Educational Crypto Term 1.1 📕

• Bitget Exchange is different from Bitget Wallet

• OKX Exchange is different from OKX Wallet

• Bybit Exchange is different from Bybit Wallet

An EXCHANGE is a CEX (Centralized Exchange) 

While a WALLET is a DEX (Decentralized Exchange)

✅Key Differences below:

• An exchange requires KYC while a wallet doesn’t 

• Wallet uses seed phrase while an exchange uses phone number or email to sign up or login.

• A wallet can be created easily and the means of logging in is using Seed phrase or private key

• In an exchange, your funds is being managed & controlled by an entity (Eg Bitget) and they can freeze your account without any notice. 

• In Wallet, You are the only one that has access to your funds and nobody can control the assets in it except you (Because you’re the only one that has the seed phrase to the wallet)

• An exchange can be banned while a wallet can never be banned.

• We have over 100 kind of wallets and you can use 1 wallet see…