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What are Cryptocurrency Exchanges

    Cryptocurrency exchanges are privately-owned platform platforms which facilitate the trading of cryptocurrency and convert fiat currency (USD, EUR etc.) to crypto (Bitcoin, Ethereum, etc.), and vice versa. 

    It is a marketplace where buyers and sellers come together to trade assets at specific prices. It exists as a platform on which market participants transact without having to search for a buyer or seller willing to trade with them. The exchange takes on this task.

    Trading through an exchange is highly preferable for traders since a large number of users are gathered in one place, which generally allows for more liquidity (i.e., the availability of an asset in the market) and, theoretically, more competitive prices.