> Holding crypto on an exchange is like giving money to a guy on the corner
I’m sorry, what?
A CEX /should/ be comparable to a brokerage like Charles Schwab or even Robinhood. This comes with legal protections - they can’t gamble with my unused money or invested stocks.
Also, and this is the most disingenuous part - how do you buy crypto with fiat? Literally everyone I know uses a CEX to on/off-ramp, and sadly this is widely seen as an acceptable evil.
Sure, that’s technically feasible if you’re willing to pay all the greedy fees.
Here’s how it looks for me using Coinbase:
- On-ramp (fiat to CEX-fiat): 0.15€ flat
- Conversion (CEX-fiat to CEX-crypto): ~4%
- Self-custody (CEX-crypto to wallet-crypto): Depends on coin, average ~10€ flat
And if I want to off-ramp, I need to follow all these steps in the opposite order.
Meanwhile, atleast in the non-US countries I’ve lived in, all fiat transactions are free. I can top-up my bank account, send digital money to others, withdraw fiat, etc etc with ZERO fees.
I’m sorry, what?
A CEX /should/ be comparable to a brokerage like Charles Schwab or even Robinhood. This comes with legal protections - they can’t gamble with my unused money or invested stocks.
Also, and this is the most disingenuous part - how do you buy crypto with fiat? Literally everyone I know uses a CEX to on/off-ramp, and sadly this is widely seen as an acceptable evil.