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A crypto exchange is an online marketplace where cryptocurrencies are acquired and swapped.

These exchanges typically fall into two main types: centralized and decentralized.
Centralized exchanges (CEXs) depend on third-party operators, ensuring smooth transactions for traders.
The downside is the reliance on the exchange for fund storage, which increases exposure to hacks.
On the other hand, decentralized exchanges (DEXs) offer a trustless, peer-to-peer trading environment. Built on blockchain protocols and utilizing smart contracts, DEXs reduce the risk of hacks but can be complex to navigate.

To select the right buy crypto exchange, users ought to review reputation, tools, and transaction fees. Knowledge of both types ensures better crypto experiences.

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