When you enter crypto, you will inevitably use an exchange. The question is: what type of exchange you are using and what risk it brings. There are two worlds: CEX (centralized broker, with company in the middle) and DEX (decentralized broker, protocol + your wallet). If you understand this difference, stop operating "in the dark".

What is CEX (Centralized Exchange)?

CEX is the traditional crypto market broker. You create an account, make KYC (documents), deposit (Pix/transfer/card) and trade within their system. The central point: at CEX, the custody is usually from the broker. You have access to your account, but you do not control the keys while leaving balance there.

Use CEX to buy with local currency (Pix), have high liquidity and quick execution, and use advanced features.

The main risk: “If it’s not your key, it’s not your safe.”

What is DEX (Decentralized Exchange)?

DEX is an exchange that runs as a protocol on blockchain. You don’t create an account. Connects your wallet and exchanges tokens directly. At DEX, you keep the custody. But the responsibility is tough: it doesn’t have support to disable error.

Use DEX to operate DeFi, access on-chain tokens and stay in self-custody.

The main risk: fake website scam, fake token, malicious approval and contract risk.

  • Top 10 CEX (leading in the market)

Binance: the most dominant on a global scale, with great liquidity and many products.

Bybit: Very strong in active and derivative traders.

MEXC: known for listing many assets, especially altcoins.

Gate.io: great in listings and volume, with a lot of variety.

Crypto.com: very strong brand in global retail, with popular app.

Bitget: It has grown a lot, with a strong focus on products for traders.

OKX: one of the largest in the world, with a wide offer.

Coinbase: very strong on compliance and the American market.

HTX (formerly Huobi): large and traditional exchange.

Upbit: Giant in South Korea, with significant volume.

  • Top 5 DEX (main markets)

Uniswap: the reference of the EVM universe (Ethereum and several L2).

PancakeSwap: the BNB Chain giant, widely used by volume.

Raydium: one of the main of the Solana ecosystem.

Curve: very strong for stablecoins and correlated pairs.

SushiSwap: multi-chain, well-known and still relevant.

  • How to choose in practice

If you are starting out and want simplicity: CEX to buy (Pix/fiat) and learn. If you want sovereignty and DeFi: DEX + wallet well protected. And the most professional way is usually: buy at CEX, withdraw to wallet, operate at DEX when needed.