A crypto exchange is a digital hub where cryptocurrencies are exchanged or purchased.

These exchanges typically fall into two main types: centralized and decentralized.
Centralized exchanges (CEXs) rely on centralized control and oversight, ensuring accessible features and assistance to users.
The downside is the reliance on the exchange for fund storage, which increases exposure to hacks.
On the other hand, decentralized exchanges (DEXs) facilitate direct trades without intermediaries. Relying on decentralized infrastructure, DEXs enhance security but can be complex to navigate.

To select the right crypto exchange, users ought to review reputation, tools, and transaction fees. By understanding the unique traits of CEXs and DEXs, individuals are better equipped to navigate the crypto space.