What is the advantage of using a decentralized crypto exchange?

[Trush Jodie]

Two specific kinds of crypto exchanges exist for crypto people to trade their crypto. It is either they are using a centralized crypto exchange or a decentralized crypto exchange.

What are the benefits a crypto user gets when they use a decentralized crypto exchange?

 

[gwolf666]

Hi, excellent question. Decentralized exchanges (DEXs) offer several important advantages for users. First, they provide greater control over your funds, as you don't need to deposit them on the platform; you simply interact directly with your wallet. This greatly reduces the risk of hacks or theft, which are common on centralized exchanges. Additionally, DEXs tend to be more private, as they don't require as much personal information to conduct transactions, thus enhancing user privacy. They also offer greater resistance to censorship, as they don't rely on a central authority that could block or shut down the service. Finally, in some cases, they allow access to tokens that are not yet available on centralized exchanges, offering greater variety and investment opportunities. However, it's also important to note that DEXs can be more complex to use and have lower liquidity compared to centralized exchanges.

 

[Suba]

There are several advantages to using a decentralized crypto exchange, including no KYC requirements, global and more transparent transactions, no server downtime like with CEXs, freedom from government control, and the ability to interact directly with other users, potentially generating greater profits.

 

[Nomad]

When you have your assets on centralized exchanges, your assets are not yours, however, on decentralized exchanges you completely own your assets.