What is a Centralized Exchange?

There is a variety of places on the Internet where you can purchase crypto assets. These are centralized and not centralized platforms, p2p, OTC, different investment apps, and even ICOs and airdrops where you may get coins for free. In this article, we will focus on regulated platforms, for they are considered to be the most reliable.

A centralized cryptocurrency exchange, also known as a CEX exchange, represents a particular form of exchange operating on a centralized platform. In this system, the trading process is streamlined by a singular entity or organization that serves as an intermediary connecting buyers and sellers. This central authority maintains authority over the exchange’s order book, matching buyers with sellers, and overseeing the deposit, withdrawal, and safekeeping of users’ funds.

Centralized exchanges usually necessitate users to register and furnish personal details in order to verify their identities. These exchanges commonly provide interfaces that are easy to use, incorporate advanced trading functionalities, and boast significant liquidity for crypto conversion. By consolidating and pooling orders from numerous participants, these exchanges ensure a wide array of assets is readily available for trading.

Nevertheless, the dependence on a central authority also entails inherent risks. Users are obliged to trust the exchange with the secure handling of their funds since they need to deposit their cryptocurrencies into the exchange’s wallets. Furthermore, the centralization of control renders these exchanges susceptible to hacking endeavors, system malfunctions, and potential insider risks.

Here is a list of centralized crypto exchanges:

• Binance
• WhiteBIT
• Huobi
• Kraken
• Coinbase

What is Special in the WhiteBIT Exchange?

WhiteBIT is a CEX exchange renowned for its robust security protocols, intuitive user interface, extensive selection of supported assets, ample liquidity, diverse trading possibilities, and lending capabilities, and prompt customer assistance. WhiteBIT is committed to conducting its operations in compliance with applicable regulations and legal obligations. Through adherence to these standards, they strive to cultivate a trading ecosystem that instills trust and ensures compliance for their valued users.

WhiteBIT offers comprehensive customer support services to assist users with their inquiries and concerns. They provide multiple channels of communication, including email, live chat, and social media, ensuring timely and effective assistance.

As a centralized exchange, WhiteBIT generally benefits from high liquidity. This advantageous situation enables users to swiftly buy and sell cryptos at competitive prices. Traders seeking fast execution and minimal slippage can take advantage of this liquidity.

Check out the WhiteBIT blog to stay up-to-date with the latest news from the crypto industry as well as educational articles and guides on different trading strategies.