What are cryptocurrency exchanges?

Cryptocurrency exchanges are online platforms hosted by companies or other entities that make it convenient for users to purchase and sell cryptocurrency. When cryptocurrency was first introduced, you had to manually enter a command in a terminal to send a coin to someone.

What is a cryptocurrency & how does it work?

A cryptocurrency is a digital, encrypted, and decentralized medium of exchange. Unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet.

Can I withdraw cryptocurrency from a cryptocurrency exchange?

Dedicated cryptocurrency exchanges such as Binance and Coinbase do allow cryptocurrency withdrawals, however. A cryptocurrency exchange can typically send cryptocurrency to a user's personal cryptocurrency wallet.

Why should you use a cryptocurrency exchange?

Cryptocurrency exchanges make it easy to buy and sell the currencies you want with low fees and strong security features. It’s important to use a reputable and regulated cryptocurrency exchange for your own safety.