Centralized cryptocurrency exchanges are those that have an intermediaryin this case the platform developer company, which intervenes in the cryptocurrency transaction to be carried out. These exchanges are easier to operate, since they do not require a digital wallet, since the exchange is the custodian of the cryptocurrencies that are bought and sold, and they also usually have mobile applications with which to buy cryptocurrencies.
Centralized exchanges have intermediaries who are the custodians of users’ cryptocurrencies.
While the ease of trading is one of the biggest advantages of these exchanges, one of their main disadvantages is that they we do not own all of the cryptocurrencies we exchange, as we do not own the private keys to the funds and all transaction data is stored on a centralized server.
For all those who want to trade cryptocurrencies without the worry of creating a digital wallet, these are the best centralized exchanges we found on the market:
-Binance: Binance is one of the world’s leading exchanges. It has one of the most complete lists of cryptocurrencies and tokens on the market. It offers a very intuitive interface and quite affordable rates. In addition, it offers a wide variety of products such as liquidity mining, flexible savings or even investment in futures (this option is subject to national regulations, so it is not available worldwide). Finally, Binance has an academy where we can learn about cryptocurrencies and investments.
-Coinbase: This is the second largest centralized exchange by volume. In this case, the list of cryptocurrencies barely exceeds 30, although they have recently announced that they will facilitate the aggregation process to be able to list tokens from major DeFi projects. It allows you to buy cryptocurrencies with fiat money easily and has a very accessible interface.
-Kraken: Kraken is one of the most respected centralized exchanges in the crypto community, thanks to its partnership with German and Japanese banking entities. It has a list of almost 40 cryptocurrencies and very solid guidelines due to which it only accepts those tokens that can offer the most value. It allows you to buy cryptocurrencies with fiat money and has very low commissions.
-Huobi Global: Like Binance, Huobi Global has one of the most extensive lists of cryptocurrencies, where in addition to the usual ETH, BTC, ADA or USDT, you will also find tokens such as COMP de Compound or Shiba Inu among many others. It allows you to buy with fiat money by card and has products such as financial derivatives or staking. It also has an academy to learn how to invest in cryptocurrencies.
-FTX: FTX is an exchange created by the crypto community. At the helm is Sam Bankman-Fried, one of the biggest names in the crypto world. FTX allows you to buy cryptocurrencies with fiat money and, although its interface is a bit more complex (similar to what we can find in a decentralized exchange), it offers many options to increase profits such as staking or futures trading.
