What are cryptocurrency exchanges?

Exchanges are platforms where users buy, sell, and trade cryptocurrencies.

They function similarly to stockbrokers, allowing you to convert traditional currencies into cryptocurrencies or exchange different digital assets.

Some of the most popular exchanges include:

• Binance
• Coinbase
• Kraken
• KuCoin
• Bybit

There are two main types of exchanges:

Centralized (CEX)
Controlled by companies that intermediate transactions.

Decentralized (DEX)
Operate directly on the blockchain without intermediaries.