Quick Comparison: CEX vs DEX
| Feature | CEX | DEX |
|---|---|---|
| Meaning | Centralized Exchange | Decentralized Exchange |
| Custody | Exchange holds keys | Self-custody |
| Kyc | Required | None |
| Examples | Coinbase, Binance | Uniswap, Jupiter |
What is CEX?
CEXs (centralized exchanges) work like traditional stock brokers. You deposit funds, they hold custody, and you trade through their order book. Examples: Coinbase, Binance, Kraken.
CEXs are easier to use, have customer support, and often offer fiat on-ramps. The downside? "Not your keys, not your coins." If the exchange gets hacked or goes bankrupt (see: FTX), you may lose everything.
What is DEX?
DEXs (decentralized exchanges) let you trade directly from your wallet. No deposits, no KYC, no custody risk. Uniswap, Jupiter, and dYdX are the big names.
The tradeoff is UX. You need a wallet, you pay on-chain gas fees, and there's no customer support if you make a mistake. DEX volume is growing as wallets get easier and trust in CEXs decreases.
Key Differences
- Custody: CEX holds your funds, DEX doesn't
- KYC: CEX requires identity, DEX is anonymous
- Support: CEX has it, DEX doesn't
- Fiat: CEX supports fiat, DEX is crypto-only
- Listings: CEX is curated, DEX lists everything
- Fees: Similar trading fees, DEX adds gas costs
Which Should You Choose?
Choose CEX if: You're new, want fiat on-ramp, or need customer support. Just never leave more than you can afford to lose on any exchange.
Choose DEX if: You value privacy, self-custody, and don't need fiat conversion. Better for crypto-native users who manage their own wallets.
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