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A Cryptocurrency Exchange is an online marketplace where you can buy, sell, and trade digital currency.

What Problem Do Crypto Exchanges Solve?

Crypto exchanges solve the problem of buying and trading quickly by making it easy to trade one form of crypto for another form known as a crypto to crypto exchange or fiat money for cryptocurrency conversion. 

Over the past 3 years, we’ve seen tried and true financial platforms expand their service offering by supporting the purchase of crypto. One such example is CashApp.

A crypto exchange enables verified account holders the ability to buy and trade digital assets quickly. The barrier to entry is credit or debit card payments, wire transfers in order to fund the account. 

Examples of Crypto Exchanges include

  • Coinbase Pro
  • Binance
  • Kraken
  • KuCoin

Exchanges operate in different ways in order to allow flexibility and access to funds. Some exchanges will transform your balance into a debit card to withdraw funds from ATMs. 

Other exchanges will deposit cryptocurrency to the account holder’s crypto wallet, which stores your passwords that you give access to your crypto known as private keys and allows you to send and receive digital currency. 

Can I have an account on more than one exchange?

Yes.

Can Crypto Exchanges be hacked?

Absolutely. It is recommended that you use cold or offsite storage as a best practice to protect your crypto investments.

Stay tuned for more Web 3 terms and definitions in plain English using the hashtag #365daysofweb3


Shadeed Eleazer

Shadeed Eleazer is a Certified Business Mentor and President of SCORE/SBA in the Greater Baltimore Region. He is a US Navy Veteran, Best-Selling Author, and in-demand LinkedIn speaker, trainer, and subject matter expert. He is a Microsoft partner who leads the longest running Microsoft learning community in the state of Maryland.