need to submit your Identity, documents to avail full services.
- They can freeze your funds if found sus.
- High withdrawal fees
So basically you have no authority over your coins, but there are some pros here.
- Very low risk of scamming out of your bag if you are new to the hood.
- Ease of access
- Early access to ICOs.
- It is mostly secure and you can withdraw Fiat easily.
Now let's head to Decentralized exchanges :
The pros are:
- Your keys, your coins
- Vast number of coins are available for trading
- Low withdrawal fee
- High APY in the pools
- No need of your Identity, totally anonymous.
- Great Applications are available for maximum profits.
Here are some cons:
- Large number of scam coins.
- If you don't know what are you doing, there is a chance of losing money.
- Less secure.
- If you lose your seed phrase or give it out, you're screwed.
- Gas fees, if you are using Eth chain.
So if you are relatively new to cryto, use a Centralised exchange. Otherwise go for a decentralized one if you are comfortable.
