What Is Crypto Exchange And Should You Know About It?

Now that we are clear as to what crypto exchange is, let us take a look at the different types of cryptocurrency exchange:

There are three major types of crypto exchange:

1)      Centralized Cryptocurrency exchange: This is the traditional crypto exchange system. This cryptocurrency platform is governed by a central organization offering fiat -to-cryptocurrency or crypto-to-crypto consignments.

2)      Decentralized cryptocurrency exchange: Decentralised exchange or DEX is an alternative to the generic, traditional exchange method. The thing about this type of exchange is that it is not dependent on any company to control the customer's assets. But, all the trades and other procedures are controlled by an automatic process, and no central presence is required. DEX uses blockchain technology; this ensures that the cryptocurrencies are transferred securely without any figure In the mid.

3)      Hybrid Cryptocurrency exchange: Hybrid cryptocurrency as the name suggests is a combination of centralized and decentralized. The hybrid exchange usually offers low latency and has a fast transaction speed like that of a centralized platform but also has a trustless nature. Hybrid usually uses smart contacts; this ensures that is no central figure that might come on the way of the trade. This reduces the security risks and keeps customer's assets safe in a particular blockchain instead of looking for another company or depending on a company. 

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