Cryptocurrency Exchange

1. basic

A cryptocurrency exchange is a platform that allows individuals to buy, sell, or trade cryptocurrencies. Some exchanges support only crypto-to-crypto transactions, while others also allow crypto-to-fiat transactions.


"Binance is an example of a cryptocurrency exchange that supports a wide range of crypto-to-crypto transactions."


"Coinbase is a cryptocurrency exchange that supports both crypto-to-crypto and crypto-to-fiat transactions."

2. crypto-crypto

Crypto-to-crypto exchanges allow users to trade different cryptocurrencies with each other. These exchanges often support a larger number of cryptocurrencies, including smaller, less well-known ones.


"On a crypto-to-crypto exchange, you could trade Bitcoin (BTC) for Ethereum (ETH), or vice versa."

3. crypto-fiat

Crypto-to-fiat exchanges allow users to buy cryptocurrencies with traditional fiat currencies, like USD or EUR, and vice versa. These exchanges are often the entry point for new cryptocurrency users.


"On a crypto-to-fiat exchange, you could buy Bitcoin (BTC) with US dollars, or sell BTC for USD."

4. security

Cryptocurrency exchanges implement various security measures to protect users' funds, such as two-factor authentication (2FA), cold storage, and encryption. However, users are advised to withdraw their funds to their own wallets if they're not actively trading, as exchanges can still be vulnerable to hacks.


"In 2014, Mt. Gox, a Bitcoin exchange, was hacked, resulting in the loss of 740,000 bitcoins."

* All terms and definitions may update as the Cryptionary improves.