What Is a 1035 Exchange?
Warren Team
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Key terms
- ETF (Exchange-Traded Fund)An investment fund that trades on stock exchanges, holding assets like stocks, commodities, or bonds. ETFs offer diversification and typically have lower fees than mutual funds.
- Exchange-Traded Note (ETN)An unsecured debt security that tracks an index, commodity, or strategy. Similar to ETFs but structured as debt, not equity. Subject to issuer credit risk.
- DEX (Decentralized Exchange)A cryptocurrency exchange that operates without a central authority, allowing users to trade directly with one another through smart contracts. Unlike centralized exchanges, DEXs do not hold users' funds and typically do not require identity verification. Popular examples include Uniswap and SushiSwap, which use liquidity pools instead of traditional order books.
- CEX (Centralized Exchange)A cryptocurrency exchange operated by a company that acts as an intermediary between buyers and sellers, holding users' funds in its custody. Centralized exchanges like Coinbase and Binance typically offer higher liquidity, faster trades, and user-friendly interfaces compared to decentralized alternatives. However, users must trust the exchange with their assets and usually complete identity verification to comply with regulations.
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