What Is Crypto Exchange?

The cryptocurrency industry is developing at a rapid pace. Numerous platforms and services for digital assets enter the market, indicating rapid industry growth and wide adoption of crypto worldwide. A crypto exchange is a platform for transactions with digital currencies. Users buy, trade, and sell crypto to earn on the price difference or make long-term investments. In turn, crypto exchanges charge fees for transactions, which is how they make money.

Crypto exchanges are divided into two groups:

• centralized
• decentralized.

Probably every crypto trader and investor has an account in both versions. Centralized platforms are large sites with many earning opportunities and tools for trading (margin trading, staking, p2p, spot trading, trading bots, etc.).

Moreover, centralized platforms have a full range of cryptocurrencies and the opportunity to trade with fiat money and buy crypto through bank cards. Such platforms always protect their users’ security and set reliable mechanisms to safeguard their investments from hacker attacks. To start working on most centralized exchanges, users must register and pass KYC verification. That means “know-your-client,” ensuring that users were not engaged in illegal activities in the past and are not a threat to the platform and other users.

Another option is to use a decentralized crypto exchange. Such services do not demand verification, and registration is often not needed. The thing is, such exchanges do not provide security for operations with crypto assets. Users use their crypto wallets when swapping coins, and funds move just between them. Such services are suitable for fast swapping but are recommended to only experienced users. For a beginner, it would be proper to start with registration at one of the most well-known centralized crypto exchange platforms that protects funds.

Moreover, many centralized exchanges propose demo accounts for beginners where they may practice trading strategies without the risk of losing.

WhiteBIT Exchange

Now that we figured out “What is crypto exchange?”, let’s look at one of the best services in the market – WhiteBIT. The company was registered in Estonia by Ukrainian crypto enthusiasts and businessmen. Over 500,000 users from all around the world have already joined the platform WhiteBIT. Blockchain projects such as Dash, Tron, Matic have partnered with the company, among many others.

Users may apply their Monobank card to buy crypto on WhiteBIT with no fee. When using other bank cards, users are charged  0,7% to withdraw and 0,1% to purchase and sell. 18 cryptocurrencies are available for hryvnia.