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Cryptogambling / 10 Reasons why Centralized Crypto Exchanges are worse than Decentralized Exchanges

10 Reasons why Centralized Crypto Exchanges are worse than Decentralized Exchanges

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Sven Kurz
Publish Date: 28/12/2022

Are you tired of being at the mercy of centralized crypto exchanges that control every aspect of your trading experience? Are you sick of worrying about the security of your funds and the privacy of your personal information? Well, it’s time to consider using a decentralized crypto exchange (DEX). In this article, we will explore 10 reasons why DEXs are superior to centralized exchanges and why you should make the switch today.

Here are 10 reasons on why DEXs are better than CEXs

Security

DEXs are more secure than CEXs because they are built on blockchain technology and operate without a central authority. This means that users are able to trade directly with each other without the need for an intermediary, reducing the risk of security breaches and theft. In contrast, CEXs are operated by a central authority and act as intermediaries between buyers and sellers, which means that users have to trust the central authority with their funds. CEXs have been known to suffer from security breaches and hacks, resulting in the loss of user funds.

Transparency

DEXs offer increased transparency because they are built on blockchain technology, which allows for transparent and verifiable trading. All trades on a DEX are recorded on a public ledger, allowing users to easily view and audit the transactions on the platform. In contrast, CEXs do not offer the same level of transparency because they are operated by a central authority and their inner workings are not open to public scrutiny. This lack of transparency can make it difficult for users to verify that their trades are being executed fairly and accurately.

Privacy

DEXs offer more privacy than CEXs because they do not require users to create accounts or provide personal information. This allows for more anonymous trading, which can be attractive to users who value their privacy. In contrast, CEXs often require users to undergo KYC and AML processes, which can involve providing personal information such as identification documents and proof of address. This can be invasive and a turn-off for users who value their privacy.

Control

DEXs allow users to have more control over their funds because they do not require users to deposit their funds with a central authority. This means that users are able to retain ownership and control of their funds at all times, which can provide peace of mind and greater security. In contrast, CEXs require users to deposit their funds with the central authority, which can leave users vulnerable to potential security breaches and theft.

Community-driven

DEXs are community-driven, which means that they are run by the community for the benefit of the community. This means that the interests of users are prioritized over those of profit-hungry corporations, providing a more fair and transparent trading experience. In contrast, CEXs are operated by corporations, which means that their primary focus is on maximizing profits rather than serving the interests of users.

Censorship-resistant

DEXs are censorship-resistant because they operate without a central authority. This means that they cannot be easily shut down or censored by governments or other external entities. In contrast, CEXs are subject to the regulations and policies of the central authority, which means that they can be easily shut down or censored if they do not comply with these regulations.

Interoperability

DEXs offer greater interoperability because they are built on open protocols that allow for the creation of decentralized trading networks. This means that users are able to trade across different DEXs and blockchain networks, providing more flexibility and freedom in trading. In contrast, CEXs are generally confined to a single blockchain network and do not offer the same level of interoperability.

Decentralized governance

DEXs have decentralized governance because they are operated by the community and do not have a central authority. This means that decisions about the direction and development of the DEX are made by the community, rather than by a single entity. This can provide a more democratic and transparent decision-making process, which can benefit the DEX and its users. In contrast, CEXs are governed by a central authority, which means that decisions are made by this entity and may not always align with the interests of users.

Open source

DEXs are generally open source, which means that their code is publicly available and can be reviewed and audited by anyone. This allows for greater transparency and accountability, as well as the ability for the community to contribute to the development of the DEX. In contrast, CEXs are not open source, which means that their code is not publicly available and cannot be easily reviewed or audited.

Innovation

DEXs provide a platform for innovation because they are built on open protocols that allow for the creation of decentralized trading networks. This enables developers to create new and innovative trading applications and services, which can benefit the DEX and its users. CEXs on the other hand are limited by the technology and features offered by the central authority, which can restrict innovation and progress in the space.

 

In brief, if you want to take back control of your trading experience, ditch the centralized exchanges and switch to a decentralized one. DEXs offer greater security, privacy, and control over your funds, as well as access to a wider range of assets. Don’t be a slave to the centralized exchanges any longer – make the switch to a DEX today.

Legal Notice Finance Legal Notice

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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