There are a couple of ways to buy cryptocurrencies. You can use a decentralized platform or a centralized exchange. Decentralized exchanges (DEX) are websites where users meet and conduct transactions with one another. They buy cryptocurrency, sell, swap, etc. Funds move between their wallets and do not remain on the exchange. In turn, DEX is not responsible for the fund’s safety. It is only space for trading with no security guarantees.
Experienced traders usually have accounts on centralized exchanges (CEX) and use DEX according to their needs. CEX is the safest crypto exchange for operations with digital assets.
Advantages Of CEX
Why using CEX is a good idea? Here are some facts:
- Such platforms offer a wide range of cryptocurrencies to buy.
- An extensive selection of trading tools, staking, affiliate programs, etc.
- Quality customer support.
- The option to buy cryptocurrencies with fiat using bank cards.
- Lower fees.
- Educational materials and crypto charts.
- High level of safety for users and their investments.
Let’s talk about security in more detail. Working with CEX, you deposit your funds into an exchange account. Your investments are stored in the exchange wallets. Large platforms like WhiteBIT store users’ assets on cold wallets, which means they are offline and third parties cannot reach them.
Every user passes the KYC verification procedure, which helps to identify clients. CEX also carries out constant control over suspicious activities on the exchange. If one of the users starts to conduct unusual transactions that look suspicious, his account is suspended and directed to the regulatory authorities for further investigation.
This serious approach allows for maintaining a high level of security for users’ investments. The platform is responsible for clients’ assets and conducts a strict policy on protecting them.
The WhiteBIT platform also enables two-factor authentication. When opening an account, a user adds the phone number to receive a code for entering the account. The exchange asks for a code randomly. It means that even if a third party finds your account password, you are still the only one that can access your account.
How to Buy Cryptocurrency Safely?