There are over 504 cryptocurrency exchanges in the world today, so deciding on the best IOTA exchange to use in 2021 isn’t easy. Each cryptocurrency exchange comes with a list of pros and cons you should consider if you want to make the right choice.
We’ve made a list of the best IOTA exchanges to use in 2021, starting with a comparison between centralized and decentralized exchanges. The list also shows you why you should make an IOTA to BTC exchange online on Godex.
Types of Cryptocurrency Exchanges
What Is a CEX?
CEX is an acronym for a centralized exchange that allows users to buy, sell, or trade cryptocurrency with aid from an intermediary.
CEX Pros
- It is easy to navigate with clear user interfaces.
- It allows fiat deposits and withdrawals, not just cryptocurrencies.
- It has more liquidity and high trading volumes.
- The escrow or similar third-party services hold the bulk of the cryptocurrencies.
CEX Cons
- It is not truly anonymous, as users must meet KYC requirements.
- It reports to tax agencies, so you must pay taxes on your earnings and record your losses.
- The exchange has total control of your private keys, and you don’t.
What Is a DEX?
A DEX or decentralized exchange allows users to trade cryptocurrencies directly with one another without the intervention of an intermediary. An example is an IOTA to BTC exchange online on Godex, which can be made completely anonymously.
DEX Pros
- Users have full control of their private keys.
- There are no limits for cryptocurrency exchanges.
- No intermediary means more security.
DEX Cons
- Fiat to cryptocurrency exchanges aren’t typically supported.
- It has fewer trading features than a CEX.
Best Centralized IOTA Converter
Binance
Pros
- It offers a variety of advanced trading tools.
- It has the largest trading volume in the industry.
- Its fees are low compared to other popular exchanges.
- It offers over 150 cryptocurrencies, 60 fiat currencies, and 591 trading pairs.
- It has a decentralized subsidiary for peer-to-peer cryptocurrency exchanges.
Cons
- It can’t be used in Connecticut, Idaho, Hawaii, New York, Vermont, Texas, or Louisiana.
- Limited trading pairs in the United States compared to other countries, 109 against 591.
Best Decentralized IOTA Converter
Godex.io
Pros
- It offers a variety of trading pairs.
- It is decentralized, so peer-to-peer transactions are secure.
- It has no order limits.
- Users have full control of their private wallet keys.
- Transactions are incredibly fast.
- Transaction fees are low compared to other exchanges.
Cons
- At this time, Godex.io doesn’t offer fiat to cryptocurrency exchanges.
Conclusion
Centralized and decentralized cryptocurrency exchanges come with distinctive features that could either be beneficial or detrimental to users trying to make IOTA exchanges. Centralized exchanges offer fiat to cryptocurrency trades but aren’t as secure or affordable as decentralized ones. Your best bet is to make an IOTA to BTC exchange on Godex or Binance, as both have more pros than cons.
