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A single company runs it

It doesn’t use blockchain technology

It’s not owned by one company — you control your own funds

You need customer support to trade

What makes a DEX different from a CEX?

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Through customer service agents

By transferring funds into the exchange first

Directly from your wallet using smart contracts

By using your debit card or bank

How do trades happen on a DEX?

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Contracts you sign before trading

Code that automatically carries out trades when conditions are met

Legal documents verified by exchanges

Private messages between buyers and sellers

What are smart contracts?

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Inside a centralized database

Through a company’s internal servers

On ledgers, recorded publicly

In offline cold wallets only

Where do DEX transactions take place?

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A refund for cancelled trades

A small percentage taken from each trade

A gas fee paid twice

A penalty for slow transactions

What is a swap fee on a DEX?

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They offer fewer trading options

They give you more control and customization

They don’t require a wallet

They skip network fees

Why are DEXs considered more advanced than CEXs?

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That your exchange account is verified

That the DEX network matches your wallet’s network

That you’ve selected “Buy”

That gas fees are low

When connecting your wallet, what should you confirm first?

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Keep your wallet connected

Delete your wallet

Reconnect using a different browser

Disconnect your wallet from the DEX

What’s a good habit after finishing your DEX session?

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A wallet, crypto, and enough network tokens for gas

A CEX account and a bank card

A government ID

A referral code

What do you need before swapping crypto on a DEX?

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Centralized databases

Banks and brokers

Liquidity pools and supply and demand

Daily exchange rates from CEXs

What determines DEX prices?

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Buying crypto using fiat

Moving crypto to a DEX

Transferring to another wallet

Converting crypto into regular currency

What is “off-ramping” in crypto?

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It makes your account more secure

It avoids gas fees

Stablecoins are widely accepted and hold steady value

It hides your transaction history

Why should you first swap into a stablecoin before using an off-ramp service?

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Identity verification through KYC

Your wallet seed phrase

Your transaction password

Access to your DEX account

What’s one thing an off-ramp service will require during setup?

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How fast your internet connection must be

How much the price can change before your trade fails

The transaction gas limit

The size of your swap fee

What does setting slippage tolerance on a DEX control?

Badge Collection

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