A cryptocurrency exchange, or digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. In other words, crypto exchanges work as a platform where crypto fanatics can sign up and buy, sell or trade in various cryptocurrencies.
They can be centralized exchanges such as Binance, or decentralized exchanges such as Uniswap. They play a crucial role in the buying and selling of cryptocurrencies as they provide liquidity and facilitate price discovery. Some exchanges also offer additional services such as margin trading, lending and staking in cryptocurrencies.