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A crypto exchange is an online marketplace where cryptocurrencies are acquired and swapped.
These exchanges can be divided into two main types: like it centralized and decentralized.
Centralized exchanges (CEXs) are managed by companies, providing convenience for traders.
The downside is the reliance on the exchange for fund storage, which may result in fund mismanagement.
Conversely, decentralized exchanges (DEXs) facilitate direct trades without intermediaries. Built on blockchain protocols and utilizing smart contracts, DEXs enhance security but are often less user-friendly.
Choosing a crypto exchange depends on user needs and priorities. By understanding the distinct qualities of CEXs and DEXs, individuals are better equipped to navigate the crypto space.