What are DEXs? DEXs simply means decentralized exchanges.
While CEXs means; Centralised Exchanges.
DEXs are decentralised marketplaces that allow peer-to-peer transaction only between crypto traders on the blockchain. They do not require any middleman such as banks, broker, agent or any such payment platform. You also cannot trade Fiat for crypto on DEXs.
While CEXs are Centralised market places where you can trade Fiat currency for crypto or crypto for another crypto. You can also make limit orders, margin trading etc and all of these transactions are handled by order book on the centralised exchange.
DEXs transactions are settled on the Blockchain using Smart contracts and liquidity pool, while CEXs transactions are settled using the internal servers of the exchange.
You can set limit or market order on both CEXs and DEXs. However, the orders on DEXs takes a while for them to be executed, where as CEXs orders are usually fulfilled immediately the market moves to the price set.
Examples of DEXs are Uniswap, Sushiswap, pancakeswap.
Examples of CEXs are binance, coinbase,Bybit etc.
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