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asked in Cryptocurrency 126 points
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For centralised exchanges like Binance, the advantages are higher trading volumes and liquidity, fiat and crypto currencies are ably exchanged, and wire transfers are accepted. The negatives of using a centralised exchange are low immunity to hacks, strict governmental regulations or bans levied against them, and higher risk of identity theft due to lack of privacy.

For decentralised exchanges like Kyber Network, the advantages are lower risk due to node distribution and there is almost no occurrence of infrastructure downtime, and a high level of privacy. The cons of using this kind of crypto exchange are a low trade volume, insufficient liquidity, and payments only being accepted in cryptocurrencies.
answered 105 points
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