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FAQ

How can I exchange one cryptocurrency to another: decentralized (DEX) VS centralized services?

Exchange services can help you with that.They can be divided into 2 types: centralized and decentralized. In both formats, you send your cryptocurrency to a specified address and receive another cryptocurrency, minus fees. 

Centralized exchange services are typically characterized by the fact that a third party is involved in the exchange. Usually, it is independent and values its reputation; however, it can always happen that money from the sender transferred to the exchange service does not reach the recipient. This risk should be taken into account. 

Decentralized exchange services (DEX) are usually built on automated algorithms, in which a third-party is a blockchain program (smart-contract), which cannot be compromised, unless hacked. You should keep in mind that such an exchange method is available only for tokens based on one blockchain, for example, Ethereum.

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