Updated 17 October 2026. A crypto exchange lets people exchange one asset for another. The useful comparison is not simply “centralised versus decentralised”: it is who controls the assets, how a trade executes, and what happens when something goes wrong. This guide provides a comparison worksheet and a fictional cost example, not a list of recommended providers.
What changes between a CEX and a DEX?
A centralised exchange (CEX) operates customer accounts and typically controls assets held in those accounts. A decentralised exchange (DEX) uses blockchain trading contracts. Keeping your own keys does not eliminate the risks of permissions you grant or funds you deposit into a contract. Interfaces, administrators and governance arrangements can still introduce central points of control.
Liquidity, fees, supported networks and service availability vary by individual market. Neither label guarantees cheaper trades, better support or safety. ASIC’s Moneysmart crypto-asset guide explains the broader risks; Ethereum’s DeFi overview provides background on contract-based services.
A six-question comparison worksheet
Write down the evidence for each answer, its source and the date checked. “Not stated” is a useful finding, not a reason to fill the gap with a reassuring assumption.
- Who is responsible? Record the legal operator for a custodial service. For a contract-based system, identify the network, contract address and documented administrative controls.
- Who can move the assets? Distinguish your account login from ownership of signing keys. Document what a token approval permits and whether the app asks to control more than the intended amount.
- How is the price formed? Identify whether the displayed figure is an indicative quote, an order-book price or a swap estimate. Do not assume a quote is an executed trade.
- What is the complete cost? List funding, trading, conversion, withdrawal and network fees separately. Check whether a spread is included in the quote.
- How does exit work? Check supported withdrawal networks, minimums, delays and restrictions. A balance displayed on screen is not evidence that a withdrawal has completed.
- What is the help route? Locate genuine support and dispute information before a problem occurs. Never send support staff a recovery phrase or private key.
Worked example: the lower trading fee is not always the lower total cost
These are invented platforms and figures for arithmetic practice. They are not live offers or estimates of a particular exchange. Assume A$100 is available and both quotes use the same fictional price of A$10 per token.
- Platform A: A$1 funding charge, A$1 trading charge and A$3 withdrawal charge. Total assumed charges are A$5, leaving A$95, equivalent to 9.5 tokens.
- Platform B: no funding charge, A$2 trading charge and A$1 withdrawal charge. Total assumed charges are A$3, leaving A$97, equivalent to 9.7 tokens.
Platform A advertises the smaller trading charge, but Platform B costs less in this simplified example. Change any assumption and the comparison may change. If Platform B’s actual quoted price were A$10.50 instead, A$97 would purchase about 9.238 tokens. That is why comparing only a fee percentage can miss the effect of the quoted price.
Real fees can be percentage-based or charged in different assets, and network fees may be separate. Do not subtract the same fee twice if it is already included in a quote. Compare the final expected amount received, at the same time and for the same destination, rather than mixing quotes taken hours apart.
Account balance, executed trade and withdrawal are different records
A trade confirmation tells you what was exchanged. A withdrawal record tells you what the platform attempted to send. A blockchain receipt, if applicable, shows a transaction on a specific network. Keep these records separate when investigating a discrepancy. A platform’s internal transfer may not create an individual public-chain transaction.
Do not post account identifiers, identity documents or transaction histories publicly while seeking help. Use independently verified support channels. A stranger offering to “unlock” a withdrawal for an extra payment is not a substitute for a documented support process.
Before an Australian reader uses a provider
Check the current legal entity, Australian availability, terms and applicable permissions directly with the provider and regulator. A familiar brand, completed identity check or registration is not a guarantee against loss. This article has not tested providers or verified their current registration status.
For related concepts, read our wallet and custody guide, pre-signing security checklist and Ethereum fee exercises.
Editorial note: Revised with AI assistance on 17 October 2026. The comparison worksheet and numerical scenarios are educational illustrations, not product tests or financial advice. No purchase, deposit or wallet connection is needed to complete the exercise. Crypto assets can lose substantial or all value.
