CEX, DEX or an Exchange Service: Which to Choose for Swapping Crypto
There are three ways to swap crypto: a centralised exchange (CEX), a decentralised exchange (DEX) and an exchange service. Each fits its own task, and there is no universal best.
In short: a CEX is for trading, a DEX is for swapping one token for another without an intermediary, and an exchange service is for moving between rubles and crypto.
Comparison table
| Criterion | CEX (centralised exchange) | DEX (decentralised exchange) | Exchange service (like Ruber) |
|---|---|---|---|
| Identity check | Mandatory | None | Mandatory |
| Who holds the coins | The exchange, while they are on its account | You, in your wallet | You: coins go straight to your wallet |
| Rubles | Usually via a P2P section | No | Yes, by card or via SBP both ways |
| Fees | Trading, deposit and withdrawal | Pool fee and network fee | Inside the rate, shown before payment |
| Main risk | Account freeze, exchange hack | Smart-contract bugs, fake tokens | A mistake in the wallet address or network |
| Entry barrier | Medium | High | Low |
CEX — for trading
A centralised exchange suits you if you trade regularly, hold many coins or use advanced tools. The downside: the exchange holds your coins and can freeze withdrawals, ask for documents or get hacked. FTX showed that even a large exchange can go bankrupt.
DEX — for swapping tokens without an intermediary
A decentralised exchange works through smart contracts: you swap one token for another straight from your wallet. You need to understand network fees, check token addresses and know what slippage is. There are no rubles on a DEX.
An exchange service — for rubles and crypto
If you need to buy crypto for rubles or sell it with a payout to a card, an exchange service is the shortest path. You see the rate and amount before paying, complete an identity check, and the coins go to your wallet.
At Ruber you can exchange rubles for USDT, USDC, BTC and ETH both ways. The rate for buying USDT is the Bank of Russia rate plus 3.5%. Exchange runs around the clock and automatically. Calculate it in the calculator.
How to choose for your task
- Buy USDT for rubles or cash out to a card — an exchange service.
- Trade and hold many coins — a centralised exchange.
- Swap tokens within one network — a DEX.
- Keep savings — your own non-custodial wallet. How to set one up — in our guide.
Frequently asked questions
Where is it safer to keep crypto?
In your own wallet, if the recovery phrase is written down and hidden. On an exchange, the exchange controls the coins.
Does an exchange service require an identity check?
A legal service does, regardless of the amount. A service promising exchange “without checks” is a reason to be careful.
Can I buy crypto for rubles on a DEX?
No. A DEX works only with tokens within a network.