Why Solidray Integrated Centralized Exchange (CEX) in its Ecosystem.

If you consider buying or selling crypto, your first port of call will probably be an exchange.

These are the online platforms where most crypto trading takes place.

You have probably heard of a few: Binance, FTX, Kucoin, etc. They are centralized exchanges.

The phrase “centralized exchange (CEX)” refers to the involvement of a middleman or third party to help execute transactions in an online trading platform.

Buyers and sellers equally entrust their assets to this middleman.

This is common in a bank setup, where customers trust the bank to hold their money.

Banks offer security and monitoring that individuals cannot accomplish independently.

In crypto, the same principle applies.

Traders believe that the exchange will safely execute their transactions and that it will leverage the exchange’s network of users to find trading partners.

Digital wallets are regularly used to store crypto assets.

Forgetting the key to a wallet can result in the loss of hundreds or thousands of dollars in crypto assets.

A CEX will not allow this to happen, as it safeguards the holdings in place of the individual investor.

Decentralized exchanges (DEXs) have emerged over the last seven years to challenge CEXs.

In brief, DEXs aim to offer lower transaction fees, let users trade and hold coins without KYC or ID verification, and avoid regulatory burdens.

CEXs have come a long way since their establishment in 2010.

They are currently the most recognized marketplaces for buying and trading cryptocurrencies safely and securely.

CEXs have played a crucial role in spreading crypto adoption to the mainstream, establishing public and institutional trust in blockchain technology and their underlying cryptocurrency assets through collaborating with regulators, tightening security, and enhancing user experience and product.

CEXs Offer the Following Services.

Exchanges allow you to trade cryptocurrencies in a variety of ways. You can use a “market order” to trade at the current market price.

You may also put a “limit order,” which allows you to specify the price you want to buy and sell an item. When the asset price reaches your set price, the order will execute.

Some exchanges provide professional traders with advanced trading platforms that include margin trading, futures, and options.

Exchanges also provide digital wallets for the storage of cryptocurrencies.

If you prefer to store your crypto on an exchange, you place your confidence in the exchange to keep your private keys secure. This means you don’t have to be worried about losing your wallet or private key.

However, it would help if you always did your research to ensure that the exchange has proper security measures to protect your funds.

Before Trading On a Centralized Exchanges

Most CEXs will conduct Know Your Customer (KYC), Anti-Money Laundering (AML), and Counter-Terrorism Financing (CFT) checks before you can begin trading on their exchange.

These critical procedures assist exchanges in preventing criminal activity on their platforms.

Once you have successfully verified your identity, you can deposit funds onto the exchange through wire transfer, debit or credit card, P2P, or cryptocurrencies such as bitcoin (BTC) or ether (ETH). You can start trading as soon as you fund your account.

Final Thought

When it comes to deciding which type of exchange to use, it boils down to two things:

1. If you are primarily interested in ease of use and are uncomfortable with being in total control of your wallet, then a CEX is probably the best option.

2. If lower fees and more control over your funds are most important to you, a DEX is a way to go.

Solidray, as a safe space for the blockchain community-integrated CEX into its ecosystem to provide users more options to trade crypto. Some users prefer using CEX to trade, while others prefer using DEXs to trade.

It is a platform where everyone has a say and is heard — decentralisation.

Solidray ICO is live and running.

You need a Solidray token (SRT) for access to utilize other Solidray features such as NFT Marketplace, Raywallet, Solidsocial, and Launchpad.

Click here to buy a Solidray token (SRT).