9. What is a Crypto Exchange? 🏦
A crypto exchange is an online platform where you can buy, sell, or trade cryptocurrencies like Bitcoin, Ethereum, or USDT. Think of it like a stock exchange, but instead of trading shares of companies, you’re trading digital currencies.
🔄 Types of Crypto Exchanges:
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Centralized Exchanges (CEX):
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Run by companies like Binance, CoinDCX, or WazirX.
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Easy to use and great for beginners.
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Requires KYC (identity verification).
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You deposit funds, and the exchange holds your crypto.
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Decentralized Exchanges (DEX):
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Example: Uniswap, PancakeSwap.
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No central authority; peer-to-peer trading.
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You control your funds via crypto wallets (like MetaMask).
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Usually no KYC.
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🧩 Main Features:
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Buy/sell crypto using INR, USD, or other coins.
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Trade crypto pairs (like BTC/USDT).
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Some offer staking, lending, and margin trading.
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Security measures like 2FA and cold storage.
🔐 Safety Tips:
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Use trusted exchanges with good reviews and history.
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Don’t store large amounts on exchanges — use a wallet.
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Always enable 2-factor authentication (2FA).
🔍 Example Platforms:
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Binance – https://binance.com
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CoinDCX (India) – https://coindcx.com
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