Cryptocurrency Exchanges Recommendation

Cryptocurrency can be exchanged at their own market, the crypto exchange platform allow trader and investor to trade their crypto assets buy, sell, or even swapping to other cryptocurrency.

Every crypto exchange have their own policy, and very competitive with each other.

Before using cryptocurrency exchange, of course you need a crypto asset stored in crypto wallet. Usually, the crypto exchange platform have their own digital wallet, but there also an external independent wallet you can use to store your crypto assets.

If you are using the wallet from crypto exchange platform, they are responsible for the security. However if you are using independent wallet, you have to manage your own wallet security.

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Read : Understand What is Cryptocurrency ?

So, let’s go back to the main topic here.

What is Cryptocurrency Exchange ?

Cryptocurrency exchange is a platforms where people can trade their cryptocurrency assets for another assets, it’s also allows people to trade with normal currencies, like USD or Euro.

Cryptocurrency Exchange platform is essential for crypto ecosystem, without the exchange platform your crypto assets is nothing but a “junk” since you cannot do anything about them.

How does it work?

Most of them works like a trading broker, a third party platform between buyer and seller.

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First of all, their users need to make an account in their platform with a crypto wallet inside. Then the users can make a deposit directly with their own crypto assets or with normal currency which can be exchanged later in their market platform.

Types of Cryptocurrency Exchange 

  • Centralized Exchange (CEX)

This type of exchange is the third party platform runs by private company, which allow buyers and sellers to do their trading activity within the platform.

The Centralized Exchange platform has customer support and nice user interface which is pretty good for beginner. The only problem is, it’s frequently vulnerable with hacking because of higher trade volumes and liquidity.

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