THE IMPORTANCE OF GOOD CRYPTO EXCHANGE
Increasing regulation, AML safeguards, and Know Your Customer (KYC) checks offer protection for a controlled exchange like Binance. While there were some problems with exchanges in the early days of cryptocurrency, the situation has considerably improved as a result of government and exchange operator efforts.
You must transfer your money into an exchange's custody wallet before you can utilize it. Depending on your perspective, entrusting the exchange with the care of your coins can give you a measure of security. If you are unfamiliar with wallets or are new to cryptocurrencies, utilizing the exchange's wallet can be more secure for you. You won't unintentionally lock yourself out of your wallet and lose your cryptocurrency if you do this.
Some people, however, want the security of having direct control over their money. The saying "not your keys, not your coins" has probably already crossed your mind. If the wallet is not genuinely yours, someone else may be able to manage your cryptocurrency.
There are a few warning indicators to look for if you've chosen to use a peer-to-peer service or a decentralized exchange to increase your security. Look for an audit from a reliable source while using a DEX. Later, we'll delve deeper into audits. Utilizing the security and repute of the business, Binance now provides a DEX.
Make sure a peer-to-peer service requires KYC for both buyers and sellers if you must use one. It should ideally additionally provide an escrow service. Even though it doesn't totally eliminate the hazards, having a third party keep your money in escrow gives both the buyer and the seller more security against fraud.
Exchange is very important in Cryptocurrency market. A decentralised exchange is very important for every Cryptocurrency holder.