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To purchase cryptocurrency, you’ll typically use a cryptocurrency exchange. These exchanges can be categorized into two types: Centralized (CEX) and Decentralized (DEX).
1. Centralized Exchanges (CEX)
Centralized exchanges are operated by organizations that manage and oversee all transactions on the platform. These exchanges store your tokens in their own wallets, and they charge a trading fee for each transaction.
When using a CEX, you’ll need to go through a registration process, which usually requires confirming your phone number and email. Additionally, most centralized exchanges enforce KYC (Know Your Customer) verification, meaning you’ll need to verify your identity using a form of ID such as a passport or driver’s license. One benefit of CEX platforms is that many allow you to purchase cryptocurrency using fiat currencies (like rubles, dollars, or euros).
2. Decentralized Exchanges (DEX)
Decentralized exchanges function differently. They allow for peer-to-peer trading of cryptocurrencies without the need for a central authority or intermediary. A fee is charged for each transaction, but there is no need to register or verify your identity. To use a DEX, you simply connect your wallet by clicking "Connect Wallet" and entering your wallet password.
Transactions on a DEX are completed wallet-to-wallet, meaning your coins are transferred directly from your personal wallet to the recipient's. For each transaction, your wallet will request permission to confirm the action. Although DEX platforms offer more privacy and control, they are often considered more difficult to use compared to CEX.
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