#CEXvsDEX101 DEX users maintain their own private keys and personal information – KYC compliance is not required. There are two types of DEX: those that have an order book system (LoopRing, Gnosis Protocol, or IDEX) and those that have innovative automated market makers (Uniswap was the first to adopt this model). DEX can list more trading pairs since the listing process is not as demanding as with CEX. CEX also provides fiat-crypto trading pairs and acts as collateral for transaction execution. They are especially beginner-friendly – most individual investors made their first crypto transactions 'on-ramp' or, in simpler terms, with their credit cards.