A crypto exchange is a platform where cryptocurrencies are acquired and swapped.

These exchanges are broadly categorized into two main types: centralized and decentralized.
Centralized exchanges (CEXs) operate like traditional financial institutions, providing accessible features and helpdesk services.
However, they involve third-party custodianship, which exposes them to risks such as hacks or mismanagement.
Alternatively, decentralized exchanges (DEXs) offer a trustless, peer-to-peer trading environment. Using blockchain technology and smart contracts, DEXs prioritize user control but can be complex to navigate.

To select straight from the source right crypto exchange, users must assess usability, safety, and costs. Knowledge of both types assists in effective trading.