CEX vs DEX and When To Use Them
An example of a decentralized exchange (DEX) is pancakeswap.finance. This is where you can connect a decentralized wallet such as Trust Wallet, in order to trade and store your meme coins. Phantom wallet is a decentralized wallet and DEX in one unit, which makes it very user friendly.
DEXs and wallets are mainly used for storing and trading crypto and not as a gateway for using fiat or cash. These platforms often use third party applications for their payment gateway and are notoriously unreliable and costly in fees.
A centralized exchange or CEX is the best place to buy crypto with fiat and their platforms are much more secure and reliable. Coinbase.com and crypto.com are examples of CEXs. Ideally, it’s good practice to buy Solana from Coinbase and transfer it to Phantom, in order to trade for the meme coins.
We recommend never to use the fiat gateway in Phantom or any other decentralized exchanges or wallets. They are a pain to work with and rarely come with customer support.
