The most used on-ramp and trading entities. Being Centralized Exchanges, they have more efficient means for fee reductions and providing liquidity, which is really helpful.
The other side of this is that, with centralized Exchanges, you do not own your assets. They may/could do what they want with your assets and may, possibly, manipulate price action with their abundance of assets held.
This why the need for DEX’s, the assets are pooled together and provided by individual holders.
If something happens to the Exchange (hacks/regulation), you may lose your assets.
My on-ramp of choice is without a doubt crypto.com. All CEX’s have their issues, but by attaching a banking account and waiting 3 days for a wire transfer, you can get around the fees for purchasing crypto. (Which can be normally around 2-5%)
Another plus that I enjoy is the Debit Card they offer, which offers you an easy off-ramp for your assets and gives you Crypto-back for purchases!
An Exchange predominantly used by and friendly to U.S. citizens. Easy to use on-ramp and some staking to gain yields on your assets.
My favorite Exchange to use for trading crypto. A large assortment of assets as well as staking possibilities within their platform.
The biggest Exchange in the world and a wide selection of assets to buy and built in ways to put your assets to work such as lending and staking.
U.S. Citizens need to use Binance.us
You can find a full list of Centralized Exchanges clicking on the button below. (takes you to CoinGecko)
*U.S. citizens, be aware that many Exchanges do not accept you…
To use DEX’s, you will NEED a web3 wallet.
The future evolution of and ideal means to Exchange your digital assets. Again, “Ideally”, DEX’s are not owned by any centralized authority and may be owned and governed by the people with tokens, such as $UNI for Uniswap. (Although, Uniswap has done some centralized power moves. Such as delisting tokens from its platform without a vote…)
The liquidity is given by the people, and thus the people share the fee’s generated from the transactions. You also maintain custody over your assets through your “wallet” integration. Thus making a much more secure and simple process for trading.
Thus all DEX’s NEED self custody wallets such as Metamask to use them.
The downside is that liquidity for more obscure assets can be scarce.
Another downside is that, since many chains are not yet interoperable, it is hard to Exchange tokens from different blockchains. This is also one of the positive perks for using CEX’s, being that they are something of a “bank” for digital assets.
Most chains are working towards interoperability, Orion Protocol being mostly focused on this, but is still some time away…
This is why I list many DEX’s below, as there are AT LEAST 1 per chain, usually more.
Of this multiverse of DEX’s (of which is no where near all of them), two that I recommend are Sushi Swap and Orion Protocol. As Most blockchains have dedicated DEX’s, these two are going multi-chain to help further the innovation and accessibility of multiple blockchains together.
Also note that there is no need for you to use all of these (or any of these) as an average investor. This is merely to be seen as potential investments and/or as an introduction for those that do wish to utilize the opportunities that these protocols do offer.
A major one that has been around for some time and has been building as it goes. It is currently the most versatile as far as number of chains it can swap on.
These chains being: Ethereum (ETH), Fantom (FTM), Binance (BSC), Avalanche (AVAX), Polygon (MATIC), Moonriver (MOVR) and many more…
Also has a built in Lending/Borrowing mechanism to put your assets up for collateral for a loan. (Or make money by lending out your assets)
While having all of these integrated chains to swap, many of these features are available on select chains, for now.
Orion is being built for interoperability within blockchains. Not quite doing that, yet, it is currently serving Ethereum (ETH) and Binance Smart Chain (BSC).
As it may only have two chains at the moment, it does have future goals of connecting Polygon (MATIC) and even Cardano (ADA), which this is the only EVM DEX trying to do such things…
Other benefits in which sets it apart from others is its chart features, order books and FIAT gateway, making Orion the most like CEX’s out of the bunch.
Click below for a full list of DEX’s. (goes to CoinGecko)