With the gloomy climate in the cryptocurrency ecosystem in 2022, the time has come to start the new year on the right foot. In the world of decentralized exchanges, it is often not easy to navigate. Some CEX platforms such as Binance, Kraken or Coinbase will no longer be featured. However, there are decentralized exchanges on the market that are worth checking out. For this we have made a selection for you comparison of four CEX platforms that are real challengers in the cryptosphere.
What is a centralized exchange?
Of CEX extension, Centralized Exchange which means a centralized exchange in French. This term refers to platforms that offer services for buying, selling and trading digital assets. CEXs are intermediaries that allow the exchange of cryptocurrencies using a buy and sell order book.
How is CEX useful?
These centralized exchanges collect deposits from their users who benefit from their many features. For someone who wants to step foot on the cryptocurrency ladder, there is no better way than to start with CEX platforms.
Indeed, trading is simplified there because the CEX controls almost the entire system. For example, two users who have cryptocurrencies from two different blockchains such as Ethereum’s ERC-20 tokens and Solana’s SPL can easily trade them on CEX.
Also, these platforms have different currencies and diversified services. Users can buy cryptocurrencies there for fiat currency or, conversely, convert them into digital assets. Also, CEX interfaces are easy to learn. In addition, they stand out for their ease of use and the speed of transactions because their management is centralized there.
Note that unlike the CEX, the DEX (decentralized exchange) they need to synchronize the operations of their users in the different blockchain nodes. Therefore, transactions take longer. This is probably not a source of added value in a volatile environment.
The Fantastic Four of Centralized Exchanges
If we are to acknowledge one thing within CEX, it is a multiplicity of players due to the growing adoption of cryptocurrencies around the world. Furthermore, it is often not easy to know who to contact. So some will turn to CEX heavyweights like Binance. Like Goliath, these platforms give little players no respite.
However, within centralized platforms, there is not one David, but many. Discover with us our comparison between four players who have decided to make a difference: Young Platform, Bybit, Bitget and Swissborg.
Young Platform, the player
This Italian platform was born in 2018. 2022 has been a very successful year for it. Indeed, after registering a PSAN license with the MFA, the exchange raised 16 million euros. He therefore gave himself the means of his ambition. Thus, this is the beginning of its expansion throughout Europe.
Young Platform already has a community of one million users, the cornerstone of which is the ERC-20 type YNG utility token. Additionally, 40 major cryptocurrencies are now available for trading on the platform.
This CEX stands out above all for its ergonomics and intuitiveness. For good reason, Young Platform has decided to take up the challenge of supporting newbies in their discovery of cryptocurrencies. Simply put, Young Platform wants to decomplex user experience in cryptocurrencies through stimulants.
For this, it has an application with game flavors. In this context, users can earn free cryptocurrencies by walking, watching video ads or reading, just to name a few possibilities.
Find a video of a user presenting the Young Platform Step application:
Bitget, the hybrid
Bitget is where brokerage meets cryptocurrency exchange. Created in 2018, this CEX is present in more than 100 countries. It brings together more than 8 million users worldwide. Amateurs and professionals alike have been seduced by this platform whose features meet the needs of users of all levels.
That’s a total of 397 tokens available on Bitget, in other words that we have the choice. The platform emphasizes social trading which is having a community whose members learn from each other. It is within this framework that the exchange was the first to offer Copy Trading.
This feature implemented in 2020 allows anyone to track the performance of top traders. 12,000 professionals share their trades for anyone to copy and run.
Furthermore, Bitget’s offer is greatly expanded on derivatives for which it has 100 futures contracts. The exchange is one of the best students in terms of regulation as it has American and Canadian licenses.
Bybit, the versatile
Founded in 2018, the Bybit platform is based in Singapore. It has 6 million users worldwide. Bybit’s ecosystem based on its BIT token has created a stir in recent years. Indeed, with a volume of 10 million daily trades, it has managed to enter the group of CEX platforms that garner the most traffic.
The exchange bears the imprint of investment banking and Forex experts. This is why it provides a crypto-derivative ecosystem. It stands out for its analytical tools that facilitate the decision-making process for trading.
One of them is the Bot which carries out automated transactions according to the conditions set by the trader. In addition, the platform’s affiliate program offers up to 30% less commission on trading commissions.
Also, Bybit has a market NFTs which has 5 collections. It thus allows its users to diversify their digital assets by staying on the platform.
Swissborg, the futuristic
Swissborg is the oldest of the Fantastic Four as it was created in 2017. Its headquarters are in Switzerland, more precisely in Lausanne. The exchange has a cutting-edge environment. This is based on the Ethereum-based CHSB token. Its community is rich with 603,000 users in 115 countries with total assets of $1.2 billion.
This CEX platform focuses on wealth management or asset management in French. Likewise, it offers investment services with the aim of increasing the fortunes of its users.
From the outset, Swissborg has bet on a futuristic approach. For this purpose it has developed a Smart Engine or intelligent engine. It is a software capable of scanning different trading platforms (Binance, HitBTC, LMAX, Kraken) in real time in order to bring out the best price. Likewise, the exchange uses AI (artificial intelligence) to offer in-depth analysis of cryptocurrencies in time.
Comparative table
In short,
CEX debacles like the FTX debacle often cause us to lose sight of what’s most important, namely the advent of a new digital age. Our Fantastic Four and many others contribute a lot to this. Each of these centralized platforms has a particularity. It all depends on the goal sought by the user and his level of knowledge. On the other hand, the common denominator is that centralized exchanges all contribute to the popular use of cryptocurrencies among the general public due to their simplicity. In other words, the rampant adoption of cryptocurrencies makes these platforms a must-have for beginners. All this portends good days ahead of them.
Receive a round-up of the news in the world of cryptocurrencies by subscribing to our new service daily and weekly so you don’t miss any of the indispensable Cointribunes!
As a finance professional I consider the blockchain a real revolution thanks to all its innovations that have a global impact. It is with passion that I participate in this new digital age through my articles.