Definition
A platform where users can buy, sell, and trade cryptocurrencies. Exchanges can be centralized (operated by a company, like Coinbase) or decentralized (operating via smart contracts, like Uniswap).
Why It Matters
Exchanges are the primary gateway for most people entering crypto. Choosing a safe, reputable exchange and understanding the difference between CEX and DEX is a foundational skill.
Example
A Canadian user signs up for Newton (a Canadian CEX), deposits $500 CAD, and buys Bitcoin. Later, they withdraw their BTC to their own hardware wallet.
Related Terms
CEX
DEX
Wallet
KYC