A crypto exchange is a platform where you can buy, sell and trade cryptocurrencies, either for other crypto or for fiat money.
Centralized exchanges, or CEXs, hold customer funds and match orders on their own systems. They are the easiest way to buy crypto with cash.
Decentralized exchanges, or DEXs, let users trade directly from their wallets using smart contracts, without a central custodian.
Consider liquidity, fees, security, supported assets and whether the exchange is regulated in your region.
Centralized exchanges hold your crypto, which is convenient but means you are trusting them. Withdrawing to your own wallet gives you control.
Exchanges are the gateway to crypto. Understand the difference between centralized and decentralized options before choosing.