What is a cryptocurrency exchange, and how do they work?

[Malenasanz]

A cryptocurrency exchange is a platform that allows people to trade cryptocurrencies or digital currencies. These exchanges are somewhat similar to stock exchanges, the main difference is that stock traders buy and sell assets, while on crypto exchanges, traders use cryptocurrencies.

So here is how the crypto exchange works:

Submit your identity documents to sign up at a crypto exchange
Fund your crypto exchange account using an acceptable local currency
Put a buy order to start trading cryptos.
The exchange aggregate the buy and sell into the order book which is maintained by the exchange. This will also automatically match efficient buyers and sellers. Additionally, the crypto exchange allows users to set limit buy and sell orders.

For More Info Check Blockchain Firm website

[masterrex]

A cryptocurrency exchange is a platform that allows people to trade cryptocurrencies or digital currencies. These exchanges are somewhat similar to stock exchanges, the main difference is that stock traders buy and sell assets, while on crypto exchanges, traders use cryptocurrencies.

So here is how the crypto exchange works:

Submit your identity documents to sign up at a crypto exchange
Fund your crypto exchange account using an acceptable local currency
Put a buy order to start trading cryptos.
The exchange aggregate the buy and sell into the order book which is maintained by the exchange. This will also automatically match efficient buyers and sellers. Additionally, the crypto exchange allows users to set limit buy and sell orders.

For More Info Check Blockchain Firm website

It is common knowledge on a centralized cryptocurrency exchange platform because it was screwed and sanctioned by the government and it Central Banks regulators that's why they are demanding a KYC procedure for its users that's why nowadays there are much more decentralized crypto exchanges or DeX are gaining more users because of that reality.

[Alichlas92]

seems like it sounds easy, but some exchanges are not easily accessible, like for example KYC and others are suspended in some countries.. like the problem that occurred in Exchange VNSMART.
Usually the new exchange often holds events or airdrops to attract investors' attention

[shadowdio]

I really against KYC in exchange because I'm not comfortable to submit my information but there is nothing we can do, just follow their rules if you really want to sold your coins in the exchange..

Anyway I recommend Binance exchange if you want to start trading.

[nakmantu99]

I really against KYC in exchange because I'm not comfortable to submit my information but there is nothing we can do, just follow their rules if you really want to sold your coins in the exchange..

Anyway I recommend Binance exchange if you want to start trading.

KYC on exchange, I think doesn't matter.
I have share my KYC on exchange for my trading.
It's safe, and I believe KYC just to reduce scammers.

[Alichlas92]

I really against KYC in exchange because I'm not comfortable to submit my information but there is nothing we can do, just follow their rules if you really want to sold your coins in the exchange..

Anyway I recommend Binance exchange if you want to start trading.

I agree with you. apart from binance and some other trusted exchanges I feel uncomfortable with my data. many new exchanges ask for kyc for withdrawal terms and others, maybe they have other needs I don't know.

[TomPluz]

Both centralized and decentralized exchange platforms got both advantages and disadvantages. As to KYC, just like many others, am also wary in sharing my official documents to companies we are not sure if they can take care of our data as we know that even Binance was one hacked...in other words if the owner of the exchange can be credible the problem is that they can be hacked...actually no platform is very safe when it comes to hacking. So there is a need for an exchange that is a hybrid between centralized and decentralized taking the advantages of them both and without the need to do KYC.