Unbiased Reviews of Cryptocurrency Exchanges in 2022

If you are unfamiliar with crypto and you don’t know how to approach it from a safe perspective, than read through this basic guide
on how to get your crypto safely and to understand basic types of transaction and type of exchanges

Cryptocurrency Exchanges – Buy Your Crypto Safely

November 2008 was the date when the “Satoshi Nakamoto” have spoken about “peer-to-peer” electronic cash system referred as Bitcoin, which as we’ve witnessed over the last decade has changed the way we send money world-wide without third-party trust. No one could have imagined that it will reach this type of exponential growth.

The world of cryptocurrencies as whole has become an integral part of traditional as well as modern finance. These currencies are a unique way for random people around the world to build, communicate and support each others projects, innovations and also earn a few bucks off it.

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What is cryptocurrency exchange?

  • Simply put, a cryptocurrency exchange is any platform that facilitates the exchange of digital currencies either to another digital currency or to its fiat equivalent. Fiat currency is any currency issues by a government and supported by a country’s central bank
  • You can think of crypto exchanges as the traditional forex market only that, instead of exchanging fiat currencies, commodities etc.. you are buying and selling crypto. But unlikely traditional exchanges where there is only few big ones, in crypto you have several different exchanges with their unique features for users.

Virtual currency exchanges range from simple website to complex platforms that need the experience to maneuver.

Centralized exchanges / Decentralized exchange

These exchanges often are divided into two major categories. They include centralized exchanges or CEXs and decentralized exchanges or DEXs.

Why are Decentralised Crypto Exchanges (DEX) Better than ...
  • A centralized exchange is typically run by a central entity like a corporation or a firm.
  • The entity takes full charge of the security of transactions and verifies every crypto purchase made through its platform.
  • All security on the platform, all their holding including your personal crypto assets on their unique online wallets is controlled by the platform.
  • DeFi systems, on the contrary, do not need the superstructure of third parties because they are automated and run on the blockchain.
  • Thanks to smart contracts it became possible to set up agreements that are fulfilled automatically.
  • This means cheaper transfers, low-cost transactions and investments, and more efficient access to the funds for all participants.

Each one of these has pros and cons, for example, CEXs tend to have a lot of liquidity, something that makes it a whole lot easier for average Joe to buy and sell his digital assets, transactions are made in matter of seconds when it comes to huge liquidity pair such as BTC/USDT, BTC/ETH with hundreds of millions volume available on a daily basis.

DEXs however have limited liquidity and typically rely on independent liquidity providers or LPs to function. This can make transactions of crypto assets a bit challenging. However, a decentralized exchange enjoys autonomy. Unlike centralized exchanges that solely rely on the cooperate entity behind them to run, decentralized exchanges can run on their own provided there are enough people willing to join the network.


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Centralized Exchanges

Centralized exchanges are cryptocurrency exchange platforms that act as intermediaries between buyers and sellers of digital assets. Crypto exchanges usually have payment systems in place that make it possible for crypto traders to conduct digital assets exchange or crypto to fiat currencies exchange, creating a form of a hybrid exchange platform.

How they work

  • Centralized platforms are generally custodial. They hold user funds and digital currencies of crypto investors in crypto wallets and act as the central authority that authenticates all transactions.
  • Centralized exchanges can improve user experience over time, guarantee additional security for crypto assets, and provide a wide range of featured services.
  • Additionally, they work with government agencies and centralized authorities to ensure that their platform is not a tool for malicious activity.  They carry out Know Your Customers and Anti-Money Laundering procedures to ensure that all customers are fully compliant with Anti-Money Laundering (AML)

Always keep your secret phrase written in form of paper, never screenshot on your mobile or dekstop, or even text file, once your lose it you lost your funds forever!


TOP 4 Decentralized Exchanges
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The Uniswap Protocol is an open-source protocol for providing liquidity and trading ERC20 tokens on ETH
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Uniswap eliminates trusted intermediaries and unnecessary forms of rent extraction, allowing for safe, accessible, and efficient exchange activity. The protocol is non-upgradable and designed to be censorship resistant. .
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Where users and other decentralized protocols exchange stablecoins through it with low fees & slippage
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Unlike exchanges out there that match a buyer and a seller, the behaviour of Curve is different, it uses liquidity pools like Uniswap. To achieve this, Curve needs liquidity (tokens) which is rewarded by those who provide it.
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Brings the speed and convenience of CEXs to DeFi while remaining fully trustless and transparent.
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Serum is a protocol for decentralized exchanges that brings unprecedented speed and low transaction costs to decentralized finance. It is built on Solana and is completely permissionless..

Decentralized Exchanges

DeFi (short for Decentralized Finance) refers to the decentralization of existing traditional financial services and products leveraging the use of blockchain. DeFi aims to host traditional financial services, such as banking and lending services, on blockchain technology, eliminating the need for middlemen and institutions like the actual banks themselves.

How they work

DeFi ecosystem is currently undergoing a lot of development as it is still in its early stages, with several use cases still being identified. Such was the vision of Ethereum’s founder, Vitalik Buterin, who created the Ethereum blockchain to enhance the use cases of blockchain technology beyond a store of value

DeFi applications are powered by Ethereum’s smart contract functionality. Smart contracts are immutable self-executing programs that run on a blockchain that execute transactions based on certain predefined conditions. Once the conditions are met, the smart contract is executed, thus removing the need for financial intermediaries.

These smart contracts facilitate peer to peer transactions between buyers, sellers, lenders, and borrowers and each transaction is recorded in the public blockchain ledger. This offers a more transparent, secure and trustless financial system without depending on central authorities.

With active VPN and cold storage wallet you are relatively safer than fully KYC-ed at CEXs, where your funds are exposed.

Always remember: Not your keys, not your coi