Crypto exchange

A crypto exchange is a platform where you can buy, sell and trade cryptocurrencies. Centralised exchanges (CEXs) are companies that hold your funds, verify your identity, match buy and sell orders in an order book, and connect to banking rails for deposits and withdrawals in rupees or dollars. Decentralised exchanges (DEXs) are smart-contract protocols that let users trade directly from their own wallets.

When choosing a centralised exchange, compare trading fees, spreads, withdrawal fees, the depth of its order books, its security record, whether it publishes proof of reserves, and its regulatory status where you live.

Exchanges are custodians: while coins sit in your exchange account you rely on the company's solvency and security. Withdrawing long-term holdings to a wallet you control removes that risk.