What is a cryptocurrency exchange?

Cryptocurrency exchanges are online platforms used to buy and sell cryptocurrency. These platforms are intermediaries between the buyer and seller, allowing users to trade cryptocurrencies using fiat money or altcoins. Many investors opt to use cryptocurrency exchanges due to their relatively low trading fees.

What are the best cryptocurrency exchange platforms?

Here are some notable crypto exchange platforms: Founded in 2017, Binance offers a list with hundreds of currencies to pick from, with the bonus of having its own wallet. With over 50 cryptocurrencies to trade, Coinbase is one of the largest and most established cryptocurrency exchanges in the United States.

What is a decentralized cryptocurrency exchange?

Unlike centralized cryptocurrency exchanges, there isn't a middleman for decentralized exchanges — instead, they use blockchain technology or distributed ledgers. In this less common type of exchange, the currency isn't held by a third party, and transactions are done peer-to-peer using smart contracts.

How do crypto exchanges work in India?

So, if anyone wants to place trades on crypto exchanges in India, they have to first register and complete the Know-Your-Customer (KYC) process. Once the user’s account is opened and verified, then they can transfer funds in the form of fiat currencies such as INR or digital currency onto the platform, which can be further used to make purchases.