What is a crypto exchange? A crypto exchange is just like any legacy stock exchanges. It is a place where you can use ordinary fiat currency to trade for crypto currency or other blockchain assets like NFT’s.

Why do we need them? Trading is the main use case for exchanges. Unless your occupation is paying you directly in crypto or you are receiving crypto by some other means directly. A crypto exchange is your only way to get your hands on crypto currencies.

A whole other kind of exchange is a Decentralized exchange (DEX). Simply put a DEX is software that comes in the form of a crypto wallet app or web browser extension. That allows you to trade digital assets and crypto currency with no third party involvement.

Some of the biggest crypto exchanges

• Binance
• Crypto.com
• Bittrex
• Gemini

Some of the most common DEX’s

• Uniswap
• Sushiswap
• Crypto.com wallet APP
• MetaMask